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Pinnacle Financial Reports Fully-Diluted EPS Up 83% Year-over-Year

Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today reported net income available to common stockholders of $14.3 million for the quarter ended June 30, 2013, up from net income available to common stockholders of $7.8 million for the same quarter in 2012. Net income per diluted common share was $0.42 for the quarter ended June 30, 2013, compared to net income per diluted common share of $0.23 for the quarter ended June 30, 2012, an increase of 82.6 percent.

Pinnacle also reported net income available to common stockholders of $27.8 million for the six months ended June 30, 2013, up from net income available to common stockholders of $15.0 million for the same six-month period in 2012. Net income per diluted common share was $0.81 for the six months ended June 30, 2013, compared to net income per diluted common share of $0.44 for the six months ended June 30, 2012, an increase of 84.1 percent.

“Growing the core earnings capacity of our firm continues to be our No. 1 priority,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “Our second quarter loan growth and, just as importantly, the growth we experienced in demand deposit accounts, demonstrate our ability to continue to gather clients and, consequently, to grow loans, core deposits and revenues in what we believe are two of the best banking markets in the country.”

GROWING THE CORE EARNINGS CAPACITY OF THE FIRM:
  • Loans at June 30, 2013, were a record $3.925 billion, an increase of $213.2 million from Dec. 31, 2012, and $480.7 million from June 30, 2012, a year-over-year growth rate of 14.0 percent.
  • Average balances of noninterest bearing deposit accounts were $1.0 billion in the second quarter of 2013, up 6.3 percent from the first quarter of 2013 and up 34.0 percent over the same quarter last year.
  • Revenues excluding securities gains and losses for the quarter ended June 30, 2013, were a record $55.0 million, an increase from $54.7 million last quarter and up 10 percent over the $50.0 million in revenues excluding securities gains and losses for the same quarter last year.
  • Consistent with previously disclosed expectations, the firm’s net interest margin decreased to 3.77 percent for the quarter ended June 30, 2013, down from 3.90 percent last quarter but up from 3.76 percent for the quarter ended June 30, 2012.
  • The firm’s efficiency ratio for the quarter ended June 30, 2013, was 56.2 percent compared to 59.4 percent last quarter and 67.7 percent for the same quarter last year. The firm’s efficiency ratio, excluding the $1.39 million in ORE expense and $771,000 in noncredit related loan losses, was 52.9 percent for the second quarter of 2013.
  • Pre-tax pre-provision net income was $24.1 million for the quarter ended June 30, 2013, up 8.3 percent over the first quarter of 2013 and 48.7 percent over the same quarter last year.

“We believe the loan growth we experienced in the second quarter puts us in a great position to achieve our 11.5 percent compound annual growth targets by year end 2014,” Turner said. “Additionally, we consider the operating account the single most important product in establishing a high-quality commercial banking relationship. When you have the client’s operating account, we believe you have the primary banking relationship. Consequently, we are pleased to report over $1.0 billion in average noninterest bearing account balances in the second quarter, an increase of 34.0 percent over average balances for the same quarter last year.

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