State Profile Tennessee

Fourth Quarter 2023

ECONOMIC INDICATORS (NOT SEASONALLY ADJUSTED, UNLESS NOTED)

Q4-23 Q3-23 Q4-22 2023 2022

0.3% 0.9% 3.9% 1.8% 4.5%

Employment Growth Rates (% change from year ago, unless noted)

Total Nonfarm (share of trailing four quarter employment in parentheses)

Manufacturing

Other (non-manufacturing) Goods-Producing

Private Service-Providing

Government

Unemployment Rate (% of labor force, seasonally adjusted)

(11%)

(5%)

(71%)

(14%)

-2.0%

1.5%

0.5%

0.3%

3.5%

-1.5%

3.6%

1.2%

0.7%

3.3%

4.1%

7.5%

4.1%

1.8%

3.5%

-0.1%

4.4%

1.9%

1.6%

3.3%

4.3%

7.7%

5.0%

1.3%

3.4%

Other Indicators (% change of 4-qtr moving total, unless noted) Q4-23 2023 2022

Single-Family Home Permits

Multifamily Building Permits

Home Price Index (change from year ago)

Nonbusiness Bankruptcy Filings per 1000 people (quarterly annualized level)

-4.0%

64.0%

5.4%

N/A

-17.5%

-2.5%

4.3%

2.80

-12.8%

-54.6%

16.9%

2.48

-4.0%

64.0%

6.9%

N/A

-12.8%

-54.6%

22.9%

2.50

BANKING TRENDS

General Information Q4-23 Q3-23 Q4-22 2023 2022

Institutions (#) 121 122 123 121 123

Total Assets (in millions) $226,906 $225,241 $213,438 $226,906 $213,438

New Institutions (# < 3 years) 1 1 1 1 1

Subchapter S Institutions (#) 26 26 27 26 27

Asset Quality Q4-23 Q3-23 Q4-22 2023 2022

Past-Due and Nonaccrual Loans / Total Loans (median %) 0.85 0.72 0.72 0.85 0.72

Noncurrent Loans / Total Loans (median %) 0.27 0.24 0.26 0.27 0.26

Loan and Lease Allowance / Total Loans (median %) 1.14 1.16 1.15 1.14 1.15

Loan and Lease Allowance / Noncurrent Loans (median multiple) 3.82 3.68 4.16 3.82 4.16

Net Loan Losses / Total Loans (median %, year-to-date annualized) 0.02 0.02 0.01 0.02 0.01

Capital / Earnings (year-to-date annualized, unless noted) Q4-23 Q3-23 Q4-22 2023 2022

Tier 1 Leverage (median %, end of period) 10.31 10.34 10.09 10.31 10.09

Return on Assets (median %) 1.05 1.09 1.11 1.05 1.11

Pretax Return on Assets (median %) 1.29 1.33 1.37 1.29 1.37

Net Interest Margin (median %) 3.54 3.57 3.63 3.54 3.63

Yield on Earning Assets (median %) 5.41 5.30 4.15 5.41 4.15

Cost of Funding Earning Assets (median %) 1.60 1.48 0.43 1.60 0.43

Provisions to Avg. Assets (median %) 0.06 0.04 0.06 0.06 0.06

Noninterest Income to Avg. Assets (median %) 0.51 0.51 0.49 0.51 0.49

Overhead to Avg. Assets (median %) 2.58 2.54 2.51 2.58 2.51

Liquidity / Sensitivity Q4-23 Q3-23 2023

Net Loans to Assets (median %) 69.60 69.46 67.76 69.60 67.76

Noncore Funding to Assets (median %) 12.55 12.58 8.82 12.55 8.82

Long-term Assets to Assets (median %, call filers) 30.25 30.03 34.87 30.25 34.87

Brokered Deposits (number of institutions) 68 67 58 68 58

Brokered Deposits to Assets (median % for those above) 4.17 4.33 3.99 4.17 3.99

Loan Concentrations

(median % of Tier 1 Capital plus the Reserve for Loan and Lease Losses) Q4-23 Q3-23 Q4-22 2023 2022

Commercial and Industrial 51 50 52 51 52

Commercial Real Estate 265 264 262 265 262

Construction & Development 77 73 73 77 73

Multifamily Residential Real Estate 13 14 11 13 11

Nonresidential Real Estate 167 167 165 167 165

Residential Real Estate 201 205 187 201 187

Consumer 17 19 19 17 19

Agriculture 14 14 12 14 12

BANKING PROFILE

Asset Distribution

< $100 million 6 (5.0%)

Institutions in Market

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Nashville-Davidson--Murfreesboro--Franklin, TN 63 $93,578

Largest Deposit Markets (from 2023 Summary of Deposits) Deposits ($ millions) Institutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits ($ millions) Per

Employment Growth Rates (% change from year ago, unless noted)

Total Nonfarm (share of trailing four quarter employment in parentheses)

Manufacturing

Other (non-manufacturing) Goods-Producing

Private Service-Providing

Government

Unemployment Rate (% of labor force, seasonally adjusted)

Q3-23 Q4-22

Q4-22 2022

Memphis, TN-MS-AR 45 $41,168 $100 million to $250 million 29 (24.0%)

Knoxville, TN 41 $23,761 $250 million to $1 billion 59 (48.8%)

Chattanooga, TN-GA 29 $14,799 $1 billion to $10 billion 24 (19.8%)

Clarksville, TN-KY 17 $5,671 $10 billion 3 (2.5%)