Pinnacle Financial Partners, Inc. (PNFP) has reported a 41.79 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $39.65 million, or $0.82 a share in the quarter, compared with $27.97 million, or $0.68 a share for the same period last year.      

Revenue during the quarter grew 20.48 percent to $115.50 million from $95.86 million in the previous year period. Net interest income for the quarter rose 20.11 percent over the prior year period to $88.77 million. Non-interest income for the quarter rose 17.50 percent over the last year period to $30.38 million.

Pinnacle Financial Partners, Inc. has made provision of $3.65 million for loan losses during the quarter, down 6.23 percent from $3.89 million in the same period last year.

Net interest margin contracted 18 basis points to 3.60 percent in the quarter from 3.78 percent in the last year period. Efficiency ratio for the quarter improved to 52.08 percent from 54.20 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

"The first quarter of 2017 was a busy quarter for our firm, and one that will serve as the foundation for continued growth for many years to come," said M. Terry Turner, Pinnacle’s president and chief executive officer. "In January, we announced the proposed merger of our firm with BNC Bancorp (BNC), expanding our presence into the Carolinas and Virginia. We are excited to have already obtained the bank regulatory approvals to merge our two firms and are now focused on securing the required shareholder approvals. We continue to anticipate a late second quarter or early third quarter 2017 merger of our two firms. Additionally, soon after the announcement of the proposed merger, we issued 3.2 million common shares in a public offering, which reduced earnings per share for the quarter but positions the combined firm for many years of future growth. Both we and BNC have experienced positive reaction from our clients in response to our proposed merger, and once the transaction is consummated, our firm will be doing business in many of the Southeast’s most admired banking markets."

Deposits stood at $9,280.60 million as on Mar. 31, 2017, up 31.08 percent compared with $7,080.21 million on Mar. 31, 2016.

Loans to deposits ratio was 94.05 percent for the quarter, down from 95.81 percent for the previous year quarter.

Noninterest-bearing deposit liabilities were $2,508.68 million or 27.03 percent of total deposits on Mar. 31, 2017, compared with $2,026.55 million or 28.62 percent of total deposits on Mar. 31, 2016.

Investments stood at $1,815.51 million as on Mar. 31, 2017, up 45.07 percent or $564.08 million from year-ago. Shareholders equity was at $1,723.08 million as on Mar. 31, 2017.

Return on average assets moved up 14 basis points to 1.41 percent in the quarter from 1.27 percent in the last year period. At the same time, return on average equity increased 23 basis points to 9.70 percent in the quarter from 9.47 percent in the last year period.