Franklin, TN - November 8, 2010 - Franklin Synergy Bank today reported a profit of $392,000 for the quarter ended September 30, 2010, marking the bank’s seventh straight profitable quarter in its three year history.
Franklin Synergy Bank Reports Third Quarter 2010 Results
The bank earned its first quarterly profit in the first quarter 2009. Year-to-date, the bank’s earnings were $1,147,000, compared to $365,000 for 2009. The third quarter profit compares with a profit of $4 thousand in the third quarter 2009. “We’ve reached a significant milestone this month as we mark our third year of operation,” said Richard Herrington, president. “We are particularly pleased to report a seventh quarter of profits in a banking environment that remains challenging even with historically low interest rates.
Assets totaled $298 million at September 30, 2010. This compares to $237 million at September 30, 2009, a growth rate of 25.7%. Loans totaled $189 million on September 30, 2010, experiencing a growth rate of 26.3%. In addition, deposits increased to $257 million, a growth rate of 30.5%. “The banking industry is in a state of constant flux,” commented Herrington. “As a forward-looking community bank we focus on credit quality and liquidity as key measures that support strategic decision-making in serving the financial needs of our community.
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. The Downtown Franklin headquarters and office opened on Columbia Avenue on May 17, 2010 (the Bennett House office was closed). 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.