A new low for Tennessee Commerce
Posted on October 14, 2009 at 11:51 am
Shares of Franklin-based Tennessee Commerce Bank (Ticker: TNCC) briefly dipped under $4 this morning, hitting an all-time low at $3.82. They’re now almost 90 percent below where they came to the Nasdaq in late 2005 and are changing hands at barely 20 percent of book value. The bank will report its third-quarter numbers next week. Analysts are expecting a loss of anywhere between 6 and 85 cents.
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Tennessee Commerce raises share limit
Posted on July 31, 2009 at 7:10 amShareholders of the Franklin-based bank have voted to double the number of shares it can issue to 20 million. The company, which had 4.7 million shares outstanding on June 30, earlier this month filed to raise up to $50 million, but its current share price (Ticker: TNCC) means that would require issuing more than 10 million shares.
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TNCC upgraded, but credit quality still key
Posted on May 20, 2009 at 8:24 amHowe Barnes analyst Jeff Davis says shares of the Franklin-based business bank (Ticker: TNCC) are cheap enough for him to upgrade them from ’sell’ to ‘neutral.’ But, he adds, the stock won’t move much until the company manages to hike loan loss reserves and stabilize problem loans.
Loan growth has to slow to match internal capital generation if not fall below it to build the parent’s tangible common ratio (5.3%) even though regulatory capital at the Bank-level exceeds the “well capitalized” threshold.
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10-Q from Tennessee Commerce
Posted on May 11, 2009 at 2:30 pmThe 10-Q filed by Franklin-based Tennessee Commerce provides more detail on the company’s first quarter. A much larger loan loss provision swung the company into the red as expected.
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Tennessee Commerce losses as expected
Posted on April 29, 2009 at 7:41 amA much larger loan loss provision resulted in the Franklin-based bank losing $2.6 million in the first quarter versus a $1.4 million profit in early 2008. The company (Ticker: TNCC) had warned of the red ink early this month.
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No raises for Tennessee Commerce brass
Posted on April 20, 2009 at 10:10 pmAs with a number of their peers these days, Tennessee Commerce’s directors have decided to hold steady on pay this year. Search for ‘base salary for 2009′ to see the numbers, then scroll down a bit to see that, based on their first-quarter warning, CEO Art Helf and his crew will have to make more than $1.80 per diluted share (Ticker: TNCC) to make their bonus earnings target for ‘09. In all of 2008, the bank earned $1.60.
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Analyst action: CHS, Tennessee Commerce
Posted on April 8, 2009 at 10:02 am
Goldman Sachs has kicked Community Health Systems off its Conviction Buy List. Shares of the Franklin-based company (Ticker: CYH) are down about 6 percent today and close to break-even for the year.
Over at Howe Barnes, analyst Jeff Davis has slashed his rating on Tennessee Commerce to ’sell’ after the bank said it will write down the value of its owned real estate by almost $3 million and further beef up loan loss reserves. Davis, who is based in Nashville, said CEO Art Helf and his team will have to slow loan growth to maintain their capital ratios. He expects Tennessee Commerce shares (Ticker: TNCC) will struggle in the coming months.
Our investment thesis assumed for the shares to rise from a pedestrian valuation that TNCC would have to prove to investors that it could manage through the deep recession and remain profitable… With this quarter’s loss, the shares will likely remain in the penalty box until the economy strengthens and/or the company strings together several quarters of profitability.
Almost 90 minutes into today’s session, Tennessee Commerce’s very thinly traded stock has yet to change hands.
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Banks beaten up
Posted on February 10, 2009 at 2:30 pm
Timothy Geithner’s long-awaited stimulus package fails to enthuse investors – here are takes from Forbes as well as MarketWatch and the AP – but locally headquartered Pinnacle and Tennessee Commerce are holding up better than their superregional competitors.
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Tennessee Commerce teams with trade group
Posted on January 29, 2009 at 10:26 pmThe Franklin-based business bank (Ticker: TNCC) will package and sell small business equipment loans and leases, giving other members of the Independent Community Bankers of America the chance to diversify their loan portfolios. The key words: “existing payment track record.”
Under the new initiative of Tennessee Commerce Bank and ICBA Financial Services, packages of previously originated small business equipment loans and leases with an existing payment track record and an average remaining term of generally four years or less are offered for sale to ICBA members. Packages are offered at a yield competitive with other small business lenders, especially given the absence of virtually all origination and servicing costs. Tennessee Commerce retains servicing responsibilities.
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TNCC on track
Posted on January 28, 2009 at 7:52 amTennessee Commerce’s fourth-quarter EPS rose more than 30 percent, in line with the company’s pre-announcement last week. The Franklin-based business bank (Ticker: TNCC) plans to sell more of its loans to more banks in ‘09.
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Tennessee Commerce wraps up its TARP
Posted on December 19, 2008 at 6:29 pmThe Franklin-based business bank has completed the sale of $30 million of preferred stock to the U.S. Treasury.
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Tennessee Commerce huddles under the TARP
Posted on November 25, 2008 at 8:22 amOfficials at Tennessee Commerce Bancorp (Ticker: TNCC) say they’ve been approved to sell $30 million of preferred stock to the U.S. Treasury as part of the government plan to boost capital levels.
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