This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: PNFP

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.”

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

DOW 17,908.82 +104.02 0.58%
S&P 500 2,070.90 +0.25 0.01%
NASDAQ 4,770.5190 +5.1390 0.11%

Brokerage Partners

Rates from Bankrate.com

  • 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