Franklin Financial Services 2026年Q3净利同比增长59.4%，但不良贷款率升至1.11%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report:
October 27, 2026
FRANKLIN FINANCIAL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania
001-38884
25-1440803
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1500 Nitterhouse Drive
,
Chambersburg
,
PA
17201
(Address of principal executive office)
(Zip Code)
Registrant's telephone number, including area code
(
717
)
264-6116
N/A
(Former name or former address, if changes since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a –12 under the Exchange Act (17 CFR 240.14a –12)
☐
Pre-commencement communications pursuant to Rule 14d – 2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e – 4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of class
Symbol
Name of exchange on which registered
Common stock
FRAF
Nasdaq
Capital Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Item 2.02
Results of Operations
The news release of Franklin Financial Services Corporation, dated October 27, 2026 and attached as Exhibit 99.1, announces its earnings for the three and nine months ended September 30, 2026 and is incorporated by reference herein.
Item 9.01
Financial Statements and Exhibits
(c) Exhibits.
The following exhibits are filed herewith:
Number
Description
99.1
News Release, dated October 27, 2026 of Franklin Financial Services Corporation
104
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FRANKLIN FINANCIAL SERVICES CORPORATION
By:
/s/ Craig W. Best
Craig W. Best
Chief Executive Officer
By:
/s/ Charles B. Carroll, Jr.
Charles B. Carroll, Jr.
President
Dated: October 27, 2026

----- ex_1011471.htm -----
EX-99.1
2
ex_1011471.htm
EXHIBIT 99.1
ex_1011471.htm
Exhibit 99.1
October 27, 2026
Franklin Financial Reports
Third
Quarter and Year-to-Date
2026
Results;
Declares Dividend
(CHAMBERSBURG, PA)
Franklin Financial Services Corporation (the Corporation) (NASDAQ: FRAF), the bank holding company of F&M Trust (the Bank) headquartered in Chambersburg, PA, reported its
third
quarter and year-to-date
2026
financial results.
A summary of notable operating results as of or for the
third
quarter ended
September 30, 2026
follows:
●
Net Income
:
$8.5
million (basic earnings per share
$1.90
and diluted earnings per share
$1.89
) for the
third
quarter of
2026
compared to
$5.4
million (basic earnings per share
$1.20
and diluted earnings per share
$1.19
) for the
third
quarter of
2025
, an increase of
59.4%
.
●
Wealth Management
: Fees were
$2.4
million, an increase of
7.1%
from
$2.3
million in the
third
quarter of
2025
. Assets under management were
$1.471
billion on
September 30, 2026
.
●
Asset Growth:
$2.365
billion in assets on
September 30, 2026
, compared to
$2.239
billion at year-end
2025
, an
increase
of
5.6%
(
7.5%
annualized).
●
Loan Growth:
Total net loans of
$1.603
billion on
September 30, 2026
, an
increase
of
4.1%
(
5.5%
annualized) from
December 31, 2025
.
●
Deposit Growth:
Total deposits of
$1.957
billion on
September 30, 2026
, an
increase
of
6.6%
(
8.8%
annualized) from
December 31, 2025
.
●
Quarterly Performance Metrics:
Return on Average Assets (ROA) of
1.43%
, Return on Average Equity (ROE) of
18.53%
, and Net Interest Margin (NIM) of
3.58%
on an annualized basis, compared to a ROA of
0.93%
, ROE of
13.39%
, and NIM of
3.32%
on an annualized basis for the
third
quarter of
2025
.
●
On October 15, 2026, the Board of Directors declared a $0.34 per share regular quarterly cash dividend for the fourth quarter of 2026 to be paid on November 25, 2026, to shareholders of record at the close of business on November 6, 2026.
A summary of notable operating results for the
nine months ended September 30, 2026
follows:
●
Net Income:
$21.8
million (
$4.84
per diluted share) compared to
$15.2
million (
$3.39
per diluted share) for the
nine months ended September 30, 2025
, an increase of
43.5%
.
●
Wealth Management:
Fees were
$7.3
million, an increase of
5.8%
from
$6.9
million for the first
nine
months of
2025
.
●
Year-to-Date Performance Metrics:
Return on Average Assets (ROA) of
1.26%
, Return on Average Equity (ROE) of
16.18%
, and Net Interest Margin (NIM) of
3.54%
on an annualized basis, compared to a ROA of
0.90%
, ROE of
13.31%
, and NIM of
3.20%
on an annualized basis for the comparable period in
2025
.
1
Balance Sheet Highlights
Total assets on
September 30, 2026
were
$2.365
billion an increase of
5.6%
from
$2.239
billion on
December 31, 2025
. Significant changes in the balance sheet from
December 31, 2025
, to
September 30, 2026
, include:
●
Debt Securities Available for Sale:
Increased
$10.9
million, or
2.4%
due primarily to purchases, net of paydowns. On
September 30, 2026
, the net unrealized loss in the portfolio was
$46.0
million compared to
$26.8
million at year-end
2025
.
●
Net Loans:
Increased
$62.4
million or
4.1%
(
5.5%
annualized) over the year-end
2025
balance, primarily from an
increase
of
$44.8
million in commercial real estate (CRE) loans and
$49.2
million in residential 1-4 family loans, which was partially offset by a
decrease
of
$28.4
million in commercial (C&I) loans. As of
September 30, 2026
, CRE loans totaled
$948.4
million with the largest collateral segments being:
Apartments
(
$143.1
million),
Hotels & motels
(
$108.4
million), and
Office buildings
(
$99.4
million), primarily in the Bank's market area of south-central Pennsylvania. The Bank’s CRE non-owner occupied concentration ratio was
327.3%
of risk-based capital as of
September 30, 2026
, down from 349.9% on
December 31, 2025
.
●
Deposits:
Increased
$121.6
million or
6.6%
(
8.8%
annualized) from year-end
2025
. The majority of the growth occurred in noninterest-bearing checking accounts and money management accounts, which was partially offset by a decrease in interest-bearing checking and savings accounts. At
September 30, 2026
,
19.4%
of total deposits were in noninterest-bearing checking, compared to 16.9% at year-end
2025
. For the first
nine
months of
2026
, the cost of total deposits was
1.50%
, a decrease from 1.85% for the full year of
2025
. On
September 30, 2026
, the Bank estimated that approximately
90%
of its deposits were FDIC insured or collateralized.
●
Shareholders' Equity:
Increased
$2.5
million to
$177.7
million on
September 30, 2026
from year-end
2025
, and retained earnings
increase
d
$17.2
million, net of dividends of
$4.5
million, over the same period. These increases were offset by an increase in the accumulated other comprehensive loss (AOCL) of
$15.2
million during the first
nine
months of
2026
. On
September 30, 2026
, the book value of the Corporation's common stock was
$39.48
per share and tangible book value
(1)
increased
$0.38
per share from
$37.10
on
December 31, 2025
to
$37.48
per share. In December 2025, an open market repurchase plan was approved to repurchase 150,000 shares over a one-year period and 14,950 shares were repurchased in the first
nine
months of 2026 under the approved plan to fund the dividend reinvestment plan and the employee stock purchase plan. The Bank is considered to be well-capitalized under regulatory guidance as of
September 30, 2026
.
2
●
Average Assets
: Average interest-earning assets for the first
nine
months of
2026
were
$2.220
billion, compared to
$2.164
billion for the same period in
2025
, an
increase
of
2.6%
. This
increase
occurred primarily in the loan portfolio which increased
7.3%
, driven by a
$74.4
million (
8.7%
) increase in commercial real estate loans and a
$38.7
million (
15.1%
) increase in first lien 1-4 residential real estate loans. The yield on the loan portfolio increased by 6 basis points, but this increase was offset as higher yielding investments continued to paydown and the yield on interest-earning deposits in other banks declined. The yield on earning assets decreased from
5.31%
for the first
nine
months of
2025
to
5.25%
for the first
nine
months of
2026
.  The yield on earning assets was
5.26%
for the
third
quarter of
2026
. Total deposits averaged
$1.902
billion for the first
nine
months of
2026
, an
increase
of
$34.8
million (
1.9%
) over the average balance for the same period in
2025
. The cost of total deposits
decrease
d from
1.91%
for the first
nine
months of
2025
to
1.50%
for the first
nine
months of
2026
and
decrease
d to
1.46%
for the
third
quarter of
2026
.
.
●
Nonperforming Assets:
Nonperforming loans (nonaccrual loans and loans 90 days past due and still accruing) totaled
$17.8
million on
September 30, 2026
, compared to
$8.5
million on
December 31, 2025
.  Nonperforming loans were
1.1%
of total gross loans on
September 30, 2026
compared to 0.55% on
December 31, 2025
. The nonperforming loans are comprised primarily of three (3) CRE loans totaling $17.5 million to two (2) unrelated borrowers. The Bank has two (2) construction loans to one (1) borrower totaling $8.9 million on a mixed-use commercial project.  One of these loans is for $7.0 million and has matured. The second loan is for $1.9 million, part of a $2.5 million commitment, made during the second quarter of 2026 to provide additional funding to fully enclose the property and protect the collateral, and to pay all past due construction costs. As part of this funding commitment, a forbearance agreement was signed by the developer that established specific performance criteria for the developer and established specific remedies for the Bank in the event of non-compliance with the forbearance agreement.  Based on a discounted “as-is” appraisal received in the third quarter of 2026, the Bank has maintained its specific reserve of $1.2 million on September 30, 2026 for this loan. The loan to the second borrower is for an $8.6 million CRE loan and is secured by six (6) commercial office buildings. This loan is a purchased participation loan where the Bank is not the lead lender. The loan was placed on nonaccrual status during the second quarter of 2026, and as of September 30, 2026, the Bank has a specific reserve of $628 thousand.
●
Allowance for Credit Losses (ACL):
The ACL to loans ratio was 1.32% on September 30, 2026, compared to 1.32% on December 31, 2025.  The allowance for credit losses (ACL) for unfunded commitments was $3.4 million on September 30, 2026, and $1.9 million on December 31, 2025. The increase was due to the establishment of a $1.5 million reserve on a letter of credit related to the previously discussed non-accrual CRE construction loan.
3
Income Statement Highlights
–
Third
Quarter Comparison
2026
v.
2025
●
Net income:
Net income for the
third
quarter of
2026
was
$8.5
million (basic earnings per share
$1.90
and diluted earnings per share
$1.89
) compared to
$5.4
million (basic earnings per share
$1.20
and diluted earnings per share
$1.19
) for the
third
quarter of
2025
, an increase of
59.4%
.
●
Net Interest Income:
$20.2
million for the
third
quarter of
2026
compared to
$18.2
million for the
third
quarter of
2025
, an
increase
of
$2.0
million, or
11.0%
. The improvement was driven primarily by a decrease in interest expense, as the increase in interest income from loans was partially offset by a decrease in interest income from the investment portfolio.
●
Provision for Credit Losses:
For the
third
quarter of
2026
, the provision for credit losses on loans was a reversal of
$867
thousand compared to a
$1.3
million provision expense for the same quarter of
2025
. The decrease for the quarter was driven by increased loan recoveries during the period, and a decrease in the historical loss rate used in the calculation of the ACL.  The provision for credit losses on unfunded commitments was
$1.4
million for the third quarter of 2026 compared to a reversal of
$53
thousand for the third quarter of 2025.  The increase was due to the establishment of a $1.5 million reserve on a letter of credit related to the previously discussed non-accrual CRE construction loan.
●
Noninterest Income:
Noninterest income totaled
$5.4
million for the
third
quarter of
2026
compared to
$4.8
million for the same quarter of
2025
. As compared to the prior year quarter, fees increased in wealth management services, loan service charges from prepayment penalties and bank-owned life insurance from new purchases in the third quarter. These increases were partially offset by a reduction in the gain on sale of loans as the Bank has been holding more loans in its portfolio.
●
Noninterest Expense:
Noninterest expense for the
third
quarter of
2026
was
$14.4
million compared to
$15.1
million for the
third
quarter of
2025
(a
decrease
of
$756
thousand or
5.0%
). The decrease was primarily in employee benefits related to health insurance.
●
Income Tax:
The effective income tax rate was
19.9%
for the
third
quarter of
2026
and
19.6%
for the same period in
2025
.
Income Statement Highlights
–
Year-to-date Comparison 2026 v. 2025
●
Net income:
Net income for the first
nine
months of
2026
was
$21.8
million (basic earnings per share
$4.85
and diluted earnings per share
$4.84
) compared to
$15.2
million (basic earnings per share
$3.41
and diluted earnings per share
$3.39
) for the same period of
2025
, an
increase
of
43.5%
.
●
Net Interest Income:
$58.1
million for the first
nine
months of
2026
compared to
$51.0
million for the same period of
2025
, an
increase
of
$7.0
million, or
13.8%
. The improvement was driven primarily by a decrease in interest expense, as the increase in interest income from loans was partially offset by a decrease in interest income from the investment portfolio.
●
Provision for Credit Losses:
For the first
nine
months of
2026
, the provision for credit losses on loans was
$935
thousand compared to
$2.7
million for the same period of
2025
. The 2025 provision included an expense of $894 thousand for one (1) of the previously discussed nonaccrual CRE construction loans. The provision for credit losses on unfunded commitments was
$1.5
million for the first
nine
months of
2026
compared to a reversal of
$93
thousand for the same period of
2025
. The increase is related to the third quarter reserve on a letter of credit previously discussed.
4
●
Noninterest Income:
Noninterest income totaled
$15.9
million for the first
nine
months of
2026
compared to
$14.5
million for the same period of
2025
, an
increase
of
10.2%
. The
increase
was spread across nearly all fee income categories with the largest increases in wealth management fees, loan service charges, and gain on sale of loans.
●
Noninterest Expense:
Noninterest expense for the first
nine
months of
2026
, noninterest expense was
$44.4
million compared to
$44.1
million for the same period of
2025
(an
increase
of
0.5%
). The
increase
s occurred primarily in salaries, professional fees, and Pennsylvania bank shares tax, and were partially offset by a decrease in FDIC insurance premiums and employee benefits for health insurance.
●
Income Tax:
The effective income tax rate was
20.0%
for the first
nine
months of
2026
and
19.2%
for the same period in
2025
.
(1)
Non-GAAP measure. See GAAP versus Non-GAAP Reconciliation Presentations that follows.
Additional information on the Corporation is available on our website at:
www.franklinfin.com/Presentations
.
Franklin Financial is the largest independent, locally owned and operated bank holding company headquartered in Franklin County with assets of more than $2.2 billion. Its wholly-owned subsidiary, F&M Trust, has twenty-two community banking locations in Franklin, Cumberland, Dauphin, Fulton and Huntingdon Counties PA, and Washington County MD. Franklin Financial stock is trading on the Nasdaq Stock Market under the symbol FRAF. Please visit our website for more information,
www.franklinfin.com.
Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company's consolidated financial statements when filed with the Securities and Exchange Commission ("SEC"). Accordingly, the financial information in this announcement is subject to change.
Certain statements appearing herein which are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements refer to a future period or periods, reflecting management's current views as to likely future developments, and use words "may," "will," "expect," "believe," "estimate," "anticipate," or similar terms. Because forward-looking statements involve certain risks, uncertainties and other factors over which Franklin Financial Services Corporation has no direct control, actual results could differ materially from those contemplated in such statements. These factors include (but are not limited to) the following: changes in interest rates, changes in the rate of inflation, general economic conditions and their effect on the Corporation and our customers, changes in the Corporation's cost of funds, changes in government monetary policy, changes in government regulation and taxation of financial institutions, changes in technology, the intensification of competition within the Corporation's market area, and other similar factors.
We caution readers not to place undue reliance on these forward-looking statements. They only reflect management's analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any Current Reports on Form 8-K.
5
FRANKLIN FINANCIAL SERVICES CORPORATION (unaudited)
Income Statement
For the Three Months Ended
For the Nine Months Ended
(Dollars in thousands, except per share data)
9/30/2026
6/30/2026
9/30/2025
9/30/2026
9/30/2025
% Change
​
​
​
​
​
​
Interest income
​
​
​
​
​
​
Loans, including fees
$
23,929
$
23,159
$
22,923
$
69,655
$
64,212
8.5
%
Interest and dividends on investments:
​
​
​
​
​
​
Taxable interest
3,875
3,480
4,336
10,972
13,685
-19.8
%
Tax exempt interest
263
265
268
794
808
-1.7
%
Dividend income
208
201
200
611
579
5.5
%
Interest-earning deposits in other banks
1,521
1,826
1,948
4,465
6,049
-26.2
%
Total interest income
29,796
28,931
29,675
86,497
85,333
1.4
%
Interest expense
​
​
​
​
​
​
Deposits
7,198
7,202
8,736
21,286
26,684
-20.2
%
FHLB overnight borrowings and advances
2,205
2,181
2,205
6,544
6,544
0.0
%
Subordinate notes
202
201
541
608
1,069
-43.1
%
Total interest expense
9,605
9,584
11,482
28,438
34,297
-17.1
%
Net interest income
20,191
19,347
18,193
58,059
51,036
13.8
%
(Reversal of) Provision for credit losses - loans
(867
)
1,600
1,251
935
2,704
-65.4
%
Provision for (reversal of) credit losses - unfunded commitments
1,446
39
(53
)
1,504
(93
)
-1717.2
%
Total provision for credit losses
579
1,639
1,198
2,439
2,611
-6.6
%
Net interest income after credit loss expense
19,612
17,708
16,995
55,620
48,425
14.9
%
Noninterest income
​
​
​
​
​
​
Wealth management fees
2,424
2,567
2,264
7,297
6,897
5.8
%
Loan service charges
480
289
243
1,007
746
35.0
%
Gain on sale of loans
93
227
170
638
411
55.2
%
Deposit service charges and fees
737
694
662
2,077
1,880
10.5
%
Other service charges and fees
551
521
576
1,553
1,539
0.9
%
Debit card income
641
632
606
1,891
1,773
6.7
%
Increase in cash surrender value of life insurance
265
135
115
532
346
53.8
%
Change in fair value of equity securities
—
—
—
—
(7
)
-100.0
%
Other
246
84
175
950
890
6.7
%
Total noninterest income
5,437
5,149
4,811
15,945
14,475
10.2
%
Noninterest Expense
​
​
​
​
​
​
Salaries
6,629
6,453
6,699
19,319
19,084
1.2
%
Employee benefits
1,841
2,162
2,434
6,791
7,419
-8.5
%
Net occupancy
1,154
1,178
1,231
3,572
3,603
-0.9
%
Marketing and advertising
340
362
439
1,128
1,224
-7.8
%
Legal and professional
654
556
680
1,904
1,744
9.2
%
Data processing
1,522
1,578
1,468
4,641
4,539
2.2
%
Pennsylvania bank shares tax
236
236
137
726
434
67.3
%
FDIC Insurance
499
367
495
1,349
1,449
-6.9
%
ATM/debit card processing
396
383
347
1,157
1,030
12.3
%
Telecommunications
124
128
125
386
341
13.2
%
Other
997
1,206
1,093
3,380
3,247
4.1
%
Total noninterest expense
14,392
14,609
15,148
44,353
44,114
0.5
%
Income before income taxes
10,657
8,248
6,658
27,212
18,786
44.9
%
Income tax expense
2,122
1,637
1,304
5,429
3,603
50.7
%
Net income
$
8,535
$
6,611
$
5,354
$
21,783
$
15,183
43.5
%
Per share
​
​
​
​
​
​
Basic earnings per share
$
1.90
$
1.47
$
1.20
$
4.85
$
3.41
​
Diluted earnings per share
$
1.89
$
1.47
$
1.19
$
4.84
$
3.39
​
6
Consolidated Balance Sheet (as of)
9/30/2026
6/30/2026
9/30/2025
(Dollars in thousands, except per share data)
​
​
​
Assets
​
​
​
Cash and due from banks
$
19,776
$
25,560
$
24,674
Short-term interest-earning deposits in other banks
163,825
169,471
163,470
Total cash and cash equivalents
183,601
195,031
188,144
Long-term interest-earning deposits in other banks
750
750
999
Debt securities available for sale, at fair value
465,468
452,345
469,285
Restricted stock
8,985
8,985
8,894
Loans held for sale
343
2,797
1,420
Loans
1,624,440
1,610,619
1,563,867
Allowance for credit losses
(21,416
)
(21,864
)
(20,352
)
Net Loans
1,603,024
1,588,755
1,543,515
Other assets
102,553
86,518
84,820
Total assets
2,364,724
2,335,181
2,297,077
​
​
​
Liabilities
​
​
​
Deposits
​
​
​
Noninterest-bearing checking
380,465
341,103
311,925
Money management, savings, and interest checking
1,352,027
1,354,833
1,304,826
Time
224,908
228,652
286,144
Total deposits
1,957,400
1,924,588
1,902,895
Federal Home Loan Bank advances
200,000
200,000
200,000
Subordinate notes
10,860
10,855
10,841
Other liabilities
18,753
15,893
16,998
Total liabilities
2,187,013
2,151,336
2,130,734
​
​
​
Shareholders' equity
​
​
​
Common Stock
4,711
4,711
4,711
Additional paid-in capital
44,299
44,135
43,750
Retained earnings
172,090
165,085
150,279
Accumulated other comprehensive loss
(36,836
)
(23,458
)
(25,806
)
Treasury stock
(6,553
)
(6,628
)
(6,591
)
Total shareholders' equity
177,711
183,845
166,343
Total liabilities and shareholders' equity
$
2,364,724
$
2,335,181
$
2,297,077
​
​
​
Assets Under Management as of (fair value)
9/30/2026
6/30/2026
9/30/2025
Wealth Management
$
1,316,543
$
1,326,643
$
1,273,461
Held at third party brokers
154,336
154,826
144,902
Total assets under management
$
1,470,879
$
1,481,469
$
1,418,363
7
Key performance ratios as of or for the period ended as shown:
As of or for the Three Months Ended
As of or for the Nine Months Ended
Performance Measurements
9/30/2026
6/30/2026
9/30/2025
9/30/2026
9/30/2025
Return on average assets*
1.43
%
1.14
%
0.93
%
1.26
%
0.90
%
Return on average equity*
18.53
%
14.80
%
13.39
%
16.18
%
13.31
%
Efficiency ratio (1)
55.69
%
59.07
%
65.19
%
59.39
%
66.62
%
Net interest margin*
3.58
%
3.50
%
3.32
%
3.54
%
3.20
%
​
​
​
​
​
Shareholders' Value (per common share)
​
​
​
​
​
Diluted earnings per share
$
1.89
$
1.47
$
1.19
$
4.84
$
3.39
Regular cash dividend paid
$
0.34
$
0.34
$
0.33
$
1.01
$
0.98
Dividend payout ratio
17.93
%
23.10
%
27.61
%
20.83
%
28.76
%
Book value, per share
$
39.48
$
40.91
$
37.15
​
​
Tangible book value (1)
$
37.48
$
38.90
$
35.13
​
​
Market value, per share
$
61.82
$
62.60
$
46.00
​
​
Market value/book value ratio
156.58
%
153.02
%
123.83
%
​
​
Market value/tangible book value ratio
164.94
%
160.91
%
130.93
%
​
​
Price/earnings multiple*
8.18
10.65
9.66
​
​
Current quarter dividend yield*
2.20
%
2.17
%
2.87
%
​
​
​
​
​
​
​
Safety and Soundness
​
​
​
​
​
Net loans recovered (charged-off)/average loans*
0.10
%
-0.12
%
-0.01
%
-0.01
%
0.00
%
Nonperforming loans / gross loans
1.11
%
1.10
%
0.68
%
​
​
Nonperforming assets / total assets
0.76
%
0.76
%
0.47
%
​
​
Allowance for credit losses / loans
1.32
%
1.36
%
1.30
%
​
​
​
​
​
​
​
* Annualized
​
​
​
​
​
(1) Non-GAAP measurement. See GAAP versus Non-GAAP disclosure reconciliation
​
​
​
​
​
GAAP versus non-GAAP Reconciliation Presentations
– The Corporation supplements its traditional GAAP measurements with certain non-GAAP measurements to evaluate its performance and to eliminate the effect of intangible assets.  By eliminating intangible assets (Goodwill), the Corporation believes it presents a measurement that is comparable to companies that have no intangible assets or to companies that have eliminated intangible assets in similar calculations. However, not all companies may use the same calculation method for each measurement. The non-GAAP measurements are not intended to be used as a substitute for the related GAAP measurements. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP.  In the event of such a disclosure or release, the Securities and Exchange Commission’s Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. The following table shows the calculation of the non-GAAP measurements.
Non-GAAP
​
​
​
(Dollars in thousands, except per share)
As of
9/30/2026
6/30/2026
9/30/2025
Tangible Book Value (per share) (non-GAAP)
​
​
​
Shareholders' equity
$
177,711
$
183,845
$
166,343
Less intangible assets
(9,016
)
0
(9,016
)
Tangible book value
168,695
183,845
157,327
​
​
​
Shares outstanding (in thousands)
4,501
4,494
4,478
​
​
​
Tangible book value per share
$
37.48
$
40.91
$
35.13
For the three months ended
For the Year to date period ended
Efficiency Ratio (non-GAAP)
9/30/2026
6/30/2026
9/30/2025
9/30/2026
9/30/2025
Noninterest expense
$
14,392
$
14,609
$
15,148
$
44,353
$
44,114
​
​
​
​
​
Net interest income
20,191
19,347
18,193
58,059
51,036
Plus tax equivalent adjustment to net interest income
215
237
234
673
704
Plus noninterest income, net of securities gains/losses
5,437
5,149
4,811
15,945
14,482
Total revenue
$
25,843
$
24,733
$
23,238
$
74,677
$
66,222
​
​
​
​
​
Efficiency ratio: noninterest expense /total revenue
55.69
%
59.07
%
65.19
%
59.39
%
66.62
%
8