Franklin Financial Corp. (FRNK) announced that its fourth-quarter net income was $2.6 million, or $0.20 per share, compared to $936,000, or $0.07 per share in the year ago quarter.
Net interest income for the quarter decreased to $6.7 million compared to $7.0 million last year. This decrease was the result of a lower interest rate environment, which particularly affected the yield on investment portfolio.
Noninterest income, excluding impairment charges and gains and losses on sales of securities, decreased 2.8% to $768,000 from $790,000 last year.
The company said its Board of Directors declared a special dividend of $0.45 per share of common stock, payable on December 18, 2012 to stockholders of record on November 30, 2012.
The company stated that its Board approved a third stock repurchase program. The new repurchase program provides for the repurchase of up to 645,415 shares, or approximately 5%, of the Company's common stock that will be outstanding upon completion of the second stock repurchase program.
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