Tuesday, Pinnacle Financial Partners Inc. (PNFP), a provider of banking, investment, mortgage and insurance products and services, announced preliminary third quarter results reporting a net loss available to stockholders, compared to earnings last year, hurt by higher provision for loan losses. The company also announced that it would evaluate impairment of goodwill, if necessary, prior to filing its Form 10-Q with the Securities and Exchange Commission.
Net loss available to common stockholders was $4.85 million or $0.15 per share compared to earnings of $8.80 million or $0.36 per share in the corresponding period last year.
On average, eleven analysts polled by Thomson Reuters expected the company to incur a loss of $0.09 per share for the quarter. Analysts' estimates typically exclude special items.
Results for the quarter included $1.21 million of preferred stock dividends related to securities issued under the U.S. Treasury's Capital Purchase Program.
Revenue increased 9.73% to $42.29 million from $38.53 million a year earlier. Eight Street analysts expected the company to report revenues of $41.81 million for the quarter.
Net interest income rose 17.99% to $34.55 million from $29.28 million for the same quarter last year. Net interest margin was 3.05% compared with a net interest margin of 3.14% for the same period last year. Non-interest income declined 16.38% to $7.74 million, from $9.25 million recorded during the period last year
The company attributed the decrease in non-interest income to lower consumer deposit fees and less revenue from the company's investment and insurance businesses. Additionally, the second quarter of 2008 included a one-time gain of $695 thousands from the sale of a loan.
Loans at September 30, 2009, were $3.61 billion, up 12.6% from $3.20 billion at September 30, 2008. Total deposits at September 30, 2009, were $3.82 billion, up 15.9% from $3.30 billion at September 30, 2008.
Provision for loan losses was $22.13 million for the third quarter of 2009, compared to $3.13 million for the same period last year. Allowance for loan losses represented 2.30% of total loans at September 30, 2009, compared to 1.09% a year ago.
Net charge-offs were $5.2 million compared to $73 thousands for the same period last year. Net charge-offs as a percentage of average loan balances were 0.58% annualized, compared to 0.41% annualized for the same period last year. Nonperforming assets were 3.98% of total loans and other real estate at September 30, 2009, compared to 0.93% at September 30, 2008. "Our third quarter results reflect increased provisioning due primarily to our assessment of increasing risk associated within our loan portfolio, particularly the residential construction and land development portfolio," said Terry Turner, Pinnacle's president and chief executive officer.
The company said it has postponed redemption of the preferred stock it issued under the U.S. Treasury's Capital Purchase Program until there has been sufficient improvement in economic conditions and it sees reductions in the growth of the company's problem assets.
For the nine-month period, loss per share available to common stockholders was $1.39 compared to earnings of $0.96 per share in the same period last year. Net interest income rose to $93.8 million from $84.3 million in the year-ago period. Non-interest income increased to $31.5 million from $26.7 million in the corresponding period last year.
PNFP declined $0.09 or 0.75% and closed Tuesday's regular trading session at $11.88.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.