Community Bulletin
Bank of Tennessee announces 3Q and YTD earnings for 2009
Oct 22 2009 12:00AM
Tri-Cities, TN October 20, 2009 - Bank of Tennessee today announced 2009 year to date earnings through the 3rd quarter of $6 million. Prior year's earnings for the same period in 2008 were $5.138 million. For the third quarter only, net income was $1.945 million in 2009 as compared to $1 million for 2008. The Bank had total assets of $664.9 million at September 30, 2009, which included loans totaling $496 million, representing growth of 1.7% over the same period in 2008.
BancTenn Corp, the holding company for the Bank of Tennessee also announced a dividend of $.60 per share for the quarter. This amount is unchanged since the 3rd quarter of 2008.
"We are pleased that in this economy that our net income has surpassed our prior year's third quarter performance and we are able to maintain a good level of return for our shareholders," said Roy L. Harmon, Jr., President/CEO. "Our competitors talk about strong capital and how great it is to lose less money than they expected. We have consistently run our operation profitably which provides us with real credibility with the regulators that other banks don't have right now. Almost 100 banks have been closed so far this year and none of them were profitable. Lending money in this environment is difficult. Borrowing money is also difficult as terms have tightened up. We plan to continue to work through these tough times with our customers and be ready to help out as the economy recovers over the next couple years," said Harmon.
Bank of Tennessee has been serving the greater Tri-Cities area for more than 35 years with 11 Tri-City locations and 200 employees. We continually strive to bring our community innovative banking solutions. For more information, visit bankoftennessee.com or call (423) 378.9500.