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FOR IMMEDIATE RELEASE
|MEDIA CONTACT:||Nikki Klemmer, 615-743-6132|
|FINANCIAL CONTACT:||Harold Carpenter, 615-744-3742|
PINNACLE FINANCIAL GROWS QUARTERLY NET INCOME PER
FULLY DILUTED SHARE 143 PERCENT OVER FOURTH QUARTER OF 2010
Fully diluted earnings per share of $0.17 in fourth quarter of 2011
includes impact of redemption of 25 percent of TARP preferred shares
NASHVILLE, Tenn., Jan. 17, 2012 Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today reported that its net income per fully diluted common share available to common stockholders was $0.17 for the quarter ended Dec. 31, 2011, compared to net income per fully diluted common share available to common stockholders of $0.07 for the quarter ended Dec. 31, 2010, an increase of 143 percent. The Companys results for the fourth quarter of 2011 include $718,000 in additional accretion charges as a result of the Companys redemption of 25 percent of its TARP preferred shares on Dec. 28, 2011.
Net income per fully diluted common share available to common stockholders was $1.09 for the year ended Dec. 31, 2011, compared to a net loss per fully diluted common share available to common stockholders of $0.93 for the year ended Dec. 31, 2010. Fully diluted net income per share available to common stockholders for the year ended Dec. 31, 2011, was $0.64 excluding $0.45 per share related to the third quarter 2011 reversal of the valuation allowance for net deferred tax assets.
This past year was a pivotal one for our firm as we significantly reduced the level of problem loans and expanded our core earnings, said M. Terry Turner, Pinnacles president and chief executive officer. As we went through the year, we made dramatic improvements in asset quality, significantly altered our funding mix to lower costs and produced meaningful growth in commercial and industrial loans as well as demand deposits. This growth reflects our continuing opportunity to capitalize on client dissatisfaction with the larger national and regional banks in our markets. We also redeemed 25 percent of our TARP preferred shares with no dilution to our common stockholders. We expect continuing improvement in core earnings and asset quality in 2012.
The following information was filed by Pinnacle Financial Partners Inc (PNFP) on Wednesday, January 18, 2012 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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