This Day On The Street
Continue to site
ADVERTISEMENT
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

Pinnacle Financial Gains Balance Sheet, Earnings Momentum In 4Q12

Building the Core Earnings Capacity of the Firm

  • Loans at Dec. 31, 2012, were $3.712 billion, an increase of $187.0 million from Sept. 30, 2012, and $420.8 million from Dec. 31, 2011, a year-over-year growth rate of 12.8 percent. Commercial and industrial loans plus owner-occupied commercial real estate loans were $2.041 billion at Dec. 31, 2012, an increase of $159.2 million, or 8.5 percent, from Sept. 30, 2012, and $313.3 million, or 18.1 percent, from Dec. 31, 2011.
  • Since expanding to Knoxville in the summer of 2007, Pinnacle has continued its strong growth in that market. The Knoxville footprint reached $641.6 million in loans at the end of fiscal year 2012, up from $594.2 million at Sept. 30, 2012, and an increase of 16.4 percent from $551.1 million at Dec. 31, 2011.
  • Average balances of noninterest bearing deposit accounts were $978.4 million in the fourth quarter of 2012, up 22.4 percent over third quarter of 2012 and 38.7 percent over the same quarter last year.
  • Revenues for the quarter ended Dec. 31, 2012 were $55.4 million, compared to $49.0 million for the same quarter of last year. Excluding securities gains, revenues for the quarter ended Dec. 31, 2012 were $53.4 million, compared to $51.4 million for the third quarter of 2012 and $48.9 million for the same quarter of last year. Revenues for the quarter ended Dec. 31, 2012, excluding securities gains, were up 3.8 percent on a linked-quarter basis and 9.2 percent over the same quarter last year.
  • Net interest margin increased for the ninth consecutive quarter to 3.80 percent for the quarter ended Dec. 31, 2012, up from 3.78 percent last quarter and from 3.65 percent for the quarter ended Dec. 31, 2011.
  • The firm’s efficiency ratio, excluding the $2.0 million of securities gains, $1.4 million in ORE expense and $2.1 million of charges related to the restructuring of $60.0 million of FHLB advances, was 58.8 percent for the fourth quarter of 2012.
  • Pre-tax pre-provision income was $20.5 million for the quarter ended Dec. 31, 2012, up 15.3 percent over last quarter and 40.0 percent over the same quarter last year.

“Growing high quality loans in the commercial segments of our markets is the foundation for continued acceleration of operating leverage and profitability,” Turner said. “During 2012, our relationship managers continued to penetrate our markets as evidenced by the 12.8 percent increase in loans this year. Also, the addition of several experienced commercial lenders in 2011 and 2012 bolstered our ability to grow organically and move market share in 2012 and should contribute significantly to our anticipated loan growth in 2013.”

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs