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Pinnacle Financial Partners in Nashville has agreed to buy CapitalMark Bank & Trust in Chattanooga, Tenn.
April 8 -
Pinnacle Financial Partners has struck its first deal in nearly eight years, and it has the capacity to do more as it seeks to double its assets in Tennessee. But CEO Terry Turner says it is more likely to grow organically because there aren't many banks left in the state that he would want to buy.
April 9 -
The California company is dealing with a pool of stressed energy loans it inherited from last year's purchase of CapitalSource. The pain shouldn't make the deal less appealing, but it is likely taking up more time than management may have expected.
April 17
Pinnacle Financial Partners in Nashville, Tenn., reported higher first-quarter profit on strong lending results.
The $6.3 billion-asset company's net income rose 33% to $21.8 million, or 62 cents per share, better than the average estimate of analysts polled by Bloomberg. Total revenue, excluding investments gains and losses, rose 19% to $69.8 million.
Net interest income grew 12.3%, to $51 million, partly due to loan growth. Total loans rose 11% to $4.6 billion.
Noninterest income rose 31% to $18.5 million, largely because of a $3.1 million return on its investment in Bankers Healthcare Group, which closed on Feb. 1.
Noninterest expense rose 7% to $36.8 million. Absent the usual increases for additional hires that will occur, we feel our expense run rate should remain fairly consistent throughout this year, Harold Carpenter, chief financial officer, said in a news release.
Earlier this month, Pinnacle agreed to acquire
