Pinnacle Financial Partners Inc (NASDAQ:PNFP) stock rose 4.56% (As on July 19, 11:20:47 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 23. Total assets at June 30, 2023 were $46.9 billion, an increase of approximately $6.8 billion from June 30, 2022 and $1.8 billion from March 31, 2023, reflecting a year-over-year increase of 16.8 percent and a linked-quarter annualized increase of 15.6 percent, respectively. End-of-period loans grew by $855.4 million over last quarter, and end-of-period deposits grew by $1.5 billion over the same period, reflecting an annualized linked-quarter growth rate of 11.3 percent and 17.1 percent, respectfully.

Moreover, net interest income for the quarter ended June 30, 2023 was $315.4 million, compared to $312.2 million for the first quarter of 2023 and $264.6 million for the second quarter of 2022, a year-over-year growth rate of 19.2 percent. ◦ Revenues from PPP loans approximated $34,000 in the second quarter of 2023, compared to $20,000 in the first quarter of 2023 and $4.1 million in the second quarter of 2022. At June 30, 2023, remaining unamortized fees for PPP loans were approximately $192,000. ◦ Included in net interest income for the second quarter of 2023 was $776,000 of discount accretion associated with fair value adjustments, compared to $852,000 of discount accretion recognized in the first quarter of 2023 and $1.6 million in the second quarter of 2022. There remains $1.9 million of purchase accounting discount accretion as of June 30, 2023. Wealth management revenues, which include investment, trust and insurance services, were $24.1 million for the second quarter of 2023, compared to $22.5 million for the first quarter of 2023 and $21.8 million for the second quarter of 2022, a year-over-year increase of 10.2 percent.

In addition, net interest margin was 3.20 percent for the second quarter of 2023, compared to 3.40 percent for the first quarter of 2023 and 3.17 percent for the second quarter of 2022. Nonperforming assets were $47.4 million at June 30, 2023, compared to $44.8 million at March 31, 2023 and $23.7 million at June 30, 2022, up 100.0 percent over the same quarter last year.

PNFP in the second quarter of FY 23 has reported the adjusted earnings per share of $1.79, beating the analysts’ estimates for the adjusted earnings per share of $1.64, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $489.2 million in the second quarter of FY 23, beating the analysts’ estimates for revenue by 20.69%.