This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: PNFP

Aggressively Dealing with Credit Issues

  • The allowance for loan losses represented 1.96 percent of total loans at Sept. 30, 2012, compared to 2.02 percent at June 30, 2012, and 2.31 percent at Sept. 30, 2011.
    • Net charge-offs were $1.9 million for the quarter ended Sept. 30, 2012, compared to $5.7 million for the quarter ended Sept. 30, 2011, and $2.4 million for the second quarter of 2012. Annualized net charge-offs for the three and nine months ended Sept. 30, 2012, were 0.22 percent and 0.31 percent, respectively.
    • Provision for loan losses expense decreased from $3.6 million for the third quarter of 2011 to $1.4 million for the third quarter of 2012. The results reflect substantial improvement in the credit quality of the loan portfolio compared to the same period in 2011 and a meaningful reduction in net charge-offs.
  • Nonperforming assets declined by $7.9 million from June 30, 2012, a linked-quarter reduction of 11.9 percent and the ninth consecutive quarterly reduction.
    • Nonperforming assets were 1.65 percent of total loans plus other real estate at Sept. 30, 2012, compared to 1.91 percent at June 30, 2012, and 3.05 percent at Sept. 30, 2011.
    • Nonperforming loans declined by $4.3 million during the third quarter of 2012, a linked-quarter reduction of 10.4 percent and the 10 th consecutive quarterly reduction. Nonperforming loans are down 33.1 percent from Sept. 30, 2011. Nonperforming loan inflows were $4.6 million during the third quarter of 2012, a linked-quarter decrease of 61.7 percent. Nonperforming loan inflows were also down 73.9 percent from the third quarter a year ago.
    • The ratio of the allowance for loan losses to nonperforming loans increased to 188.9 percent at Sept. 30, 2012, from 170.5 percent at June 30, 2012, and 137.0 percent at Sept. 30, 2011.
    • Other real estate declined by 14.3 percent, or $3.6 million, during the third quarter of 2012, compared to the second quarter of 2012, inclusive of $1.4 million in property foreclosures.
  • Troubled debt restructurings decreased by $2.5 million between June 30, 2012, and Sept. 30, 2012.
  • Potential problem loans, which are classified loans that continue to accrue interest, declined by $9.9 million from June 30, 2012, a linked-quarter reduction of 8.9 percent. Potential problem loans are down from $131.0 million at Sept. 30, 2011, to $100.7 million at Sept. 30, 2012, a decrease of 23.2 percent. Potential problem loans are down by 68.3 percent from their peak in June 2010.

“One of our primary priorities for the last three years has been to rehabilitate the balance sheet and return to normalized credit metrics,” Turner said. “With an annualized net charge-off rate of 0.22 percent, minimal problem loan inflows and a nonperforming assets to total loans plus OREO ratio of 1.65 percent, we continued our forward progress toward the completion of that rehabilitation during the third quarter.”

2 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs