The parent company of Nashville Bank & Trust posted a profit of $630,000 in the second quarter, a 46 percent jump from a year ago. Per diluted share, earnings were 27 cents versus 19 cents in the spring of 2011.
Fee income was a big driver of profit, almost reaching $1.15 million compared to $948,000 for the same period in 2011 and up from $1.07 million early this year.
As of June 30, the eight-year-old bank assets totaled almost $273 million, which was up 9 percent from the first quarter and 23 percent from a year ago. Deposit growth was even stronger, climbing 11 percent during the quarter and 25 percent from last year to $227 million. Loan growth, while still very respectable, lagged those numbers a bit: At $177 million, they're 4.7 percent higher than on March 31 and up 9 percent from last year.
“We experienced solid loan and deposit growth in the second quarter and our credit quality continues to be superb,” said CEO Tom Stumb. “We continue to see excellent growth in our Wealth Management area which constitutes the vast majority of our non-interest income.”
Through the six months of 2012, Nashville Bank & Trust's net income was $1.2 million, up 48 percent from last year.
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