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Pinnacle Financial Grows Quarterly Net Income Per Fully Diluted Share 143 Percent Over Fourth Quarter Of 2010

Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today reported that its net income per fully diluted common share available to common stockholders was $0.17 for the quarter ended Dec. 31, 2011, compared to net income per fully diluted common share available to common stockholders of $0.07 for the quarter ended Dec. 31, 2010, an increase of 143 percent. The Company’s results for the fourth quarter of 2011 include $718,000 in additional accretion charges as a result of the Company’s redemption of 25 percent of its TARP preferred shares on Dec. 28, 2011.

Net income per fully diluted common share available to common stockholders was $1.09 for the year ended Dec. 31, 2011, compared to a net loss per fully diluted common share available to common stockholders of $0.93 for the year ended Dec. 31, 2010. Fully diluted net income per share available to common stockholders for the year ended Dec. 31, 2011, was $0.64 excluding $0.45 per share related to the third quarter 2011 reversal of the valuation allowance for net deferred tax assets.

“This past year was a pivotal one for our firm as we significantly reduced the level of problem loans and expanded our core earnings,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “As we went through the year, we made dramatic improvements in asset quality, significantly altered our funding mix to lower costs and produced meaningful growth in commercial and industrial loans as well as demand deposits. This growth reflects our continuing opportunity to capitalize on client dissatisfaction with the larger national and regional banks in our markets. We also redeemed 25 percent of our TARP preferred shares with no dilution to our common stockholders. We expect continuing improvement in core earnings and asset quality in 2012.”

Building the Core Earnings Capacity of the Firm

  • Loans at Dec. 31, 2011, were $3.29 billion, an increase of $50.2 million from $3.24 billion at Sept. 30, 2011, or an annualized growth rate of 6.2 percent. Commercial and industrial loans combined with owner-occupied commercial real estate loans were $1.73 billion at Dec. 31, 2011, an increase of $77.0 million from $1.65 billion at Sept. 30, 2011, an annualized growth rate of 18.7 percent and the sixth consecutive quarter of net growth.
  • Average balances of noninterest bearing deposit accounts were $705.6 million in the fourth quarter of 2011, the seventh consecutive quarterly increase. Average balances increased 5.0 percent over third quarter 2011 and 22.5 percent over the same quarter last year.
  • Revenue for the quarter ended Dec. 31, 2011, amounted to $49.02 million, compared to $44.72 million for the same quarter of last year, an increase of 9.6 percent.
  • Net interest margin increased to 3.65 percent for the quarter ended Dec. 31, 2011, from 3.29 percent for the quarter ended Dec. 31, 2010.
  • Less than five years after expanding to the Knoxville market, Pinnacle’s Knoxville footprint reached $551.1 million in loans at the end of the fourth quarter 2011.

“Our adjusted pre-tax, pre-provision net income was $18.7 million in the fourth quarter of 2011, up from $16.1 million in the fourth quarter of 2010,” Turner said. “During 2011, we successfully created more focus on growth with our sales associates. Our relationship managers continue to pursue established businesses in our markets as evidenced by significant growth in C&I loans during the last half of 2011. Additionally, during 2011 we recruited several experienced commercial lenders that should further bolster our ability to grow organically and move market share during 2012, a longstanding core strategy of our firm.”

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