Pinnacle Financial Partners, Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Records Net Charge-Offs for the Fourth Quarter of 2016
January 17, 2017 at 05:30 pm
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Pinnacle Financial Partners, Inc. announced consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $101,493,142 compared with $77,796,525 for the same period a year ago. Net interest income was $89,413,374 compared with $71,474,750 for the same period a year ago. Income before income taxes was $54,344,983 compared with $40,431,742 for the same period a year ago. Net income was $36,096,464 compared with $26,854,108 for the same period a year ago. Diluted net income per common share was $0.78 compared with $0.65 for the same period a year ago.
For the full year, the company reported total interest income of $363,608,928 compared with $255,169,880 for the same period a year ago. Net interest income was $324,994,281 compared with $236,632,915 for the same period a year ago. Income before income taxes was $191,383,862 compared with $143,097,930 for the same period a year ago. Net income was $127,224,695 compared with $95,509,402 for the same period a year ago. Diluted net income per common share was $2.91 compared with $2.52 for the same period a year ago. Return on avg. assets was 1.30% 1.24% for the same period a year ago. Return on avg. equity was 9.61% 9.24% for the same period a year ago. Return on avg. tangible common equity was 15.49% 14.97% for the same period a year ago.
Net charge-offs were $4.3 million for the quarter ended Dec. 31, 2016, compared to $7.3 million for the third quarter of 2016 and $3.8 million for the quarter ended Dec. 31, 2015.
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. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Records Net Charge-Offs for the Fourth Quarter of 2016