The state of Tennessee is home to 176 banks that are insured by the federal deposit insurance corporation and that operate within the state. Of this amount, 128 of these banks are headquartered in the state and therefore can be considered Tennessee-based banks. Banks operating within the state had in total $215 billion of assets, $183 billion of deposits and $138 billion of loans outstanding as of this writing. Looking at the asset composition of banks in Tennessee, residential mortgages made up 15% of the assets managed by these banks. In addition to this, these banks in total employ 25,002 people within the state. This represents 0.4% of the population.

Density of Banks in Tennessee

Banks in Tennessee currently have a total of 1,970 branches located within the state. This equates to 2.9 branches per 10,000 people in Tennessee.  If we take the data on the banks in Tennessee and compare it with the banks operating in other states, we find that on this metric, banks in Tennessee rank 25th out of the 52 states and territories. This is ranked in order of most to least branches per capita.  Taking a different approach, let’s look at the physical density of branches within this state. When the total square mileage of a state is factored in, banks in Tennessee had on average 4.8 branches per 100 square miles. Therefore, Tennessee ranks 16th out of 52 states and territories in terms of the most branches per square mile.

Performance of Banks in Tennessee

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  • Net Interest Margin – banks in the state of Tennessee are on average above the average bank’s net interest margin in the United States. This is for FDIC-insured banks only. Overall, the net interest margin for banks in Tennessee is ranked 36th out of the 52 states and main territories in the United States.
  • Return on Assets – banks in the state of Tennessee are on average higher the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in Tennessee is ranked 21st out of the 52 states and main territories in the United States.
  • Return on Equity – banks in the state of Tennessee are on average generating a lower return on equity than the average bank in the United States. In total, the return on equity for banks in Tennessee is ranked 27th out of the 52 states and main territories in the United States.
  • Loan to Deposit – Banks in this state are on average below the national average when it comes to loan to deposit. Loan to deposit ratio is a good way to assess the liquidity of a bank. Lower is better as it means that a bank is funding more of its lending activities with its deposit base. Banks in Tennessee are ranked 16th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average better than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in Tennessee are ranked 24th out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in the state of Tennessee

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As of this writing First Horizon Bank is the largest bank operating in Tennessee and this is based on its share of deposits within the state. First Horizon Bank currently has a 15% share of the deposits within the state. Below is summary information on the top 5 largest banks in Tennessee.

First Horizon Bank

First Horizon Bank currently has the largest share of deposits within the state and has $31.7 billion of deposits. In addition to this the bank also has 162 offices within the state, which represents 33% of its total domestic offices.

Main Office Address: 165 Madison Ave. Memphis, TN 38103

Website: https://www.firsthorizon.com

Regions Bank

Regions Bank currently has the second largest share of deposits within the state and has $24.5 billion of deposits. The bank also has 203 offices within the state, which represents 15% of its total domestic offices.

Main Office Address: 1900 5th Ave. N. Birmingham, AL 35203

Website: http://www.regions.com

Pinnacle Bank

Pinnacle Bank currently has the third largest share of deposits within the state and has $20.5 billion of deposits. The bank also has 50 offices within the state, which represents 34% of its total domestic offices.

Main Office Address: 150 3rd Ave. S. Nashville, TN 37201

Website: http://www.pnfp.com

Bank of America

Bank of America currently has the fourth largest share of deposits within the state and has $19.1 billion of deposits. Further, the bank also has 59 offices within the state, which represents 1% of its total domestic offices.

Main Office Address: 100 N Tryon St Charlotte, NC 28202

Website: www.bofa.com

Truist Bank

Truist Bank currently has the fifth largest share of deposits within the state and has $18.7 billion of deposits. In addition, the bank also has 130 offices within the state, which represents 5% of its total domestic offices.

Main Office Address: 214 N Tryon St Charlotte, NC 28202

Website: www.BBT.com