Monday, Pinnacle Financial Partners Inc. (PNFP), a holding company for Pinnacle National Bank, reported an 89.4% decline in net income for the first quarter despite a 17.1% increase in revenue.
Net income available to common stockholders for the quarter was $643 thousands, down 89.4% from $6.1 million in the corresponding period last year. Included in net income available to common stockholders were $1.43 million of charges related to securities issued under the U.S. Treasury's Capital Purchase Program
Earnings per share available to common stockholders declined to $0.03 from $0.26 per share in the year-ago quarter. The results for the prior year quarter included the impact of $0.08 per share of merger expenses related to the Pinnacle's acquisition of Mid-America Bancshares Inc.
Net interest income declined 4.9% to $28.70 million, from $27.36 million for the same quarter last year. Net interest margin declined to 2.72% from 3.37% for the same period last year. Non-interest income was $13.14 million, up 57% over the $8.37 million recorded in the year-ago quarter.
Revenue, the sum of net interest income and non-interest income, rose 17.1% to $41.84 million, from $35.73 million in the corresponding period last year. Excluding the gains on sales of investment securities, revenues increased by 4.9% between the first quarter of 2009 and first quarter of 2008.
The company reported $119 million in organic loan growth during the first quarter of 2009, which approximated the $117 million reported in the same quarter last year. At March 31, 2009, allowance for loan losses was 1.30% of total loans, compared to 1.04% at March 31, 2008.
Net charge-offs as a percentage of average loan balances, annualized, were 0.56% compared to 0.03% for the three months ended March 31, 2008. Non-performing assets were 1.54% of total loans and other real estate at March 31, 2009, compared to 0.72% at March 31, 2008.
The Nashville, Tennessee headquartered company said it continues to monitor the progress of a $21.5 million loan to a financial institution, which originated at PrimeTrust Bank and was acquired by Pinnacle in the Mid-America Bancshares Inc. merger in 2007. The borrower has been under increased regulatory pressure with respect to its capital position in recent months due to the borrower's deteriorating real estate portfolio. The company said that it has downgraded the loan from criticized to classified status during the first quarter of 2009.
PNFP declined $1.81 or 8.15% and closed Monday's regular trading at $20.39. After hours, PNFP advanced $0.06 or 0.28% and traded at $20.45.
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