Pinnacle Financial Partners Inc. (PNFP) Tuesday reported an increase in profit for the second quarter, driven mainly by higher revenues and lower loan loss provisions.
The Nashville, Tennessee-based company's second-quarter net profit available to common stockholders was $7.78 million or $0.23 per share, compared to $4.84 million or $0.14 per share last year. On average, 10 analysts polled by Thomson Reuters expected earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter grew to $40.19 million from $37.80 million in the year-ago quarter. Total non-interest income rose to $9.91 million from $9.81 million in the prior-year quarter.
Seven analysts had a consensus revenue estimate of $50.82 million for the quarter.
Loan loss provisions for the quarter decreased to $634 thousand from $6.59 million last year.
Non-interest expense for the quarter decreased to $33.92 million from $34.36 million in the prior-year quarter.
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