Franklin, TN - September 27, 2011 - As it nears a fourth full year of operation, Franklin Synergy Bank reported another profitable quarter, its eleventh straight. For the quarter ending September 30, 2011, the bank earned a profit of $ 730 thousand. Third quarter 2011 profit compares to a profit of $ 392 thousand in the third quarter 2010.
Franklin Synergy Bank delivers another profitable quarter
Franklin Synergy Bank earned $618 thousand for the second quarter 2011.
On a year-to-date basis, Franklin Synergy earned $ 1.6 million for the first nine months of 2011, as compared to $ 1.1 million for the comparable period in 2010.
"We have continued to build a critical mass of loans and deposits that now produce solid earnings for our bank", commented Franklin Synergy president Richard Herrington. "In addition, our mortgage division continues to contribute to our growing profitability as interest rates encourage home purchase and mortgage refinance."
Assets totaled $ 369 million at September 30, 2011. This compares to $ 298 million at September 30, 2010, a growth rate of 23.8 %. Deposits increased to $ 313 million, a growth rate of 21.8 % over third quarter 2010. In addition, loans totaled $ 222 million on September 30, 2011, experiencing a growth rate of 17.5 % over third quarter 2010.
"Our bank has grown to the point that economies of scale have permitted increased profitability." added Herrington. "We are actively seeking continued loan growth as the local economy improves."
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 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. Franklin Synergy Investment Management, a division of Franklin Synergy Bank offering financial planning opened in September 2011. Additional information about Franklin Synergy is available at the bank’s website: www.franklinsynergybank.com.