New Albany, Mississippi: The Board of Directors of BNA Bank has
declared a cash dividend of $2.10/share for its Class A shareholders
and a dividend of $2.31/share for its Class B shareholders with the
record date being November 15, 2010. This represents the same amount
that was paid in 2009 and 2008, which is the highest dividend the bank
has ever paid.
After tax earnings through the third quarter, 2010, was $3,477,000 as compared to third quarter earnings, 2009, of $3,345,000. Net Interest Income increased by $1,425,000 over the same period as 2009, but losses attributable to loans and other real estate taken in on loans increased by approximately $1,000,000 over the same period.
President James R Collins stated “We are proud of the results that we have obtained in this difficult economic environment but are aware that difficulties remain in the economy that affect our customers and thus affect us. Our core earnings are strong, as is our net interest margin, but we are having to reserve for potential loan losses at a more aggressive rate than normal. Our strong capital/asset ratio of 13.4% allows us to pay this dividend and keep the bank on strong footing.”
BNA Bank has offices in New Albany and Tupelo and has current assets of $403,937,000.