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, Inc. (PNFP) announced a cash dividend of $0.22 per share, set for payment on May 26, 2023, to shareholders on record as of May 5, 2023. Additionally, the board approved a dividend of approximately $3.8 million, equating to $16.88 per share, on its 6.75% Series B Non-Cumulative Perpetual Preferred Stock, payable on June 1, 2023, to those on record by May 17, 2023. The future dividend payments will require board approval. Pinnacle operates as the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, holding approximately $45.1 billion in assets as of March 31, 2023. The firm ranks highly among U.S. banks for workforce satisfaction.
Pinnacle Financial Partners reported a net income of $1.76 per diluted common share for Q1 2023, up 6.7% year-over-year from $1.65. Annualized linked-quarter loan growth was 17.3%, while deposits increased by 13.9%. The firm’s total assets reached $45.1 billion, reflecting a 14.5% year-over-year rise. Pre-tax, pre-provision net revenues rose 18.5% to $190 million. Despite strong growth metrics, the company noted a decline in its net interest margin to 3.40% from 3.60% in Q4 2022. Noninterest income fell 13.5% compared to the previous year. Additionally, Pinnacle's employee count increased by 9.8% year-over-year, leading to higher salary expenses. The firm remains optimistic about its resilience in the current volatile banking environment and anticipates moderated loan growth amid macroeconomic challenges.
Pinnacle Financial Partners (PNFP) will release its Q1 2023 financial results on April 17, 2023, after market close. A live webcast will follow on April 18 at 8:30 a.m. CDT to discuss results and business outlook. Pinnacle is recognized as the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA and ranks No. 27 among America’s Best Banks by Forbes. The firm has experienced significant growth, currently holding approximately $42 billion in assets. Pinnacle operates across 17 urban markets in the Southeast, reinforcing its position as a leading financial institution.