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Business & Technology

Bank of Tennessee releases 2Q earnings

August 16th, 2011 8:04 pm by Staff Report

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.

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