2022 Recap: A Year of Change, A Year of Growth

As we now find ourselves in a new year, we at Lineage Bank wanted to take a moment to express our heartfelt gratitude to our community, customers, and partners for your ongoing support. Last year was an unprecedented and challenging year for everyone, but your loyalty and trust in us has meant the world.

We are proud to serve the wonderful community here in Williamson County and the surrounding areas, and we are grateful for the support we have received in return. Whether you are a long-time customer or a new member of our community here in Middle Tennessee, we appreciate your business and the opportunity to serve you.

Over the past year, we have worked hard to adapt to the changing needs of our customers and community. This has come in the form of many different successes and advancements, and we wanted to take a moment to highlight some of them in our first blog post of 2023.

One of our biggest accomplishments last year was the grand opening of our second location here in Franklin. Last summer, we officially opened our Cool Springs Branch to the public with a big event, bringing together our friends, colleagues, and families as well as community leaders from all over Tennessee. If you haven’t stopped in our new location quite yet, please pay us a visit. It’s located at 3359 Aspen Grove Drive, Suite 100, Franklin, TN 37067. We’d love to see you!

Perhaps the most notable accomplishment for our team was that in July of last year, we were happy to celebrate surpassing $100 million in loans. This milestone came around the same time as the one-year celebration of our downtown location, which was a very exciting accomplishment. We’ve also seen extreme growth in other areas. Our assets have grown to $243 million, deposits to $218 million, and loans to $135 million. Compared to year-end 2021, this represents an increase of 156%, 207%, and 170%, respectively. The fourth quarter in 2022 was also our first profitable quarter, an accomplishment we’re extremely proud of reaching in such a short amount of time.

Much of the growth was fueled by our “Banking as a Service” (BaaS) deposits, which is a unique product line that allows companies to provide financial services to their customers by partnering with Lineage Bank. The companies are typically referred to as Fintechs that either have “niche” financial services or look to become a “neo bank.” In either case, the Fintechs need a bank sponsor to provide traditional banking services, and we fulfilled that need when we hit our stride in this market earlier last year. Due to our partnerships with organizations like Synctera and Synapse, we’ve been able to tap into the market with great success. We look forward to expanding upon this BaaS growth here in 2023.

Another big advancement for our team here at Lineage was the unveiling of our new suite of mortgage banking services. We’re now offering mortgage loans to the wonderful people of Tennessee, and we’ve spent significant time building this team that consists of experienced, local lenders. We were also excited to welcome several new hires to our team over the past year, many of which have joined our mortgage division. These talented individuals have brought fresh perspectives and expertise to our organization, and they have been valuable assets to our team.

We have expanded our digital services to make banking more convenient for you. Some of the updates we made include introducing new debit card controls and launching a new online banking platform. This year, we will continue to advance these products to better serve our customers.

In addition to the updates and new offerings mentioned above, we at Lineage Bank are also committed to financial education. We understand that managing your finances can be overwhelming, and we want to help our customers feel more confident in their financial decisions. That’s why last year we built a Financial Education Page and joined in on several educational campaigns, such as the #BanksNeverAskThat Campaign and various initiatives around Financial Literacy Month. We believe that financial literacy is an important tool for long-term success and stability, and we are dedicated to helping our customers achieve their financial goals. We look forward to continuing to offer these resources and support this year as well.

And last but certainly not least, we were proud to have been able to support various charitable causes and organizations in our community throughout 2022. From our individual staff members supporting causes near and dear to their hearts to our bank participating in fundraisers and charity events, we are grateful for the opportunity to give back to the community that has given so much to us. As always, community support will remain a top priority for us in 2023.

As we look ahead to what this new year will bring, we are excited for what the future holds and the continued opportunity to serve you. Thank you so much for your continued support. All of this would not be possible without it. We hope everyone has had a happy and healthy start to the new year!

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.