Pinnacle Financial Partners (PNFP) in Nashville, Tenn., reported record quarterly profit after noninterest income jumped.
The $5 billion-asset company's first-quarter earnings rose 60% from a year earlier, to $13.4 million, or 39 cents a share. Noninterest income increased 20% from a year earlier, to $11.9 million, because of higher deposit and wealth management fees. Revenue from mortgage origination and refinancing also rose.
Net interest income rose 8% from a year earlier, to $42.8 million. The net interest margin expanded by 16 basis points from a year earlier, to 3.80%. The loan-loss provision more than doubled from a year earlier, to $2.2 million, though net chargeoffs fell 40%, also to $2.2 million.
Noninterest expense fell 9% from a year earlier, to $32.4 million. Foreclosure-related expenses totaled $721,000, compared to $4.7 million a year earlier.
