- Loans at March 31, 2012, were $3.34 billion, an increase of $46.5 million from $3.29 billion at Dec. 31, 2011, and up 3.7 percent over the same quarter last year. Commercial and industrial loans combined with owner-occupied commercial real estate loans were $1.77 billion at March 31, 2012, an increase of $43.3 million from $1.73 billion at Dec. 31, 2011, and up 11.1 percent over the same quarter last year and the seventh consecutive quarter of net growth.
- Average balances of noninterest bearing deposit accounts were $701.8 million in the first quarter of 2012. Average balances decreased 0.5 percent over fourth quarter 2011 but were up 18.0 percent over the same quarter last year.
- Revenue for the quarter ended March 31, 2012, amounted to $49.45 million, compared to $44.34 million for the same quarter of last year, an increase of 11.5 percent.
- Net interest margin increased to 3.74 percent for the quarter ended March 31, 2012, from 3.40 percent for the quarter ended March 31, 2011.
- Since expanding to the Knoxville market in the summer of 2007, Pinnacle has continued its strong growth in that market. Its Knoxville footprint reached $544.4 million in loans at the end of the first quarter 2012.
Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today reported that its net income per fully diluted common share available to common stockholders was $0.21 for the quarter ended March 31, 2012, compared to net income per fully diluted common share available to common stockholders of $0.06 for the quarter ended March 31, 2011, an increase of 258 percent. “Fiscal 2011 was a pivotal year for our firm as we focused intently on reducing the level of problem assets and expanding our core earnings capacity,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “I am pleased to report that we have continued that trend in the first quarter of 2012. We capitalized on asset quality improvements and continued the expansion of our core revenue base. We grew our loan portfolio for the third consecutive quarter—an indication that we are successfully executing our plan to grow through market share movement despite tepid economic growth. Our business development pipelines expanded significantly during the quarter, and we expect loan growth to accelerate in the second quarter and for the remainder of 2012.” Building the Core Earnings Capacity of the Firm