Pinnacle Financial Partners, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Off for the Fourth Quarter Ended December 31, 2017
January 17, 2018 at 03:45 am IST
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Pinnacle Financial Partners, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of $208,084,924 against $101,493,142 a year ago. Net interest income was $174,730,717 against $89,413,374 a year ago. Income before income taxes was $81,965,005 against $54,344,983 a year ago. Net income was $26,797,774 or $0.35 per diluted share against $36,096,464 or $0.78 per diluted share a year ago. Return on average assets was 0.48% against 1.30% a year ago. Return on average tangible assets was 0.53% against 1.36% a year ago. Return on average equity was 2.87% against 9.61% a year ago. Non-GAAP net interest income was $174,731,000 against $89,413,000 a year ago. Non-GAAP total revenues were $211,219,000 against $120,156,000 a year ago. Non-GAAP net income was $26,798,000 or $0.35 per diluted share against $36,097,000 or $0.78 per diluted share a year ago. Non-GAAP return on average assets was 0.48% against 1.30% a year ago. Non- GAAP return on average tangible assets was 0.53% against 1.36% a year ago. Non-GAAP return on average common equity was 2.87% against 9.61% a year ago.
For the year, the company reported total interest income of $636,138,249 against $363,608,928 a year ago. Net interest income was $543,307,011 against $324,994,281 a year ago. Income before income taxes was $297,986,023 against $191,383,862 a year ago. Net income was $173,979,487 or $2.70 per diluted share against $127,224,695 or $2.91 per diluted share a year ago. At December 31, 2017, tangible book value per share was $23.71 per share against $20.06 per share at December 31, 2016, an increase of 18.2% despite the impact of a transformational merger and the immediate impact of a meaningful tax law change.
For the fourth quarter ended December 31, 2017, the company reported net charge-offs of $4.2 million against $4.3 million a year ago.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Off for the Fourth Quarter Ended December 31, 2017