diff --git a/spring-cloud-config-server/src/main/java/org/springframework/cloud/config/server/encryption/KeyStoreTextEncryptorLocator.java b/spring-cloud-config-server/src/main/java/org/springframework/cloud/config/server/encryption/KeyStoreTextEncryptorLocator.java
index abc1353a..ecc8bb05 100644
--- a/spring-cloud-config-server/src/main/java/org/springframework/cloud/config/server/encryption/KeyStoreTextEncryptorLocator.java
+++ b/spring-cloud-config-server/src/main/java/org/springframework/cloud/config/server/encryption/KeyStoreTextEncryptorLocator.java
@@ -45,6 +45,8 @@ public class KeyStoreTextEncryptorLocator implements TextEncryptorLocator {
 
 	private String defaultAlias;
 
+	private RsaSecretEncryptor defaultEncryptor;
+
 	private SecretLocator secretLocator = new PassthruSecretLocator();
 
 	private RsaAlgorithm rsaAlgorithm = RsaAlgorithm.DEFAULT;
@@ -83,9 +85,20 @@ public class KeyStoreTextEncryptorLocator implements TextEncryptorLocator {
 	public TextEncryptor locate(Map<String, String> keys) {
 		String alias = keys.containsKey(KEY) ? keys.get(KEY) : this.defaultAlias;
 		String secret = keys.containsKey(SECRET) ? keys.get(SECRET) : this.defaultSecret;
-		return new RsaSecretEncryptor(
-				this.keys.getKeyPair(alias, this.secretLocator.locate(secret)),
-				this.rsaAlgorithm, this.salt, this.strong);
+		if (alias.equals(this.defaultAlias) && secret.equals(this.defaultSecret)) {
+			if (this.defaultEncryptor == null) {
+				this.defaultEncryptor = rsaSecretEncryptor(alias, secret);
+			}
+			return this.defaultEncryptor;
+		}
+		else {
+			return rsaSecretEncryptor(alias, secret);
+		}
 	}
 
+	private RsaSecretEncryptor rsaSecretEncryptor(String alias, String secret) {
+		return new RsaSecretEncryptor(
+			this.keys.getKeyPair(alias, this.secretLocator.locate(secret)),
+			this.rsaAlgorithm, this.salt, this.strong);
+	}
 }
diff --git a/spring-cloud-config-server/src/test/java/org/springframework/cloud/config/server/encryption/KeyStoreTextEncryptorLocatorTests.java b/spring-cloud-config-server/src/test/java/org/springframework/cloud/config/server/encryption/KeyStoreTextEncryptorLocatorTests.java
index 422844de..aed9fe30 100644
--- a/spring-cloud-config-server/src/test/java/org/springframework/cloud/config/server/encryption/KeyStoreTextEncryptorLocatorTests.java
+++ b/spring-cloud-config-server/src/test/java/org/springframework/cloud/config/server/encryption/KeyStoreTextEncryptorLocatorTests.java
@@ -71,4 +71,10 @@ public class KeyStoreTextEncryptorLocatorTests {
 		assertThat(encryptor.decrypt(encryptor.encrypt("foo"))).isEqualTo("foo");
 	}
 
+	@Test
+	public void testDefaultEncryptor() {
+		TextEncryptor encryptor1 = this.locator.locate(Collections.<String, String>emptyMap());
+		TextEncryptor encryptor2 = this.locator.locate(Collections.<String, String>emptyMap());
+		assertThat(encryptor1).isEqualTo(encryptor2);
+	}
 }