Pinnacle Financial Partners has reported that its net income for the first quarter ended March 31, 2008 was $6.1 million, up 8.3% from net income of $5.6 million during the comparable quarter of 2007.
Revenue for the quarter amounted to $35.7 million, compared to $22.1 million for the same quarter in 2007, an increase of 61.6%.
Loans as of March 31, 2008, were $2.87 billion, up $1.32 billion from $1.55 billion as of March 31, 2007. Total assets grew to $3.89 billion as of March 31, 2008, an increase of $1.70 billion from the $2.19 billion as of March 31, 2007.
Harold Carpenter, CFO of Pinnacle Financial Partners, said: We anticipated the decrease in our margin during the first quarter of 2008. We will continue to work to mitigate the impact of these decreases by reducing the cost of our funding sources to the extent possible.
Additionally, our loan pipelines remain robust, which should provide increased core revenue growth in future periods.