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President's Letter

President Tim ThompsonBy Timothy J. Thompson
President & Chief Executive Officer

(From the 2018 Annual Report)

In 2018, we celebrated our sesquicentennial anniversary. A landmark achievement, being
present, consistently and successfully serving our communities for 150 years.
To mark the anniversary, the Board of Directors very generously increased the annual donations to our communities by $150,000. So the Community 150: You Pick. We Give campaign was formed. Through the campaign the Bank donated a total of $150,000 to non-profit organizations located in, or providing services to, the communities and primary counties that we serve, based on nominations from the public. Throughout the campaign we received nominations for more than 400 different organizations.
In 2018, Franklin Savings Bank was once again the leading mortgage lender in Franklin County. All other counties had positive loan growth as well. The growth in loan balances resulted in the Bank surpassing $400 million in assets in 2018. Buoyed by the increase in interest income the Bank’s financial performance remained strong.
We are continuously developing new or enhanced services to retain our existing customers and to attract new banking relationships. In 2018, we introduced Business Solutions, a full suite of online banking services designed specifically for our business customers.
Everything great about Franklin Savings Bank starts with our employees. Our employees are dedicated to the Bank, our customers and to the communities we serve; volunteering their time and donating financially. Recently, a new customer to the Bank told me that prior to moving his banking relationship to Franklin Savings Bank, “he never knew how good the banking experience could be.” I truly believe that our employees are the differentiator that elevates Franklin Savings Bank to the next level.
In this report we have spotlighted two long-term, impactful employees who will be retiring in 2019; Tom Sawyer, who will soon celebrate 42 years with the Bank, and Jeanne Norton, who will have completed 33 years with the Bank. I offer a sincere thank you to Tom and Jeanne for your dedication to the Bank and our communities and wish you both a joy-filled and healthy retirement.
As we close the book reflecting on our first 150 years, we now embrace the future and an ever-
changing financial marketplace. Our commitment to the communities we serve adds significant value to our offerings, our products are carefully tailored to meet the needs of our customers and our service is excellent. We know there is no room for complacency and our focus is to affirm our customers’ belief that Franklin Savings Bank is the best bank for them and their families for the next 150 years.

Financial Highlights

Financials

Franklin Savings Bank ended 2018 with total assets of $418.9 million and net income of $4.1 million. We closed 356 consumer mortgages and home equity loans for a total of $41.7 million. We also closed 414 commercial loans, totaling $51.3 million and 826 non-mortgage consumer loans totaling $8.5 million. Our lending efforts resulted in an increase in loan balances over 2017 levels of $24.3 million. Deposits totaled $263.3 million at year end, representing a 1.6% increase for the year.
Western Mountain Financial Services had a very productive year while serving the investment needs of its many clients, with the number of accounts under management increasing 6% over 2017 year-end numbers.
Our employees continue to demonstrate dedication to the communities we serve by volunteering their personal time. Last year, employees volunteered about 3,500 hours and raised tens of thousands of dollars for local charities that benefit all of us.
It is a pleasure to be able to present a very favorable report on the Bank’s performance. Thanks to our employees, our Corporators, and our Directors for their tremendous support and to our many customers who have chosen Franklin Savings Bank as their banking partner.