Bank of Tennessee has announced its quarterly financial performance through Sept. 30. Year-to-date net income through the end of the third quarter was $4 million dollars, compared to net income for the same period last year of $4.6 million, which included one time security gains of $1.1 million.
2011’s year-to-date operating income, prior to security gains, increased 13.1 percent over the prior year. Net charge-offs decreased $1.3 million compared to the same period in 2010, and the provision for loan losses decreased by $2.2 million compared to the same period in 2010. Loans decreased by 2.4 percent and core deposits continued their growth at 9.5 percent over the prior year.
Roy Harmon, president and CEO said the bank continues to see improvements in core earnings and level of problem loans. While the bank has focused on expense controls with success, revenue increases are going to be difficult given the low interest rate forecasts, weak loan demand and pressure on fee income, he said.
BancTenn Corp., the parent company of the Bank of Tennessee, announced a $.40 dividend for the fourth quarter, which was level with dividend paid in the prior quarter.