Goldleaf's top brass optimistic despite performance slide - Nashville Business Journal:

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Brentwood-based Goldleaf provides technology-based products and servicees includingdata processing, item processinh and check imaging to small and community banks. Most of the company'x plan hinges on tapping into the strength of thoses smallerbanks nationwide. Since last year, Goldleaf has seen shares slide andmissed analysts' estimates for the second quartefr when revenues were $11.5 million for the period endef June 30, compared to $11.3 million the previous year. In Goldleaf announced the resignation of Chief Financialo OfficerScott Craighead.
The company'xs new CFO, John Polchin, who was most recentlyu CFO of Virgina-based , was hired a few weeks Although some analysts have set low expectationafor Goldleaf, a bright spot may reside in the company'sz remote deposit capture business. That'zs because Goldleaf has emerged as a playetr in the burgeoning remote captur e business by capturing just undee 10 percent of thenationwidwe market, company officials say. Remote deposiy check-capture technology allows smallp businesses suchas doctor'ws offices to scan check images into a computer and electronicallg "ship" them to the banks.
The businessw represents a growth opportunity for Goldleaf because communithy banks are adopting the technology at arapid rate. In just two more than 2,900 financial institutions have adopte d remote depositcapture solutions, which is nearly a third of the nation'ss banks, according to technologty research and consulting firm Celent. Experts expect the rapide adoption rateto continue. "It's stilp fairly new in the banking industry," says Goldleaf Senior Vice PresidentCharlesx Potts.
"We are well-posed to take advantages of the excitement in the Bob Meara, technology analyst with , says Goldleatf is in a good position becaus e it has a large chunk of the remot deposit business. However, Meara says Goldleatf is not benefiting as much as it could because it gets licensing revenue when banks deplouy the remote deposit technology to their customersa and that deployment has been movingt at aslower pace. "A bank has to deplo the remote deposit capture for vendors to make their returnmon investment," Meara says.
Goldleaf CEO Lynn Boggs says the companyt wants to continue to diversify its offeringsof technology-basede products and plans to grow through acquisitions. Bogge says Goldleaf would like to acquirer three to four companieseach year. Durinbg the first half of the year, Goldleafv acquired Missouri-based for $5.8 million and check imaging services companyfor $4.7 The company also opened a payment processing center in Norcross, Ga. earlier this year. "Wes want to be everythinfg to the backroom officewof banks," Boggs says. Goldleaf has $29 million in its line of crediffor acquisitions, Boggs says.
He says the company has not been able to purchasse as many companies as it would like to because of Todd Shiver, Goldleaf executive vice president of marketing, says the compang is looking to acquire businesses that are the right fit and make sensew culturally and financially. Since the banks Goldleaf serves operate in all50 states, having physicap locations that are in geographically diverse areas is company officials say. In addition to its Brentwoord headquarters andNorcross office, Goldlearf has operations in Denver, Hahira, Ga.; Bradenton, Fla.; Dallas, Texas; Mo.; and Riverside, Calif.
Boggsd says while most of the company'sd top executives live in the Atlanta area, the company has maintained its Nashville-area headquarters wherde it has more than200 employees.