Pinnacle Q2 up 60%
Pinnacle Financial Partners posted a second-quarter profit of almost $7.8 million, a jump of 60 percent from a year ago. Included in the bottom line was a charge of $1.7 million stemming from the company's repayment of its TARP obligation during the period.
As it has in recent quarters, the largest bank headquartered in Nashville produced loan growth during the quarter — with core C&I loans and commercial real estate mortgages leading the way — and added more than $100 million to its deposit base. Credit quality also continued to improve: Nonperforming assets were 1.34 percent of total assets, down from 1.60 percent early this year, and Pinnacle's loan loss provision was just $634,000, compared to about $1 million in Q1 and more than $6 million a year ago.