Pinnacle Financial Partners Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Reports Net Loan Charge-Offs for the Fourth Quarter of 2012
January 15, 2013 at 10:18 pm
Share
Pinnacle Financial Partners Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net income available to common stockholders common stockholders was $11.730 million or $0.34 diluted per share compared with net income available to common stockholders common stockholders was $5.680 million or $0.17 diluted per share for the same period last year. Total interest income was $47.203 compared with $46.445 million for the same period last year. Net interest income was $42.243 million compared with $39.292 million for the same period last year. Income before income taxes was $18.011 million compared with $9.206 million for the same period last year. Revenues for the quarter ended Dec. 31, 2012 were $55.4 million, compared to $49.0 million for the same quarter of last year.
For the full year, the company reported net income available to common stockholders common stockholders was $38.069 million or $1.10 diluted per share compared with net income available to common stockholders common stockholders was $37.072 million or $1.09 diluted per share for the same period last year. Total interest income was $185.421 million compared with $188.346 million for the same period last year. Net interest income was $162.864 million compared with $151.464 million for the same period last year. Income before income taxes was $62.527 million compared with $28.499 million for the same period last year. Return on avg. assets was 0.94% compared with 0.46% for the same period last year. Return on avg. equity was 6.86% compared with 3.09% for the same period last year. Return on avg. tangible equity was 10.85% compared with 4.93% for the same period last year.
The company recorded net loan charge-offs of $2.16 million compared to $6.34 million for the quarter ended December 31, 2011, and $1.94 million for the third quarter of 2012.
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, 2012; Reports Net Loan Charge-Offs for the Fourth Quarter of 2012