Bank of East Tennessee Reports Financial Results

Bank of East Tennessee (NASDAQ:EATN) Friday announced 1988 results. For the year ended Dec. 31, 1988, the bank reported net interest income after provision for loan losses of $3.4 million compared with net interest income of $3.6 million for 1987. The net loss for 1988 was $2.7 million, or $1.73 per...

Full description

Saved in:
Bibliographic Details
Published inBusiness Wire p. 1
Main Authors Lawson, Fred R, Grigsby, Samuel F
Format Newsletter
LanguageEnglish
Published New York Business Wire 27.01.1989
Subjects
Bank deposits
Bank earnings
Banking industry
Financial analysis
Fiscal reports
Interest income
Lawson, Fred R
Loans
Net losses
Nonperforming loans
South Central
Knoxville
United States > US
TN
Online AccessGet full text

Cover

More Information
Summary:Bank of East Tennessee (NASDAQ:EATN) Friday announced 1988 results. For the year ended Dec. 31, 1988, the bank reported net interest income after provision for loan losses of $3.4 million compared with net interest income of $3.6 million for 1987. The net loss for 1988 was $2.7 million, or $1.73 per share, compared with net income of $192,765, or 14 cents per share, in 1987. During 1988, deposits rose 46 percent to $128.7 million compared with $88.2 million a year ago. Interest and fees on loans increased 44 percent to $8.8 million from $6.1 million; while net loans rose 32 percent to $91.3 million from $69.4 million. During the like period, assets increased to $146 million from $103.9 million, for a gain of 40 percent. (excerpt)