The Bank of Nashville Announces First Dividend and Reports Record 1995 Earnings.NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--Jan. 17, 1996--The Bank of Nashville (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TBON TBON Tennessee Board of Nursing ) today reported record earnings of $2.5 million or $1.14 per share for 1995, as compared to $2.0 million or $.92 earnings per share for 1994. These earnings reflect the use of a net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carryforward carryforward 1. A business operating loss that, for tax purposes, may be claimed a certain number of years in the future, often up to 15 years. and, as such, no significant income taxes were recorded in either 1994 or 1995. Return on average assets was 1.69 percent and return on average equity was 13.54 percent for 1995. Fourth quarter 1995 earnings were $523,000 or $.24 per share. In addition the board of directors approved a quarterly dividend of $.04 per share for shareholders of record on Feb. 1, 1996, payable Feb. 15, 1996. "We are very pleased to make both of these announcements," stated Mack S. Linebaugh Jr., president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We have built a trend of earnings in the last three years, and we are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to begin returning a portion of our earnings to our investors with this first dividend." At Dec. 31, 1995, the Bank's loan loss reserve was $3.0 million or 3.1 percent of outstanding loans compared with $2.8 million and 3.5 percent a year ago. Results for 1995 included a $520,000 negative provision for loan losses recorded in the first quarter compared with a $960,000 net negative provision for 1994. Loans totaled $98.3 million at Dec. 31, 1995, up $17.3 million, or 21.4 percent, from the $81.0 million reported at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1994. Total assets exceeded $150 million, closing the year at $152.8 million, while deposit totals grew to $130.5 million. "We are particularly pleased with 1995's strong loan growth. We believe it reflects The Bank's progress as well as the economic strength of our market area," said Linebaugh. "The commitment of our board of directors and the outstanding efforts of our associates are reflected in both the record earnings and the dividend announced today." The Bank of Nashville is traded on NASDAQ under the symbol TBON. -0-
The Bank of Nashville
Selected Financial Highlights
Dec. 31, 1995
(in thousands, except per share amounts and shares outstanding)
Quarter ended Dec. 31 1995 1994 Net income $ 523 $ 1,118 Earnings per share $ .24 $ .51 Provision charged (credited) to operations $ -0- $ (900) Net charge-offs (recoveries) $ (225) $ (756) Book value per share $ 9.00 $ 7.86 Twelve months ended Dec. 31 Net income $ 2,514 $ 2,010 Earnings per share $ 1.14 $ .92 Provision charged (credited) to operations $ (520) $ (960) Net charge-offs (recoveries) $ (713) $ (626) Dec. 31, 1995 Total assets $ 152,800 $ 146,109 Total loans, net of unearned income $ 98,340 $ 81,085 Total deposits $ 130,534 $ 128,343 Allowance for possible loan losses $ 3,034 $ 2,841 Non-performing assets, net $ 451 $ 727 Shareholders' equity $ 20,012 $ 16,271 Common shares outstanding 2,191,500 2,183,788 CONTACT: Lovell Communications, Nashville Rene RENE Recycling Network Europe RENE Rocket Engine Nozzle Ejector Evans Ev·ans , Herbert McLean 1882-1971. American anatomist who isolated four pituitary hormones and discovered vitamin E (1922). , 615/794-4439 or The Bank of Nashville, Nashville Anne Bannister, 615/271-2049 |
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