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TheStreet Open House

Pinnacle Financial Reports Diluted EPS Of $0.23 For The Second Quarter Of 2012, Up 64 Percent Over Same Quarter Last Year

Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today reported that its net income per fully diluted common share available to common stockholders was $0.23 for the quarter ended June 30, 2012, compared to net income per fully diluted common share available to common stockholders of $0.14 for the quarter ended June 30, 2011, an increase of 64.0 percent. Net income per fully diluted common share available to common stockholders was $0.44 for the six months ended June 30, 2012, compared to net income per fully diluted common share available to common stockholders of $0.20 for the six months ended June 30, 2011, an increase of 120.0 percent.

As a result of the TARP preferred stock redemption that occurred during the quarter, second quarter and year-to-date results include the accretion of the remaining preferred stock discount. This resulted in a one-time, non-cash charge to net income available to common stockholders of approximately $1.7 million during the quarter.

“Despite the industry headwinds, we continued to accelerate loan and core deposit growth as well as expand our net interest margin during the second quarter,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “Perhaps more importantly, we also continued to build lending pipelines, and we expect continued loan growth during the third quarter.”

Building the Core Earnings Capacity of the Firm

  • Loans at June 30, 2012, were $3.44 billion, an increase of $106.8 million from March 31, 2012. Commercial and industrial loans plus owner-occupied commercial real estate loans were $1.83 billion at June 30, 2012, an increase of $57.8 million from March 31, 2012, and the eighth consecutive quarter of net growth. Loans have increased $153.3 million since Dec. 31, 2011, an annualized growth rate of 9.3 percent.
  • Since expanding to Knoxville in the summer of 2007, Pinnacle has continued its strong growth in that market. The Knoxville footprint reached $577.9 million in loans at the end of the second quarter of 2012, up from $544.4 million at March 31, 2012, or 6.2 percent.
  • Average balances of noninterest bearing deposit accounts were $755.6 million in the second quarter of 2012, up 7.7 percent over first quarter 2012 and 20.1 percent over the same quarter last year.
  • Revenue for the quarter ended June 30, 2012, amounted to $50.1 million, compared to $47.6 million for the same quarter of last year, an increase of 5.2 percent.
  • Net interest margin increased to 3.76 percent for the quarter ended June 30, 2012, up from 3.74 percent last quarter and from 3.55 percent for the quarter ended June 30, 2011.
  • Pre-tax pre-provision income was $16.2 million for the quarter ended June 30, 2012, up $2.5 million from last quarter and $2.9 million from the same quarter last year. Pre-tax pre-provision income was up 18.7 percent over last quarter and 22.1 percent over the same quarter last year.

“The growth in our loan and deposit volume is a foundational building block for our ongoing revenue and earnings growth,” Turner said. “The success we are having in the Knoxville market is similar to the early-stage growth we experienced in Nashville and now accounts for a meaningful part of the firm’s loan growth.”

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