Nashville’s largest locally-owned bank foreclosed on $34 million of loans in the fourth quarter. Loan losses for Pinnacle Financial Partners grew from 1% of its total loans at the end of 2008 to more than 2.5% at the end of 2009.
Pinnacle CEO Terry Turner says economic uncertainty remains, and the bank can’t predict that the flood of bad loans has peaked, though he’s hopeful they have.
As lending has decreased, Pinnacle has been able to grow its deposits by 8%. The bank also continues expanding in Tennessee. It plans to hire 50 new associates this year.
Pinnacle will hold a conference call with investors Wednesday morning.
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