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Parent Company (Franklin Financial Services Corporation) Condensed Financial Information

12 Months Ended

Dec. 31, 2023

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

Parent Company (Franklin Financial Services Corporation) Condensed Financial Information

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

Balance Sheets

		December 31
(Dollars in thousands)		2023			2022
Assets:
Cash and cash equivalents		$	10,070		$	13,500
Investment securities			427			411
Equity investment in subsidiaries			140,074			118,768
Other assets			1,228			1,153
Total assets		$	151,799			133,832
Liabilities:
Subordinate notes		$	19,661		$	19,623
Other liabilities			2			12
Total liabilities			19,663			19,635
Shareholders' equity			132,136			114,197
Total liabilities and shareholders' equity		$	151,799		$	133,832

Statements of Income

		Years Ended December 31
(Dollars in thousands)		2023			2022
Income:
Dividends from Bank subsidiary		$	5,607		$	5,670
Change in fair value of equity securities			16			(69)
Dividends			7			5
			5,630			5,606
Expenses:
Interest expense			1,051			1,047
Operating expenses			1,887			1,771
Income before income taxes and equity in undistributed income ‎  of subsidiaries			2,692			2,788
Income tax benefit			894			600
Equity in undistributed income of subsidiaries			10,012			11,550
Net income			13,598			14,938
Other comprehensive income/(loss) of subsidiary			10,347			(50,740)
Comprehensive income (loss)		$	23,945		$	(35,802)

Statements of Cash Flows

		Years Ended December 31
(Dollars in thousands)		2023			2022
Cash flows from operating activities
Net income		$	13,598		$	14,938
Adjustments to reconcile net income to net cash provided
by operating activities:
Equity in undistributed (income) of subsidiary			(10,012)			(11,550)
Stock option compensation			483			462
Change in fair value of equity security			(16)			69
Increase in other assets/liabilities			(896)			(528)
Net cash provided by operating activities			3,157			3,391
Cash flows from financing activities
Dividends paid			(5,595)			(5,658)
Cash received from option exercises			47			48
Common stock issued under dividend reinvestment plan			1,355			1,416
Treasury stock purchase			(2,394)			(3,334)
Net cash (used in) provided by financing activities			(6,587)			(7,528)
(Decrease) increase in cash and cash equivalents			(3,430)			(4,137)
Cash and cash equivalents as of January 1			13,500			17,637
Cash and cash equivalents as of December 31		$	10,070		$	13,500

X

- References

No definition available.

+ Details

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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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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