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Pinnacle Financial Reports EPS Up 27.3% Over Same Quarter Last Year

Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today reported net income available to common stockholders of $14.6 million for the quarter ended Sept. 30, 2013, up from net income available to common stockholders of $11.3 million for the same quarter in 2012. Net income per diluted common share was $0.42 for the quarter ended Sept. 30, 2013, compared to net income per diluted common share of $0.33 for the quarter ended Sept. 30, 2012, an increase of 27.3 percent.

Pinnacle also reported net income available to common stockholders of $42.4 million for the nine months ended Sept. 30, 2013, up from net income available to common stockholders of $26.3 million for the same nine-month period in 2012. Net income per diluted common share was $1.23 for the nine months ended Sept. 30, 2013, compared to net income per diluted common share of $0.76 for the nine months ended Sept. 30, 2012, an increase of 61.8 percent.

“Our third quarter operating results represent another strong quarter of execution by our associates,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “We experienced strong earnings growth and another record quarter in operating revenues as we continue to drive toward our previously stated return-on-average-asset goal of 1.10 percent to 1.30 percent.”

GROWING THE CORE EARNINGS CAPACITY OF THE FIRM:
  • Loans at Sept. 30, 2013 were a record $3.969 billion, an increase of $257.1 million from Dec. 31, 2012, and $441.1 million from Sept. 30, 2012, a year-over-year growth rate of 12.6 percent. Loan growth during the third quarter was $43.9 million compared to $153.0 million last quarter and $80.5 million in the same quarter last year.
  • Average balances of noninterest bearing deposit accounts were $1.10 billion in the third quarter of 2013, up 8.7 percent from the second quarter of 2013 and up 37.7 percent over the same quarter last year.
  • Revenues (excluding securities gains and losses) for the quarter ended Sept. 30, 2013 were a record $57.4 million, an increase from $54.9 million last quarter and up 11.7 percent over the $51.4 million for the same quarter last year.
  • Consistent with previously disclosed expectations, the firm’s net interest margin decreased to 3.72 percent for the quarter ended Sept. 30, 2013, down from 3.77 percent last quarter and 3.78 percent for the quarter ended Sept. 30, 2012.
  • The firm’s efficiency ratio for the quarter ended Sept. 30, 2013 was 59.5 percent compared to 56.2 percent last quarter and 65.4 percent for the same quarter last year.

“Although our loan growth for the third quarter was less than we had anticipated at the beginning of the quarter, we remain optimistic about the fourth quarter as our loan pipelines appear to be gaining strength as we approach year-end,” Turner said. “Perhaps more importantly, we continue to experience strong growth in operating deposit accounts. We are pleased that a growing number of clients recognize the differentiated service we provide over that of the national and large regional franchises doing business in our markets. As a result, our average noninterest-bearing account balances increased $301.0 million during the last year, up 37.7 percent over the average balances of the third quarter last year.”

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