Franklin, TN - April 30, 2012 - Franklin Synergy Bank posted a first quarter pre-tax profit of $1,178 thousand based on an accelerating upward trajectory in loan and deposit growth. Pre-tax profit for the quarter was more than four times that of first quarter 2011 and exceeded fourth quarter 2011 profit by 6.4%.
Franklin Synergy Bank upward profit trend accelerates
Net income after taxes for the first quarter 2012 was $717 thousand. First quarter 2012 was the bank’s thirteenth straight profitable quarter.
“Loan and deposit growth remain strong at Franklin Synergy as we continue to build a critical mass of relationships that now produce solid, sustainable earnings,” commented Franklin Synergy president Richard Herrington. “In addition, we experienced a significant increase in non-interest income for the quarter as mortgage banking picked up steam during the first quarter.”
Assets totaled $509 million at March 31, 2012, compared to $367 at March 31, 2011, a growth rate of 39%. Fueling asset growth for the quarter was significant loan growth. At March 31, 2012, loans totaled $257 million, a 32% growth rate over loans of $195 million as of March 31, 2011.
Deposits posted impressive growth, increasing to $452 million for the quarter, 38% over first quarter 2011 deposits of $328 million.
“Additional contributors to our results include Franklin Synergy Investment Management, a financial planning and investment arm we added in 2011, and the Small Business Lending Fund capital available to fuel small business opportunities in our local economy,” added Herrington.
Franklin Synergy Bank opened its first branch in November 2007 in Cool Springs and earned its first profit in the first quarter of 2009. The bank reached $100 million in deposits in October 2008, the same month Franklin Synergy opened a branch in the Bennett House in downtown Franklin. The bank reached $200 million in deposits in July of 2009, topped $300 million in December 2010 and $400 million in December 2011. The bank's assets surpassed $500 million in February 2012.
A new Downtown Franklin headquarters and branch opened on Columbia Avenue in May 2010 and an office in Brentwood opened in January 2011. In addition, Franklin Synergy operates a mortgage office in Synergy Business Park in Brentwood. Franklin Synergy Investment Management, a division of Franklin Synergy Bank offering financial planning, opened in September 2011. Additional information about Franklin Synergy is available at the bank’s website: www.franklinsynergybank.com.