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1St Franklin Financial Corp (38723) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

1St Franklin Financial Corp

CIK: 38723
Document and Entity Information - $ / shares
3 Months Ended
Apr. 30, 2021
Mar. 31, 2021
Registrant CIK 0000038723
Fiscal Year End --12-31
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2021
Document Transition Report false
Entity File Number 2-27985
Entity Registrant Name 1st Franklin Financial Corporation
Entity Incorporation, State or Country Code GA
Entity Tax Identification Number 58-0521233
Entity Address, Address Line One 135 East Tugalo Street
Entity Address, Address Line Two Post Office Box 880
Entity Address, City or Town Toccoa
Entity Address, State or Province GA
Entity Address, Postal Zip Code 30577
City Area Code 706
Local Phone Number 886-7571
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Non-accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Amendment Flag false
Document Fiscal Year Focus 2021
Document Fiscal Period Focus Q1
Voting Common Stock  
Entity Listing, Par Value Per Share$ 100 
Entity Common Stock, Shares Outstanding1,700 
Nonvoting Common Stock  
Entity Listing, Par Value Per Share$ 0 
Entity Common Stock, Shares Outstanding168,300 

 

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C.  20549

 

------------------------------

 

FORM 10-Q

 

(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended March 31, 2021

 

OR

 

(  )TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

 

For the transition period from ______________ to _____________

 

------------------------------

 

Commission File Number 2-27985

 

------------------------------

 

1st Franklin Financial Corporation

 

A Georgia CorporationI.R.S. Employer Identification No. 58-0521233 

 

135 East Tugalo Street

Post Office Box 880

Toccoa, Georgia 30577

(706) 886-7571

 

------------------------------

 

Securities registered pursuant to Section 12(b) of the Act:  None

 

Indicate by check mark whether the registrant:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),  and  (2) has been subject to such filing requirements for the past 90 days. Yes _X  No __

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes X No__

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  (Check one) Large Accelerated Filer __ Accelerated Filer ___  Non-Accelerated Filer  X_  Smaller Reporting Company  __ Emerging Growth Company ___

 

 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ___

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes __   No X

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

ClassOutstanding April 30, 2021 

Voting Common Stock, par value $100 per share1,700 Shares 

Non-Voting Common Stock, no par value168,300 Shares 




PART I.  FINANCIAL INFORMATION

 

ITEM 1.

Financial Statements:

 

 

 

The information contained under the following captions in the Company's Quarterly Report to Investors as of and for the three months ended March 31, 2021 is incorporated by reference herein.  See Exhibit 13.

 

 

 

Condensed Consolidated Statements of Financial Position (Unaudited):

 

 

 

March 31, 2021 and December 31, 2020

 

 

 

Condensed Consolidated Statements of Income and Retained Earnings (Unaudited):

 

 

 

Three Months Ended March 31, 2021 and March 31, 2020

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Unaudited):

 

 

 

Three Months Ended March 31, 2021 and March 31, 2020

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited):

 

 

 

Three Months Ended March 31, 2021 and March 31, 2020

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited):

 

 

 

Three Months Ended March 31, 2021 and March 31, 2020

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations:

 

 

The information contained under the heading “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the Company's Quarterly Report to Investors as of and for the three months ended March 31, 2021 is incorporated by reference herein.  See Exhibit 13.

 

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk:

 

 

The information contained under the heading “Management's Discussion and Analysis of Financial Condition and Results of Operations -- Quantitative and Qualitative Disclosures About Market Risk" in the Company's Quarterly Report to Investors as of and for the three months ended March 31, 2021 is incorporated by reference herein.  See Exhibit 13.

 

ITEM 4.

Controls and Procedures:

 

 

 

We maintain a set of disclosure controls and procedures, as such term is defined in Rule 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.  An evaluation was carried out as of the end of the period covered by this report, under the supervision and with the participation of the Company's management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of our disclosure controls and procedures.  Based on that evaluation, the CEO and CFO have concluded that, as of March 31, 2021, the Company’s disclosure controls and procedures were effective.  No system of controls, no matter how well designed and operated, can provide absolute assurance that the objectives of the system of controls are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

 

 

There were no changes in the Company's internal control over financial reporting that occurred during the quarter ended March 31, 2021 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

 

<PAGE> 1

 




PART II.  OTHER INFORMATION

 

ITEM 1.

Legal Proceedings:

 

 

 

The Company is, and expects to be, involved in various legal proceedings incidental to its business from time to time.  In the opinion of Management, the ultimate resolution of any such known claims or proceedings is not expected to have a material adverse effect on the Company’s financial position, liquidity or results of operations.

 

 

ITEM 6.

Exhibits:

 

 

(a)

Exhibits:

 

 

 

13

 

 

31.1

 

 

31.2

 

 

32.1

 

 

32.2

 

 

101.INS

 

101.SCH

 

101.CAL

 

101.LAB

 

101.PRE

 

101.DEF

Quarterly Report to Investors as of and for the Three Months Ended March 31, 2021.

 

Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) / 15d-14(a) of the Securities Exchange Act of 1934.

 

Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) / 15d-14(a) of the Securities Exchange Act of 1934.

 

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

XBRL Instance Document.

 

XBRL Taxonomy Extension Schema Document.

 

XBRL Taxonomy Extension Calculation Linkbase Document.

 

XBRL Taxonomy Extension Label Linkbase Document.

 

XBRL Taxonomy Extension Presentation Linkbase Document.

 

XBRL Taxonomy Extension Definition Linkbase Document.

 

 

 

 

 

PAGE <2>




SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

1st FRANKLIN FINANCIAL CORPORATION

 

Registrant

 

 

/s/ Virginia C. Herring

 

President and Chief Executive Officer

 

(Principal Executive Officer)

 

 

/s/ Brian J. Gyomory

 

Executive Vice President and Chief Financial Officer

 

(Principal Financial and Accounting Officer)

 

 

Date:May 14, 2021 

 

<PAGE> 3


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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Financial Position (Unaudited)
Condensed Consolidated Statements Of Financial Position (Unaudited) - Parenthetical
Condensed Consolidated Statements Of Income And Retained Earnings (Unaudited)
Condensed Consolidated Statements Of Income And Retained Earnings (Unaudited) - Parenthetical
Consolidated Statements Of Stockholders' Equity (Unaudited)
Note 1 - Basis Of Presentation
Note 1 - Basis Of Presentation: Recent Accounting Pronouncements (Policies)
Note 1 - Basis Of Presentation: Schedule Of Reconciliation Of Cash, Cash Equivalents And Restricted Cash (Details)
Note 1 - Basis Of Presentation: Schedule Of Reconciliation Of Cash, Cash Equivalents And Restricted Cash (Tables)
Note 10 - Segment Financial Information
Note 10 - Segment Financial Information: Schedule Of Segment Reporting Information, By Segment (Details)
Note 10 - Segment Financial Information: Schedule Of Segment Reporting Information, By Segment (Tables)
Note 2 - Allowance For Credit Losses
Note 2 - Allowance For Credit Losses (Details)
Note 2 - Allowance For Credit Losses: Allowance For Credit Losses On Financing Receivables (Details)
Note 2 - Allowance For Credit Losses: Allowance For Credit Losses On Financing Receivables (Tables)
Note 2 - Allowance For Credit Losses: Past Due Financing Receivables (Details)
Note 2 - Allowance For Credit Losses: Past Due Financing Receivables (Tables)
Note 2 - Allowance For Credit Losses: Schedule Of Allowance For Loan Losses (Details)
Note 2 - Allowance For Credit Losses: Schedule Of Allowance For Loan Losses (Tables)
Note 2 - Allowance For Credit Losses: Schedule Of Net Balance (Principal Balance Less Unearned Finance Charges And Unearned Insurance) In Consumer And Residential Loans (Details)
Note 2 - Allowance For Credit Losses: Schedule Of Net Balance (Principal Balance Less Unearned Finance Charges And Unearned Insurance) In Consumer And Residential Loans (Tables)
Note 2 - Allowance For Credit Losses: Troubled Debt Restructurings On Financing Receivables (Details)
Note 2 - Allowance For Credit Losses: Troubled Debt Restructurings On Financing Receivables (Tables)
Note 3 - Investment Securities
Note 3 - Investment Securities (Details)
Note 3 - Investment Securities: Schedule Of Amortized Cost And Estimated Fair Values Of Debt Securities (Details)
Note 3 - Investment Securities: Schedule Of Amortized Cost And Estimated Fair Values Of Debt Securities (Tables)
Note 3 - Investment Securities: Schedule Of Investment Securities Fair Value And Unrealized Losses (Tables)
Note 4 - Fair Value
Note 4 - Fair Value: Fair Value Measurements, By Fair Value Hierarchy (Details)
Note 4 - Fair Value: Fair Value Measurements, By Fair Value Hierarchy (Tables)
Note 5 - Leases
Note 5 - Leases: Schedule Of Lease Expense And Other Information (Details)
Note 5 - Leases: Schedule Of Lease Expense And Other Information (Tables)
Note 6 - Commitments And Contingencies
Note 7 - Income Taxes
Note 7 - Income Taxes (Details)
Note 8 - Credit Agreement
Note 8 - Credit Agreement (Details)
Note 9 - Related Party Transactions
Note 9 - Related Party Transactions (Details)
CIK: 38723
Form Type: 10-Q Quarterly Report
Accession Number: 0001376474-21-000157
Submitted to the SEC: Fri May 14 2021 4:20:34 PM EST
Accepted by the SEC: Fri May 14 2021
Period: Wednesday, March 31, 2021
Industry: Personal Credit Institutions

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