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Nonperforming assets double YOY at Pinnacle Financial

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Nonperforming assets double YOY at Pinnacle Financial

Pinnacle Financial Partners Inc. on Oct. 17 posted a 99.0% year-over-year rise in third-quarter profit.

President and CEO M. Terry Turner noted that the three months ended Sept. 30 was the first full quarter of results following the BNC Bancorp acquisition.

Net income climbed to $64.4 million, or 83 cents per share, from net income of $32.4 million, or 71 cents per share, a year earlier. Excluding the recent quarter's pretax merger-related charges of $8.8 million, the company calculated EPS of 90 cents. The S&P Capital IQ consensus mean estimate for third-quarter normalized EPS was 89 cents.

The bank's net interest margin for the quarter was 3.87%, up from 3.68% in the previous quarter and up from 3.60% a year ago.

At the end of the third quarter, nonperforming assets totaled $78.1 million, up from $65.4 million in the linked quarter and $34.1 million a year ago. Net loan charge-offs totaled $3.7 million, compared to $7.5 million in the linked quarter and $7.3 million in the prior-year quarter. The bank recorded a provision for loan losses of $6.9 million, up from $6.8 million in the previous quarter and $6.1 million a year earlier.