Pinnacle Financial earnings (NASDAQ:PNFP) is higher than what the company brought in during its previous quarter, helping the company end its fiscal 2019 on a high note.
The Nashville, Tenn.-based company said that for its fourth quarter of fiscal 2018, it amassed net income of $1.23 per diluted common share, which is higher than its net income of 35 cents per diluted common share from its year-ago quarter. The figure marks a surge of 251.4% compared to how it ended its fiscal 2017.
For the fiscal year, Pinnacle Financial brought in net income of $4.64 per share, which is stronger than the net income it brought in during its fiscal 2017, when it amassed $2.70 in earnings per diluted common share, marking a gain of roughly 71.9% year-over-year.
“Despite investor concerns regarding the banking industry’s ability to sustain earnings and profitability, Pinnacle is reporting a year-over-year growth in adjusted earnings per share of approximately 33 percent in 2018,” said M. Terry Turner, Pinnacle’s president and CEO.
“Importantly, the real power of our differentiated franchise is perhaps even more evident as we move into 2019 when market growth in loan and deposit volumes has slowed and growth is increasingly dependent upon the ability to take market share,” he added.
PNFP stock is down close to 1% after the bell despite the company posting fourth-quarter results that were higher than they were during the year-ago quarter. Shares had been climbing roughly 0.4% during regular trading hours Tuesday in anticipation of the company’s quarterly earnings results.
