Franklin Financial reports Q1 EPS 77c vs. 75c last year

Reports Q1 provision for credit losses $452K vs. $788K for 4Q23 and $529K for 1Q23. Q1 NII was $13.6M vs. $13.9M for 4Q23 and $12.8M for 1Q23. Q1 NIM was 2.88% vs. 3.24% in the prior quarter and 3.41% for 1Q23. Tangible book value was $28.50 from $28.17. “In Q1 2024, we took several steps to ensure our ability to grow the company over the course of the year. Some of these steps, such as our FHLB borrowing, will have an initial negative effect on earnings but provide us additional support from which to continue our growth”, said CEO Tim Henry. “During the quarter, we saw company assets go over the $2B threshold, grew both loans and deposits, maintained stellar loan quality, and saw growth in non-interest income. We also announced a new community office in Dauphin County that should go live by the end of the year. All-in-all, I am pleased with Q1 2024 and how we are set up for the rest of the year.”