Pinnacle Finl Partners Inc - PNFP STOCK NEWS

Pinnacle Financial Partners has been named one of the 2024 Fortune Best Workplaces for Women, ranking No. 8 on the prestigious list. This marks the firm's seventh recognition, following previous honors in 2023, 2022, 2021, 2020, 2018, and 2017. The selection process analyzed survey responses from nearly 600,000 women at Great Place To Work Certified™ companies, with strict eligibility criteria including minimum women representation requirements.

The company, which manages approximately $50.7 billion in assets as of September 2024, is currently the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA. Pinnacle also ranks No. 11 on FORTUNE's 2024 list of 100 Best Companies to Work For® in the U.S.

Pinnacle Financial Partners (PNFP) reported net income per diluted common share of $1.86 for Q3 2024, up 10.1% from $1.69 in Q3 2023. The company saw strong growth in earning assets and core deposits, with total assets reaching $50.7 billion, a 6.7% year-over-year increase. Net interest margin expanded to 3.22%, up from 3.06% in Q3 2023. Noninterest income grew 26.9% year-over-year to $115.2 million, driven by a 29.7% increase in wealth management revenues. However, income from BHG decreased 34.4% year-over-year. Noninterest expenses increased 21.6% year-over-year to $259.3 million, primarily due to higher salaries and employee benefits. The company's credit quality remained strong, with net charge-offs at 0.21% of average loans. PNFP's board declared a quarterly cash dividend of $0.22 per common share.

Pinnacle Financial Partners (Nasdaq/NGS: PNFP) has announced the dates for its third quarter 2024 earnings release and conference call. The financial results will be released on Tuesday, October 15, 2024, after market close. A live webcast will be hosted on Wednesday, October 16, at 8:30 a.m. CDT to review the results, business outlook, and other matters.

Investors can access the earnings release on Pinnacle's website at www.pnfp.com. For audio-only access to the call, dial 1-877-209-7255. The webcast will be archived for 90 days following the presentation. Pinnacle, ranked No. 11 on FORTUNE's 2024 list of 100 Best Companies to Work For®, is the top bank in the Nashville-Murfreesboro-Franklin MSA and the second-largest bank holding company in Tennessee, with approximately $49.4 billion in assets as of June 30, 2024.

Pinnacle Financial Partners (PNFP) maintains its position as the largest bank in the Nashville MSA by deposits for the seventh consecutive year, holding $19.7 billion in local deposits, representing 21.2% of the total market. The firm is now the second-largest bank in Tennessee, with $27.7 billion in deposits and 12.4% market share. Pinnacle grew deposits in 21 out of 27 MSAs, including 12 with double-digit growth and one with triple-digit growth. Notable achievements include:

- Ranking 24th in the Washington, D.C. area with 56.1% growth
- Becoming a top 25 bank in Atlanta
- Claiming the second spot in Chattanooga with $2.2 billion in deposits
- Reaching No. 1 in Cleveland, TN
- Growing to $2.9 billion in deposits in Knoxville
- Holding $6.5 billion in deposits across North Carolina

Pinnacle Financial Partners has been ranked the No. 3 Best Financial Services Firm to Work For in the nation by FORTUNE magazine and Great Place to Work®. This marks the eighth consecutive year Pinnacle has earned this recognition, climbing from No. 7 in 2023. The ranking is based on anonymous feedback from over 194,000 employees in the financial services and insurance industries.

Key highlights of Pinnacle's workplace culture include:

• 98% of employees say it's a great place to work
• 94% feel they are paid fairly
• 98% report fair treatment regardless of race or gender

Pinnacle's commitment to creating an exceptional workplace is central to its business model, fostering high employee engagement, exceptional client service, and long-term shareholder value. The firm, with approximately $49.4 billion in assets as of June 30, 2024, is the fastest-growing bank in the Nashville-Murfreesboro-Franklin MSA and operates across several urban markets in the Southeast.

Pinnacle Financial Partners (Nasdaq/NGS: PNFP) has been ranked No. 9 on FORTUNE magazine's list of Best Workplaces for Millennials. This marks the firm's seventh consecutive appearance on this prestigious list. Earlier this year, Pinnacle was also named No. 11 on the overall list of Best Companies to Work For in the United States.

Key highlights from the Great Place To Work survey include:

• 98% of Pinnacle associates say it's a great place to work
• 99% feel good about their community contributions
• 99% believe clients would rate their service as excellent
• 98% feel welcome when joining the company

Pinnacle, with approximately $49.4 billion in assets as of June 30, 2024, is the second-largest bank holding company in Tennessee and operates in several urban markets across the Southeast.

Pinnacle Financial Partners (Nasdaq/NGS: PNFP) has appointed Charissa Sumerlin as the new chief credit officer, effective immediately. Sumerlin, who joined Pinnacle in 2018, brings extensive experience in both CRE and C&I credit. She succeeds Harvey White, who served as interim chief credit officer following Tim Huestis' sudden death in late 2023.

Sumerlin's appointment was unanimously approved by the Board of Directors on July 16, 2024. She previously served as deputy chief credit officer and played a key role in the firm's major re-rating project in 2022. Pinnacle, with approximately $49.4 billion in assets as of June 30, 2024, is the second-largest bank holding company headquartered in Tennessee and operates primarily in urban markets across the Southeast.

Pinnacle Financial Partners (PNFP) reported net income per diluted common share of $0.64 for Q2 2024, down 74.8% from $2.54 in Q2 2023. Net income per diluted share for the first half of 2024 was $2.21, a decrease of 48.6% compared to $4.30 in the first half of 2023.

Excluding specific adjustments, EPS was $1.63 for Q2 2024, a 9.4% drop from $1.80 in Q2 2023. Total revenues were $366.6 million, down 25.1% YoY. Net interest margin expanded to 3.14% from 3.04% in Q1 2024.

PNFP executed capital optimization and balance sheet repositioning initiatives, incurring losses related to the sale of securities and termination of agreements. Total assets increased to $49.4 billion, up 5.3% YoY. Core deposits rose by 11% YoY to $27.02 billion.

Pre-tax, pre-provision net revenues (PPNR) dropped 65.7% YoY to $95.2 million. Noninterest income also fell by 80.3% YoY.

Expenses increased, notably due to $28.4 million in fees related to capital optimization initiatives.

Despite challenges, PNFP reported robust hiring and market expansion, particularly in Jacksonville.

Pinnacle Financial Partners (PNFP) will release its Q2 2024 financial results on July 16, 2024, post-market close. A live webcast to discuss these results and the firm's outlook will occur on July 17, 2024, at 8:30 a.m. CDT. The earnings release will be accessible on Pinnacle's investor relations page. Those unable to join the live event can access the archived webcast for 90 days post-presentation.

Pinnacle, prominent in the Nashville-Murfreesboro-Franklin MSA, holds a strong market position as the fastest-growing bank in the area. It boasts significant recognitions, including being ranked 11th on the 2024 list of 100 Best Companies to Work For® and the top spot in American Banker's Best Banks to Work For among banks with over $10 billion in assets in 2023.

The firm has grown substantially since its inception in 2000, reaching $48.9 billion in assets by March 31, 2024. Pinnacle operates in 17 urban markets across the Southeast and holds a 49% interest in BHG Financial, which serves healthcare professionals.