This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

The following is a summary of the activity in various nonperforming asset and troubled debt restructuring categories for the quarter ended Dec. 31, 2011:

         
(in thousands)

Balances

Sept. 30, 2011

Payments, Sales and Reductions

Foreclosures Inflows Balances

Dec. 31, 2011

Troubled debt restructurings:
Residential construction and development $ - $ - $ - $ - $ -
Commercial construction and development - - - - -
Other   18,187     (3,150 )     -       8,379     23,416
Totals   18,187     (3,150 )     -       8,379     23,416
Nonperforming loans:
Residential construction and development 9,651 (3,140 ) (1,046 ) 2,655 8,120
Commercial construction and development 13,890 (3,291 ) (4,293 ) 686 6,991
Other   31,099     (12,607 )     (2,093 )     16,345     32,744
Totals   54,640     (19,038 )     (7,432 )     19,685     47,855
Other real estate:
Residential construction and development 13,601 (738 ) 1,046 - 13,909
Commercial construction and development 24,943 (9,139 ) 4,293 - 20,097
Other   6,956     (3,341 )     2,093       -     5,708
Totals   45,500     (13,218 )     7,432       -     39,714

Total nonperforming assets and troubled debt restructurings

$ 118,327   $ (35,406 )   $ -     $ 28,064   $ 110,985
  • Noninterest expense
    • Noninterest expense for the quarter ended Dec. 31, 2011, was $34.37 million, compared to $36.45 million in the fourth quarter of 2010, and $35.68 million in the third quarter of 2011.
    • Included in noninterest expense for the fourth quarter of 2011 was $4.19 million in other real estate expenses, compared to $7.87 million in the fourth quarter of 2010, and $5.08 million in the third quarter of 2011.

Carpenter said that compensation costs in 2011 increased by approximately $9.8 million over 2010 and that the increase was primarily attributable to the payment of annual incentive awards to participants in the firm’s incentive plans. Carpenter stated that in 2010 no cash incentives were paid and thus, excluding annual cash incentives, compensation costs in 2011 would have approximated the amount in 2010. Incentive payouts for all associates other than the executive officers during 2011 are based on achievement of predetermined targets for soundness and operating results. Executive officers are not eligible for any cash incentives as long as the Company is a TARP participant.

5 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs