Pinnacle Financial Partners Inc (NASDAQ:PNFP) Beats Analysts’ Estimates

Pinnacle Financial Partners Inc (NASDAQ:PNFP) stock fell 2.73% (As on Jan 19, 11:24:04 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 21. Total assets at Dec. 31, 2021 were $38.5 billion, an increase of approximately $3.5 billion from Dec. 31, 2020, reflecting a year-over-year increase of 10.1 percent. Pre-tax, pre-provision net revenues (PPNR) for the quarter ended Dec. 31, 2021 were $169.1 million, a increase of $25.9 million from the $143.1 million recognized in the quarter ended Dec. 31, 2020, an annualized growth rate of 72.5 percent. Net interest income for the quarter ended Dec. 31, 2021 was $238.8 million, compared to $237.5 million for the third quarter of 2021 and $221.0 million for the fourth quarter of 2020, a year-over-year growth rate of 8.0 percent. Net interest margin was 2.96 percent for the fourth quarter of 2021, compared to 3.03 percent for the third quarter of 2021 and 2.97 percent for the fourth quarter of 2020

Moreover, Wealth management revenues, which include investment, trust and insurance services, were $19.3 million for the fourth quarter of 2021, compared to $17.3 million for the third quarter of 2021, a linked-quarter annualized increase of 48.2 percent. Compared to $14.3 million for the fourth quarter of 2020, wealth management revenues were up 35.4 percent. Income from the firm’s investment in BHG was $30.8 million for the quarter ended Dec. 31, 2021, up from $30.4 million for the quarter ended Sept. 30, 2021 and $24.3 million for the quarter ended Dec. 31, 2020.

PNFP in the fourth quarter of FY 21 has reported the adjusted earnings per share of $1.70, beating the analysts’ estimates for the adjusted earnings per share of $1.58, according to Zacks Investment Research. The company had reported the adjusted revenue of $339.49 billion in the fourth quarter of FY 21, beating the analysts’ estimates for revenue by 2.83%. Nonperforming assets were $40.1 million at Dec. 31, 2021, compared to $55.1 million at Sept. 30, 2021 and $86.2 million at Dec. 31, 2020.

Provision for credit losses was $2.7 million in the fourth quarter of 2021, compared to $3.4 million in the third quarter of 2021 and $9.2 million in the fourth quarter of 2020. Net charge-offs were $8.1 million for the quarter ended Dec. 31, 2021, compared to $9.3 million for the quarter ended Sept. 30, 2021 and $10.8 million for the quarter ended Dec. 31, 2020.

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