EX-99.1 3 g82351exv99w1.txt EX-99.1 PRESS RELEASE EXHIBIT 99.1 NEWS RELEASE...NEWS RELEASE...NEWS RELEASE FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION, CONTACT: Date: April 24, 2003 Kristy Williams 615-595-5531 David McCurrach 615-591-1059 FRANKLIN FINANCIAL REPORTS EARNINGS GROWTH FRANKLIN, TENNESSEE, APRIL 24, 2003 - For the quarter ended March 31, 2003, Franklin Financial Corporation (Nasdaq: "FNFN") earned $2.89 million. This is a 10.7% increase in net income over the same period in 2002. On a per share basis, the 2003 first quarter earnings were $.35, compared to $.33 per share for the first quarter 2002. Franklin Financial Corporation is the parent company of Franklin National Bank. As of March 31, 2003, loans outstanding totaled $552.7 million and deposits were $735.0 million. Compared to March 2002, this is an increase of 17.5% and 14.0%, respectively. "We continue to strive to enhance shareholder value by achieving strong earnings growth while maintaining high asset quality," commented Gordon E. Inman, Chairman, President & CEO for Franklin Financial Corporation. "The strength and performance of our organization promises a bright future for all involved from our customers to our employees to our shareholders." Franklin Financial Corporation in December 2002 raised its quarterly dividend to $.05775 per share, representing a 5% increase from third quarter of 2002. On May 1, 2001, the common stock of Franklin Financial Corporation began trading on the Nasdaq National Market. Corporate data may be found on the Internet at www.fnfn.net. Franklin National Bank operates nine retail branches with ATM's in Williamson, Davidson, and Maury counties. The bank's Internet site is FranklinNetBranch.com. In addition to Franklin National Bank, Franklin Financial Corporation is the parent company of Franklin Financial Mortgage, Franklin Financial Insurance Agency, and Franklin Financial Securities. On July 24, 2002, Fifth Third Bancorp (Nasdaq: FITB-News) and Franklin Financial Corporation announced the signing of a definitive agreement in which Fifth Third will acquire Franklin Financial Corporation and its subsidiary, Franklin National Bank, headquartered in Franklin, Tennessee. On March 27, 2003, the definitive agreement was amended to extend the termination date to June 30, 2004 and to revise the exchange ratio. THE STATEMENTS CONTAINED IN THIS RELEASE WHICH ARE NOT HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS DESCRIBING FRANKLIN FINANCIAL CORPORATION'S FUTURE PLANS, PROJECTIONS, STRATEGIES AND EXPECTATIONS, ARE BASED ON ASSUMPTIONS AND INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND FRANKLIN FINANCIAL CORPORATION'S CONTROL. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE PROJECTED DUE TO CHANGES IN INTEREST RATES, COMPETITION IN THE INDUSTRY, CHANGES IN LOCAL AND NATIONAL ECONOMIC CONDITIONS AND VARIOUS OTHER FACTORS. ADDITIONAL INFORMATION CONCERNING SUCH FACTORS, WHICH COULD AFFECT FRANKLIN FINANCIAL CORPORATION, IS CONTAINED IN FRANKLIN FINANCIAL CORPORATION'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. FRANKLIN FINANCIAL CORPORATION (ALL DOLLARS IN THOUSANDS) (UNAUDITED)

FRANKLIN FINANCIAL CORPORATION (ALL DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) (UNAUDITED)

FRANKLIN FINANCIAL CORPORATION (ALL DOLLARS IN THOUSANDS) (UNAUDITED)

FRANKLIN FINANCIAL CORP /TN/ 8-K