Nashville Bank & Trust Reports Third Quarter Results

NASHVILLE, Tenn., Nov. 13  /PRNewswire-FirstCall/ -- Nashville Bank & Trust Company (OTC:NVBT) (BULLETIN BOARD: NVBT)  reported results today for the third quarter ending September 30, 2008.

Total assets increased by 21 percent to $151 million from Sept. 30, 2007 to Sept. 30, 2008.  Over the same period, total loans increased by 37 percent to $120 million, and deposits increased by 23 percent to $129 million.  At Sept. 30, 2008, the bank's capital exceeded the FDIC guidelines for a "well capitalized" bank with a Tier 1 Capital ratio of 14.4 percent compared with the "well capitalized' guideline of 6.0 percent.

Net income for the quarter ending Sept. 30, 2008 was $66,000, after accruing a $40,000 provision for income taxes.  In contrast, in the third quarter 2007, the bank posted net income of $454,000 after recording an $80,000 income tax benefit associated with its net operating loss carry forward from prior years.

Net income year-to-date totaled $362,000 in 2008 (after income taxes of $224,000) vs. net income of $1,013,000 in the first nine months of 2007 (after recording an income tax benefit of $167,000).  2008 earnings have been adversely affected by the dramatic decline in interest rates during the past year.

Year-to-date non-interest income was $1,837,000 compared to $1,487,000 for the first nine months of 2007.  This increase was mainly attributable to continued growth in the bank's wealth management business where revenues grew by 23 percent over this same period.

A full-service bank and wealth management company, Nashville Bank & Trust services include personal and business loans, depository accounts, wealth management and trust services.  Personal, expert service is the bank's hallmark.  Customers benefit from direct contact with senior-level, experienced bank executives who have decision-making authority and a full understanding of the local community and the client's relationship with the bank. 

DATASOURCE: Nashville Bank & Trust Company



CONTACT:  Overton Colton, Nashville Bank & Trust Company,

[phone], 

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