The holding company for First Advantage Bank said it earned $442,000 in the third quarter, down 16 percent from a year ago. But even that number was inflated by gains on the sale of a branch, which offset a loan loss provision that more than tripled from the 2011 quarter. CEO Earl Bradley said his team also saw costs rise as it invested in its Davidson County expansion.
"We have taken a strategically measured approach as we enter the Nashville market which includes assembling a team of experienced commercial lenders and establishing a presence in a prime location in the city on West End Avenue. The steps we have taken give us good reason to be optimistic about future growth and our ability to increase shareholder value in the long term."
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