Pinnacle Financial Partners Inc. - PNFP STOCK NEWS

Pinnacle Financial Partners, Inc. (PNFP) reported a diluted EPS of $1.57 for Q1 2024, showing a 10.8% decrease from Q1 2023. Total revenues increased by 32.1% linked-quarter annualized and 6.6% year-over-year. The firm's balance sheet growth and liquidity improved with total assets reaching $48.9 billion. Pre-tax, pre-provision net revenue decreased by 2.2% compared to the previous year. The firm's capital and soundness metrics remained stable. Pinnacle continues to focus on strengthening its balance sheet and growing earnings amidst economic volatility.

Pinnacle Financial Partners, Inc. (PNFP) will release its first quarter 2024 financial results on April 22, 2024, followed by a webcast on April 23. The firm offers a range of financial products and services and has shown significant growth and recognition in various rankings.

Pinnacle Financial Partners (PNFP) ranks as the No. 11 Best Company to Work For in the nation, achieving its highest ranking yet. The firm has consistently made the list since 2017, showcasing its commitment to employee satisfaction and inclusivity. Pinnacle's president and CEO, Terry Turner, emphasizes the importance of a positive work culture in driving business success and attracting top talent.

Pinnacle Financial Partners earns 24 Greenwich Excellence and six Greenwich Best Brand Awards, showcasing exceptional service quality and brand recognition in the financial industry. The firm's client-centric approach and focus on individualized service have led to high service metrics and client loyalty, positioning them as a top performer nationally and regionally.

Pinnacle Financial Partners has entered the North Florida region with the addition of five veteran financial services professionals to build the firm's presence from their homebase in Jacksonville. Scott Keith will serve as Pinnacle's regional president for North Florida, with Debbie Buckland and Bryan Taylor by his side as area managers. Financial Advisor Vaughn Winmond and Credit Analyst Fatima Bowen round out the initial team, which is expected to grow rapidly as more associates come on board to offer a full suite of financial services for business and personal needs. Pinnacle's president, CEO, and co-founder, M. Terry Turner, expressed confidence in the team, highlighting their deep local roots and the potential to offer something new to the market. Keith brings over 34 years of local experience in financial services, with a history of leadership at Truist, and a strong commitment to community involvement. Buckland and Taylor also bring extensive experience and leadership from Truist, adding to the strength of the team. Pinnacle aims to build on its success in the Southeast and bring its model of workplace culture and client service to the North Florida region, targeting the vulnerability of megabanks in the area. The press release emphasizes the team's commitment to offering exclusive service and advice consistently, with an entrepreneurial spirit at a founder-led firm, representing a once-in-a-lifetime opportunity for the team.

Pinnacle Financial Partners, Inc. reported a decrease in net income per diluted common share for the quarter and year ended Dec. 31, 2023, compared to the same periods in 2022. The firm restructured and surrendered bank-owned life insurance contracts, incurring charges and penalties, but expects increased future yields. The firm also accrued an amount for future payments to the FDIC pursuant to a special insurance assessment. Despite a difficult operating environment for banks in 2023, the firm achieved year-over-year tangible book value growth of 14.8 percent and a total shareholder return of 20 percent, driven by attracting experienced bankers and strong risk management systems.

Pinnacle Financial Partners, Inc. (PNFP) to Release Fourth Quarter 2023 Financial Results

Pinnacle Financial Partners (PNFP) Ranks No. 4 in Best Banks to Work For List, Climbing Two Spots from 2022. The firm's $47.5 billion in assets sets it apart as the only bank of its size in the top 30. Pinnacle has been on the list for 11 years, emphasizing its focus on workplace culture and community bank level of service. Eligibility for the list requires at least 50 employees in the US and must be commercial or retail banks or units of diversified financial services companies.

Pinnacle Financial Partners reports decrease in net income per diluted common share for Q3 2023 compared to Q3 2022, but an increase for the nine months ended Sept. 30, 2023. Loans and core deposits grew 10.1% linked-quarter annualized. Total assets increased by approximately $6.5 billion year-over-year. The firm aims to recruit more revenue producers to strengthen operating leverage advantage.