| Business Summary | | United
Tennessee
Bankshares,
Inc.
is
the
holding
company
for
Newport
Federal
Bank
(the
Bank),
a
stock
savings
bank.
The
Bank
attracts
deposits
from
the
general
public
and
invests
those
funds
in
loans
secured
by
first
mortgages
on
owner-occupied
single-family
residences
in
its
market
area
and,
to
a
lesser
extent,
commercial
real
estate
loans
and
consumer
loans.
The
Bank
also
maintains
a
substantial
investment
portfolio,
primarily
of
mortgage-backed
securities
issued
by
the
Federal
National
Mortgage
Association,
Federal
Home
Loan
Mortgage
Corporation
and
Government
National
Mortgage
Association,
obligations
of
the
federal
government
and
agencies
and
investment-grade
obligations
of
states
and
political
subdivisions.
The
Bank
operates
through
three
full-service
banking
offices
located
in
Newport,
Tennessee.
As
of
December
31,
2000,
the
Bank
had
total
assets
of
$97.1
million,
deposits
of
$81.6
million
and
stockholders'
equity
of
$10.9
million,
or
11.2%,
of
total
assets. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | United
Tennessee
Bankshares
is
the
holding
Company
for
Newport
Federal
Bank,
a
capital
stock
savings
bank.
For
the
six
months
ended
6/30/01,
total
interest
income
increased
6%
to
$3.7
million.
Net
interest
income
after
loan
loss
provision
increased
7%
to
$1.7
million.
Net
income
increased
14%
to
$461
thousand.
Net
interest
income
after
loan
loss
provision
reflects
an
increase
in
the
average
balance
of
the
loan
portfolio.
Net
income
also
reflects
higher
deposit
account
service
charges. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| J. Myers, 59 Chairman | -- | Richard Harwood, 54 Pres,
CEO | $106K | Nancy Bryant, 57 VP
and Treasurer | -- | Peggy Holston, 51 Branch
Mang. and Assistant Sec. | -- | Lonnie Jones, 57 VP-Operations
of the Bank | -- | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|