United Community Banks raise profits 28 percent
North Georgia’s biggest bank boosted its net income last year by more than 28 percent after completing its purchase and integration of other banks in East Tennessee and South Carolina.
United Community Banks Inc., the Blairsville, Ga.-based banking firm that operates two offices in Bradley County and 11 others in East Tennessee, said Wednesday it earned $100.7 million, or $1.40 per share, in 2016, up from the $71.6 million, or $1.09 per share, earned the previous year.
Over the past two years, United Community Banks has purchased Palmetto Bancshares Inc., and Tidelands Bank in South Carolina and MoneyTree and its wholly-owned bank subsidiary, First National Bank, which operated banks in Cleveland, Lenoir City and Knoxville across East Tennessee.
In the fourth quarter, United Community Banks reported net income of $27.2 million, or 38 cents per diluted share, compared with $18.2 million, or 25 cents per diluted share, for the fourth quarter of 2015.
“A year ago we set a goal of achieving a 1.1 percent operating return on assets by the fourth quarter of 2016,” said Jimmy Tallent, chairman and chief executive officer. “I am proud to say that in the fourth quarter, not only did we achieve that goal, but we also pushed our operating return on tangible common equity to 12.5 percent and improved our operating efficiency ratio to 56.6 percent. I could not be more pleased.”
First Tennessee raises dividend by 29 percent
Tennessee’s biggest bank is boosting its dividend 29 percent.
First Horizon National Corp., the parent company of First Tennessee, is increasing its quarterly cash dividend on common stock by 29 percent. First Horizon will pay a quarterly cash dividend on its common stock of 9 cents per share on April 3 to shareholders of record as of March 10. The per-share quarterly cash dividend in 2016 was 7 cents per share.
The dividend increase follows last week’s earnings report of higher margins, asset quality and expense controls by First Horizon. The $28.6 billion-asset company reported a 13 percent increase in profit from a year earlier.
First Horizon’s First Tennessee Bank is the largest bank in Tennessee and the biggest bank in Chattanooga with more than $2.3 billion in local deposits.
Forrester to add 120 Nashville jobs
Forrester Research Inc. said Wednesday it will locate a new $2.8 million office in Nashville and add 120 jobs over the next three years. The research and advisory firm currently operates 15 offices around the globe and the new Nashville facility will serve as a strategic hub to help grow sales, company CEO George Colony said.
“As home to an emerging technology sector, respected institutions of higher education, and a vibrant creative community, Nashville is fertile ground for recruiting the intellectually curious individuals, passionate about technology’s impact on business, who will help Forrester continue to grow,” Colony said.
Bourbon tourism hits high in Kentucky
Kentucky’s whiskey makers are toasting a new milestone in bourbon tourism.
The Kentucky Distillers’ Association said more than 1 million guests visited distilleries along the Kentucky Bourbon Trail and Kentucky Bourbon Trail Craft Tour in 2016.
KDA said the tourism attractions had double-digit attendance growth compared to 2015. Attendance has shot up 300 percent in the past decade.
It said the Kentucky Bourbon Trail tour, showcasing nine distilleries, had a record 888,733 visits in 2016. Those distilleries produce bourbon’s biggest brands, including Jim Beam, Evan Williams, Wild Turkey, Maker’s Mark, Four Roses and Woodford Reserve.
The Kentucky Bourbon Trail Craft Tour, with 11 participating distilleries, had 177,228 visits.