Bank of Tennessee announced its quarterly financial performance through June 30. Year-to-date net income was $2.6 million, compared to $3 million for the same period in 2010. Net interest income declined 7 percent for the period as compared to 2010. Net charge-offs decreased $1.5 million and the provision for loanlosses also decreased by $1.7 million, compared to the same period. Loans decreased by 3 percent but core deposits continued growth at 13.9 percent over the prior year.
BancTenn Corp., the parent company of the Bank of Tennessee, announced a 40-cent dividend for the fourth quarter, which was level with dividend paid in the prior quarter.