UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
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(Mark One) |
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ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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OR |
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o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number 0-12126 |
FRANKLIN FINANCIAL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
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PENNSYLVANIA |
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25-1440803 |
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(State or
other jurisdiction of |
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(I.R.S.
Employer |
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20 SOUTH MAIN STREET (P.O. BOX 6010), CHAMBERSBURG,PA 17201-0819 |
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(Address of principal executive offices) |
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717/264-6116 |
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(Registrant’s telephone number, including area code) |
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(Former name, former address and former fiscal year, if changed since last report) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
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APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
There were 3,370,400 outstanding shares of the Registrant’s common stock as of October 31, 2004.
INDEX
(Amounts in thousands, except per share data)
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September 30 |
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December 31 |
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Assets |
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Cash and due from banks |
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$ |
11,225 |
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$ |
15,360 |
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Interest bearing deposits in other banks and fed funds sold |
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5,656 |
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256 |
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Total cash and cash equivalents |
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16,881 |
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15,616 |
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Investment securities available for sale |
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160,394 |
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153,381 |
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Restricted stock |
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4,348 |
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4,753 |
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Loans held for sale |
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13,122 |
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12,113 |
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Loans |
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345,525 |
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333,946 |
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Allowance for loan losses |
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(4,673 |
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(3,750 |
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Net Loans |
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340,852 |
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330,196 |
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Premises and equipment, net |
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9,721 |
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9,564 |
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Bank owned life insurance |
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10,674 |
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10,319 |
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Other assets |
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16,384 |
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13,760 |
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Total Assets |
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$ |
572,376 |
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$ |
549,702 |
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Liabilities |
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Deposits |
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Demand (non-interest bearing) |
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$ |
68,575 |
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$ |
59,547 |
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Savings and Interest checking |
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214,116 |
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201,715 |
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Time |
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117,646 |
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111,169 |
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Total Deposits |
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400,337 |
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372,431 |
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Securities sold under agreements to repurchase |
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46,696 |
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38,311 |
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Short term borrowings |
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12,450 |
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25,200 |
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Long term debt |
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53,326 |
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56,467 |
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Other liabilities |
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5,411 |
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5,435 |
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Total Liabilities |
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518,220 |
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497,844 |
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Shareholders’ equity |
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Common stock $1 par value per share, 15,000 shares authorized with 3,806 and 3,045 shares issued and 3,370 and 2,692 shares outstanding at September 30, 2004 and December 31, 2003, respectively. |
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3,806 |
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3,045 |
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Capital stock without par value, 5,000 shares authorized with no shares issued or outstanding |
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— |
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— |
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Additional paid in capital |
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19,859 |
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19,819 |
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Retained earnings |
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35,116 |
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34,251 |
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Accumulated other comprehensive income |
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2,309 |
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1,767 |
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Treasury stock, 436 shares and 353 shares at cost at September 30, 2004 and December 31, 2003, respectively |
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(6,934 |
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(7,024 |
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Total shareholders’ equity |
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54,156 |
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51,858 |
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Total Liabilities and Shareholders’ Equity |
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$ |
572,376 |
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$ |
549,702 |
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The accompanying notes are an integral part of these financial statements
2
Consolidated Statements of Income
(Amounts in thousands, except per share data)
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For the Three Months Ended |
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For the Nine Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Interest Income |
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Loans |
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$ |
4,876 |
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$ |
4,928 |
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$ |
14,393 |
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$ |
14,998 |
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Interest and dividends on investments: |
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Taxable interest |
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838 |
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