Franklin bank reports rise in net income

A Franklin-based banking company had an increase in income for the first quarter of this year compared with the same period a year ago.

Mutual Savings Bank had a net income of $132,000 for the first quarter of 2015, compared with an income of $41,000 during the same time period in 2014, according to a news release.

The rise was due to a decrease in expenses and an increase in income, the release said.

The interest cost of certain advances dropped this year, and the bank had a $45,000 increase in trust department income last quarter, the release said.

Expenses also dropped about $41,000 after the Edinburgh bank branch was closed in November.

Total assets grew to $125 million, an increase of about 2 percent since December, with more in loans, investments and deposits, the release said.

Annie Goeller is managing editor of the Daily Journal. She can be reached at or 317-736-2718.