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Pinnacle Financial Gains Balance Sheet, Earnings Momentum In 4Q12

Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today reported that its net income per diluted common share available to common stockholders was $0.34 for the quarter ended Dec. 31, 2012, compared to net income per diluted common share available to common stockholders of $0.17 for the quarter ended Dec. 31, 2011. Included in fourth quarter 2012 results was a $2.1 million charge due to a Federal Home Loan Bank (FHLB) advance restructuring that was offset by $2.0 million in gains on the sale of securities. Net income per diluted common share available to common stockholders was $1.10 for the year ended Dec. 31, 2012, compared to net income per diluted common share available to common stockholders of $1.09 for the year ended Dec. 31, 2011.

Financial results for the year ended Dec. 31, 2012 include the impact of accelerated accretion of $1.7 million for the remaining preferred stock discount associated with the second quarter redemption of the remaining outstanding shares of TARP preferred stock which, if excluded, would result in net income per fully diluted share of $1.15 for 2012. Excluding the impact of an income tax benefit of $22.5 million as a result of last year’s release of a valuation allowance for deferred tax assets, net income for the year ended Dec. 31, 2011 would have been $0.43 per fully diluted common share. As a result, excluding the impact of both the accelerated accretion of the preferred stock discount and the tax benefit from the release of the valuation allowance, net income per diluted common share available to common stockholders for the year ended Dec. 31, 2012, was approximately 167.4 percent over the same period in 2011.

“This past year was a remarkable one for our firm and associates,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “We continued to experience dramatic improvement in asset quality. Nonperforming assets as a percentage of total loans and OREO decreased from 2.66 percent at Dec. 31, 2011, to 1.11 percent at Dec. 31, 2012, during a period when our net charge-offs were just 0.29 percent. Additionally, our organic growth model regained momentum as we experienced net loan growth of 12.8 percent in 2012 and 38.7 percent growth in average non-interest bearing demand deposits. We redeemed the remaining preferred shares issued in conjunction with the TARP program with no additional common shareholder dilution. We believe we have now substantially completed the rehabilitation of our balance sheet, and we again find ourselves optimistic about our growth and profitability prospects for the coming year.”

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