Franklin Synergy Bank (merged into FirstBank)
Franklin Synergy Bank reported total assets of $3.8 bn at Q2 2020, its last Call Report before it merged into FirstBank. Franklin Synergy Bank uses the community bank leverage ratio framework, with a leverage ratio of 11.85%, and the uninsured share of Franklin Synergy Bank was 43.77%. Source: FDIC Call Reports.
Key takeaways
- Since , Franklin Synergy Bank has taken over one institution; the latest was Civic Bank & Trust on (FDIC Call Reports).
What sets Franklin Synergy Bank apart
How large is Franklin Synergy Bank?
The balance sheet of Franklin Synergy Bank at : assets $3.8 bn, deposits $3.1 bn, net loans $2.8 bn (loans equal to 89.62% of deposits). Securities make up 13.4% of total assets at Franklin Synergy Bank. Since , when Franklin Synergy Bank held $2.3 bn, its assets grew 63.9%. In the year to , deposits at Franklin Synergy Bank fell 0.1% while its total assets fell 7.4%. At , Franklin Synergy Bank employed 309 full-time equivalent staff across 17 offices, about $12.2 mn of assets per employee and $184.9 mn of deposits per office.
How much funding at Franklin Synergy Bank is uninsured?
At Franklin Synergy Bank, uninsured deposits (above the FDIC limit) made up 43.77% of domestic deposits at (+3.99 pp on a year earlier). In dollars, Franklin Synergy Bank estimated $1.4 bn of uninsured deposits.
Key facts, Q2 2020
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $3.1 bn | $3.1 bn (Q2 2019) | |
| Net loans and leases | $2.8 bn | $2.9 bn (Q2 2019) | |
| Loan-to-deposit ratio | 89.62% | 91.50% (Q2 2019) | |
| Net interest margin | 3.30% | 2.87% (Q2 2019) | |
| Return on assets (ROA) | 0.76% | 0.61% (Q2 2019) | |
| Efficiency ratio | 55.97% | 57.86% (Q2 2019) | |
| Unrealized gain/loss on available-for-sale securities | Gain of $20.9 mn | Rose by $18.3 mn | |
| Noncurrent loans to total loans | 0.86% | 0.16% (Q2 2019) | |
| Net charge-offs to average loans | 1.64% | 0.58% (Q2 2019) |
US rank of Franklin Synergy Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
Franklin Synergy Bank: assets, deposits and loans
- Total assets $3.8bn
- Deposits $3.1bn
- Net loans $2.8bn
Capital and securities
Franklin Synergy Bank uses the community bank leverage ratio framework, so it reports no risk-based ratios; its leverage ratio was 11.85% in . Equity capital of Franklin Synergy Bank at : $476.2 mn, or 12.6% of total assets.
The available-for-sale portfolio of Franklin Synergy Bank showed an unrealized gain of $20.9 mn at ; the gain rose by $18.3 mn over the year.
Franklin Synergy Bank: capital ratios
- Total capital 15%
- CET1 14%
- Tier 1 leverage 12%
Franklin Synergy Bank: unrealized securities gains and losses
- Available for sale $21mn
- Held to maturity $0
Profitability and loan quality
For the year to , Franklin Synergy Bank earned a return on equity of 6.19%; return on assets: 0.76%. Net interest margin at Franklin Synergy Bank: 3.30%, +0.43 pp in a year. Franklin Synergy Bank net income: $14.5 mn, up 13.5% year on year. The efficiency ratio of Franklin Synergy Bank was 55.97%: about 56 cents cost per revenue dollar, against 64 cents at the median peer.
At , noncurrent loans were 0.86% of total loans at Franklin Synergy Bank; net charge-offs: 1.64% of average loans. Gross loans and leases at Franklin Synergy Bank: $2.9 bn at , against $2.9 bn at .
Franklin Synergy Bank: profitability
- Return on equity 6.2%
- Net interest margin 3.3%
- Return on assets 0.8%
Peer group of Franklin Synergy Bank
The peer group of Franklin Synergy Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 0 share the charter type of Franklin Synergy Bank (state member bank) and 0 have head offices in Tennessee. Against them, Franklin Synergy Bank shows return on equity 6.19% against a peer median of 5.45% and uninsured deposit share 43.77% against a peer median of 29.41%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| TIB | National bank | TX | $3.8 bn | 15.74% | 8.18% | 74.19% | |
| Bank of Stockton | State nonmember bank | CA | $3.8 bn | 14.98% | -5.90% | 38.14% | |
| Bar Harbor Bank & Trust | State nonmember bank | ME | $3.8 bn | 12.19% | 8.42% | 10.40% | |
| Franklin Synergy Bank | State member bank | TN | $3.8 bn | not reported | 6.19% | 43.77% | |
| Hinsdale Bank & Trust Company | National bank | IL | $3.8 bn | 10.63% | 2.72% | 33.02% | |
| Sterling Bank and Trust, FSB | Federal savings bank | MI | $3.7 bn | 19.49% | 0.74% | 20.81% | |
| Community Bank of Mississippi | State nonmember bank | MS | $3.7 bn | 13.70% | 9.48% | 25.80% | |
. FDIC Call Reports.
Last eight quarters
Two years at Franklin Synergy Bank, to : assets $4.2 bn to $3.8 bn, deposits $3.4 bn to $3.1 bn, equity $410.0 mn to $476.2 mn. Staff 323 to 309; offices 15 to 17.
| Metric | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $4.2 bn | $4.2 bn | $4.2 bn | $4.1 bn | $3.8 bn | $3.9 bn | $3.8 bn | $3.8 bn |
| Total deposits | $3.4 bn | $3.4 bn | $3.3 bn | $3.1 bn | $3.1 bn | $3.2 bn | $3.1 bn | $3.1 bn |
| Bank equity capital | $410.0 mn | $427.0 mn | $439.7 mn | $451.4 mn | $465.2 mn | $463.5 mn | $463.0 mn | $476.2 mn |
| CET1 ratio | 14.08% | 13.98% | 13.04% | 12.90% | 13.75% | 13.56% | not reported | not reported |
| Return on equity (ROE) | 11.92% | 10.24% | 5.70% | 5.80% | 7.54% | 4.90% | 1.79% | 6.19% |
| Uninsured share of domestic deposits | 45.60% | 43.67% | 42.05% | 39.77% | 37.32% | 41.77% | 41.55% | 43.77% |
| Full-time equivalent employees | 323 | 333 | 338 | 337 | 330 | 334 | 321 | 309 |
| Number of offices | 15 | 16 | 16 | 15 | 15 | 15 | 17 | 17 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Franklin Synergy Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Civic Bank & Trust (FDIC certificate 58040).
- . Merged into FirstBank (FDIC certificate 8663).
Questions and identifiers
What were the total assets of Franklin Synergy Bank?
Franklin Synergy Bank reported $3.8 bn at in its Call Report.
Is Franklin Synergy Bank the same as its holding company?
No. This page covers Franklin Synergy Bank, FDIC certificate 58714; FRANKLIN FINANCIAL NETWORK INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Franklin Synergy Bank profitable?
Franklin Synergy Bank reported net income of $14.5 mn for the year to ; annualized return on equity: 6.19%. So yes: Franklin Synergy Bank made a profit over these months.
When is data for Franklin Synergy Bank next updated?
Franklin Synergy Bank no longer files Call Reports; its data ends at .
Where can I check the figures for Franklin Synergy Bank?
In the FDIC BankFind Suite record for certificate 58714, and in the Call Reports of Franklin Synergy Bank (RSSD ID 3635533) at the FFIEC Central Data Repository.