Franklin Financial Services Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
For the year, Earnings for 2015 were enhanced by two nonrecurring events that increased noninterest income by $899,000 (pretax) and a $250,000 reduction of a deferred tax valuation allowance related to capital losses. Net income for 2015 adjusted for the nonrecurring events and valuation allowance reduction was approximately $9,361,000 which represents an increase of 11.4% over 2014. On a per share basis, diluted earnings were $0.2.40 for the year compared to $2.00 a year ago.