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Pinnacle Financial Reports Strong Loan Growth and Earnings of $0.03 Per Fully Diluted Share for First Quarter of 2009.

Publication: Investment Weekly News
Publication Date: 09-MAY-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Pinnacle Financial Reports Strong Loan Growth and Earnings of $0.03 Per Fully Diluted Share for First Quarter of 2009.(Financial report)

Article Excerpt
Pinnacle Financial Partners Inc. (Nasdaq/NGS: PNFP) reported continued loan growth for the quarter ended March 31, 2009. Fully diluted earnings per common share available to common stockholders were $0.03 for the quarter ended March 31, 2009, compared to $0.26 per fully diluted common share available to common stockholders for the quarter ended March 31, 2008, which included the fully-diluted per common share impact of $0.08 of merger expenses related to the Pinnacle's acquisition of Mid-America Bancshares Inc.

Pinnacle also reported $119 million in organic loan growth during the first quarter of 2009 which approximated the $117 million reported in the same quarter of 2008. At March 31, 2009, Pinnacle's allowance for loan losses was 1.30 percent of total loans, compared to 1.04 percent at March 31, 2008.

"Our first quarter 2009 results reflect increased provisioning and adherence to new and stricter underwriting standards for residential construction and development loans," said M. Terry Turner, Pinnacle president and chief executive officer. "In recent investor conferences and other public disclosures during the first quarter, we have emphasized we expect to experience...

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