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Announcements: MEDIA CONTACT: Vicki Kessler 615-320-7532
Pinnacle Financial Reaches $541 Million in
Assets NASHVILLE, Tenn., April 19, 2004 - Pinnacle Financial Partners Inc. (Nasdaq: PNFP), the holding company for Pinnacle National Bank, today reported that net income for the quarter ended March 31, 2004, was $1,071,000, or $0.26 per diluted share, an increase of 187 percent when compared to Pinnacle's net income of $373,000, or $0.10 per diluted share for the quarter ended March 31, 2003. Return on average assets for the quarter ended March 31, 2004 was 0.85 percent compared to 0.46 percent for the same quarter last year. Return on average stockholders' equity for the quarter ended March 31, 2004 was 12.03 percent compared to 4.63 percent for the same quarter last year. The firm's efficiency ratio (noninterest expense divided by net interest income and noninterest income) improved to 63.5 percent during the first quarter of 2004 compared to 72.4 percent during the first quarter of 2003. Total assets grew to $541 million as of March 31, 2004 up 34 percent on an annualized basis from the $498 million reported at December 31, 2003 and up 55 percent from the $348 million reported at March 31, 2003. Loans as of March 31, 2004 were $323 million compared to $297 million at December 31, 2003 and $228 million at March 31, 2003. Total deposits increased to $438 million at March 31, 2004, compared to $391 million at December 31, 2003 and $267 million at March 31, 2003. Net loan growth for the quarter ended March 31, 2004 was $26 million, compared to $17 million during the fourth quarter of 2003 and $19 million during the first quarter of 2003. Total deposit growth for the quarter ended March 31, 2004, was $47 million, compared to $43 million during the fourth quarter of 2003 and $33 million during the first quarter of 2003. "Our first quarter results have given us a strong start to the year," said M. Terry Turner, President and CEO of Pinnacle Financial Partners. "We were particularly pleased with the acceleration in our loan and deposit growth during the quarter. Not only did the first quarter reflect the largest deposit growth in the history of our firm, but our sales pipelines remain strong, and we are optimistic our growth will be at a similar pace in the second quarter," Turner said. Net interest income for the quarter ended March 31, 2004, was $4.2 million, compared to $2.6 million for quarter ended March 31, 2003. The net interest margin for the first quarter of 2004 was 3.5 percent which was the same as the first quarter in 2003. The provision for loan losses was $354,000 for the first quarter of 2004, compared to $288,000 for the same quarter in 2003. The allowance for loan losses represented 1.25 percent of total loans at March 31, 2004. Annualized net charge off's to average loans amounted to 0.04% for the quarter ended March 31, 2004. Noninterest income for the quarter ended March 31, 2004 was $1.2 million, compared to $462,000 during the same quarter in 2003. This increase was due to the continued development of Pinnacle's mortgage origination unit, gains recognized on the sale of loan participations, increased depositor service charges due to more deposit accounts and increased investment services income from Pinnacle Asset Management. The company also recorded a gain on the sale of investment securities of $248,000 during the first quarter of 2004 compared to a gain on the sale of investment securities of $18,000 during the same quarter in 2003. For the quarter ended March 31, 2004, noninterest income represented approximately 22.8 percent of total revenues (the sum of net interest income and noninterest income), compared to 14.9 percent for the same quarter in 2003. Noninterest expense for the quarter ended March 31, 2004 was $3.4 million, compared to $2.2 million for the same quarter in 2003. Pinnacle continues to increase expense levels in order to capitalize on continued market opportunities:
Based on these anticipated growth trends and the anticipated results from these trends, Pinnacle estimates its second quarter 2004 diluted earnings per share will approximate $0.27 to $0.30. Diluted earnings per share for the year ending Dec. 31, 2004, are estimated to be $1.15 to $1.25. Management has developed several scenarios under which these estimates can be achieved and believes these estimates to be reasonable based on these scenarios. However, unanticipated events or developments may cause the actual results, performance or achievements of Pinnacle to differ materially from these estimates. Pinnacle Financial Partners, the largest financial services firm headquartered in Nashville, provides a full range of banking, investment and insurance products and services targeted at small- to mid-sized businesses and their owners/operators. A number of Pinnacle's senior financial advisors provide comprehensive wealth management services to help clients increase, protect and distribute their assets. Pinnacle opened its first office in October 2000 in Commerce Center in Downtown Nashville. Since then the firm has added Nashville offices in Rivergate and Green Hills and in Brentwood and the Cool Springs area of Williamson County. Additional information concerning Pinnacle can be accessed at www.pnfp.com. ### Certain of the statements in this release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"). The words "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. All forward-looking statements are subject to risks, uncertainties and other facts that may cause the actual results, performance or achievements of Pinnacle to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, without limitation, (i) unanticipated deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses, (ii) increased competition with other financial institutions, (iii) lack of sustained growth in the economy in the Nashville, Tennessee area, (iv) rapid fluctuations or unanticipated changes in interest rates, (v) the inability of Pinnacle to satisfy regulatory requirements for its expansion plans, and (vi) changes in the legislative and regulatory environment, a more detailed description of various risks is contained in Pinnacle's most recent annual report on Form 10-KSB. Many of such factors are beyond Pinnacle's ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. Pinnacle disclaims any obligation to update or revise any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.
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