Tuesday, Commercial banking services provider Pinnacle Financial Partners, Inc. (PNFP), reported a rise in earnings for the fourth quarter, benefited from higher net interest income and non-interest income.
The Nashville, Tennessee-based company reported net income for the fourth quarter of $8.05 million, up from $6.24 million reported in the year-ago quarter.
Net income available to common stockholders increased to $7.74 million from $6.24 million. However, on per share basis, net income per share available to common stockholders declined to $0.31 from $0.33, due to higher share count.
Excluding merger related expense related to the acquisition of Mid-America Bancshares Inc., earnings for the fourth quarter was $0.35 per share.
On average, seven analysts polled by First Call/Thomson Financial expected the company to earn $0.36 per share for the quarter. Analysts' estimate typically exclude special items.
Net interest income before provision for loan losses was $29.89 million, up from $22.01 million in the year-ago quarter. Total non-interest income grew to $8.04 million from $6.61 million in last year quarter.
Five Wall Street analysts expected revenues of $39.15 million.
Provision for loan losses was $3.71 million, higher than $2.26 million in the same quarter a year before, primarily due to the firm recorded net charge-offs during the fourth quarter of 2008.
Non-performing assets were 0.86% of total loans and other real estate at December 31, 2008, compared to 0.93% as at September 30, 2008. Total assets at the end of December 31, 2008 improved to $4.76 billion from $3.79 billion at the end of same period last year.
Total interest expense rose to $23.38 million from $21.33 million in the year-ago quarter. Total non-interest expense increased to $22.59 million from $17.76 million in the previous year quarter.
For the full-year period, Pinnacle Financial's net income available to common stockholders improved to $30.56 million from $23.04 million in the prior year period. Earnings per share fell to $1.27 from $1.34 in last year period on higher share count.
Net interest income before provision for loan losses was $114.21 million, up from $75.71 million in the preceding year period. Total non-interest income grew to $34.72 million from $22.52 million in the previous year period.
Pinnacle Financial's stock closed Tuesday's regular trading session at $20.09, down $2.09 or 9.42% but gained 1 cent or 0.05% in the after-hour trading.
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