Pinnacle Financial Posts Loss, But Sees a Bright Side

Nashville-based Pinnacle Financial Partners posted a $33 million loss in the last quarter.

Most of that loss came from loan write offs. Still, the financial services company says it sees a reason for optimism.

Despite Pinnacle’s disappointing second quarter results, President and CEO Terry Turner points to residential real estate numbers for June, as a sign the economy may be near a turning point.

“If you look at sales, we sold 2,000 units in Nashville. We haven’t done that since September. The residential inventory, expressed in terms of months, in June, was at 8 months. That’s down from a peak of 17 months.”

Turner also says a new bright spot is in its foreclosure properties. Generally the sales price of a foreclosed home is within five-percent of its appraisal value.

The company plans to move away from residential and home construction loans, instead focusing on its commercial and industrial segments.

says Pinnacle still intends to pay back federal TARP moneyThe company applied to sell up to $95 million in stocks to the U.S. Treasury last year, as the federal government moved to shore up credit markets.