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Community bank earnings: Pinnacle Financial sees YOY loan growth of 46.8% in Q2'16

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Community bank earnings: Pinnacle Financial sees YOY loan growth of 46.8% in Q2'16

In this feature, S&PGlobal Market Intelligence takes a look at a handful of community banksreporting results for the three months ended June 30 around the country on July19.

Midwest

GrandRapids, Mich.-based MercantileBank Corp. reported net income of $7.4million, or 46 cents per share, compared to $6.6 million, or 39 cents pershare, in the year-ago period. The company's board declared a quarterly cashdividend of 17 cents per share, up from the previous quarterly dividend of 16cents per share.

TheS&P Capital IQ consensus estimate for normalized EPS was 42 cents for thelatest quarter.

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Northeast

Glastonbury,Conn.-based United FinancialBancorp Inc. reported second-quarternet income of $9.1 million, or 18 cents per share, compared to $13.3 million,or 27 cents pershare, for the second quarter of 2015.

Operatingnet income for the second quarter of 2016 was $10.0 million, or 20 cents pershare. United Financial's operating net income is adjusted for purchaseaccounting impacts, net gain from sales of securities and the effect ofposition eliminations as a result of the Company's previously disclosedreorganization plan.

TheS&P Capital IQ consensus estimate for normalized EPS was 25 cents for thelatest quarter.

Southeast

Wheeling,W.Va.-based WesBanco Inc.disclosed second-quarternet income of $22.1 million, or 58 cents per share, compared to $21.6 million,or 56 cents per diluted share, for the same period in 2015.Excluding after-tax merger-related expenses, net income for the second quarterwas $22.6 million, or 59 cents per share, compared to $22.4 million, or 58cents per share, in the year-ago period.

TheS&P Capital IQ consensus estimate for normalized EPS was 56 cents for thelatest quarter.

Thecompany's provision for credit losses declined to $1.8 million in the 2016second quarter, compared to $2.7 million in the 2015 second quarter, due toimproved credit metrics. The net interest margin was 3.30% for the secondquarter, compared to 3.29% for the linked quarter and 3.44% for the secondquarter of 2015.


Tupelo,Miss.-based Renasant Corp.reported net income of$22.9 million, or 54 cents per share, for the second quarter, compared to $15.4million, or 48 cents per share, for the year-ago period.

Thecompany incurred pretax merger and conversion expenses of $2.8 million, or $1.9million on an after-tax basis, for the second quarter of 2016 which reduceddiluted EPS by 5 cents. Excluding the impact of after-tax mergerand conversion expenses incurred during the quarter, diluted EPS was 59 cents.

TheS&P Capital IQ consensus estimate for normalized EPS was 57 cents for thelatest quarter.

Thecompany's NIM was 4.29% for the second quarter of 2016, compared to 4.21% forthe linked quarter and 4.17% for the second quarter of 2015.


Nashville, Tenn.-based disclosed net incomeof $30.8 million, or 73 cents per share, for the second quarter, compared to$22.7 million, or 64 cents per share, for the year-ago quarter. Excludingpretax merger-related charges of $980,000 for the three months ended June 30,2016, net income per diluted common share was 75 cents.

The S&P Capital IQ consensus estimate fornormalized EPS was 74 cents for the latest quarter.

President and CEO M. Terry Turner highlighted in anews release that the net loan growth of $263.5 million during the secondquarter represented a 46.8% increase over the same quarter in 2015. "Wecontinue to believe low to mid double-digit percentage year-over-year organicloan growth is a reasonable expectation for the remainder of 2016 and 2017,"he added.

Southwest

Stillwater,Okla.-based Southwest Bancorp Inc.reported second-quarternet income of $5.4 million, or 28 cents per share, compared to $4.2 million, or22 cents per share,for the year-ago quarter.

TheS&P Capital IQ consensus estimate for normalized EPS was 24 cents for thelatest quarter.

During the first six months of 2016, Southwest repurchased1,336,387 shares for a total of $21.0 million.


Plano,Texas-based LegacyTexas FinancialGroup Inc. disclosed available to commonshareholders of $23.1 million, or 50 cents per share, for the second quarter,compared to $20.1 million, or 44 cents per share, for the same period a yearago.

TheS&P Capital IQ consensus estimate for normalized EPS was 44 cents for thelatest quarter.

Thecompany's NIM was 3.79% during the second quarter, compared to 3.88% for thelinked quarter and 4.06% for the second quarter of 2015.