Franklin, TN - October 23, 2012 - Franklin Synergy Bank reported a fifteenth consecutive profitable quarter today. For the quarter ended September 2012, the bank reported net income of $1.1 million, a 22.5% increase compared to the second quarter of 2012.
Franklin Synergy Bank Reports Continued Profit, Loan and Deposit Growth in Third Quarter 2012
On a year-to-date basis, Franklin Synergy earned net income of $2.7 million, compared to $1.6 million for the same period in 2011, an increase of 63.3%.
Compared to the quarter ended September 30, 2011, the third quarter 2012 earnings increased from $730 thousand to $1.1 million, a 47.8% increase.
“The earnings comparisons remain 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, year to date net income was $4.4 million, which represents an increase of $2.8 million or 168% compared to the first nine months of 2011.”
Annual loan and deposit growth at Franklin Synergy were also strong, with loans growing to $303 million, a 36.5% jump over loans at the end of the third quarter of 2011. Deposits also continued an upward trend, reaching $443 million at September 30, bettering third quarter 2011 by more than 41.5%.
Assets totaled $516 million at September 30, 2012, compared to $371 million at September 30, 2011, an annualized growth rate of 39.1%.
“The growth in profits reflects the growth of the core bank and the contribution of the mortgage banking unit,” noted Herrington. “Mortgage loan production year-to-date in 2012 totaled $139 million, as compared to $74 million in 2011, an increase of 87.8%. In addition, our bank has grown to the point that economies of scale have permitted increased profitability.”
Recent deposit share of market data shows that Franklin Synergy Bank was grown to the fifth largest banking doing business in Williamson County. In specific markets, the bank is the top market share bank in the city of Franklin and ranks second in the Cool Springs market.
“Our bankers continue to identify loan and deposit opportunities in our community, added Herrington. “We are on track to end our fifth year of operation in a significantly strengthened position.”