Franklin, TN - April 26, 2010 - Franklin Synergy Bank reported a strong first quarter 2010, as it begins its third year of operation. This marks the bank’s fifth straight profitable quarter. For the quarter ended March 31, 2010, the bank earned a profit of $396 thousand.
Franklin Synergy Bank Reports First Quarter 2010 Results
The $396 thousand profit for the first quarter 2010 compares to a profit of $87 thousand in the fourth quarter 2009 and a $302 thousand profit for the first quarter 2009.
“As we continue to focus on meeting the needs of local borrowers, credit quality remains a top priority,” said Richard Herrington, president of Franklin Synergy. “Our bank is well positioned to accommodate increasing loan demand as the economy begins to show signs of strengthening. Franklin Synergy’s capital position remains strong with the recent addition of $6.5 million in local capital.”
Assets totaled $284.8 million at March 31, 2010. This compares to $221.4 million at March 31, 2009, a growth rate of 29.0%. Loans totaled $169.4 million on March 31, 2010, experiencing a growth rate of 41.9%. In addition, deposits increased to $246.5 million, a growth rate of 42.9%.
“Several trends contributed to our first quarter earnings,” Herrington said. “Mortgage lending activity remained strong through the quarter and core deposits continued to grow. With the opening of our new corporate headquarters in downtown Franklin, we expect both trends to accelerate.”
In March, Franklin Financial Network, the parent company of Franklin Synergy Bank, completed a $6.5 million stock offering to local investors. The capital was raised to provide a larger foundation for Franklin Synergy Bank’s growth.
Franklin Synergy Bank opened its first office 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 an office in the Bennett House in downtown Franklin. In July of 2009, the bank reached $200 million in deposits. An office and headquarter operation currently under construction on Columbia Avenue in Franklin, opens in second quarter 2010. In addition, Franklin Synergy operates a mortgage office in Synergy Business Park in Brentwood. Additional information about Franklin Synergy is available at the bank’s website: www.franklinsynergybank.com.