PNFP REPORTS DILUTED EARNINGS PER SHARE OF $0.35 FOR 4Q 2017
Excluding merger-related charges, deferred tax revaluation and investment securities losses,
diluted EPS was $0.97 for 4Q 2017
NASHVILLE, TN, Jan. 16, 2018 - Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income per diluted common share of $0.35 for the quarter ended Dec. 31, 2017, compared to net income per diluted common share of $0.78 for the quarter ended Dec. 31, 2016, a decrease of 55.1 percent. Net income per diluted common share was $2.70 for the year ended Dec. 31, 2017, compared to net income per diluted common share of $2.91 for the year ended Dec. 31, 2016, a decrease of 7.2 percent.
There were several items negatively impacting the firm's most recent quarterly and annual results for 2017 including:
Pre-tax merger-related charges of $19.1 million and $31.8 million for the three months and year ended Dec. 31, 2017,
Pre-tax investment securities losses of $8.3 million for the three months and year ended Dec. 31, 2017 and
After-tax charges related to the revaluation of the firm’s deferred tax assets of $31.5 million for the three months and year ended Dec. 31, 2017.
Excluding the above items, net income per diluted common share was $0.97 and $3.57 for the three months and year ended Dec. 31, 2017, respectively, compared to net income per diluted common share of $0.83 and $3.07 for the three months and year ended Dec. 31, 2016, excluding pre-tax merger-related charges of $3.3 million and $11.7 million, respectively. As a result, net income per diluted common share excluding the above items increased:
16.9 percent in the three months ended Dec. 31, 2017, compared to the three months ended Dec. 31, 2016 and,
16.3 percent for the year ended Dec. 31, 2017, compared to the year ended Dec. 31, 2016.
"With asset growth of 98.4 percent, revenue growth of 54.3 percent, adjusted fully-diluted earnings per share growth of 16.3 percent and tangible book value per share growth of 18.2 percent, 2017 was likely our best year yet," said M. Terry Turner, Pinnacle's president and chief executive officer. "During 2017, we announced and closed our merger with BNC Bancorp (BNC), that expanded our high-growth franchise to what we believe are the best banking markets in the Carolinas. I could not be prouder of our associates for their tireless efforts to create what I believe is one of the country’s most dynamic regional banking franchises.
"I am particularly excited about our continued growth prospects heading into 2018," Turner said. "We have now completed the BNC brand and technology integrations and are well on our way to a common culture across our four-state
The following information was filed by Pinnacle Financial Partners Inc (PNFP) on Wednesday, January 17, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-K Annual Report Accession Number: 0001115055-18-000012 Submitted to the SEC: Wed Feb 28 2018 2:51:30 PM EST Accepted by the SEC: Wed Feb 28 2018 Period: Sunday, December 31, 2017 Industry: National Commercial Banks