Welcome to our dedicated page for Pinnacle Finl Partners news (Ticker: PNFP), a resource for investors and traders seeking the latest updates and insights on Pinnacle Finl Partners stock.
Pinnacle Financial Partners reports developments for a regional bank holding company that provides banking, investment, trust, mortgage and insurance products and services to commercial and consumer clients. Its updates center on operating results, loan and deposit trends, net interest income, market expansion, recruiting of revenue-producing bankers and client-service teams, and the integration of its completed 2026 combination with Synovus.
Recurring company news also includes common and preferred stock dividends, investor conference participation, branch and market-entry announcements, and business outlook commentary for its banking footprint across Tennessee, Georgia, Florida, the Carolinas, Alabama, Kentucky, Virginia and Maryland.
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Pinnacle Financial Partners reported a strong third quarter for 2022, with net income per diluted share rising to $1.91, up 9.1% from last year. Total assets reached $41.0 billion, marking a 12.3% year-over-year increase. Loans grew by 20.9%, while core deposits increased by 9.8%. Net interest income surged 28.7% year-over-year to $305.8 million. However, the company noted a decline in Paycheck Protection Program (PPP) income, contributing to an overall challenging economic landscape. The Board declared a quarterly dividend of $0.22 per share, reinforcing its commitment to shareholder returns.
Pinnacle Financial Partners, Inc. (PNFP) will release its third quarter 2022 financial results on October 18, 2022, after market close. A live webcast to discuss these results is scheduled for October 19 at 8:30 a.m. CT. The earnings release and webcast details will be available on Pinnacle's investor relations page at PNFP.com. Pinnacle has grown to approximately $40.1 billion in assets as of June 30, 2022, operating in 15 markets mainly in the Southeast.
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Pinnacle Financial Partners reported a 15% increase in overall deposits, reaching $32.8 billion as of June 30, 2022. This marks their fifth consecutive year as the top bank in Nashville for deposits, with a significant annual growth of $2 billion or 13.97% in the Nashville-Murfreesboro-Franklin MSA, capturing an 18.03% market share. The firm also achieved notable deposit growth across multiple MSAs, including a remarkable 154.55% in Atlanta. Pinnacle continues to strengthen its position in Tennessee and beyond.
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Pinnacle Financial Partners reported a net income per diluted common share of $1.86 for Q2 2022, up from $1.69 in Q2 2021, marking a 10.1% increase. Excluding PPP paydowns, annualized loan growth reached 31.9%. Total assets rose to $40.1 billion, reflecting a 13.3% year-over-year increase. Despite facing economic uncertainty, loan growth and client retention fueled performance, with net interest income increasing by 13.4% year-over-year. However, PPP-related income fell significantly, contributing $4.1 million in Q2 2022 versus $24.6 million in Q2 2021.
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Pinnacle Financial Partners announces changes to its overdraft services program effective Aug. 1, 2022. Key updates include:
- Elimination of the Non-Sufficient Funds (NSF) fee for consumer accounts.
- Reduction of NSF fees from $38 to $30 for business accounts.
- Overdraft fees cut from $38 to $30 for both consumer and business accounts.
- Introduction of a $15 overdraft cushion for consumers.
- Limiting overdraft charges from five to three per day for consumers.
These changes may lead to an estimated revenue loss of $3.0 million annually.