Browsing Pinnacle’s 10-Q
Posted on October 30, 2009 at 7:45 amWe had to go pretty deep to find some nuggets of info that weren’t covered in last week’s Q3 earnings release and conference call, but here’s what we found:
- Terry Turner and his crew are still looking to grab market share. They ramped up marketing and business development spending in the quarter to $512,000, a jump of more than a third from a year ago and up 13 percent from their first-half pace.
- A chunk of that cash is going to the trust department, which has grown its assets under management to $607 million from $537 million a year ago.
- Spending on foreclosed real estate fell by almost half during Q3. Is it a sign that the worst has passed or does it mean that Pinnacle, like other lenders, is strategically not foreclosing on troubled properties?
Check out the full filing here.
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Pinnacle stages a raid in Franklin
Posted on October 28, 2009 at 9:27 amPinnacle Financial Partners has recruited three bankers — all with at least 19 years in the industry — from GreenBank to work at one of its Franklin offices. The details:
Long-time resident and Williamson County banker Steve King joins Pinnacle as a senior vice president and financial advisor. Paula Sanders will serve as the Alexander Plaza office manager. Amy Jones, who has worked side-by-side with King for the past 10 years, serves as a financial advisor assistant.
“Steve and Paula have worked together for more than 15 years. Along with Amy, they are tremendous additions to our team at Pinnacle,” said Larry Whisenant, senior vice president and manager of Pinnacle’s Nashville client services group. “Their outstanding reputations in the financial services community demonstrate our success in continuing to attract the most knowledgeable professionals in the market.”
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Analyst action: Healthways, Pinnacle, Synovus
Posted on October 26, 2009 at 12:46 pm
After Healthways’ big gain following its Q3 report, Stifel Nicolaus analyst Tom Carroll has lowered his rating on the disease manager (Ticker: HWAY) to ‘hold’ from ‘buy.’ The valuation-based call is diametrically opposed to that of Art Henderson at Jefferies, who on Friday upgraded Healthways and raised his target to $20. So far, Carroll is winning: Healthways is down 7 percent today.
At Zacks Investment Research, shares of Pinnacle Financial are now on the ‘exclusive’ list of stocks investors should sell or avoid in the coming months. Pinnacle (Ticker: PNFP) last week reported a larger-than-expected loss.
And in related regional banking news, Wunderlich analyst Kevin Reynolds has some strong words on Synovus Financial Group, the parent of The Bank of Nashville. Reynolds has dropped Synovus to a ’sell’ and slapped a price target of $1.50 on the shares — half the price at the open today. The company last week posted a loss of more than $400 million and its stock (Ticker: SNV) has fallen more than 60 percent this year.
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A paragraph Pinnacle doesn’t want associated with its earnings
Posted on October 19, 2009 at 1:47 pmSoutheast powerhouse BB&T today reported earnings that beat estimates, but Tiernan Ray at Barron’s says there are plenty of clouds still in the sky.
What’s troubling is that the company’s core business of writing new loans continues to slip even as its portfolio of existing loans deteriorates further. Fees on plain old deposits are just about the only thing to smile at, and even that is small comfort.
We’ll see tomorrow afternoon what comforts Pinnacle CEO Terry Turner has for his shareholders. Analysts expect the bank to post a loss of 9 cents per share.
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More than $800K for local banks’ foreclosure, affordable housing work
Posted on September 25, 2009 at 1:02 pmThe Federal Home Loan Bank of Cincinnati has awarded a consortium of six banks and the Woodbine Community Organization more than $160,000 to help area homeowners avoid foreclosures. The wholesale bank also signed off on four grants that will help finance the creation of almost 50 affordable housing units in Davidson, Williamson and Wilson counties.
Last year’s grant helped more than 80 families avoid foreclosure. “The need has not dropped off,” said Cathie Dodd, Executive Director of Woodbine Community Organization. The first wave of homeowners seeking counseling had mortgages they were unable to handle financially, she said. Now, more homeowners have lost their jobs and fear losing their homes. “It’s not just low-income people. It’s happening to everybody,” Ms. Dodd said.
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Regional banks having another strong day
Posted on September 16, 2009 at 11:44 amBuoyed by another batch of improving economic data from the inflation and factory fronts, stocks are extending their September rally. Among the sectors leading the way are regional banks, with local players like Regions, Pinnacle and First Horizon picking up 6 percent or more.
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When investing is your first love
Posted on August 12, 2009 at 6:38 amPinnacle pro Brock Kidd, who co-manages $175 million with Mac Johnston, gets some ink in industry pub Bank Investment Consultant. Among the themes: proving yourself over time.
When the markets seemed to be falling without end, he says, “I called a client and told him we were really upset and he said, ‘Go home and get some rest and don’t worry about this. We’ve been working with you for 10 years and know you’ll do the right thing.’”
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Analyst: Pinnacle a buy if you can stomach the risk
Posted on July 28, 2009 at 12:40 pm
Mark Muth at Howe Barnes says investors with a longer time horizon can now jump into Pinnacle Financial, which is wrestling with a deteriorating commercial loan portfolio.
Ultimately, we believe multi-year holders of the stock will look back on current levels as a favorable entry point once the credit issues have dissipated; however, given the significant near-term uncertainty regarding the credit outlook, we would remain on the sidelines for now and await improved credit/earnings power visibility.
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So just how bad will things get for Nashville’s banks?
Posted on July 23, 2009 at 6:47 am
Wednesday’s Pinnacle Financial earnings conference call ended on a chilling note when Stephens Inc. analyst Matt Olney asked CEO Terry Turner to compare his bank’s bad-loan levels with those of competitors in Nashville.
“My belief is that our credit quality is better,” Turner said. “Other operators in this market have been taking significant losses over an extended period of time… We’re later getting to the table.”
That’s pretty strong stuff when you consider that Pinnacle’s nonperforming asset ratio ballooned to 3.3 percent in the first half and is quite a bit higher than most Nashville-area banks’. (Generally, bankers start to get nervous when their NPAs approach 2 percent. For the parent of GreenBank, the number now stands at almost 5 percent.)
But if Turner’s right, it means many of his Middle Tennessee peers — who were much more aggressive than Pinnacle in pursuing land development deals during the boom — still aren’t owning up to many of their credit problems.
And Turner isn’t upbeat about the region’s real estate sector. Asked what he’s hearing from the trenches, he was blunt.
“In the case of real estate, the sentiment would be awful. You wouldn’t find any optimism among builders, among developers, among folks that loan to them,” he said. “There’s some activity, but you couldn’t translate that into optimism.”
Banks around the country that relied on lending to homebuilders are now gasping for air. And, while we don’t really want to admit it, parts of Greater Nashville look a good bit like parts of Greater Atlanta, where a fistful of banks have gone under this year. Given a little more time, why should our situation be all that different?
Without getting too dramatic, it’s time to start preparing for the first Middle Tennessee bank failure of this crisis. One Friday afternoon soon, the friendly folks at the FDIC will unveil their first Tennessee intervention, adding to a 2009 list that now stands at 57.
And oh, by the way, in case you had the thought: Don’t look for Pinnacle to be a buyer when that happens. Turner on Wednesday told analysts his team is “not particularly interested in FDIC workouts.” That’s not terrible surprising, since he also said most of his crew’s current credit quality troubles stem from the acquisitions of Cavalry Banking and Mid-America Bancshares.
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Pinnacle to build in 100 Oaks
Posted on July 22, 2009 at 9:13 amIn their second-quarter earnings report, the folks at Pinnacle Financial update their branch expansion plans here in and Knoxville. New on that list — which includes the consolidation of two Brentwood offices into new space on Franklin Road — is word of a branch for the 100 Oaks area that will open in the first half of next year. When it does, it will be the bank’s 10th office in Davidson County.
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Pinnacle’s new Knoxville chairman
Posted on July 7, 2009 at 10:25 amLocally based Pinnacle Financial Partners has named former Regions banker Harvey White as its new chairman and senior credit officer for its Knoxville office.
“Harvey is one of the most highly regarded members of the Knoxville banking community,” Hunter said. “His 35-year track record exemplifies Pinnacle’s model of hiring the most experienced and successful professionals in the marketplace.”
White has worked for Regions Bank and its predecessor companies for 28 years, serving as senior credit officer since 1999. He began his career at United Virginia Bank as a relationship manager
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Pinnacle snags big-shot Knoxville banker
Posted on July 1, 2009 at 11:25 pmThe largest bank headquartered in Nashville continues its push into Knoxville with the hiring of a former First Tennessee senior VP. Pinnacle (Ticker: PNFP) entered Knoxville two years ago and, based on these numbers presented last month, is on track to meet its goals there.
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Turner: Pinnacle ‘above-average’ TARP payback candidate
Posted on June 16, 2009 at 12:52 pmTalking to Bloomberg News, Pinnacle Financial CEO Terry Turner says his company will look to soon rid itself of the scarlet letter that TARP has become.
Banks that keep TARP funds will be viewed as troubled because they will face more onerous regulations and be unable to hire highly paid executives because of government limits on compensation, Turner said.
“The risks are significant as Congress, the Treasury and regulators continue to roll out more constraints,” Turner said.
Shares of Pinnacle (Ticker: PNFP) are bucking the overall market today, trading up almost 2 percent.
UPDATE 6 p.m.: Pinnacle has wrapped up its stock offering.
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Another 9 mill for Pinnacle
Posted on June 12, 2009 at 1:30 amThe bank holding company (Ticker: PNFP) and its underwriters have added more than 1.1 million shares to their offering.
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Turner: Home prices will fall another 10%
Posted on June 5, 2009 at 12:33 am
Speaking at a Stephens Inc. investment conference earlier this week, Pinnacle Financial CEO Terry Turner offered a quick take on the Nashville-area economy, saying its Achilles heel continues to be the housing market.
“I don’t think we’ve found a bottom on the median home price. It’s probably going to be off another 10 percent this year.”
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