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TheStreet Open House

Pinnacle Financial Grows Quarterly Net Income Per Fully Diluted Share 143 Percent Over Fourth Quarter Of 2010

Stocks in this article: PNFP

Aggressively Dealing with Credit Issues

  • Nonperforming assets declined by $12.6 million, a linked-quarter reduction of 12.6 percent and the sixth consecutive quarterly reduction. Pinnacle resolved $32.3 million in nonperforming assets during the fourth quarter of 2011, compared to resolutions of $29.5 million during the third quarter of 2011.
    • Nonperforming loans declined by $6.8 million during the fourth quarter of 2011, a linked-quarter reduction of 12.4 percent and the seventh consecutive quarterly reduction. Nonperforming loans are down 40.8 percent from a year ago.
    • Other real estate also declined by $5.8 million during the fourth quarter of 2011, inclusive of $7.4 million in property foreclosures during the fourth quarter of 2011.
  • Potential problem loans, which are classified loans that continue to accrue interest, also decreased from $228.3 million at Dec. 31, 2010, to $130.4 million at Dec. 31, 2011, a decrease of 42.9 percent. Potential problem loans are down by 59.0 percent from their peak in June 2010.
  • Construction and land development loans were $274.2 million at Dec. 31, 2011, down 1.6 percent from $278.7 million at Sept. 30, 2011, and 17.2 percent from $331.3 million at Dec. 31, 2010. Residential land development loans declined from $111.6 million at Dec. 31, 2010, to $71.2 million at Dec. 31, 2011. Residential land development loans decreased 7.7 percent during the fourth quarter of 2011 from $77.1 million at Sept. 30, 2011.

“Our special assets group has been an important factor in our performance in 2011,” Turner said. “These professionals have worked tirelessly over the last year to minimize our problem loans and credit losses. As a result of their efforts, dispositions of nonperforming loans and other real estate during 2011 amounted to approximately $133.6 million. As we move into 2012, we anticipate dispositions will decrease as we continue to see improvement in our credit quality and the absolute size of our troubled asset portfolio declines.”

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