Parent Company (Franklin Financial Services Corporation) Financial Information

12 Months Ended

Dec. 31, 2014

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

Parent Company (Franklin Financial Services Corporation) Financial Information

Note 20. Parent Company (Franklin Financial Services Corporation) Financial Information

Balance Sheets	December 31
(Dollars in thousands)	2014		2013
Assets:
Cash and cash equivalents	$	414	$	601
Investment securities, available for sale		-		914
Equity investment in subsidiaries		101,784		91,746
Other assets		1,323		2,235
Total assets	$	103,521	$	95,496
Liabilities:
Other liabilities	$	-	$	108
Total liabilities		-		108
Shareholders' equity		103,521		95,388
Total liabilities and shareholders' equity	$	103,521	$	95,496

Statements of Income	Years Ended December 31
(Dollars in thousands)	2014		2013		2012
Income:
Dividends from Bank subsidiary	$	1,151	$	2,529	$	2,680
Interest and dividend income		15		31		29
Net OTTI losses recognized in earnings		-		(50)		-
Securities gains (losses), net		82		30		(1)
		1,248		2,540		2,708
Expenses:
Operating expenses		795		752		734
Income before income taxes and equity in undistributed income of subsidiaries		453		1,788		1,974
Income tax benefit		241		259		249
Equity in undistributed income of subsidiaries		7,708		4,185		3,142
Net income	$	8,402	$	6,232	$	5,365

Statements of Comprehensive Income

		Years ended December 31
(Dollars in thousands)		2014		2013		2012
Net Income	$	8,402	$	6,232	$	5,365
Securities:
Unrealized (losses) gains arising during the period		(236)		425		73
Reclassification adjustment for net (gains) losses included in net income		(82)		20		1
Net unrealized (losses) gains		(318)		445		74
Tax effect		108		(151)		(25)
Net of tax amount		(210)		294		49
Total other comprehensive (loss) income		(210)		294		49
Total Comprehensive Income	$	8,192	$	6,526	$	5,414

Statements of Cash Flows	Years Ended December 31
(Dollars in thousands)	2014		2013		2012
Cash flows from operating activities
Net income	$	8,402	$	6,232	$	5,365
Adjustments to reconcile net income to net cash provided
by operating activities:
Equity in undistributed income of subsidiary		(7,708)		(4,185)		(3,142)
Securities (gains) losses		(82)		(30)		1
OTTI writedown on equity securities		-		50		-
Decrease (increase) in other assets		498		(321)		(262)
Decrease in other liabilities		-		-		(12)
Net cash provided by operating activities		1,110		1,746		1,950
Cash flows from investing activities
Proceeds from sales of investment securities		568		312		-
Net cash provided by investing activities		568		312		-
Cash flows from financing activities
Dividends paid		(2,847)		(2,810)		(3,170)
Treasury stock issued under stock option plans		59		52		2
Common stock issued under dividend reinvestment plan		923		926		1,174
Net cash used in financing activities		(1,865)		(1,832)		(1,994)
(Decrease) increase in cash and cash equivalents		(187)		226		(44)
Cash and cash equivalents as of January 1		601		375		419
Cash and cash equivalents as of December 31	$	414	$	601	$	375