Pinnacle Financial (PNFP) in Nashville, Tenn., reported a strong third quarter on steady loan growth.
The $5.4 billion-asset company's earnings rose 29% from a year earlier, to $14.6 million. Earnings per share of 42 cents matched estimates of analysts polled by Bloomberg.
Net interest income increased 9% from a year earlier, to $44.6 million, because of a 13% increase in loans, which totaled $4 billion. The net interest margin compressed by 6 basis points from a year earlier, to 3.72%.
Noninterest income rose 10% from a year earlier, to $11.4 million, because of deposit account and investment fees, as well as insurance sales commissions and trust fees. Noninterest expenses fell less than 1% from a year earlier, to $33.3 million.
Pinnacle nearly halved its loan-loss provision compared to the third quarter of 2012, to $680,000. Net charge-offs increased 8% from a year earlier, to $2.1 million.