Franklin, TN - July 26, 2012 - Franklin Synergy Bank reported continued growth in net income for the quarter ended June 2012 and for the first six months of 2012, along with annual loan and deposit growth exceeding 35%. The bank’s quarterly net income marked the thirteenth consecutive profitable quarter, a remarkable trend for a “de novo” bank that opened in late 2007.
Franklin Synergy Bank Reports Continued Profit, Loan and Deposit Growth in Second Quarter 2012
For the second quarter 2012, net income was $881 thousand, a 43% increase over the same quarter in 2011. The bank earned $717 thousand for the first quarter 2012.
For the first six months of 2012, the bank earned $1,598 thousand, compared to $910 thousand for the same period in 2011.
“The earnings comparisons are somewhat distorted because we were not fully taxable until the first quarter of this year,” explained Franklin Synergy Bank president Richard Herrington. “On a pre-tax basis, our growth in net income this year compared to last year is a remarkable 180%.”
Assets totaled $529 million at June 30, 2012, compared to $367 million at June 30, 2011, an annualized growth rate of 44%. Strengthening mortgage originations as well as commercial loans fueled asset growth. At June 30, 2012, loans totaled $274 million, a 34% growth rate over loans of $205 million as of June 30, 2011.
Deposits continued an impressive growth trend, increasing to $468 million for the quarter, 43% over second quarter 2011 deposits of $327 million.
“Our continued growth in earnings, assets, deposits and loans is based on our commitment to organic growth; we want to grow one relationship at a time through superior products and service,” added Herrington. “The synergy between our commercial banking and mortgage banking has been a primary impetus for our strong growth. Revenues from Franklin Synergy Investment Management division, opened in September 2011, are now contributing to our performance.”