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Parent Company (Franklin Financial Services Corporation) Financial Information

12 Months Ended

Dec. 31, 2020

Parent Company (Franklin Financial Services Corporation) Financial Information [Abstract]

Parent Company (Franklin Financial Services Corporation) Financial Information

Note 23. Parent Company Condensed (Franklin Financial Services Corporation) Financial Information

Balance Sheets

		December 31
(Dollars in thousands)		2020			2019
Assets:
Cash and cash equivalents		$	20,109		$	164
Investment securities			391			440
Equity investment in subsidiaries			142,949			126,069
Other assets			1,282			859
Total assets		$	164,731			127,532
Liabilities:
Other liabilities		$	19,555		$	4
Total liabilities			19,555			4
Shareholders' equity			145,176			127,528
Total liabilities and shareholders' equity		$	164,731		$	127,532

Statements of Income

		Years Ended December 31
(Dollars in thousands)		2020			2019
Income:
Dividends from Bank subsidiary		$	6,639		$	8,710
Change in fair value of equity securities			(50)			66
			6,589			8,776
Expenses:
Interest expense			427			—
Operating expenses			1,473			1,176
Income before income taxes and equity in undistributed income ‎  of subsidiaries			4,689			7,600
Income tax benefit			409			867
Equity in undistributed income of subsidiaries			7,702			7,648
Net income			12,800			16,115
Other comprehensive income of subsidiary			9,176			394
Comprehensive income		$	21,976		$	16,509

‎

Statements of Cash Flows

		Years Ended December 31
(Dollars in thousands)		2020			2019
Cash flows from operating activities
Net income		$	12,800		$	16,115
Adjustments to reconcile net income to net cash provided
by operating activities:
Equity in undistributed (income) of subsidiary			(7,702)			(7,648)
Stock option compensation			197			—
Increase in other assets/liabilities			(366)			(1,034)
Net cash provided by operating activities			4,929			7,433
Cash flows from financing activities
Dividends paid			(5,226)			(5,115)
Proceeds from subordinated notes, net of issuance costs			19,541			—
Cash received from option exercises			36			268
Common stock issued under dividend reinvestment plan			1,836			1,316
Treasury stock purchase			(1,171)			(3,846)
Net cash used in financing activities			15,016			(7,377)
Increase in cash and cash equivalents			19,945			56
Cash and cash equivalents as of January 1			164			108
Cash and cash equivalents as of December 31		$	20,109		$	164

 

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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