Franklin Bank Reports Record Quarterly Earnings; Core Earnings Increase By 111%

Apr 18, 2001, 01:00 ET from Franklin Bank, N.A.

    SOUTHFIELD, Mich., April 18 /PRNewswire/ -- Franklin Bank, N.A.
 (Nasdaq: FSVB) reported first quarter 2001 core operating earnings of
 $1,767,444 ($0.49 cents per fully diluted share) compared to $838,286 ($0.24
 cents per fully diluted share) for the quarter ended March 31, 2000,
 representing an increase of 111% in quarter to quarter comparisons.
     "These record operating results reflect across the board improvement from
 repeatable earnings sources, including loan and deposit growth, permanent non
 interest expense savings and greatly improved asset quality," said President
 and CEO, David Shelp.  "Our management team has succeeded in the first quarter
 in executing a business plan that should continue to produce positive results
 for the Bank," added Mr. Shelp.
     Core operating earnings exclude after tax severance related charges of
 $229,607 incurred during the first quarter of 2001.  Including such severance
 charges, first quarter 2001 earnings were $1,537,837 ($0.42 cents per fully
 diluted share).  Both the core and stated earnings figures are all-time record
 quarterly earnings figures for Franklin Bank since its conversion to a
 national bank charter in 1991.
     Fee income (defined as non interest income, excluding gains or losses on
 sales of securities, loans, real estate owned and repossessed assets)
 increased by 10.4% to $1,267,955 for the quarter ended March 31, 2001 compared
 to $1,148,879 for the quarter ended March 31, 2000.  Included in the fee
 income figure, investment product sales fees increased by $92,923 or 263.4%
 and deposit service charges increased by $24,364, in quarter to quarter
 comparisons.
     Core non interest expense (defined as total non interest expense excluding
 severance charges) for the quarter ended March 31, 2001 was $5,074,934
 compared to $5,692,691 for the quarter ended March 31, 2000, a decrease of
 $617,757 or 10.9%.  "We are very pleased with these expense reductions, which
 are a direct result of the Bank's fourth quarter 2000 restructuring plan,"
 said Mr. Shelp.
     Lending activity remained strong in the Bank's key lending areas of
 commercial real estate and installment lending (primarily home improvement
 loans originated through a joint marketing relationship with MichCon).
 Overall, outstanding loan balances increased by $6.1 million during the first
 quarter of 2001.  As planned, commercial real estate lending was the key
 component of the Bank's loan growth, increasing by $10.5 million or 6.9%
 during the first quarter of 2001.
     Net interest income increased by 3.5% to $7,068,992 for the quarter ended
 March 31, 2001 compared to $6,831,429 for the quarter ended March 31, 2000.
 Despite negative margin pressure arising from a one and a half point drop in
 the prime lending rate during the first quarter of 2001, the Bank's net
 interest margin was 5.82% for the quarter ended March 31, 2001 and remains one
 of the strongest in the industry.  The Bank's net interest margin for the year
 ended December 31, 2000 was 5.62%
     Franklin's asset quality continued its improvement in the first quarter of
 2001 as the Bank aggressively managed its credit risk and troubled loan
 portfolio.  Total non performing assets declined to $2,867,824 at March 31,
 2001 compared to $3,722,917 at December 31, 2000 and $5,515,253 at March 31,
 2000.  This decrease includes a reduction in the Bank's real estate owned
 properties to $533,847 at March 31, 2001 from $1,118,566 at December 31, 2000
 and $1,219,275 at March 31, 2000.  The Bank's management is continuing its
 efforts to identify and resolve problem assets at an early stage.  As a
 result, both the 30 and 90 day past due loan categories improved during the
 first quarter of 2001.  As of March 31, 2001, loans 30 or more days past due
 represented 0.62% of total loans outstanding, compared to 0.87% at
 December 31, 2000 and 3.32% at March 31, 2000.  Similarly, loans 90 days past
 due and still accruing improved to 0.03% of loans outstanding at March 31,
 2001 compared to 0.06% at December 31, 2000 and 1.18% at March 31, 2000.
 "During the past nine quarters, 30 day plus delinquencies have dropped 62.2%,
 90 day plus delinquencies have dropped 93.2%, and real estate owned properties
 have been reduced by 84.1%," said Mr. Shelp.
     The allowance for loan losses as a percentage of loans outstanding was
 1.34% at March 31, 2001, an increase of 9 basis points from December 31, 2000.
 During the quarter ended March 31, 2001, the Bank decreased its provision for
 possible loan losses to $450,000, compared to $555,000 for the same quarter
 ended 2000, as a result of lowered past due loans and net charge offs during
 the first quarter of 2001.  During the first quarter of 2001, the Bank's net
 charge off amount was $83,133 (0.11% net charge offs to average loans,
 annualized) compared to $294,723 in the first quarter of 2000.
     "We believe the aggressive charge off actions taken in the second half of
 last year have set the stage for further earnings improvement this year," said
 Mr. Shelp.
     Total assets at March 31, 2001 were $515,533,750 compared to $527,971,076
 at year end 2000.  Loans were $322,187,302 at March 31, 2001 compared to
 $316,124,187 at December 31, 2000, an increase of $6.1 million.  Deposits
 increased to $402,531,076 at March 31, 2001 compared to $387,918,585
 at year end 2000, an increase of $14.6 million or 3.77%.  Franklin remains
 well capitalized with a Tier 1 leverage ratio which has grown to 10.10%.
     During the three months ended March 31, 2001, the Bank was successful in
 attracting new deposits which, together with funds from maturing securities,
 the Bank utilized to reduce more expensive wholesale short term borrowings by
 $28.8 million.  This action also improved the Bank's liquidity position as
 well as its loans to deposit ratio when comparing those ratios at year end
 2000 to March 31, 2001.
     Franklin specializes in serving small and medium-sized business customers
 and their owners throughout the metropolitan Detroit area.  Franklin's
 executive offices, Business Center and one regional branch are located in
 Southfield, with additional regional branches in Birmingham and Grosse Pointe
 Woods.  Visit the Bank's award winning website at http://www.franklinbank.com
     The matters discussed in this press release contain forward-looking
 statements that involve risk and uncertainties.  Words or phrases "will
 result," "expect," "are expected to," "will continue," "is anticipated,"
 "estimate," "project," or similar expressions are intended to identify
 "forward-looking statements" within the meaning of the Private Securities
 Litigation Reform Act of 1995.  Factors which could cause actual results to
 differ, include, but are not limited to, fluctuations in interest rates,
 changes in economic conditions of the Bank's market area, changes in policies
 by regulatory agencies, the acceptance of new products, the impact of
 competitive products and pricing and the other risks detailed from time to
 time in the Bank's OCC reports, including the report on Form 10-K for the year
 ended December 31, 1999 and quarterly reports on Form 10-Q.  These forward-
 looking statements represent the Bank's judgment as of the date of this
 report.  The Bank disclaims, however, any intent or obligation to update these
 forward-looking statements.
 
 
     FRANKLIN BANK, N.A.
     Financial Summary
 
 
 
                                                March 31,         March 31,
     Quarter Ended                                2001              2000
     Interest income                          $10,125,966        $9,837,825
     Interest expense                           3,056,974         3,006,396
     Provision for loan losses                    450,000           555,000
     Net interest income after provision
      for loan losses                           6,618,992         6,276,429
     Net income                                 1,537,837           838,286
     Net income per common share - basic            $0.43             $0.24
     Net income per common share - diluted          $0.42             $0.24
     Common shares outstanding                  3,552,550         3,517,249
 
                                               March 31,       December 31,
     At                                          2001              2000
     Assets                                  $515,533,750      $527,971,076
     Securities available for sale            145,092,030       164,002,873
     Loans (before allowance for loan
      losses)                                 322,187,302       316,124,187
     Allowance for loan losses                 (4,318,420)       (3,951,552)
     Deposits                                 402,531,076       387,918,585
     Short term borrowings                     53,545,000        82,326,101
     Total shareholders' equity                37,678,047        35,288,466
     Book value per common share                    10.61              9.93
     Common shares outstanding                  3,552,550         3,552,550
     Tier 1 leverage capital ratio                  10.10%             9.03%
     Nonperforming assets (includes loans
      over 90 days and still accruing)         $2,867,824        $3,722,917
     Nonperforming assets/total assets               0.56%             0.71%
     Allowance for loan losses/loans
      outstanding                                    1.34              1.25
 
                                                   March 31,         March 31,
     Other Information (Quarter Ended)               2001              2000
     Return on average shareholders'
      equity                                        17.00%            10.22%
     Return on average assets                        1.20              0.64
     Net interest margin                             5.82              5.49
     Net charge-offs/average loans                   0.11              0.42
     Cash dividends per share                       $0.07             $0.07
 
     * Excluding severance expenses during 2001, the ROAA was 1.38% and the
 ROAE was 19.54%.
 
 
     FRANKLIN BANK, N.A.
     Consolidated Statements of Financial Condition (Unaudited)
 
 
 
                                                  March 31,        December 31,
                                                    2001               2000
 
     Assets
         Cash and due from banks                $22,064,023        $26,972,641
         Interest-earning deposits                4,100,668          4,615,462
         Time deposits with FHLB                  8,803,417             56,728
         Cash and cash equivalents               34,968,108         31,644,831
         Securities available for sale          145,092,030        164,002,873
         Federal Home Loan Bank stock -
          cost                                    5,868,900          5,868,900
         Federal Reserve stock - cost             1,308,550          1,308,550
         Loans (before allowance for loan
          losses)                               322,187,302        316,124,187
         Allowance for loan losses               (4,318,420)        (3,951,552)
         Net loans                              317,868,882        312,172,635
         Accrued interest receivable              3,379,938          4,128,106
         Real estate owned                          533,847          1,118,566
         Premises and equipment, net              3,568,097          3,873,319
         Prepaid expenses and other
          assets                                  2,945,398          3,853,296
         Total assets                          $515,533,750       $527,971,076
     Liabilities
         Deposits                              $402,531,076       $387,918,585
         Short term borrowings                   53,545,000         82,326,101
         Accrued interest payable                   385,597            302,261
         Other liabilities                        1,893,632          2,635,265
         Total liabilities                      458,355,305        473,182,212
 
     Preferred Stock of Consolidated
      Subsidiary                                 19,500,398         19,500,398
 
     Shareholders' Equity
         Common stock - Par value $1.00;
          authorized 6,000,000 shares;
          issued and outstanding 3,552,550
          shares at March 31, 2001
          and December 31, 2000                   3,552,550          3,552,550
         Additional paid-in capital              27,458,293         27,459,376
         Retained earnings                        5,170,570          3,881,411
         Accumulated other comprehensive
          income                                  1,496,634            395,129
         Total shareholders' equity              37,678,047         35,288,466
     Total Liabilities, Preferred Stock
      of Consolidated Subsidiary and
      Shareholders' Equity                     $515,533,750       $527,971,076
 
 
     FRANKLIN BANK, N.A.
     Consolidated Statements of Operations (Unaudited)
 
 
                                                        Quarter Ended
                                                           March 31,
                                                    2001              2000
     Interest Income
            Interest on loans                    $7,474,918        $6,580,203
            Interest on securities                1,910,195         2,322,851
            Other interest and dividends            740,853           934,771
            Total interest income                10,125,966         9,837,825
     Interest Expense
            Interest on deposits                  1,957,898         1,827,767
            Interest on other borrowings          1,099,076         1,178,629
            Total interest expense                3,056,974         3,006,396
     Net interest income                          7,068,992         6,831,429
     Provision for loan losses                      450,000           555,000
     Net interest income after provision
      for loan losses                             6,618,992         6,276,429
     Non Interest Income
            Deposit account service
             charges                                962,729           938,365
            Net gain on sale of securities          274,662
            Net loss on sale of other
             assets                                  (4,931)         (147,841)
            Other fee income                        305,226           210,514
            Total non interest income             1,537,686         1,001,038
     Non Interest Expense
            Compensation and benefits             2,516,187         2,859,927
            Severance compensation                  353,242
            Occupancy and equipment                 896,256           817,103
            Advertising                             211,658           147,362
            Federal insurance premiums               47,356            52,705
            Defaulted loan expense                  202,122           285,319
            Communication expense                   145,161           157,762
            Outside service expense                 580,840           615,697
            Other                                   475,354           693,816
            Total non interest expense            5,428,176         5,629,691
     Income before provision for federal
      income taxes                                2,728,502         1,647,776
            Provision for federal income
             taxes                                  740,440           359,265
     Income before preferred stock
      dividends                                   1,988,062         1,288,511
            Preferred stock dividends of
             subsidiary                             450,225           450,225
     Net income                                  $1,537,837          $838,286
 
 
     Income per common share:
 
            Average common shares
             outstanding:
            Basic                                 3,552,550         3,512,108
            Diluted                               3,632,265         3,564,632
            Net income per common share:
            Basic                                     $0.43             $0.24
            Diluted                                   $0.42             $0.24
 
 

SOURCE Franklin Bank, N.A.
    SOUTHFIELD, Mich., April 18 /PRNewswire/ -- Franklin Bank, N.A.
 (Nasdaq: FSVB) reported first quarter 2001 core operating earnings of
 $1,767,444 ($0.49 cents per fully diluted share) compared to $838,286 ($0.24
 cents per fully diluted share) for the quarter ended March 31, 2000,
 representing an increase of 111% in quarter to quarter comparisons.
     "These record operating results reflect across the board improvement from
 repeatable earnings sources, including loan and deposit growth, permanent non
 interest expense savings and greatly improved asset quality," said President
 and CEO, David Shelp.  "Our management team has succeeded in the first quarter
 in executing a business plan that should continue to produce positive results
 for the Bank," added Mr. Shelp.
     Core operating earnings exclude after tax severance related charges of
 $229,607 incurred during the first quarter of 2001.  Including such severance
 charges, first quarter 2001 earnings were $1,537,837 ($0.42 cents per fully
 diluted share).  Both the core and stated earnings figures are all-time record
 quarterly earnings figures for Franklin Bank since its conversion to a
 national bank charter in 1991.
     Fee income (defined as non interest income, excluding gains or losses on
 sales of securities, loans, real estate owned and repossessed assets)
 increased by 10.4% to $1,267,955 for the quarter ended March 31, 2001 compared
 to $1,148,879 for the quarter ended March 31, 2000.  Included in the fee
 income figure, investment product sales fees increased by $92,923 or 263.4%
 and deposit service charges increased by $24,364, in quarter to quarter
 comparisons.
     Core non interest expense (defined as total non interest expense excluding
 severance charges) for the quarter ended March 31, 2001 was $5,074,934
 compared to $5,692,691 for the quarter ended March 31, 2000, a decrease of
 $617,757 or 10.9%.  "We are very pleased with these expense reductions, which
 are a direct result of the Bank's fourth quarter 2000 restructuring plan,"
 said Mr. Shelp.
     Lending activity remained strong in the Bank's key lending areas of
 commercial real estate and installment lending (primarily home improvement
 loans originated through a joint marketing relationship with MichCon).
 Overall, outstanding loan balances increased by $6.1 million during the first
 quarter of 2001.  As planned, commercial real estate lending was the key
 component of the Bank's loan growth, increasing by $10.5 million or 6.9%
 during the first quarter of 2001.
     Net interest income increased by 3.5% to $7,068,992 for the quarter ended
 March 31, 2001 compared to $6,831,429 for the quarter ended March 31, 2000.
 Despite negative margin pressure arising from a one and a half point drop in
 the prime lending rate during the first quarter of 2001, the Bank's net
 interest margin was 5.82% for the quarter ended March 31, 2001 and remains one
 of the strongest in the industry.  The Bank's net interest margin for the year
 ended December 31, 2000 was 5.62%
     Franklin's asset quality continued its improvement in the first quarter of
 2001 as the Bank aggressively managed its credit risk and troubled loan
 portfolio.  Total non performing assets declined to $2,867,824 at March 31,
 2001 compared to $3,722,917 at December 31, 2000 and $5,515,253 at March 31,
 2000.  This decrease includes a reduction in the Bank's real estate owned
 properties to $533,847 at March 31, 2001 from $1,118,566 at December 31, 2000
 and $1,219,275 at March 31, 2000.  The Bank's management is continuing its
 efforts to identify and resolve problem assets at an early stage.  As a
 result, both the 30 and 90 day past due loan categories improved during the
 first quarter of 2001.  As of March 31, 2001, loans 30 or more days past due
 represented 0.62% of total loans outstanding, compared to 0.87% at
 December 31, 2000 and 3.32% at March 31, 2000.  Similarly, loans 90 days past
 due and still accruing improved to 0.03% of loans outstanding at March 31,
 2001 compared to 0.06% at December 31, 2000 and 1.18% at March 31, 2000.
 "During the past nine quarters, 30 day plus delinquencies have dropped 62.2%,
 90 day plus delinquencies have dropped 93.2%, and real estate owned properties
 have been reduced by 84.1%," said Mr. Shelp.
     The allowance for loan losses as a percentage of loans outstanding was
 1.34% at March 31, 2001, an increase of 9 basis points from December 31, 2000.
 During the quarter ended March 31, 2001, the Bank decreased its provision for
 possible loan losses to $450,000, compared to $555,000 for the same quarter
 ended 2000, as a result of lowered past due loans and net charge offs during
 the first quarter of 2001.  During the first quarter of 2001, the Bank's net
 charge off amount was $83,133 (0.11% net charge offs to average loans,
 annualized) compared to $294,723 in the first quarter of 2000.
     "We believe the aggressive charge off actions taken in the second half of
 last year have set the stage for further earnings improvement this year," said
 Mr. Shelp.
     Total assets at March 31, 2001 were $515,533,750 compared to $527,971,076
 at year end 2000.  Loans were $322,187,302 at March 31, 2001 compared to
 $316,124,187 at December 31, 2000, an increase of $6.1 million.  Deposits
 increased to $402,531,076 at March 31, 2001 compared to $387,918,585
 at year end 2000, an increase of $14.6 million or 3.77%.  Franklin remains
 well capitalized with a Tier 1 leverage ratio which has grown to 10.10%.
     During the three months ended March 31, 2001, the Bank was successful in
 attracting new deposits which, together with funds from maturing securities,
 the Bank utilized to reduce more expensive wholesale short term borrowings by
 $28.8 million.  This action also improved the Bank's liquidity position as
 well as its loans to deposit ratio when comparing those ratios at year end
 2000 to March 31, 2001.
     Franklin specializes in serving small and medium-sized business customers
 and their owners throughout the metropolitan Detroit area.  Franklin's
 executive offices, Business Center and one regional branch are located in
 Southfield, with additional regional branches in Birmingham and Grosse Pointe
 Woods.  Visit the Bank's award winning website at http://www.franklinbank.com
     The matters discussed in this press release contain forward-looking
 statements that involve risk and uncertainties.  Words or phrases "will
 result," "expect," "are expected to," "will continue," "is anticipated,"
 "estimate," "project," or similar expressions are intended to identify
 "forward-looking statements" within the meaning of the Private Securities
 Litigation Reform Act of 1995.  Factors which could cause actual results to
 differ, include, but are not limited to, fluctuations in interest rates,
 changes in economic conditions of the Bank's market area, changes in policies
 by regulatory agencies, the acceptance of new products, the impact of
 competitive products and pricing and the other risks detailed from time to
 time in the Bank's OCC reports, including the report on Form 10-K for the year
 ended December 31, 1999 and quarterly reports on Form 10-Q.  These forward-
 looking statements represent the Bank's judgment as of the date of this
 report.  The Bank disclaims, however, any intent or obligation to update these
 forward-looking statements.
 
 
     FRANKLIN BANK, N.A.
     Financial Summary
 
 
 
                                                March 31,         March 31,
     Quarter Ended                                2001              2000
     Interest income                          $10,125,966        $9,837,825
     Interest expense                           3,056,974         3,006,396
     Provision for loan losses                    450,000           555,000
     Net interest income after provision
      for loan losses                           6,618,992         6,276,429
     Net income                                 1,537,837           838,286
     Net income per common share - basic            $0.43             $0.24
     Net income per common share - diluted          $0.42             $0.24
     Common shares outstanding                  3,552,550         3,517,249
 
                                               March 31,       December 31,
     At                                          2001              2000
     Assets                                  $515,533,750      $527,971,076
     Securities available for sale            145,092,030       164,002,873
     Loans (before allowance for loan
      losses)                                 322,187,302       316,124,187
     Allowance for loan losses                 (4,318,420)       (3,951,552)
     Deposits                                 402,531,076       387,918,585
     Short term borrowings                     53,545,000        82,326,101
     Total shareholders' equity                37,678,047        35,288,466
     Book value per common share                    10.61              9.93
     Common shares outstanding                  3,552,550         3,552,550
     Tier 1 leverage capital ratio                  10.10%             9.03%
     Nonperforming assets (includes loans
      over 90 days and still accruing)         $2,867,824        $3,722,917
     Nonperforming assets/total assets               0.56%             0.71%
     Allowance for loan losses/loans
      outstanding                                    1.34              1.25
 
                                                   March 31,         March 31,
     Other Information (Quarter Ended)               2001              2000
     Return on average shareholders'
      equity                                        17.00%            10.22%
     Return on average assets                        1.20              0.64
     Net interest margin                             5.82              5.49
     Net charge-offs/average loans                   0.11              0.42
     Cash dividends per share                       $0.07             $0.07
 
     * Excluding severance expenses during 2001, the ROAA was 1.38% and the
 ROAE was 19.54%.
 
 
     FRANKLIN BANK, N.A.
     Consolidated Statements of Financial Condition (Unaudited)
 
 
 
                                                  March 31,        December 31,
                                                    2001               2000
 
     Assets
         Cash and due from banks                $22,064,023        $26,972,641
         Interest-earning deposits                4,100,668          4,615,462
         Time deposits with FHLB                  8,803,417             56,728
         Cash and cash equivalents               34,968,108         31,644,831
         Securities available for sale          145,092,030        164,002,873
         Federal Home Loan Bank stock -
          cost                                    5,868,900          5,868,900
         Federal Reserve stock - cost             1,308,550          1,308,550
         Loans (before allowance for loan
          losses)                               322,187,302        316,124,187
         Allowance for loan losses               (4,318,420)        (3,951,552)
         Net loans                              317,868,882        312,172,635
         Accrued interest receivable              3,379,938          4,128,106
         Real estate owned                          533,847          1,118,566
         Premises and equipment, net              3,568,097          3,873,319
         Prepaid expenses and other
          assets                                  2,945,398          3,853,296
         Total assets                          $515,533,750       $527,971,076
     Liabilities
         Deposits                              $402,531,076       $387,918,585
         Short term borrowings                   53,545,000         82,326,101
         Accrued interest payable                   385,597            302,261
         Other liabilities                        1,893,632          2,635,265
         Total liabilities                      458,355,305        473,182,212
 
     Preferred Stock of Consolidated
      Subsidiary                                 19,500,398         19,500,398
 
     Shareholders' Equity
         Common stock - Par value $1.00;
          authorized 6,000,000 shares;
          issued and outstanding 3,552,550
          shares at March 31, 2001
          and December 31, 2000                   3,552,550          3,552,550
         Additional paid-in capital              27,458,293         27,459,376
         Retained earnings                        5,170,570          3,881,411
         Accumulated other comprehensive
          income                                  1,496,634            395,129
         Total shareholders' equity              37,678,047         35,288,466
     Total Liabilities, Preferred Stock
      of Consolidated Subsidiary and
      Shareholders' Equity                     $515,533,750       $527,971,076
 
 
     FRANKLIN BANK, N.A.
     Consolidated Statements of Operations (Unaudited)
 
 
                                                        Quarter Ended
                                                           March 31,
                                                    2001              2000
     Interest Income
            Interest on loans                    $7,474,918        $6,580,203
            Interest on securities                1,910,195         2,322,851
            Other interest and dividends            740,853           934,771
            Total interest income                10,125,966         9,837,825
     Interest Expense
            Interest on deposits                  1,957,898         1,827,767
            Interest on other borrowings          1,099,076         1,178,629
            Total interest expense                3,056,974         3,006,396
     Net interest income                          7,068,992         6,831,429
     Provision for loan losses                      450,000           555,000
     Net interest income after provision
      for loan losses                             6,618,992         6,276,429
     Non Interest Income
            Deposit account service
             charges                                962,729           938,365
            Net gain on sale of securities          274,662
            Net loss on sale of other
             assets                                  (4,931)         (147,841)
            Other fee income                        305,226           210,514
            Total non interest income             1,537,686         1,001,038
     Non Interest Expense
            Compensation and benefits             2,516,187         2,859,927
            Severance compensation                  353,242
            Occupancy and equipment                 896,256           817,103
            Advertising                             211,658           147,362
            Federal insurance premiums               47,356            52,705
            Defaulted loan expense                  202,122           285,319
            Communication expense                   145,161           157,762
            Outside service expense                 580,840           615,697
            Other                                   475,354           693,816
            Total non interest expense            5,428,176         5,629,691
     Income before provision for federal
      income taxes                                2,728,502         1,647,776
            Provision for federal income
             taxes                                  740,440           359,265
     Income before preferred stock
      dividends                                   1,988,062         1,288,511
            Preferred stock dividends of
             subsidiary                             450,225           450,225
     Net income                                  $1,537,837          $838,286
 
 
     Income per common share:
 
            Average common shares
             outstanding:
            Basic                                 3,552,550         3,512,108
            Diluted                               3,632,265         3,564,632
            Net income per common share:
            Basic                                     $0.43             $0.24
            Diluted                                   $0.42             $0.24
 
 SOURCE  Franklin Bank, N.A.

RELATED LINKS

http://www.franklinbank.com