Taxation's Impact on Economic Growth
By Arthur B. Laffer, principal economic advisor to Pinnacle
As we enter another election year, it's important to step back, take a deep breath and take stock of just where we stand.
This paper is meant to provide an economic reckoning of our country's policy path to date and give some insights into how the policies that elected officials put in place impact you and the economy, for we stand at a critical juncture that could affect our nation's prosperity for many years. Click here for more.
Wall Street Hopes Fed Will Cut Again
Citing lower rates would relieve the pain still haunting financial markets and the economy, Wall Street is hoping the Federal Reserve will cut interest rates at its Oct. 31 meeting. The Fed has so far declined to comment on this speculation in financial markets.
Last month, the Fed cut the federal fund rate from 5.25 percent to 4.75 percent in a bid to prevent turmoil in the housing and financial markets from pulling the country into recession.
What changes resulted from the "Tennessee Investment Services Act of 2007"?
When Governor Bredesen signed into law the "Tennessee Investment Services Act" on July 1, 2007, he created a new era of trust and creditor's rights law in Tennessee. Essentially, the new law does two things:
- Creation of self-funded asset protection trusts. For the first time, the owner of a trust can name himself as beneficiary, receive distributions from the trust and insulate the assets in the trust from claims of creditors. Professionals with substantial assets and liability, such as physicians or business owners, stand to benefit from this provision.
- Creation of long-term trusts designed to benefit multiple generations. The provision extends the life of a trust from 90 years to about 360 years. About 20 other states have this provision, which allows those with wealth to pass it on to multiple generations of their families without each generation facing estate taxes. Other taxes apply to trust income, however, varying from state to state.
(For questions or more information, contact Robert Newman, head of Pinnacle's Trust area, at 615-620-1241 or by e-mail at robert.newman@pnfp.com.)
Pinnacle Reports 3Q Record Earnings
Pinnacle reported record earnings, continued strong growth in loans and consistently strong asset quality. Total assets grew to $2.37 billion, up $316 million or 15.4 percent from the $2.05 billion reported at the same time last year.
3Q07 Earnings Highlights:
- Net income for the third quarter of 2007 of $5.77 million, up 7.9 percent from the prior year's third quarter net income of $5.35 million
- Diluted earnings per share for the third quarter were $0.35, up 9.4 percent from the same quarter last year
- Revenue for the quarter amounted to $24.29 million, compared to $21.58 million for the same quarter last year, an increase of 12.6 percent
The following chart demonstrates the continued growth in Pinnacle's assets.
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.
Pinnacle Continues to Grow Market Share
Pinnacle grew market share and total deposits faster than its four larger regional bank competitors, according to the Federal Deposit Insurance Corporation (FDIC) report for June 30, 2006, through June 30, 2007, issued recently. Pinnacle continues to be the fastest-growing financial institution in the Nashville-Davidson-Murfreesboro-Franklin MSA for the 7-year period since the firm's inception.
Click here for more.
Pinnacle Sponsors Frist Lecture
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Pinnacle has teamed up with the Frist Center for the Visual Arts to present "State of the Art," a lecture series designed to introduce the contemporary art world through presentations by internationally renowned experts in the field.
The next speaker is Katy Siegel, associate professor of art history at Hunter College, CUNY, a senior critic at Yale University's School of Art, a contributing editor to Artforum, and a visiting professor at Princeton University.
Siegel's lecture is Thursday, Nov. 16 at 6:00 p.m. and is followed by a reception for Future/Now: Mid-state Art Majors. Admission is free.
| Allison Jones |
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| James Hare |
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Allison Jones brings 20 years of financial services experience to her role as financial advisor at Pinnacle's downtown Nashville office. Allison comes from First Tennessee Bank, where she served as a healthcare relationship manager.
James Hare is a Raymond James Financial Services investment consultant at Pinnacle Asset Management. He has more than 10 years of experience in investment management for healthcare executives. He was most recently with Bank of America, where he served as senior vice president of investments.
Pinnacle also welcomes three additional associates:
Cyndy Peacock, 25 years experience, loan operations specialist - Murfreesboro
Allison Yarbrough, 11 years experience, investment consultant assistant - Nashville
Laura Watterson, 15 years experience, financial advisor assistant - Murfreesboro
Recent Mortgage Industry Changes
with Mike Stapp, Mortgage Advisor for Pinnacle Financial Partners
Pinnacle Goodlettsville
Wednesday, Nov. 7, 11:30 a.m. - 12:30 p.m. (workshop and box lunch)
RSVP or questions: Summer Yeiser at 620-1207 or via e-mail at summer.yeiser@pnfp.com
Leasing 101 - How to Screw Up a Commercial Lease and Not
Even Know It
with Keith Dennen and Jack Stringham, Attorneys at Law
Pinnacle West End
Thursday, Nov. 8, 11:30 a.m. - 12:30 p.m. (workshop and box lunch)
RSVP or questions: Summer Yeiser at 620-1207 or via e-mail at summer.yeiser@pnfp.com
* Securities and investment advisory services offered through Raymond James Financial Services Inc. Member NASD/SIPC - Not FDIC Insured - Not guaranteed by Pinnacle National Bank - Subject to risk and may lose value
