Franklin, TN - July 28, 2011 - As it completes three and a half years of operation, Franklin Synergy Bank reported its strongest quarter earnings yet. For the quarter ending June 30, 2011, the bank earned a profit of $618 thousand, marking the bank’s tenth straight profitable quarter. Second quarter 2011 profit compares to a profit of $360 thousand in the second quarter 2010.
Franklin Synergy Bank Marks Most Profitable Quarter in Ten Straight Profitable Quarters
On a year-to-date basis, Franklin Synergy earned $910 for the first six months of 2011, as compared to $756 for the comparable period in 2010.
"Over the last three and a half years, we’ve continued to build a critical mass of loans and deposits that now produce solid earnings", commented Franklin Synergy president Richard Herrington. "Both the core bank and our mortgage division are contributing to our growing profitability. Further, our interest margins improved as the mix of sources and uses of funds improved."
Assets totaled $367 million at June 30, 2011. This compares to $304 million at June 30, 2010, a growth rate of 20.7 %. Deposits increased to $327 million, a growth rate of 25.3% over second quarter 2010. In addition, loans totaled $206 million on June 30, 2011, experiencing a growth rate of 12.0 % over second quarter 2010.
"Our limited loan growth reflects our cautiousness and the cautiousness of our borrowers during these trying economic times," added Herrington. "Our local economy is improving and we continue to believe that there are good loans to be made in our community and we stand prepared to make them."
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.