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Pinnacle Financial Reports Diluted EPS Of $0.33, A Linked Quarter Increase Of 43.5%, For The Third Quarter Of 2012

Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today reported that its net income per diluted common share available to common stockholders was $0.33 for the quarter ended Sept. 30, 2012, compared to net income per diluted common share available to common stockholders of $0.72 for the quarter ended Sept. 30, 2011. Net income per diluted common share available to common stockholders was $0.76 for the nine months ended Sept. 30, 2012, compared to net income per diluted common share available to common stockholders of $0.92 for the nine months ended Sept. 30, 2011.

Net income per diluted common share for the quarter and year-to-date periods ended Sept. 30, 2011, included an income tax benefit of $22.5 million, or $0.51 per diluted common share, as a result of last year’s release of the valuation allowance for deferred tax assets. Financial results for the nine-month period ended Sept. 30, 2012, also include accretion of $1.7 million for the remaining preferred stock discount associated with the TARP preferred stock redemption. Excluding the tax benefit from the release of the valuation allowance and the impact of the accelerated accretion of the preferred stock discount, net income per diluted common share available to common stockholders for the three- and nine-month periods ended Sept. 30, 2012, was approximately 57 percent and 98 percent higher than the same periods in 2011.

“We continued the meaningful expansion of the core earnings capacity of the firm during the third quarter, increasing loans at a linked-quarter annualized growth rate of 9.4 percent and increasing our net interest margin for the eighth consecutive quarter,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “Additionally, we reduced nonperforming assets by 11.9 percent over the prior quarter as we continue our balance sheet rehabilitation.”

Building the Core Earnings Capacity of the Firm

  • Loans at Sept. 30, 2012, were $3.53 billion, an increase of $80.5 million from June 30, 2012. Commercial and industrial loans plus owner-occupied commercial real estate loans were $1.88 billion at Sept. 30, 2012, an increase of $53.0 million from June 30, 2012, an annualized growth rate of 11.3 percent and the ninth consecutive quarter of net growth.
  • Since expanding to Knoxville in the summer of 2007, Pinnacle has continued its strong growth in that market. The Knoxville footprint reached $594.2 million in loans at the end of the third quarter of 2012, up from $577.9 million at June 30, 2012, and an increase of 11.8 percent from $531.2 million at Sept. 30, 2011.
  • Average balances of noninterest bearing deposit accounts were $799.5 million in the third quarter of 2012, up 5.8 percent over second quarter of 2012 and 19.0 percent over the same quarter last year.
  • Revenue for the quarter ended Sept. 30, 2012, amounted to $51.4 million, compared to $48.4 million for the same quarter of last year. Revenue increased 2.5 percent over the quarter ended June 30, 2012, or 10.1 percent on an annualized basis.
  • Net interest margin increased to 3.78 percent for the quarter ended Sept. 30, 2012, up from 3.76 percent last quarter and from 3.60 percent for the quarter ended Sept. 30, 2011.
  • Pre-tax pre-provision income was $17.8 million for the quarter ended Sept. 30, 2012, up 9.9 percent over last quarter and 39.4 percent over the same quarter last year.

“The continued growth in our loan volumes is the foundation for our ongoing revenue and earnings growth,” Turner said. “Our financial advisors have done a remarkable job in positioning Pinnacle as the ‘go to’ bank in Nashville and Knoxville for small- and medium-sized businesses, their owners and their employees. Our recent success in hiring a group of highly experienced bankers is already impacting our loan growth. Consequently, we expect them to accelerate our growth over the next two to three years.”

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