Pinnacle Financial Partners in Nashville, Tenn., reported higher first-quarter profit on strong lending results.
The $6.3 billion-asset company's net income rose 33% to $21.8 million, or 62 cents per share, better than the average estimate of analysts polled by Bloomberg. Total revenue, excluding investments gains and losses, rose 19% to $69.8 million.
Net interest income grew 12.3%, to $51 million, partly due to loan growth. Total loans rose 11% to $4.6 billion.
Noninterest income rose 31% to $18.5 million, largely because of a $3.1 million return on its investment in Bankers Healthcare Group, which closed on Feb. 1.
Noninterest expense rose 7% to $36.8 million. Absent the usual increases for additional hires that will occur, we feel our expense run rate should remain fairly consistent throughout this year, Harold Carpenter, chief financial officer, said in a news release.
Earlier this month, Pinnacle agreed to acquire the $968 million-asset CapitalMark Bank & Trust in Chattanooga, Tenn., for $187 million in cash and stock.