Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today reported net income per diluted common share of $0.44 for the quarter ended Dec. 31, 2013, compared to net income per diluted common share of $0.34 for the quarter ended Dec. 31, 2012, an increase of 29.4 percent. Net income per diluted common share was $1.67 for the year ended Dec. 31, 2013, compared to net income per diluted common share of $1.10 for the year ended Dec. 31, 2012, an increase of 51.8 percent.
Included in 2013 results were net reductions approximating $0.05 in earnings per share consisting of an $877,000 charge due to a Federal Home Loan Bank advance restructuring in the first quarter of 2013 and $1.47 million in net losses on sales of investment securities that occurred during the first three quarters of 2013.
“Our 2013 results represent another remarkable year for our shareholders and associates,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “Loans increased more than $432 million during 2013, an 11.6 percent increase over last year. Our fourth quarter 2013 average noninterest bearing deposit balances increased 20.5 percent from last year’s fourth quarter average balances, indicating that our deposit franchise continues to grow and gain momentum in two very attractive banking markets. We had a very successful recruiting year as we attracted several of the best bankers and investment professionals to our firm in 2013. Lastly, we initiated our quarterly cash dividend program in the fourth quarter of 2013. All of these factors give me great confidence in our ability to accomplish our targeted growth and profitability objectives in 2014 while continuing to enhance shareholder value.”
GROWING THE CORE EARNINGS CAPACITY OF THE FIRM:
- Loans at Dec. 31, 2013 were a record $4.144 billion, an increase of $432.3 million from Dec. 31, 2012, reflecting year-over-year growth of 11.6 percent. Loan growth during the fourth quarter was $175.2 million compared to $43.9 million in the third quarter of 2013 and $187.0 million in the same quarter last year.
- Average balances of noninterest bearing deposit accounts were $1.179 billion in the fourth quarter of 2013, up 7.2 percent from the third quarter of 2013 and up 20.5 percent over the same quarter last year.
- Revenues (excluding securities gains and losses) for the quarter ended Dec. 31, 2013 were a record $57.5 million, an increase from $57.4 million in the third quarter of 2013 and up 7.7 percent over the $53.4 million for the same quarter last year.
- The firm’s efficiency ratio for the quarter ended Dec. 31, 2013 was 56.8 percent compared to 59.5 percent in the third quarter of 2013 and 63.0 percent for the same quarter last year.
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