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By Susan McIndoo, Insurance Advisor for Miller & Loughry Insurance and Services, Inc.
Every year as the changing leaves begin to mark the new season, another season is at hand - open enrollment season for employee benefits. For employees whose companies offer insurance and other benefits, there are a number of important choices to make.
Click here for more.
Susan McIndoo is an insurance advisor for Miller & Loughry Insurance and Services, Pinnacle's insurance arm. She can be reached at (615) 896-9292 or by e-mail at susan.mcindoo@millerloughry.com.
U.S. Economy Continues to Grow
Economist Dr. Arthur B. Laffer gave an upbeat outlook to the more than 150 Pinnacle associates and clients at a forum on October 10.
"I have never witnessed or even read about an economy that comes close to the excellence of the current U.S. economy," said Laffer, the founder and chairman of Nashville-based Laffer Associates and the namesake of the famous Laffer Curve. "The economy is strong, steady and stable."
While the economy is currently performing at its best, Laffer said changes in fiscal policy, monetary policy, trade policy and incomes policy could kill a bull market.
Laffer predicted that significant changes in any of these policies are highly unlikely in the next two years. He is confident the economy is on the right track and continuous growth can be expected.
How will the Pension Protection Act of 2006 affect me?
The Pension Protection Act of 2006, signed into law by President Bush on August 17, makes permanent a number of tax rules passed in 2001 that were set to expire in 2010. It also includes changes that make it easier for you to save for retirement and college.
Some highlights are:
- Permanent increases in 401(k) and IRA contributions
- Permanent tax advantages for 529 college savings plans
- Enhancements to IRAs
- Improvements to 401(k)s and pension plans
An overview of the Pension Protection Act of 2006 is available at taxalmanac.org. Your financial advisor can help you decipher what specific changes will mean for you.
Pinnacle Celebrates its Sixth Year
On October 27, Pinnacle marked the sixth anniversary of opening it first office. What a whirlwind it has been! In just six years we've grown into a $2 billion firm and become the largest locally owned institution in Nashville with more than 395 experienced and talented associates and 17 offices in five counties. Most importantly, we have proven that the key to success is a deep engagement with clients grounded in effective advice and distinctive service.
Our other exciting milestone is the first anniversary of our October 5, 2005 announcement to merge with Cavalry Banking, the leading financial institution in the Murfreesboro market. Just this month we learned that we have not only maintained this previous top market share but even grown it.
We also have proven that if we take care of clients and associates, our shareholders benefit. In September 2000, we issued stock at $10. Today that same $10 investment is worth approximately $70 - a 600% increase in six years.
None of this would have been possible without the enthusiasm our clients have for Pinnacle and without the numerous times you have recommended Pinnacle to your colleagues and friends. We're proud to have you as partners.
According to the latest data from the Federal Deposit Insurance Corporation (FDIC), Pinnacle had the largest deposit share gain (2.6 percent) among financial institutions in the Nashville-Davidson-Murfreesboro MSA in the past year. Pinnacle's $1.5 billion in deposits ranked the firm fifth overall in the MSA once the Regions/AmSouth merger is complete.
Pinnacle also widened its lead as the top market shareholder in Rutherford County, now with more than 25 percent of the market, compared to its closest competitor with 17 percent share.
Overall, the latest data showed a continued trend of large regional and national banks losing share to community banks like Pinnacle.
For more on Pinnacle's market share growth, click:
Davidson-Nashville-Murfreesboro MSA
Rutherford County
Pinnacle reported record earnings and superior credit quality for the third quarter of 2006.
"We find that being the largest locally owned firm provides clients an attractive alternative in a market dominated by large regional and national franchises with longstanding market share loss trends. We are confident that our advantages will lead to our continued rapid growth," said Terry Turner, Pinnacle's president and CEO.
3Q06 Earnings Highlights:
- Record net income of $5.35 million, up 157 percent from the prior year's $2.08 million
- Diluted earnings per share exclusive of merger related expenses were $0.33, up 50 percent from the prior year's $0.22
- Total assets of $2.05 billion, up $1.07 billion or 110 percent from the prior year's $979 million
The following chart demonstrates the continued growth in Pinnacle's net income.
The chart below shows Pinnacle's stock-price performance versus the largest regional and national institutions in the Middle Tennessee market.
Click here for more on Pinnacle's third quarter performance, and click here for the NASDAQ/NGS listing: PNFP.
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Pinnacle was an active supporter of this year's Rally on Maple, held October 17. The pep rally to fire up MTSU's Blue Raiders and their fans took place at Pinnacle on Maple between College Avenue and Lytle Street.
Pinnacle welcomes Kim Jenny, who will be senior program manager and serve on the firm's Leadership Team.
Kim will be responsible for risk mitigation and the coordination of workflow between operational areas and the firm's 17 offices.
Kim has more than 26 years of experience in leading office operations. Most recently, he was branch performance officer for AmSouth in Birmingham. He served nearly 20 years in various branch operations and support roles with First American.
Pinnacle also welcomes four additional associates:
Aaron Fletcher, credit analyst with 12 years of experience
Billy Carver, nearly 10 years experience, Smyrna mortgage advisor
Linda Lavender, Treasury Management, 23 years experience
Lisa Usé, 13 years experience, service specialist, West End office
