CBL employees help nonprofit agencies
Employees from CBL & Associates Properties Inc., convening from across the country for its biennial leadership conference, also teamed up with 10 nonprofits for the largest day of service in the company’s history.
Nearly 300 CBL employees took part in the day’s activities, which included cleaning, painting, landscaping and cooking.
The Chattanooga-based shopping center developer said it partnered with Chambliss Center, Chattanooga Area Food Bank, Chickamauga and Chattanooga National Military Park, Creative Discovery Museum, Habitat for Humanity, Lookout Mountain Conservancy, McKamey Animal Center, North River YMCA, Ronald McDonald House and Room in the Inn.
DiNicolantonio heads local Atlantic Bank
Joe DiNicolantonioJoe DiNicolantonio, formerly executive vice president and division head of business banking at Regions Bank, is joining Atlantic Bank in Chattanooga as executive vice president and president of the Tennessee and Northwest Georgia division, formerly known as FSG Bank.
DiNicolantonio will lead the business development and relationship management efforts of the bank’s commercial, business and retail banking teams for Tennessee and northwestern Georgia, which includes banks in Chattanooga and Knoxville in Tennessee and in Dalton in Northwest Georgia.
DiNicolantonio will take over from Nathan Hunter who will retire May 31. Hunter joined FSG Bank, NA, which was purchased by Atlantic Capital in October of 2015) in his current role in November of 2013.
“Nathan was instrumental in the rebuilding of our focus largely business and commercial banking markets,” said Mike Kramer, president and chief operating officer of Atlantic Capital. “Joe’s business banking experience and expertise is hugely important stepping into this role. Joe has a superior track record of success, building teams and delivering extraordinary banking service across Tennessee and the entire Southeast.”
At Regions Bank, DiNicolantonio led the efforts of business bankers and SBA specialists across Regions’ 15-state footprint. His team was responsible for strategy, banking products and banker development focused on meeting the financial needs of the client. His nearly 20-year career at Regions included market executive roles for West Tennessee and the Chattanooga market.
At Atlantic Capital, DiNicolantonio will be responsible for overseeing banking operations with nearly $1 billion in assets and about 200 employees.
Astec sales rise 14 percent but profits drop in quarter
Despite a 14 percent rise in sales in the first quarter, Astec Industries Inc. said its net income in the first three months of 2017 was down 16 percent from a year ago, or 3 cents per share below analysts’ expectations.
The Chattanooga-based asphalt and heavy equipment builder earned $15.1 million, or 65 cents per share, on sales of $318.4 million in the first quarter. A year ago, Astec earned $17.7 million, or 77 cents per share, on sales of $278.7 million.
Despite the drop in earnings, Astec CEO Ben Brock said he was pleased with the results and optimistic about the future with a 14 percent increase in the backlog of orders from a year ago.
“We were able to grow revenues and, as expected, our gross margins were lower than usual, mainly due to new products being manufactured in many of our facilities,” Brock said. “The domestic market remained strong for our Infrastructure Group’s products targeted at the road construction industry.”
Astec shares Tuesday jumped by 3.14 percent, or $1.99 per share, to close at $65.33 per share.
SmartBank boosts income following Cornerstone merger
SmartFinancial Inc. boosted its first quarter profits by more than 20 percent from a year ago following the merger of the former Cornerstone Bank in Chattanooga with the Knoxville-based SmartBank.
SmartFinancial reported net income of $1.6 million in its first quarter of 2017, compared to $1.3 million a year ago. In the first quarter of 2016, SmartFinancial completed the merger of Cornerstone Community Bank into SmartBank.
“In the first quarter this year net income was up over 20 percent from a year ago as the company is capitalizing on the synergies of our merger,” Billy Carroll, president and CEO of SmartFinancial, said in a statement. “Compared to last year we increased net interest income by over 7 percent while keeping noninterest expense growth below 3 percent.
Due to additional stock raised last year, however, net income available to common shareholders totaled $1.4 million, or 19 cents per share, in the first quarter of 2017 compared to $1.1 million, or 20 cents per share, during the first quarter of 2016.
SmartFinancial’s Chairman Miller Welborn said SmartBank in the past year has merged two banks, grew assets while increasing margins, added a branch in Panama City, completed a capital raise and redeemed SBLF preferred stock.
“This year we look forward to the completion of our Cleveland branch acquisition, moving our Panama City branch to a new permanent facility, and of course increasing the returns for our shareholders,” Welborn said.
Coca-Cola to cut 1,200 jobs this year
Coca-Cola said Tuesday it will be cutting 1,200 jobs later this year as part of an expanded cost-cutting program.
Coca-Cola President James Quincey, who takes over as chief executive of the Atlanta company on May 1, announced the job cuts during the company’s first-quarter earnings call with investors.
“While these changes are difficult, they will allow us to do fewer things” more effectively, said Quincey, who is replacing long-time CEO Muhtar Kent.
Quincey said the job cuts will begin in the second half of 2017 and extend into 2018. He said the job cuts will be part of the company’s efforts to boost savings by about $800 million by 2019 through job cuts, reduced marketing spending, and restructuring some of its operations.