Franklin, TN - August 4, 2010 - Franklin Synergy Bank reported a strong second quarter 2010, as it moves into the middle of its third year of operation. This marks the bank’s sixth straight profitable quarter. For the quarter ended June 30, 2010, the bank earned a profit of $360 thousand.
Franklin Synergy Bank Reports Second Quarter 2010 Results
The $360 thousand profit for the second quarter 2010 compares to a profit of $396 thousand in the first quarter 2010 and a $62 thousand profit for the second quarter 2009. A year to date 2010 profit of $756 thousand compares favorably to year to date June 30, 2009 at $362 thousand.
“In the current economic landscape, it is meaningful for our bank to report our sixth consecutive profitable quarter. Since we opened in November 2007, we have made remarkable progress in deposit and loan growth, mortgage banking, and profitability,” commented Richard Herrington, president of Franklin Synergy. “Second quarter earnings reflect that Franklin Synergy has reached a critical mass of customer relationships that should sustain our profitability into the coming years.”
Assets totaled $304.0 million at June 30, 2010. This compares to $234.9 million at June 30, 2009, a growth rate of 29.4%. Loans totaled $184.4 million on June 30, 2010, experiencing a growth rate of 33.5%. In addition, deposits increased to $261.0 million, a growth rate of 37.8%. “The banking industry is being challenged daily to create capital through earnings,” added Herrington. “As a new bank, our focus is on building profitable relationships.”
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.