Pinnacle Financial Partners, Inc., the parent company of Tennessee’s second biggest bank, said today it boosted its second quarter earnings by 9.6 percent from a year ago to $43.1 milion, or 80 cents per share, after closing its merger in June with the Bank of North Carolina.
Earnings, adjusted for costs related to mergers and acquisitions, were 84 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share.
The Nashville-based banking firm, which acquired the former CapitalMark Bank in Chattanooga two years ago, posted revenue of $158.8 million in the period. Its adjusted revenue was $141.7 million, which also topped Street forecasts.
“Second quarter results continued to show very strong growth momentum,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “Obviously, the most significant event impacting current and ongoing growth potential was the closing of our merger with BNC Bancorp on June 16, 2017. We are well underway in executing our integration process in terms of brand, technology and, more importantly, culture.”