Richmond-area firms
Franklin Financial Corp., the parent company of Franklin Federal Savings Bank, reported net income for the fiscal first quarter that ended Dec. 31 of $1.78 million, or 13 cents per share, compared with $2.04 million in the year-earlier period.
It was not a stock-owned bank in 2010, so there were no earnings per share for that year.
The Henrico County-based bank was converted from a savings and loan into a stock-owned federally chartered bank after it completed a subscription and community offering last spring that raised $138.9 million.
Nonperforming assets decreased $4.7 million to $46.1 million from Sept. 30. Chairman, President and Chief Executive Officer Richard T. Wheeler Jr. said the bank is working diligently to reduce its nonperforming assets to acceptable levels.
Franklin Federal Savings Bank operates eight branch offices in the Richmond area.
Carol Hazard
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