Bank of Bartlett reports fifth consecutive profitable quarter

Bank of Bartlett reported its fifth consecutive quarter with an increase in net income.

Bank of Bartlett reported a net income of $8,996,379 with a 2.49 percent return on assets for the quarter and 3.3 percent for the year. Cumulative earnings for the first three quarters of 2012 were $11,996,981 resulting in total earnings of $14,058,689 for the most recent five quarters.

The bank reported 30-90 day delinquencies at .43 percent, less than one percent for the fifth consecutive quarter.

Total non-accruals dropped by .63 percent to 1.97 percent compared to previous quarter and allowance for loan losses represented 2.68 percent of total loans.

Cost of funds dropped to .53 percent from .55 percent with high liquidity of 48.5 percent.

The bank also reported an increase in consumer loans and new checking accounts.

“Our continued earnings are a result of the bank’s strategic plan to increase our profit centers while reducing expenses and controlling costs,” Bank of Bartlett President Harold Byrd said. “In accordance with that plan we produced strong financial results from our traditional banking businesses and expanded growth and profitability in our mortgage banking business.”

Bank of Bartlett was founded in Bartlett, Tenn, in 1980. Since then, the bank has financed construction of more than 20,000 homes in Shelby County. The bank operates eight branches in the county. The bank has been recognized for its leadership in schools, colleges and non-profit charities serving the metro area.