Franklin, TN - November 8, 2010 - Franklin Synergy Bank, a Franklin-based community bank founded in 2007, reported annual profits of $1,252 thousand for the year 2010. This compares to $482 thousand for the year 2009.
Three year old Franklin Synergy Reports Strong Annual Earnings Growth
The bank also reported its eighth consecutive quarter of earnings. Net income for the fourth quarter was $105 thousand, compared to $116 thousand in the fourth quarter 2009.
"We are proud of our growth in earnings in 2010," commented Richard Herrington, president of Franklin Synergy. "This clearly indicates that we have grown to our critical mass of loans and deposits. Eight consecutive profitable quarters indicates consistent growth of banking customer relationships."
The bank experienced significant growth during 2010. Deposits increased to $307.2 million, a growth rate of 34.1%. Loans totaled $197.6 million at December 31, 2010, experiencing an annual growth rate of 17.9%.
"Of particular note is our strong residential mortgage loan origination in 2010. At $144.3 million for the year, we are pleased to be in a position to meet the home loan needs of our community," commented Herrington.
Franklin Synergy Bank opened its first branch 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 a branch in the Bennett House in downtown Franklin. The bank reached $200 million in deposits in July of 2009 and topped $300 million in December 2010. The Downtown Franklin headquarters and branch opened on Columbia Avenue on May 17, 2010 (the Bennett House branch was closed). An office in Brentwood opened in January 2011. 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.