President's Letter

From the 2010 Annual Report

By Peter L. Judkins
President & Chief Executive Officer

Our cover this year highlights an update in our signage. We did a complete changeover
in 2010, but, unlike so many banks, where new signs mean merger, new ownership
from a bigger bank and a new name, our change represents the same great bank

counted on for 142 years but with a fresher look. That significance means a lot to me. The signs are new but everything else remains the same … or better!
At Franklin Savings Bank, our mission is to remain a financially strong, independent, community bank, dedicated to superior customer and community service.

We want to grow and prosper in the communities that we serve and be here for years to come. We will always have our eyes and ears open to opportunities that add value to our franchise, but as our mission states, "we want to remain a financially strong, independent, community bank."

Why would anyone bank anywhere else?

Franklin Savings Bank is a local bank, supporting our local economies. The Bank and our Community Development Foundation contributed more than $175,000 to various non-profit, economic development and educational efforts in 2010. Beyond the financial support, we encourage our employees to be involved in the many organizations and activities that exist to make our communities better places to work, live and play. Franklin Savings Bank is truly a vested member of the community.

Financial Highlights

The bank ended the year with total assets of $320 million and net income of $3.01 million. We closed 2,086 loans totaling $81.2 million, including the following:

• 406 consumer mortgages and home equity loans, totaling $39.8 million.
• 474 commercial loans, totaling $32.4 million
• 1,206 non-mortgage consumer loans totaling $9.0 million.
  

Overall, these numbers represent a decrease in number of loans processed and in total dollars lent over 2009 levels. We realized moderate deposit growth during the year.

We look forward to a new year, with hopes that this downward economic cycle will start to turn the other way and return our customers and our communities to more prosperous times. We are hopeful that we will all have relief from the pressures of high unemployment and sluggish growth. We are well-positioned for a turnaround; we have money to lend and a rate environment that is very favorable for borrowing money.

Many thanks to our Board of Directors, our Corporators, the "eyes and ears" of our communities, and our dedicated and very capable staff who make Franklin Savings Bank an integral part of our communities and our customers who place their trust in us every day.

See the financials