Andrew Johnson Bank gives positive results to shareholders
May 04, 2014 | 107 views | 0 0 comments | 0 0 recommendations | email to a friend | print
On April 9, the shareholders of Andrew Johnson Bank held their annual meeting at Link Hills Country Club in Greeneville. President and CEO Bill Hickerson reported that the bank had earned a record $2,877,906 after taxes in 2013, which is an increase of 15 percent over the $2,500,742 that the bank earned in 2012.

Hickerson noted that the bank’s profitability ratios (1.01 percent return on average assets and 10.97 percent return on average equity) were among the highest in the state in 2013.

CFO Bill Moskowitz reported that the bank earned $10.48 per share in 2013, compared to $9.16 per share in 2012, and that dividends had been increased by 46 percent to $3.28 per share during the 12-month time period. He also reported that the book value per share of stock increased 7 percent to $101.28 as of Dec. 31, 2013.

Other financial highlights reported to the stockholders were as follows:

The bank increased its tier I capital ratio from 9.02 percent in 2012 to 9.58 percent as of Dec. 31, 2013. This improved ratio at year end places the bank in a well-capitalized category of financial institutions according to the Federal Deposit Insurance Corporation.

Total assets of the bank reached $288 million as of Dec. 31, 2013, whereas deposits increased to $260 million and net loans increased to $236 million.

The bank’s liquidity ratio, which measures the bank’s ability to meet its short term financial obligations, remained strong at 13.51 percent compared to the previous year end ratio of 12.17 percent.

Adversely classified assets, which includes both nonperforming loans and foreclosed real estate owned by the bank, decreased by $3.4 million in 2013 indicating improved asset quality.

Commenting on last year’s financial results, Hickerson noted that in 2013 the bank continued in a positive trend by maintaining interest margins, improving credit quality, increasing capital and gaining market share in both loans and deposits. The bank successfully maintained a fiscally conservative business plan that managed the various risk factors in the bank and improved capital adequacy, while it emphasized core business practices, such as customer service, and provided modern and relevant financial products and technology for its customers.

Elected to serve another term as members of the board of directors were Paige M. Hull, chair; James W. Hickerson, president and CEO; William P. Isbell, Sharon L. Folk, Chris W. Marsh, Joel A. Hice, Mark R. Williams and Denise S. Terry.

Headquartered in Greeneville, Andrew Johnson Bank is a privately owned community bank with assets of approximately $290 million.

The bank has seven full service offices with locations in Greeneville, Morristown, Jonesborough, Johnson City and Cleveland.

In addition, the Bank provides wealth management, brokerage and insurance services through its subsidiary, Andrew Johnson Insurance and Investment Services (formerly Greeneville Insurance Agency). Since the bank is privately owned, its stock is not publicly traded on any listed exchange.