Pinnacle Financial Partners Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014
January 20, 2015 at 10:31 pm
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Pinnacle Financial Partners Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $53,533,210 compared to $48,404,526 a year ago. Net interest income was $50,313,272 compared to $44,968,465 a year ago. Income before income taxes was $28,263,666 compared to $22,594,988 a year ago. Net income was $18,737,238 or $0.53 per diluted share compared to $15,320,594 or $0.44 per diluted share a year ago. Return on average assets was 1.27% compared to 1.13% a year ago. Return on average equity was 9.33% compared to 8.41% a year ago. Book value per share as at December 2014 was $22.46 against $20.27 per share a year ago.
For the year, the company reported total interest income of $206,169,962 compared to $191,282,415 a year ago. Net interest income was $192,984,549 compared to $175,898,636 a year ago. Income before income taxes was $105,652,684 compared to $85,884,478 a year ago. Net income was $70,471,167 or $2.01 per diluted share compared to $57,726,201 or $1.67 per diluted share a year ago.
The company reported net charge-offs of $842,000 for the fourth quarter ended December 31, 2014, compared to $1.6 million for the third quarter of 2014 and $1.5 million for the quarter ended December 31, 2013.
Pinnacle Financial Partners, Inc. is a financial holding company. The Company operates through its wholly owned subsidiary, Pinnacle Bank (the Bank). The Bank is a Tennessee state-chartered bank. It offers a range of lending products, including commercial, real estate and consumer loans to individuals, businesses, and professional entities. The Bank is also focused on offering core deposits, including savings, noninterest-bearing checking, interest-bearing checking, money market and certificate of deposit accounts, including access to products offered through various IntraFi Network Deposit programs. The Bank also provides fiduciary and investment services through its Trust & Investment Services department. Its treasury management services include, online wire origination, automated bill pay services, positive pay, and others. It operates approximately 128 offices, including 51 in Tennessee, 39 in North Carolina, 21 in South Carolina, 10 in Virginia, three in Georgia.
Pinnacle Financial Partners Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014