Nashville Bank & Trust Reports 2007 Annual and First Quarter 2008 Results

NASHVILLE, Tenn., May 1  /PRNewswire-FirstCall/ -- In conjunction with mailing its 2008 Shareholders Meeting information, Nashville Bank and Trust Company (OTC:NVBT) (BULLETIN BOARD: NVBT)  reported results today for the year ending December 31, 2007 and the first quarter ending March 31, 2008.

Pre-tax net income for the year ending December 31, 2007 was $822,000, a 26 percent increase over the $651,000 earned in the prior year.  First quarter 2008 pre-tax net income was $277,000, an increase of 24 percent over the same three month period in 2007.  Net income for the fiscal year 2007 and first quarter 2008 totaled $1,165,000 and $171,000, respectively.  The 2007 year end net income includes an income tax benefit of $343,000 associated with the bank's net operating loss carry forward.  The first quarter 2008 net income includes an income tax expense of $106,000.

For the year ending December 31, 2007, total assets increased by 32 percent to $147.8 million from $112.2 million in 2006.  Over the same period, total deposits increased by 35 percent to $127.0 million and total loans increase by 14 percent to $93.8 million.

For the first quarter ending March 31, 2008, total assets increased by 10 percent to $131.8 million from $119.8 million in 2007.  Over the same period, total deposits increased by 10 percent to $111.0 million and total loans increased by 21 percent to $99.8 million.

Gross revenue from Wealth Management Services operations for the year ending December 31, 2007 was $1,931,000, a 67 percent increase over the $1,153,000 earned in the prior year.  First quarter 2008 pre-tax net income was $567,000, an increase of 42 percent over the same three month period in 2007.

A full-service private bank and wealth management company, Nashville Bank & Trust services include personal and business loans, depository accounts, wealth management and trust services. 

DATASOURCE: Nashville Bank and Trust Company



CONTACT: Overton Colton of Nashville Bank and Trust Company,

[phone],  

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