Community Bulletin
Bank of Tennessee announces 1Q earnings for 2010
Apr 10 2010 12:00AM
Bank of Tennessee announces 1Q earnings for 2010
Tri-Cities, TN April 20, 2010 - Bank of Tennessee today announced first quarter 2010 earnings of $1 million, a 49% decrease compared to the first quarter earnings for 2009. BancTenn Corp, the holding company for Bank of Tennessee, also announced a similar decline in the quarterly dividend of $.30 per share. Roy L. Harmon, Jr., CEO, attributed the decline to an increase in charged off loans and a commensurate increase in the provision for loan losses.
"Forty three percent of these charge offs were to individuals that made investments into startup banks from three to five years ago. The remainder of our charge offs was attributable to commercial real estate projects that were unable to continue to pay at least the interest. Total charge offs for the first quarter were $1.6 million. Despite those losses, we still made a profit. 2010 continues to be a challenging economic environment for our customers and we are doing all we can to help them survive and recover," said Harmon.
The Bank had total assets of $633.8 million as of March 31, 2010. "We are still lending money and managing our balance sheet capital and liquidity ratios. This is a tough regulatory environment in addition to a weak economy, but we are still a solid institution " noted Harmon.
Bank of Tennessee has been serving the greater Tri-Cities area for more than 35 years with 11 Tri-City locations and 196 employees. We continually strive to bring community banking and personal service to our customers’ solutions. For more information, visit bankoftennessee.com or call (423) 378.9500.