The parent company of Nashville Bank & Trust posted a profit of $419,000 in the fourth quarter of last year, a 166 percent jump from the same period in 2009. compared with $158,000 for the fourth quarter of 2009.
For the full year, net income at the seven-year-old bank topped $1.3 million, up from $633,000 in 2009. The company's yield on loans during the quarter was 5.26 percent, up 8 basis points from the three months prior. Its cost of funds in the period fell 13 basis points to 0.95 percent. Fee income also played a big role in the rise in profits, climbing to $3.4 million from $2.7 million the year before.
Belle Meade-based Nashville Bank & Trust ended 2010 with assets of almost $207 million. That was up 13 percent from year-end 2009, but down $10 million from the third quarter. The bank's loan portfolio grew 11 percent year over year but shrank almost 5 percent to about $151 million during the quarter. It is down $10 million from its June 2010 peak.
CFO Andrew May said the drop was due "objectively weaker" loan demand in the second half. Combined with the bank's underwriting guidelines, that produced the drop and in turn let Nashville Bank & Trust be more aggressive in pushing down its cost of funds. Deposits also shrank by $10 million during the quarter.
“We are excited about the opportunities that lie ahead in 2011,” said President and CEO Tom Stumb. “Moderate economic growth should fuel demand for loans and resilient equity values are buoying our asset management operations.”
- BRASWELL, ROBERT
- GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR
- GARRETT, TIMOTHY M EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR
- GARRETT, JOHNNY C IV EXECUTOR; GARRETT, JOHNNY C EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR