{"id":515412,"date":"2021-07-20T17:18:12","date_gmt":"2021-07-20T21:18:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/pnfp-reports-diluted-eps-of-1-69-roaa-of-1-46-and-rotce-of-17-32-for-2q2021\/"},"modified":"2021-07-20T17:18:12","modified_gmt":"2021-07-20T21:18:12","slug":"pnfp-reports-diluted-eps-of-1-69-roaa-of-1-46-and-rotce-of-17-32-for-2q2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pnfp-reports-diluted-eps-of-1-69-roaa-of-1-46-and-rotce-of-17-32-for-2q2021\/","title":{"rendered":"PNFP Reports Diluted EPS of $1.69, ROAA of 1.46% and ROTCE of 17.32% For 2Q2021"},"content":{"rendered":"

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PNFP Reports Diluted EPS of $1.69, ROAA of 1.46% and ROTCE of 17.32% For 2Q2021<\/b><\/p>\n

Net interest income grew 18.6% annualized and fee income grew 23.7% annualized<\/i><\/b><\/p>\n

NASHVILLE, Tenn.–(BUSINESS WIRE<\/a>)–
\nPinnacle Financial Partners, Inc. (Nasdaq\/NGS: PNFP) reported net income per diluted common share of $1.69 for the quarter ended June 30, 2021, compared to net income per diluted common share of $0.83 for the quarter ended June 30, 2020, an increase of approximately 104 percent. Excluding gains and losses on the sale of investment securities and ORE expense for the three months ended June 30, 2021 and 2020 and FHLB restructuring charges for the three months ended June 30, 2020, net income per diluted common share was $1.68 for the three months ended June 30, 2021, compared to $0.89 for the three months ended June 30, 2020, a year-over-year increase of nearly 89 percent.\n<\/p>\n

\nNet income per diluted common share was $3.30 for the six months ended June 30, 2021, compared to net income per diluted common share of $1.20 for the six months ended June 30, 2020, an increase of 175 percent. Excluding gains and losses on the sale of investment securities and other real estate (ORE) expense for the six months ended June 30, 2021 and 2020 and FHLB restructuring charges for the six months ended June 30, 2020, net income per diluted common share was $3.29 in 2021, compared to $1.28 in 2020, a year-over-year increase of 157 percent.\n<\/p>\n

\n\u201cSecond quarter was another outstanding quarter for our firm,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “We continued to exploit opportunities to hire leading revenue producers from many of the larger institutions in our markets as we added 36 revenue producers during the quarter. This brings our total revenue producers onboarded in the last two and a half years to 216 associates. Within that, we now have 15 revenue producers located in Atlanta, and our recent announcements in Huntsville and Birmingham include seven revenue producers. Across our entire franchise, approximately 25 percent of our revenue producers have been with our firm for less than two and a half years, all while maintaining an overall associate retention rate of 93 percent, which we expect to result in significant incremental revenue growth as these new associates introduce their clients to our award-winning service.\n<\/p>\n

\n“The impact of our previous hiring successes appear evident in our second quarter\u2019s performance for key metrics. While total loans declined 0.8 percent on a linked quarter basis, after excluding the $848.5 million reduction of PPP loans, our remaining loans grew 12.6 percent on a linked-quarter annualized basis. Linked-quarter annualized core deposit growth was 14.2 percent. Year-over-year growth in wealth management fees was 35.4 percent. And linked-quarter annualized growth in revenue per share was 19.2 percent. Not only are we optimistic about the impact our hiring to date will have on key growth metrics going forward, we also expect to continue attracting many of the best bankers in our markets in order to further propel our growth going forward.”\n<\/p>\n

BALANCE SHEET GROWTH:<\/b><\/p>\n