Franklin, TN - April 27, 2011 - Franklin Synergy Bank reported first quarter 2011 results, as it begins its fourth year of operation. For the quarter ending March 31, 2011 the bank earned a profit of $292 thousand, marking the bank’s ninth straight profitable quarter. First quarter 2011 profit compares to a profit of $105 thousand in the fourth quarter 2010.
Franklin Synergy Bank Continues Growth Trajectory during First Quarter of 2011
"Franklin Synergy remains well positioned to respond to accelerating loan demand as the economy continues to rebound", commented Franklin Synergy president Richard Herrington. "The bank’s position has been fueled by a strong focus on building core deposits. We remain committed to meeting the mortgage loan needs in our community, originating $25 million in residential first mortgage loans during the first quarter," commented Herrington.
Assets totaled $367 million at March 31, 2011. This compares to $285 million at March 31, 2010, a growth rate of 28.8%. Deposits increased to $ 328 million, a growth rate of 32.8% over first quarter 2010. In addition, loans totaled $198 million on March 31, 2011, experiencing a growth rate of 17.2 % over first quarter 2010.
"Our growth trajectory was enhanced during the quarter with the opening of our Brentwood office. In addition, we continue to be a destination bank for the most talented bankers in the area," added 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. A new Downtown Franklin 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.