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Franklin Financial Services Corporation (FRAF), a state commercial bank headquartered in Chambersburg, PA with a market capitalization of $173 million, disclosed the outcomes of several key proposals voted upon during its annual meeting of shareholders held on April 29, 2025. According to InvestingPro data, the company has maintained profitability over the last twelve months, with shares up over 30% year-to-date. The results, filed today with the SEC, indicate shareholder decisions on director elections, executive compensation, an employee stock purchase plan, and the ratification of the company’s independent auditor.
In the director elections, three Class B directors were appointed for a three-year term. Martin R. Brown, Gregory A. Duffey, and Gregory I. Snook were elected with respective votes of 2,181,483, 2,171,619, and 2,247,348 in favor. Votes withheld and broker non-votes were also reported for each nominee.
The shareholders approved, on an advisory basis, the compensation of named executive officers, commonly known as the "Say-On-Pay" proposal, with 2,075,905 votes in favor, 148,048 against, and 87,443 abstentions. Broker non-votes totaled 586,870. The company’s stock currently trades at a P/E ratio of 15.5, with InvestingPro analysis suggesting the shares are trading above their Fair Value.
Additionally, the Employee Stock Purchase Plan of 2025 received approval, with 2,179,769 votes for, 71,789 against, and 59,838 abstentions. This plan is designed to facilitate employee stock ownership in the company.
Lastly, the selection of Crowe LLP as the independent registered public accounting firm for the fiscal year 2025 was ratified by a substantial majority. The proposal received 2,812,914 votes for, 54,748 against, and 30,604 abstentions, with no broker non-votes.
These voting results are based on a press release statement and have been filed with the SEC. Notable for income investors, InvestingPro data shows the company has maintained dividend payments for 42 consecutive years, currently offering a 3.45% yield. InvestingPro subscribers have access to over 10 additional key insights about FRAF’s financial health and growth prospects.
In other recent news, Franklin Financial Services Corporation reported a 16.7% increase in net income for the first quarter of 2025, with earnings reaching $3.9 million, or $0.88 per diluted share. This marks an improvement from the $3.4 million, or $0.77 per diluted share, recorded in the same period last year. The company also announced a 3.1% increase in its quarterly cash dividend to $0.33 per share, payable on May 28, 2025. Total (EPA:TTEF) assets rose to $2.257 billion as of March 31, 2025, driven by a 4.2% increase in net loans, particularly in commercial real estate. Deposits also saw a growth of $51.9 million, or 2.9%, from the prior year-end. In a leadership update, Craig W. Best is set to succeed Timothy G. Henry as CEO following the corporation’s 2025 Annual Meeting. The leadership transition is part of a planned succession strategy, reflecting the company’s commitment to its shareholders. Franklin Financial’s wealth management fees increased to $2.2 million for the first quarter of 2025, compared to $2.0 million for the same period in 2024.
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