Christopher Sheffield Staff writer – Memphis Business Journal
Bank of Bartlett
said the bank reported a profit in the fourth quarter compared to a loss a year ago as both non-performing assets and delinquencies fell.
Net income was $712,570 in the quarter, compared to a loss of $1.57 million a year ago, the Bartlett-based holding company reported late Monday.
It was the second quarterly profit in a row for the bank after posting third-quarter profit of $1.4 million. Nonperforming assets totaled $28.2 million, down 39 percent from $46.5 million a year ago.
Delinquencies fell to 7.5 percent of all outstanding loans versus 13 percent year-over-year.
Bank of Bartlett, privately held, is the 11th largest retail bank in the Memphis metropolitan area based on deposits.
Statement by Bank of Bartlett president Harold Byrd:
“We are pleased to have experienced another profitable quarter for the year and we remain well-positioned to sustain profitability as we move into 2012,” Byrd said. “The bank’s positive earnings report is due in large part to a strategic plan to reduce expenses and control costs in what continues to be a very tough banking environment. We believe this has set us on a course for more profitable quarters for years to come.
“We are proud of our employees and the hard work they continue to do during difficult times so that our customers continue to enjoy their banking experience with Bank of Bartlett.”
Christopher Sheffield covers banking and finance; health care; insurance; and economic development. Contact him at csheffield@bizjournals.com.
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