Pinnacle Financial Partners Q3 Profit Rises; Initiates Quarterly Dividend

(RTTNews) - Pinnacle Financial Partners Inc. (PNFP) reported third-quarter net income available to stockholders of $14.6 million, up from $11.3 million prior year. Net income per share was $0.42, compared to $0.33 a year ago.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.42 for the quarter. Analysts' estimates typically exclude special items.

Net interest income was $44.6 million, compared to $40.9 million, a year ago. Net interest income for the third quarter of 2013 was up 8.9 percent year-over-year and is at its highest quarterly level since the firm's founding in 2000.

Noninterest income was $11.4 million, compared to $10.4 million last year. Excluding items, noninterest income was up 22.4 percent over the same quarter last year.

Analysts expected revenue of $56.99 million for the quarter.

Pinnacle Financial Partners also announced its Board has approved the initiation of a quarterly cash dividend to the company's shareholders. The firm declared an $0.08 cash dividend to be paid on Dec. 20, 2013 to common shareholders of record as of the close of business on Nov. 26, 2013. Pinnacle also noted that the amount and timing of all future dividend payments will be subject to the discretion of its Board.