Franklin Financial Q2 Profit Jumps 12% on Higher Interest Income
FRAF sits 62% above its 52-week low of $38.52.
Summary
Franklin Financial posted Q2 net income of $6.6 million, or $1.47 per share, up 11.9% from a year ago, driven by a 12% rise in net interest income as interest expense declined. The provision for credit losses increased due to higher reserves on two nonaccrual CRE loans, a modest negative offset. Noninterest income was flat as higher wealth management fees and loan sale gains were canceled out by the absence of a prior-year state sales tax refund. This follows a strong Q1 where net income surged 69.2% and the dividend was raised, and the recent $0.34 quarterly dividend declared last week. The stock trades near its 52-week high with a single analyst rating of 'buy' and a $64 price target, suggesting limited upside but steady execution.
At the time of this announcement, FRAF was trading at $62.31 on NASDAQ in the Finance sector, with a market capitalization of approximately $282.2M. The 52-week trading range was $38.52 to $64.88. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.