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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Pinnacle Financial Partners Inc | NASDAQ:PNFP | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 111.68 | 66.99 | 126.99 | 4 | 09:08:07 |
From Mar 2024 to Mar 2025
Excluding impacts of capital optimization and balance sheet repositioning initiatives, diluted EPS of $1.63
Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income per diluted common share of $0.64 for the quarter ended June 30, 2024, compared to net income per diluted common share of $2.54 for the quarter ended June 30, 2023, a decrease of approximately 74.8 percent. Net income per diluted common share was $2.21 for the six months ended June 30, 2024, compared to $4.30 for the six months ended June 30, 2023, a decrease of approximately 48.6 percent.
After considering the adjustments noted in the table below, net income per diluted common share was $1.63 for the three months ended June 30, 2024, compared to $1.80 for the three months ended June 30, 2023, and $1.53 for the three months ended March 31, 2024, an annualized linked-quarter growth rate of 26.1 percent. Net income per diluted common share adjusted for the items noted in the table below was $3.16 for the six months ended June 30, 2024, compared to $3.55 for the six months ended June 30, 2023.
Three months ended
Six months ended
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Diluted earnings per common share
0.64
$
1.57
$
2.54
$
2.21
$
4.30
Net of tax adjustments (1):
Investment losses on sales of securities, net
0.71
—
0.10
0.71
0.10
Gain on sale of fixed assets as a result of sale-leaseback transaction
—
—
(0.84
)
—
(0.84
)
Recognition of mortgage servicing asset
—
(0.12
)
—
(0.12
)
—
ORE expense (2)
—
—
—
—
—
FDIC special assessment
—
0.08
—
0.08
—
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives
0.28
—
—
0.28
—
Diluted earnings per common share after adjustments
1.63
$
1.53
$
1.80
$
3.16
$
3.55
(1): Adjustments include tax effect calculated using a marginal tax rate of 25.00 percent for all periods presented.
(2): Impact of ORE expense in all periods presented were minimal.
"It appears to us that, in the second quarter, we saw the inflection we had anticipated,” said M. Terry Turner, Pinnacle's President and Chief Executive Officer. "Not only did we continue to have outsized balance sheet growth which we expect to exceed that of peers, but we also had net interest margin expansion and ongoing double-digit growth in most of our fee businesses. Total revenues were $366.6 million during the second quarter of 2024 compared to $428.1 million last quarter. Excluding the adjustments noted above, total revenues increased $22.3 million, or 5.3 percent, to $438.7 million for the second quarter compared to $416.3 million in the first quarter.
"Also, during the second quarter, we executed several initiatives with the objective of capital optimization and balance sheet repositioning that were both a priority for our firm going into 2024. We accomplished these objectives while increasing both our tangible common equity and tier 1 common equity ratios at the end of the second quarter and achieving an earnback period on the balance sheet repositioning of less than three years.
"I believe the various initiatives that have been undertaken in order to achieve sound growth, even in this more difficult operating environment, continue to differentiate our firm in terms of earnings trajectory. Our effort to increase our deposit base by expanding into various deposit verticals is progressing well, now reporting approximately $1.0 billion in net deposit growth in these verticals through the first half of 2024. Additionally, our strategic expansion into new markets and our ability to attract "best in class" revenue producers continue to fuel outsized growth. Loan growth attributable to these new markets for the first half of 2024 amounted to approximately 73 percent of our aggregate loan growth this year. Our latest expansion into Jacksonville is also advancing rapidly in terms of hiring revenue producers and moving client relationships, with that market reporting $20.1 million in loans, $28.8 million in deposits and $614.6 million in wealth management assets, all amassed within just the last three months. System-wide, our robust hiring continues, as we have added 89 new revenue producers thus far this year, 18 of which are in Jacksonville. Our hiring pipelines remain very robust heading into the second half of 2024.
"With the initiatives we accomplished in the second quarter, as well as our continued outlook for outsized loan and deposit growth, we enter the second half of 2024 with great optimism."
BALANCE SHEET GROWTH AND LIQUIDITY:
Total assets at June 30, 2024, were $49.4 billion, an increase of approximately $472.8 million from March 31, 2024, and $2.5 billion from June 30, 2023, reflecting a linked-quarter annualized increase of 3.9 percent and a year-over-year increase of 5.3 percent, respectively. A further analysis of select balance sheet trends follows:
Balances at
Linked-Quarter
Annualized
% Change
Balances at
Year-over-Year
% Change
(dollars in thousands)
June 30, 2024
March 31, 2024
June 30, 2023
Loans
$
33,769,150
33,162,873
7.3%
$
31,153,290
8.4%
Securities
7,882,891
7,371,847
27.7%
6,623,457
19.0%
Other interest-earning assets
2,433,910
3,195,211
(95.3)%
4,001,844
(39.2)%
Total interest-earning assets
$
44,085,951
$
43,729,931
3.3%
$
41,778,591
5.5%
Core deposits:
Noninterest-bearing deposits
$
7,932,882
$
7,958,739
(1.3)%
$
8,436,799
(6.0)%
Interest-bearing core deposits(1)
27,024,945
26,679,871
5.2%
24,343,968
11.0%
Noncore deposits and other funding(2)
7,569,703
7,506,409
3.4%
7,731,082
(2.1)%
Total funding
$
42,527,530
$
42,145,019
3.6%
$
40,511,849
5.0%
(1): Interest-bearing core deposits are interest-bearing deposits, money market accounts and time deposits less than $250,000 including reciprocating time and money market deposits.
(2): Noncore deposits and other funding consists of time deposits greater than $250,000, securities sold under agreements to repurchase, public funds, brokered deposits, FHLB advances and subordinated debt.
"Despite moving quickly toward our previously announced lower targets for our construction and land development, non-owner occupied commercial real estate and multifamily portfolios as a percentage of risk-based capital, through the first six months of 2024, our loan growth approximated $1.1 billion, a 6.7 percent annualized rate of growth," Turner said. "We are optimistic that we should see increases in the pace of loan growth in the second half of 2024 as we believe we will continue to take market share from the larger franchises that currently dominate our newer markets.
"As to deposit growth, during the second quarter, total deposits were up approximately $368.4 million while brokered deposits decreased by $339.7 million during the quarter. Excluding these brokered deposits, total deposits were up $708.1 million in the quarter which was similar to our experience in the first quarter of 2024. Importantly, we are very pleased that our noninterest bearing deposit balances were relatively stable during the entirety of the second quarter."
PRE-TAX, PRE-PROVISION NET REVENUE (PPNR) GROWTH:
Pre-tax, pre-provision net revenues (PPNR) for the three and six months ended June 30, 2024, were $95.2 million and $280.9 million, respectively, a decrease of 65.7 and 39.9 percent, respectively, from the $277.6 million and $467.6 million recognized in the three and six months ended June 30, 2023, respectively.
Three months ended
Six months ended
June 30,
June 30,
(dollars in thousands)
2024
2023
% change
2024
2023
% change
Revenues:
Net interest income
$
332,262
$
315,393
5.3
%
$
650,296
$
627,624
3.6
%
Noninterest income
34,288
173,839
(80.3
)%
144,391
263,368
(45.2
)%
Total revenues
366,550
489,232
(25.1
)%
794,687
890,992
(10.8
)%
Noninterest expense
271,389
211,641
28.2
%
513,754
423,368
21.3
%
Pre-tax, pre-provision net revenue (PPNR)
95,161
277,591
(65.7
)%
280,933
467,624
(39.9
)%
Adjustments:
Investment losses on sales of securities, net
72,103
9,961
>100%
72,103
9,961
>100%
Gain on the sale of fixed assets as a result of sale leaseback
—
(85,692
)
(100.0
)%
—
(85,692
)
(100.0
)%
Recognition of mortgage servicing asset
—
—
NA
(11,812
)
—
100.0
%
ORE expense
22
58
(62.1
)%
106
157
(32.5
)%
FDIC special assessment
—
—
NA
7,250
—
NA
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives
28,400
—
100.0
%
28,400
—
100.0
%
Adjusted PPNR
$
195,686
$
201,918
(3.1
)%
$
376,980
$
392,050
(3.8
)%
Three months ended
Six months ended
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Net interest margin
3.14 %
3.04 %
3.20 %
3.09 %
3.30 %
Efficiency ratio
74.04 %
56.61 %
43.26 %
64.65 %
47.52 %
Return on average assets
0.41 %
1.00 %
1.71 %
0.70 %
1.49 %
Return on average tangible common equity (TCE)
4.90 %
12.11 %
21.06 %
8.48 %
18.33 %
Average loan to deposit ratio
84.95 %
84.73 %
84.94 %
84.84 %
84.47 %
Noninterest income for the second quarter of 2024 was $34.3 million compared to $110.1 million for the first quarter of 2024 and $173.8 million for the second quarter of 2023.
Three months ended
Linked-quarter Annualized % Change
Three months ended
Yr-over-Yr
% Change
(dollars in thousands)
June 30, 2024
March 31, 2024
June 30, 2023
Noninterest income
$
34,288
$
110,103
>(100.0%)
$
173,839
(80.3
)%
Less:
Investment losses on sales of securities, net
72,103
—
100.0
%
9,961
>100%
Gain on the sale of fixed assets as a result of sale leaseback
—
—
—
%
(85,692
)
(100.0
)%
Recognition of mortgage servicing asset
—
(11,812
)
(100.0
)%
—
—
%
Adjusted noninterest income
$
106,391
$
98,291
33.0
%
$
98,108
8.4
%
Noninterest expense for the second quarter of 2024 was $271.4 million compared to $242.4 million for the first quarter of 2024 and $211.6 million for the second quarter of 2023.
Three months ended
Linked-quarter Annualized % Change
Three months ended
Yr-over-Yr
% Change
(dollars in thousands)
June 30, 2024
March 31, 2024
June 30, 2023
Noninterest expense
$
271,389
$
242,365
47.9
%
$
211,641
28.2
%
Less:
ORE expense
22
84
NM
58
(62.1
)%
FDIC special assessment
—
7,250
(100.0
)%
—
—
%
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives
28,400
—
100.0
%
—
100.0
%
Adjusted noninterest expense
$
242,967
$
235,031
13.5
%
$
211,583
14.8
%
"During the second quarter, while our net interest margin expanded to 3.14 percent, we anticipate continued margin expansion for the remainder of 2024," said Harold R. Carpenter, Pinnacle's Chief Financial Officer. "Second quarter net interest margin expansion was the direct result of an intense focus on obtaining appropriate pricing on new and renewing loans, stability of our noninterest bearing deposit balances, and our relationship managers working extremely hard to keep our deposit pricing well contained during the quarter.
"We are very excited about our core fee performance during the second quarter. Second quarter fee growth in nearly every core fee category, including, but not limited to service charges, wealth management and mortgage, exceeded double-digit growth in comparison to the second quarter of 2023. BHG also had another strong quarter as their contribution was up approximately $2.7 million from the first quarter. At this time, we are anticipating the quarterly run rate for BHG's contribution to be fairly consistent with their second quarter contribution for the remainder of 2024.
"Our expense results for the second quarter are generally consistent with where we thought we would be excluding the costs of the balance sheet restructuring and capital optimization initiatives. That said, we are seeing strong hiring across our franchise, particularly in our newer markets and, in most cases, more favorable results than we anticipated. Given our outlook for the remainder of the year, we are increasing our accrual for annual cash incentive plan payouts to approximately 85 percent of target level payouts as of the end of the second quarter."
CAPITAL, SOUNDNESS AND TAXES:
As of
June 30, 2024
December 31, 2023
June 30, 2023
Shareholders' equity to total assets
12.5
%
12.6
%
12.5
%
Tangible common equity to tangible assets
8.6
%
8.6
%
8.3
%
Book value per common share
$
77.15
$
75.80
$
73.32
Tangible book value per common share
$
52.92
$
51.38
$
48.85
Annualized net loan charge-offs to avg. loans (1)
0.27
%
0.17
%
0.13
%
Nonperforming assets to total loans, ORE and other nonperforming assets (NPAs)
0.30
%
0.27
%
0.15
%
Classified asset ratio (Pinnacle Bank) (2)
3.99
%
5.22
%
3.32
%
Construction and land development loans as a percentage of total capital (3)
72.90
%
84.20
%
84.50
%
Construction and land development, non-owner occupied commercial real estate and multi-family loans as a percentage of total capital (3)
254.00
%
259.00
%
256.70
%
Allowance for credit losses (ACL) to total loans
1.13
%
1.08
%
1.08
%
(1): Annualized net loan charge-offs to average loans ratios are computed by annualizing quarterly net loan charge-offs and dividing the result by average loans for the quarter.
(2): Classified assets as a percentage of Tier 1 capital plus allowance for credit losses.
(3): Calculated using the same guidelines as are used in the Federal Financial Institutions Examination Council's Uniform Bank Performance Report.
"Net charge-offs to average loans for the second quarter of 2024 were 0.27 percent, compared to 0.20 percent in the prior quarter," Carpenter said. "Net charge-offs increased in the second quarter primarily due to the continued deterioration of the value of the underlying collateral of an owner-occupied commercial real estate loan. In light of these matters, our special assets officers determined it was time to exit the borrower. This resulted in a charge-off of $10.3 million which was recognized in the second quarter. Most of our other key asset quality metrics continue to be better than longer-term historical levels as we experienced a decrease in nonperforming loans in relation to total loans at June 30, 2024 and experienced overall improvement in past dues, classified assets and potential problem loans ratios.
"Our effective tax rate for the first six months of 2024 was 18.1 percent. Excluding adjustments noted above and other tax benefits, the effective tax rate would have approximated 19.6 percent for the first six months of 2024, which is consistent with our historical run rates.
"Also, we are reporting an increase in book value per common share during the quarter from $76.23 to $77.15, an annualized linked-quarter increase of 4.8 percent and an increase in tangible book value per common share from $51.98 at March 31, 2024 to $52.92 at June 30, 2024, an annualized linked-quarter increase of 7.2 percent. Additionally, even after considering the securities losses, termination fees associated with terminating the resell agreement and transaction expenses associated with the capital optimization initiatives, the firm's common equity Tier one risk-based capital ratio increased from 10.4 percent at March 31, 2024 to 10.7 percent at June 30, 2024 which we also consider a great accomplishment."
BOARD OF DIRECTORS DECLARES DIVIDENDS
On July 16, 2024, Pinnacle Financial's Board of Directors approved a quarterly cash dividend of $0.22 per common share to be paid on Aug. 30, 2024 to common shareholders of record as of the close of business on Aug. 2, 2024. Additionally, the Board of Directors approved a quarterly cash dividend of approximately $3.8 million, or $16.88 per share (or $0.422 per depositary share), on Pinnacle Financial's 6.75 percent Series B Non-Cumulative Perpetual Preferred Stock payable on Sept. 1, 2024 to shareholders of record at the close of business on Aug. 17, 2024. The amount and timing of any future dividend payments to both preferred and common shareholders will be subject to the approval of Pinnacle's Board of Directors.
WEBCAST AND CONFERENCE CALL INFORMATION
Pinnacle will host a webcast and conference call at 8:30 a.m. CDT on July 17, 2024, to discuss second quarter 2024 results and other matters. To access the call for audio only, please call 1-877-209-7255. For the presentation and streaming audio, please access the webcast on the investor relations page of Pinnacle's website at www.pnfp.com.
For those unable to participate in the webcast, it will be archived on the investor relations page of Pinnacle's website at www.pnfp.com for 90 days following the presentation.
Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 and fastest growing bank in the Nashville-Murfreesboro-Franklin MSA, according to June 30, 2023 deposit data from the FDIC. Pinnacle is No. 11 on the 2024 list of 100 Best Companies to Work For® in the U.S., its eighth consecutive appearance and was recognized by American Banker as one of America's Best Banks to Work For 11 years in a row and No. 1 among banks with more than $10 billion in assets in 2023.
Pinnacle Bank owns a 49 percent interest in Bankers Healthcare Group (BHG), which provides innovative, hassle-free financial solutions to healthcare practitioners and other professionals. Great Place to Work and FORTUNE ranked BHG No. 4 on its 2021 list of Best Workplaces in New York State in the small/medium business category.
The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $49.4 billion in assets as of June 30, 2024. As the second-largest bank holding company in Tennessee, Pinnacle operates in several primarily urban markets across the Southeast.
Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.
Forward-Looking Statements
All statements, other than statements of historical fact, included in this press release, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "expect," "anticipate," "intend," "may," "should," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to: (i) deterioration in the financial condition of borrowers of Pinnacle Bank and its subsidiaries or BHG, including as a result of persistent elevated interest rates, the negative impact of inflationary pressures and challenging economic conditions on our and BHG's customers and their businesses, resulting in significant increases in loan losses and provisions for those losses and, in the case of BHG, substitutions; (ii) fluctuations or differences in interest rates on loans or deposits from those that Pinnacle Financial is modeling or anticipating, including as a result of Pinnacle Bank's inability to better match deposit rates with the changes in the short-term rate environment, or that affect the yield curve; (iii) the sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs; (iv) adverse conditions in the national or local economies including in Pinnacle Financial's markets throughout the Southeast region of the United States, particularly in commercial and residential real estate markets; (v) the inability of Pinnacle Financial, or entities in which it has significant investments, like BHG, to maintain the long-term historical growth rate of its, or such entities', loan portfolio; (vi) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits, including during times when Pinnacle Bank is seeking to limit the rates it pays on deposits or uncertainty exists in the financial services sector; (vii) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (viii) effectiveness of Pinnacle Financial's asset management activities in improving, resolving or liquidating lower-quality assets; (ix) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on Pinnacle Financial’s results, including as a result of the negative impact to net interest margin from rising deposit and other funding costs; (x) the results of regulatory examinations of Pinnacle Financial, Pinnacle Bank or BHG, or companies with whom they do business; (xi) BHG's ability to profitably grow its business and successfully execute on its business plans; (xii) risks of expansion into new geographic or product markets; (xiii) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including goodwill or other intangible assets; (xiv) the ineffectiveness of Pinnacle Bank's hedging strategies, or the unexpected counterparty failure or hedge failure of the underlying hedges; (xv) reduced ability to attract additional financial advisors (or failure of such advisors to cause their clients to switch to Pinnacle Bank), to retain financial advisors (including as a result of the competitive environment for associates) or otherwise to attract customers from other financial institutions; (xvi) deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xvii) inability to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies, required capital maintenance levels or regulatory requests or directives, particularly if Pinnacle Bank's level of applicable commercial real estate loans were to exceed percentage levels of total capital in guidelines recommended by its regulators; (xviii) approval of the declaration of any dividend by Pinnacle Financial's board of directors; (xix) the vulnerability of Pinnacle Bank's network and online banking portals, and the systems of parties with whom Pinnacle Bank contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xx) the possibility of increased compliance and operational costs as a result of increased regulatory oversight (including by the Consumer Financial Protection Bureau), including oversight of companies in which Pinnacle Financial or Pinnacle Bank have significant investments, like BHG, and the development of additional banking products for Pinnacle Bank's corporate and consumer clients; (xxi) Pinnacle Financial's ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions; (xxii) difficulties and delays in integrating acquired businesses or fully realizing costs savings and other benefits from acquisitions; (xxiii) the risks associated with Pinnacle Bank being a minority investor in BHG, including the risk that the owners of a majority of the equity interests in BHG decide to sell the company or all or a portion of their ownership interests in BHG (triggering a similar sale by Pinnacle Bank); (xxiv) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (xxv) fluctuations in the valuations of Pinnacle Financial's equity investments and the ultimate success of such investments; (xxvi) the availability of and access to capital; (xxvii) adverse results (including costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions involving Pinnacle Financial, Pinnacle Bank or BHG; and (xxviii) general competitive, economic, political and market conditions. Additional factors which could affect the forward looking statements can be found in Pinnacle Financial's Annual Report on Form 10-K for the year ended December 31, 2023, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC and available on the SEC's website at http://www.sec.gov. Pinnacle Financial disclaims any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Matters
This release contains certain non-GAAP financial measures, including, without limitation, total revenues, net income to common shareholders, earnings per diluted common share, revenue per diluted common share, PPNR, efficiency ratio, noninterest expense, noninterest income and the ratio of noninterest expense to average assets, excluding in certain instances the impact of expenses related to other real estate owned, gains or losses on sale of investment securities, gains associated with the sale-leaseback transaction completed in the second quarter of 2023, losses on the restructuring of certain bank owned life insurance (BOLI) contracts, charges related to the FDIC special assessment, income associated with the recognition of a mortgage servicing asset in the first quarter of 2024, fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives in the second quarter of 2024 and other matters for the accounting periods presented. This release may also contain certain other non-GAAP capital ratios and performance measures that exclude the impact of goodwill and core deposit intangibles associated with Pinnacle Financial's acquisitions of BNC, Avenue Bank, Magna Bank, CapitalMark Bank & Trust, Mid-America Bancshares, Inc., Cavalry Bancorp, Inc. and other acquisitions which collectively are less material to the non-GAAP measure as well as the impact of Pinnacle Financial's Series B Preferred Stock. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Because non-GAAP financial measures presented in this release are not measurements determined in accordance with GAAP and are susceptible to varying calculations, these non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures presented by other companies.
Pinnacle Financial believes that these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of its operating performance. In addition, because intangible assets such as goodwill and the core deposit intangible, and the other items excluded each vary extensively from company to company, Pinnacle Financial believes that the presentation of this information allows investors to more easily compare Pinnacle Financial's results to the results of other companies. Pinnacle Financial's management utilizes this non-GAAP financial information to compare Pinnacle Financial's operating performance for 2024 versus certain periods in 2023 and to internally prepared projections.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS – UNAUDITED
(dollars in thousands, except for share and per share data)
June 30, 2024
December 31, 2023
June 30, 2023
ASSETS
Cash and noninterest-bearing due from banks
$
219,110
$
228,620
$
447,216
Restricted cash
50,924
86,873
22,567
Interest-bearing due from banks
2,107,883
1,914,856
3,363,348
Cash and cash equivalents
2,377,917
2,230,349
3,833,131
Securities purchased with agreement to resell
71,903
558,009
507,235
Securities available-for-sale, at fair value
4,908,967
4,317,530
3,591,280
Securities held-to-maturity (fair value of $2.7 billion, $2.8 billion, and $2.7 billion, net of allowance for credit losses of $1.7 million, $1.7 million, and $1.7 million at June 30, 2024, Dec. 31, 2023, and June 30, 2023, respectively)
2,973,924
3,006,357
3,032,177
Consumer loans held-for-sale
187,154
104,217
85,981
Commercial loans held-for-sale
16,046
9,280
22,713
Loans
33,769,150
32,676,091
31,153,290
Less allowance for credit losses
(381,601
)
(353,055
)
(337,459
)
Loans, net
33,387,549
32,323,036
30,815,831
Premises and equipment, net
282,775
256,877
244,853
Equity method investment
433,073
445,223
461,596
Accrued interest receivable
220,232
217,491
164,854
Goodwill
1,846,973
1,846,973
1,846,973
Core deposits and other intangible assets
24,313
27,465
30,981
Other real estate owned
2,636
3,937
2,555
Other assets
2,633,507
2,613,139
2,235,822
Total assets
$
49,366,969
$
47,959,883
$
46,875,982
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing
$
7,932,882
$
7,906,502
$
8,436,799
Interest-bearing
12,600,723
11,365,349
10,433,361
Savings and money market accounts
14,437,407
14,427,206
13,645,849
Time
4,799,368
4,840,753
5,206,652
Total deposits
39,770,380
38,539,810
37,722,661
Securities sold under agreements to repurchase
220,885
209,489
163,774
Federal Home Loan Bank advances
2,110,885
2,138,169
2,200,917
Subordinated debt and other borrowings
425,380
424,938
424,497
Accrued interest payable
58,881
66,967
53,854
Other liabilities
605,890
544,722
466,520
Total liabilities
43,192,301
41,924,095
41,032,223
Preferred stock, no par value, 10.0 million shares authorized; 225,000 shares non-cumulative perpetual preferred stock, Series B, liquidation preference $225.0 million, issued and outstanding at June 30, 2024, Dec. 31, 2023, and June 30, 2023, respectively
217,126
217,126
217,126
Common stock, par value $1.00; 180.0 million shares authorized; 77.2 million, 76.8 million and 76.7 million shares issued and outstanding at June 30, 2024, Dec. 31, 2023, and June 30, 2023, respectively
77,217
76,767
76,740
Additional paid-in capital
3,110,993
3,109,493
3,087,967
Retained earnings
2,919,923
2,784,927
2,634,315
Accumulated other comprehensive loss, net of taxes
(150,591
)
(152,525
)
(172,389
)
Total shareholders' equity
6,174,668
6,035,788
5,843,759
Total liabilities and shareholders' equity
$
49,366,969
$
47,959,883
$
46,875,982
This information is preliminary and based on company data available at the time of the presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
(dollars in thousands, except for share and per share data)
Three months ended
Six months ended
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Interest income:
Loans, including fees
$
551,659
$
541,199
$
478,896
$
1,092,858
$
910,798
Securities
Taxable
51,578
44,470
31,967
96,048
61,325
Tax-exempt
24,372
24,600
24,603
48,972
48,405
Federal funds sold and other
40,781
40,214
39,773
80,995
60,750
Total interest income
668,390
650,483
575,239
1,318,873
1,081,278
Interest expense:
Deposits
304,449
300,968
228,668
605,417
405,257
Securities sold under agreements to repurchase
1,316
1,399
783
2,715
1,378
FHLB advances and other borrowings
30,363
30,082
30,395
60,445
47,019
Total interest expense
336,128
332,449
259,846
668,577
453,654
Net interest income
332,262
318,034
315,393
650,296
627,624
Provision for credit losses
30,159
34,497
31,689
64,656
50,456
Net interest income after provision for credit losses
302,103
283,537
283,704
585,640
577,168
Noninterest income:
Service charges on deposit accounts
14,563
13,439
12,180
28,002
23,898
Investment services
15,720
14,751
14,174
30,471
25,769
Insurance sales commissions
3,715
3,852
3,252
7,567
7,716
Gains on mortgage loans sold, net
3,270
2,879
1,567
6,149
3,620
Investment losses on sales, net
(72,103
)
—
(9,961
)
(72,103
)
(9,961
)
Trust fees
8,323
7,415
6,627
15,738
13,056
Income from equity method investment
18,688
16,035
26,924
34,723
46,003
Gain on sale of fixed assets
325
58
85,724
383
85,859
Other noninterest income
41,787
51,674
33,352
93,461
67,408
Total noninterest income
34,288
110,103
173,839
144,391
263,368
Noninterest expense:
Salaries and employee benefits
150,117
146,010
132,443
296,127
268,151
Equipment and occupancy
41,036
39,646
33,706
80,682
64,059
Other real estate, net
22
84
58
106
157
Marketing and other business development
6,776
6,125
5,664
12,901
11,606
Postage and supplies
3,135
2,771
2,863
5,906
5,682
Amortization of intangibles
1,568
1,584
1,780
3,152
3,574
Other noninterest expense
68,735
46,145
35,127
114,880
70,139
Total noninterest expense
271,389
242,365
211,641
513,754
423,368
Income before income taxes
65,002
151,275
245,902
216,277
417,168
Income tax expense
11,840
27,331
48,603
39,171
82,598
Net income
53,162
123,944
197,299
177,106
334,570
Preferred stock dividends
(3,798
)
(3,798
)
(3,798
)
(7,596
)
(7,596
)
Net income available to common shareholders
$
49,364
$
120,146
$
193,501
$
169,510
$
326,974
Per share information:
Basic net income per common share
$
0.65
$
1.58
$
2.55
$
2.22
$
4.30
Diluted net income per common share
$
0.64
$
1.57
$
2.54
$
2.21
$
4.30
Weighted average common shares outstanding:
Basic
76,506,121
76,278,453
76,030,081
76,392,287
75,975,982
Diluted
76,644,227
76,428,885
76,090,321
76,531,419
76,061,883
This information is preliminary and based on company data available at the time of the presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(dollars and shares in thousands)
Preferred
Stock
Amount
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comp. Income (Loss), net
Total Shareholders' Equity
Shares
Amounts
Balance at December 31, 2022
$
217,126
76,454
$
76,454
$
3,074,867
$
2,341,706
$
(190,761
)
$
5,519,392
Exercise of employee common stock options & related tax benefits
—
40
40
931
—
—
971
Preferred dividends paid ($33.76 per share)
—
—
—
—
(7,596
)
—
(7,596
)
Common dividends paid ($0.44 per share)
—
—
—
—
(34,365
)
(34,365
)
Issuance of restricted common shares, net of forfeitures
—
200
200
(200
)
—
—
—
Restricted shares withheld for taxes & related tax benefits
—
(47
)
(47
)
(3,345
)
—
—
(3,392
)
Issuance of common stock pursuant to restricted stock unit (RSU) and performance stock unit (PSU) agreements, net of shares withheld for taxes & related tax benefits
—
93
93
(3,738
)
—
—
(3,645
)
Compensation expense for restricted shares & performance stock units
—
—
—
19,452
—
—
19,452
Net income
—
—
—
—
334,570
—
334,570
Other comprehensive gain
—
—
—
—
—
18,372
18,372
Balance at June 30, 2023
$
217,126
76,740
$
76,740
$
3,087,967
$
2,634,315
$
(172,389
)
$
5,843,759
Balance at December 31, 2023
$
217,126
76,767
$
76,767
$
3,109,493
$
2,784,927
$
(152,525
)
$
6,035,788
Preferred dividends paid ($33.76 per share)
—
—
—
—
(7,596
)
—
(7,596
)
Common dividends paid ($0.44 per share)
—
—
—
—
(34,514
)
—
(34,514
)
Issuance of restricted common shares, net of forfeitures
—
194
194
(194
)
—
—
—
Restricted shares withheld for taxes & related tax benefits
—
(55
)
(55
)
(4,529
)
—
—
(4,584
)
Issuance of common stock pursuant to RSU and PSU agreements, net of shares withheld for taxes & related tax benefits
—
311
311
(14,739
)
—
—
(14,428
)
Compensation expense for restricted shares & performance stock units
—
—
—
20,962
—
—
20,962
Net income
—
—
—
—
177,106
—
177,106
Other comprehensive gain
—
—
—
—
—
1,934
1,934
Balance at June 30, 2024
$
217,126
77,217
$
77,217
$
3,110,993
$
2,919,923
$
(150,591
)
$
6,174,668
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands)
June
March
December
September
June
March
2024
2024
2023
2023
2023
2023
Balance sheet data, at quarter end:
Commercial and industrial loans
$
12,328,622
11,893,198
11,666,691
11,307,611
10,983,911
10,723,327
Commercial real estate - owner occupied loans
4,217,351
4,044,973
4,044,896
3,944,616
3,845,359
3,686,796
Commercial real estate - investment loans
5,998,326
6,138,711
5,929,595
5,957,426
5,682,652
5,556,484
Commercial real estate - multifamily and other loans
2,185,858
1,924,931
1,605,899
1,490,184
1,488,236
1,331,249
Consumer real estate - mortgage loans
4,874,846
4,828,416
4,851,531
4,768,780
4,692,673
4,531,285
Construction and land development loans
3,621,563
3,818,334
4,041,081
3,942,143
3,904,774
3,909,024
Consumer and other loans
542,584
514,310
536,398
532,524
555,685
559,706
Total loans
33,769,150
33,162,873
32,676,091
31,943,284
31,153,290
30,297,871
Allowance for credit losses
(381,601
)
(371,337
)
(353,055
)
(346,192
)
(337,459
)
(313,841
)
Securities
7,882,891
7,371,847
7,323,887
6,882,276
6,623,457
6,878,831
Total assets
49,366,969
48,894,196
47,959,883
47,523,790
46,875,982
45,119,587
Noninterest-bearing deposits
7,932,882
7,958,739
7,906,502
8,324,325
8,436,799
9,018,439
Total deposits
39,770,380
39,402,025
38,539,810
38,295,809
37,722,661
36,178,553
Securities sold under agreements to repurchase
220,885
201,418
209,489
195,999
163,774
149,777
FHLB advances
2,110,885
2,116,417
2,138,169
2,110,598
2,200,917
2,166,508
Subordinated debt and other borrowings
425,380
425,159
424,938
424,718
424,497
424,276
Total shareholders' equity
6,174,668
6,103,851
6,035,788
5,837,641
5,843,759
5,684,128
Balance sheet data, quarterly averages:
Total loans
$
33,516,804
33,041,954
32,371,506
31,529,854
30,882,205
29,633,640
Securities
7,322,588
7,307,201
6,967,488
6,801,285
6,722,247
6,765,126
Federal funds sold and other
3,268,307
3,274,062
3,615,908
4,292,956
3,350,705
2,100,757
Total earning assets
44,107,699
43,623,217
42,954,902
42,624,095
40,955,157
38,499,523
Total assets
48,754,091
48,311,260
47,668,519
47,266,199
45,411,961
42,983,854
Noninterest-bearing deposits
8,000,159
7,962,217
8,342,572
8,515,733
8,599,781
9,332,317
Total deposits
39,453,828
38,995,709
38,515,560
38,078,665
36,355,859
35,291,775
Securities sold under agreements to repurchase
213,252
210,888
202,601
184,681
162,429
219,082
FHLB advances
2,106,786
2,214,489
2,112,809
2,132,638
2,352,045
1,130,356
Subordinated debt and other borrowings
427,256
428,281
426,999
426,855
426,712
426,564
Total shareholders' equity
6,138,722
6,082,616
5,889,075
5,898,196
5,782,239
5,605,604
Statement of operations data, for the three months ended:
Interest income
$
668,390
650,483
644,796
627,294
575,239
506,039
Interest expense
336,128
332,449
327,544
310,052
259,846
193,808
Net interest income
332,262
318,034
317,252
317,242
315,393
312,231
Provision for credit losses
30,159
34,497
16,314
26,826
31,689
18,767
Net interest income after provision for credit losses
302,103
283,537
300,938
290,416
283,704
293,464
Noninterest income
34,288
110,103
79,088
90,797
173,839
89,529
Noninterest expense
271,389
242,365
251,168
213,233
211,641
211,727
Income before income taxes
65,002
151,275
128,858
167,980
245,902
171,266
Income tax expense
11,840
27,331
33,879
35,377
48,603
33,995
Net income
53,162
123,944
94,979
132,603
197,299
137,271
Preferred stock dividends
(3,798
)
(3,798
)
(3,798
)
(3,798
)
(3,798
)
(3,798
)
Net income available to common shareholders
$
49,364
120,146
91,181
128,805
193,501
133,473
Profitability and other ratios:
Return on avg. assets (1)
0.41
%
1.00
%
0.76
%
1.08
%
1.71
%
1.26
%
Return on avg. equity (1)
3.23
%
7.94
%
6.14
%
8.66
%
13.42
%
9.66
%
Return on avg. common equity (1)
3.35
%
8.24
%
6.38
%
9.00
%
13.95
%
10.05
%
Return on avg. tangible common equity (1)
4.90
%
12.11
%
9.53
%
13.43
%
21.06
%
15.43
%
Common stock dividend payout ratio (14)
17.29
%
12.59
%
12.26
%
11.35
%
11.04
%
12.07
%
Net interest margin (2)
3.14
%
3.04
%
3.06
%
3.06
%
3.20
%
3.40
%
Noninterest income to total revenue (3)
9.35
%
25.72
%
19.95
%
22.25
%
35.53
%
22.28
%
Noninterest income to avg. assets (1)
0.28
%
0.92
%
0.66
%
0.76
%
1.54
%
0.84
%
Noninterest exp. to avg. assets (1)
2.24
%
2.02
%
2.09
%
1.79
%
1.87
%
2.00
%
Efficiency ratio (4)
74.04
%
56.61
%
63.37
%
52.26
%
43.26
%
52.70
%
Avg. loans to avg. deposits
84.95
%
84.73
%
84.05
%
82.80
%
84.94
%
83.97
%
Securities to total assets
15.97
%
15.08
%
15.27
%
14.48
%
14.13
%
15.25
%
This information is preliminary and based on company data available at the time of the presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS-UNAUDITED
(dollars in thousands)
Three months ended
Three months ended
June 30, 2024
June 30, 2023
Average Balances
Interest
Rates/ Yields
Average Balances
Interest
Rates/ Yields
Interest-earning assets
Loans (1) (2)
$
33,516,804
$
551,659
6.71
%
$
30,882,205
$
478,896
6.30
%
Securities
Taxable
4,085,859
51,578
5.08
%
3,394,507
31,967
3.78
%
Tax-exempt (2)
3,236,729
24,372
3.61
%
3,327,740
24,603
3.54
%
Interest-bearing due from banks
2,541,394
33,607
5.32
%
2,597,020
33,234
5.13
%
Resell agreements
476,435
3,641
3.07
%
509,694
3,374
2.65
%
Federal funds sold
—
—
—
%
—
—
—
%
Other
250,478
3,533
5.67
%
243,991
3,165
5.20
%
Total interest-earning assets
44,107,699
$
668,390
6.20
%
40,955,157
$
575,239
5.74
%
Nonearning assets
Intangible assets
1,872,282
1,879,108
Other nonearning assets
2,774,110
2,577,696
Total assets
$
48,754,091
$
45,411,961
Interest-bearing liabilities
Interest-bearing deposits:
Interest checking
12,118,160
118,785
3.94
%
9,361,316
75,815
3.25
%
Savings and money market
14,659,713
134,399
3.69
%
13,684,536
110,024
3.22
%
Time
4,675,796
51,265
4.41
%
4,710,226
42,829
3.65
%
Total interest-bearing deposits
31,453,669
304,449
3.89
%
27,756,078
228,668
3.30
%
Securities sold under agreements to repurchase
213,252
1,316
2.48
%
162,429
783
1.93
%
Federal Home Loan Bank advances
2,106,786
24,395
4.66
%
2,352,045
24,603
4.20
%
Subordinated debt and other borrowings
427,256
5,968
5.62
%
426,712
5,792
5.44
%
Total interest-bearing liabilities
34,200,963
336,128
3.95
%
30,697,264
259,846
3.40
%
Noninterest-bearing deposits
8,000,159
—
—
8,599,781
—
—
Total deposits and interest-bearing liabilities
42,201,122
$
336,128
3.20
%
39,297,045
$
259,846
2.65
%
Other liabilities
414,247
332,677
Shareholders' equity
6,138,722
5,782,239
Total liabilities and shareholders' equity
$
48,754,091
$
45,411,961
Net interest income
$
332,262
$
315,393
Net interest spread (3)
2.25
%
2.35
%
Net interest margin (4)
3.14
%
3.20
%
(1) Average balances of nonperforming loans are included in the above amounts.
(2) Yields computed on tax-exempt instruments on a tax equivalent basis and included $11.9 million of taxable equivalent income for the three months ended June 30, 2024 compared to $11.2 million for the three months ended June 30, 2023. The tax-exempt benefit has been reduced by the projected impact of tax-exempt income that will be disallowed pursuant to IRS Regulations as of and for the then current period presented.
(3) Yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. The net interest spread calculation excludes the impact of demand deposits. Had the impact of demand deposits been included, the net interest spread for the three months ended June 30, 2024 would have been 3.00% compared to a net interest spread of 3.09% for the three months ended June 30, 2023.
(4) Net interest margin is the result of annualized net interest income calculated on a tax equivalent basis divided by average interest-earning assets for the period.
This information is preliminary and based on company data available at the time of the presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS-UNAUDITED
(dollars in thousands)
Six months ended
Six months ended
June 30, 2024
June 30, 2023
Average Balances
Interest
Rates/ Yields
Average Balances
Interest
Rates/ Yields
Interest-earning assets
Loans (1) (2)
$
33,279,379
$
1,092,858
6.69
%
$
30,261,372
$
910,798
6.15
%
Securities
Taxable
4,002,696
96,048
4.83
%
3,451,410
61,325
3.58
%
Tax-exempt (2)
3,312,198
48,972
3.54
%
3,292,158
48,405
3.54
%
Interest-bearing due from banks
2,509,097
66,359
5.32
%
1,998,083
49,166
4.96
%
Resell agreements
510,111
7,499
2.96
%
511,169
6,703
2.64
%
Federal funds sold
—
—
—
%
—
—
—
%
Other
251,976
7,137
5.70
%
219,932
4,881
4.48
%
Total interest-earning assets
43,865,457
$
1,318,873
6.15
%
39,734,124
$
1,081,278
5.60
%
Nonearning assets
Intangible assets
1,873,076
1,879,994
Other nonearning assets
2,794,141
2,590,548
Total assets
$
48,532,674
$
44,204,666
Interest-bearing liabilities
Interest-bearing deposits:
Interest checking
11,842,966
231,513
3.93
%
8,581,899
128,289
3.01
%
Savings and money market
14,634,200
269,151
3.70
%
14,029,351
207,543
2.98
%
Time
4,766,414
104,753
4.42
%
4,251,481
69,425
3.29
%
Total interest-bearing deposits
31,243,580
605,417
3.90
%
26,862,731
405,257
3.04
%
Securities sold under agreements to repurchase
212,070
2,715
2.57
%
190,599
1,378
1.46
%
Federal Home Loan Bank advances
2,160,637
48,515
4.52
%
1,744,575
35,574
4.11
%
Subordinated debt and other borrowings
427,768
11,930
5.61
%
426,638
11,445
5.41
%
Total interest-bearing liabilities
34,044,055
668,577
3.95
%
29,224,543
453,654
3.13
%
Noninterest-bearing deposits
7,981,188
—
—
8,964,026
—
—
Total deposits and interest-bearing liabilities
42,025,243
$
668,577
3.20
%
38,188,569
$
453,654
2.40
%
Other liabilities
396,762
321,637
Shareholders' equity
6,110,669
5,694,460
Total liabilities and shareholders' equity
$
48,532,674
$
44,204,666
Net interest income
$
650,296
$
627,624
Net interest spread (3)
2.21
%
2.47
%
Net interest margin (4)
3.09
%
3.30
%
(1) Average balances of nonperforming loans are included in the above amounts.
(2) Yields computed on tax-exempt instruments on a tax equivalent basis and included $23.7 million of taxable equivalent income for the six months ended June 30, 2024 compared to $22.1 million for the six months ended June 30, 2023. The tax-exempt benefit has been reduced by the projected impact of tax-exempt income that will be disallowed pursuant to IRS Regulations as of and for the then current period presented.
(3) Yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. The net interest spread calculation excludes the impact of demand deposits. Had the impact of demand deposits been included, the net interest spread for the six months ended June 30, 2024 would have been 2.96% compared to a net interest spread of 3.20% for the six months ended June 30, 2023.
(4) Net interest margin is the result of annualized net interest income calculated on a tax equivalent basis divided by average interest-earning assets for the period.
This information is preliminary and based on company data available at the time of the presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands)
June
March
December
September
June
March
2024
2024
2023
2023
2023
2023
Asset quality information and ratios:
Nonperforming assets:
Nonaccrual loans
$
97,649
108,325
82,288
42,950
44,289
36,988
ORE and other nonperforming assets (NPAs)
2,760
2,766
4,347
3,019
3,105
7,802
Total nonperforming assets
$
100,409
111,091
86,635
45,969
47,394
44,790
Past due loans over 90 days and still accruing interest
$
4,057
5,273
6,004
4,969
5,257
5,284
Accruing purchase credit deteriorated loans
$
6,021
6,222
6,501
7,010
7,415
7,684
Net loan charge-offs
$
22,895
16,215
13,451
18,093
9,771
7,291
Allowance for credit losses to nonaccrual loans
390.8
%
342.8
%
429.0
%
806.0
%
762.0
%
848.5
%
As a percentage of total loans:
Past due accruing loans over 30 days
0.16
%
0.17
%
0.23
%
0.16
%
0.14
%
0.14
%
Potential problem loans
0.18
%
0.28
%
0.39
%
0.42
%
0.32
%
0.22
%
Allowance for credit losses
1.13
%
1.12
%
1.08
%
1.08
%
1.08
%
1.04
%
Nonperforming assets to total loans, ORE and other NPAs
0.30
%
0.33
%
0.27
%
0.14
%
0.15
%
0.15
%
Classified asset ratio (Pinnacle Bank) (6)
4.0
%
4.9
%
5.2
%
4.6
%
3.3
%
2.7
%
Annualized net loan charge-offs to avg. loans (5)
0.27
%
0.20
%
0.17
%
0.23
%
0.13
%
0.10
%
Interest rates and yields:
Loans
6.71
%
6.67
%
6.62
%
6.50
%
6.30
%
6.00
%
Securities
4.43
%
4.06
%
4.12
%
3.81
%
3.66
%
3.47
%
Total earning assets
6.20
%
6.11
%
6.09
%
5.95
%
5.74
%
5.45
%
Total deposits, including non-interest bearing
3.10
%
3.10
%
3.07
%
2.92
%
2.52
%
2.03
%
Securities sold under agreements to repurchase
2.48
%
2.67
%
2.54
%
2.30
%
1.93
%
1.10
%
FHLB advances
4.66
%
4.38
%
4.26
%
4.22
%
4.20
%
3.94
%
Subordinated debt and other borrowings
5.62
%
5.60
%
5.59
%
5.54
%
5.44
%
5.38
%
Total deposits and interest-bearing liabilities
3.20
%
3.20
%
3.15
%
3.01
%
2.65
%
2.12
%
Capital and other ratios (6):
Pinnacle Financial ratios:
Shareholders' equity to total assets
12.5
%
12.5
%
12.6
%
12.3
%
12.5
%
12.6
%
Common equity Tier one
10.7
%
10.4
%
10.3
%
10.3
%
10.2
%
9.9
%
Tier one risk-based
11.2
%
10.9
%
10.8
%
10.9
%
10.8
%
10.5
%
Total risk-based
13.2
%
12.9
%
12.7
%
12.8
%
12.7
%
12.4
%
Leverage
9.5
%
9.5
%
9.4
%
9.4
%
9.5
%
9.6
%
Tangible common equity to tangible assets
8.6
%
8.5
%
8.6
%
8.2
%
8.3
%
8.3
%
Pinnacle Bank ratios:
Common equity Tier one
11.5
%
11.3
%
11.1
%
11.2
%
11.1
%
10.8
%
Tier one risk-based
11.5
%
11.3
%
11.1
%
11.2
%
11.1
%
10.8
%
Total risk-based
12.5
%
12.2
%
12.0
%
12.0
%
11.9
%
11.6
%
Leverage
9.7
%
9.7
%
9.7
%
9.7
%
9.8
%
9.9
%
Construction and land development loans
as a percentage of total capital (17)
72.9
%
77.5
%
84.2
%
83.1
%
84.5
%
88.5
%
Non-owner occupied commercial real estate and
multi-family as a percentage of total capital (17)
254.0
%
258.0
%
259.0
%
256.4
%
256.7
%
261.1
%
This information is preliminary and based on company data available at the time of the presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands, except per share data)
June
March
December
September
June
March
2024
2024
2023
2023
2023
2023
Per share data:
Earnings per common share – basic
$
0.65
1.58
1.20
1.69
2.55
1.76
Earnings per common share - basic, excluding non-GAAP adjustments
$
1.63
1.54
1.70
1.79
1.80
1.76
Earnings per common share – diluted
$
0.64
1.57
1.19
1.69
2.54
1.76
Earnings per common share - diluted, excluding non-GAAP adjustments
$
1.63
1.53
1.68
1.79
1.79
1.76
Common dividends per share
$
0.22
0.22
0.22
0.22
0.22
0.22
Book value per common share at quarter end (7)
$
77.15
76.23
75.80
73.23
73.32
71.24
Tangible book value per common share at quarter end (7)
$
52.92
51.98
51.38
48.78
48.85
46.75
Revenue per diluted common share
$
4.78
5.60
5.16
5.35
6.43
5.28
Revenue per diluted common share, excluding non-GAAP adjustments
$
5.72
5.45
5.25
5.48
5.43
5.28
Investor information:
Closing sales price of common stock on last trading day of quarter
$
80.04
85.88
87.22
67.04
56.65
55.16
High closing sales price of common stock during quarter
$
84.70
91.82
89.34
75.95
57.93
82.79
Low closing sales price of common stock during quarter
$
74.62
79.26
60.77
56.41
46.17
52.51
Closing sales price of depositary shares on last trading day of quarter
$
23.25
23.62
22.60
22.70
23.75
24.15
High closing sales price of depositary shares during quarter
$
23.85
24.44
23.65
23.85
24.90
25.71
Low closing sales price of depositary shares during quarter
$
22.93
22.71
21.00
21.54
19.95
20.77
Other information:
Residential mortgage loan sales:
Gross loans sold
$
217,080
148,576
142,556
198,247
192,948
120,146
Gross fees (8)
$
5,368
3,540
3,191
4,350
4,133
2,795
Gross fees as a percentage of loans originated
2.47
%
2.38
%
2.24
%
2.19
%
2.14
%
2.33
%
Net gain (loss) on residential mortgage loans sold
$
3,270
2,879
879
2,012
1,567
2,053
Investment gains (losses) on sales of securities, net (13)
$
(72,103
)
—
14
(9,727
)
(9,961
)
—
Brokerage account assets, at quarter end (9)
$
11,917,578
10,756,108
9,810,457
9,041,716
9,007,230
8,634,339
Trust account managed assets, at quarter end
$
6,443,916
6,297,887
5,530,495
5,047,128
5,084,592
4,855,951
Core deposits (10)
$
34,957,827
34,638,610
33,738,917
33,606,783
32,780,767
32,054,111
Core deposits to total funding (10)
82.2
%
82.2
%
81.7
%
81.9
%
80.9
%
82.4
%
Risk-weighted assets
$
39,983,191
40,531,311
40,205,295
39,527,086
38,853,588
38,117,659
Number of offices
135
128
128
128
127
126
Total core deposits per office
$
258,947
270,614
263,585
262,553
258,116
254,398
Total assets per full-time equivalent employee
$
14,231
14,438
14,287
14,274
14,166
13,750
Annualized revenues per full-time equivalent employee
$
425.0
508.5
468.4
486.2
593.0
496.5
Annualized expenses per full-time equivalent employee
$
314.6
287.8
296.8
254.1
256.5
261.7
Number of employees (full-time equivalent)
3,469.0
3,386.5
3,357.0
3,329.5
3,309.0
3,281.5
Associate retention rate (11)
94.4
%
94.2
%
94.2
%
93.6
%
94.1
%
93.8
%
This information is preliminary and based on company data available at the time of the presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
Three months ended
Six months ended
(dollars in thousands, except per share data)
June
March
June
June
June
2024
2024
2023
2024
2023
Net interest income
$
332,262
318,034
315,393
650,296
627,624
Noninterest income
34,288
110,103
173,839
144,391
263,368
Total revenues
366,550
428,137
489,232
794,687
890,992
Less: Investment losses (gains) on sales of securities, net
72,103
—
9,961
72,103
9,961
Gain on sale of fixed assets as a result of sale-leaseback transaction
—
—
(85,692
)
—
(85,692
)
Recognition of mortgage servicing asset
—
(11,812
)
—
(11,812
)
—
Total revenues excluding the impact of adjustments noted above
$
438,653
416,325
413,501
854,978
815,261
Noninterest expense
$
271,389
242,365
211,641
513,754
423,368
Less: ORE expense
22
84
58
106
157
FDIC special assessment
—
7,250
—
7,250
—
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives
28,400
—
—
28,400
—
Noninterest expense excluding the impact of adjustments noted above
$
242,967
235,031
211,583
477,998
423,211
Pre-tax income
$
65,002
151,275
245,902
216,277
417,168
Provision for credit losses
30,159
34,497
31,689
64,656
50,456
Pre-tax pre-provision net revenue
95,161
185,772
277,591
280,933
467,624
Less: Adjustments noted above
100,525
(4,478
)
(75,673
)
96,047
(75,574
)
Adjusted pre-tax pre-provision net revenue (12)
$
195,686
181,294
201,918
376,980
392,050
Noninterest income
$
34,288
110,103
173,839
144,391
263,368
Less: Adjustments noted above
72,103
(11,812
)
(75,731
)
60,291
(75,731
)
Noninterest income excluding the impact of adjustments noted above
$
106,391
98,291
98,108
204,682
187,637
Efficiency ratio (4)
74.04
%
56.61
%
43.26
%
64.65
%
47.52
%
Adjustments noted above
(18.65
)%
(0.16
)%
7.91
%
(8.74
)%
4.39
%
Efficiency ratio excluding adjustments noted above (4)
55.39
%
56.45
%
51.17
%
55.91
%
51.91
%
Total average assets
$
48,754,091
48,311,260
45,411,961
48,532,674
44,204,666
Noninterest income to average assets (1)
0.28
%
0.92
%
1.54
%
0.60
%
1.20
%
Less: Adjustments noted above
0.60
%
(0.10
)%
(0.67
)%
0.25
%
(0.34
)%
Noninterest income (excluding adjustments noted above) to average assets (1)
0.88
%
0.82
%
0.87
%
0.85
%
0.86
%
Noninterest expense to average assets (1)
2.24
%
2.02
%
1.87
%
2.13
%
1.93
%
Adjustments as noted above
(0.24
)%
(0.06
)%
—
%
(0.15
)%
—
%
Noninterest expense (excluding adjustments noted above) to average assets (1)
2.00
%
1.96
%
1.87
%
1.98
%
1.93
%
This information is preliminary and based on company data available at the time of the presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
Three months ended
(dollars in thousands, except per share data)
June
March
December
September
June
March
2024
2024
2023
2023
2023
2023
Net income available to common shareholders
$
49,364
120,146
91,181
128,805
193,501
133,473
Investment (gains) losses on sales of securities, net
72,103
—
(14
)
9,727
9,961
—
Gain on sale of fixed assets as a result of sale-leaseback transaction
—
—
—
—
(85,692
)
—
Loss on BOLI restructuring
—
—
16,252
—
—
—
FDIC special assessment
—
7,250
29,000
—
—
—
ORE expense
22
84
125
33
58
99
Recognition of mortgage servicing asset
—
(11,812
)
—
—
—
—
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives
28,400
—
—
—
—
—
Tax effect on above noted adjustments (16)
(25,131
)
1,120
(7,278
)
(2,440
)
18,918
(25
)
Net income available to common shareholders excluding adjustments noted above
$
124,758
116,788
129,266
136,125
136,746
133,547
Basic earnings per common share
$
0.65
1.58
1.20
1.69
2.55
1.76
Less:
Investment (gains) losses on sales of securities, net
0.94
—
—
0.13
0.13
—
Gain on sale of fixed assets as a result of sale-leaseback transaction
—
—
—
—
(1.13
)
—
Loss on BOLI restructuring
—
—
0.21
—
—
—
FDIC special assessment
—
0.10
0.38
—
—
—
ORE expense
—
—
—
—
—
—
Recognition of mortgage servicing asset
—
(0.15
)
—
—
—
—
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives
0.37
—
—
—
—
—
Tax effect on above noted adjustments (16)
(0.33
)
0.01
(0.10
)
(0.03
)
0.25
—
Basic earnings per common share excluding adjustments noted above
$
1.63
1.54
1.70
1.79
1.80
1.76
Diluted earnings per common share
$
0.64
1.57
1.19
1.69
2.54
1.76
Less:
Investment (gains) losses on sales of securities, net
0.94
—
—
0.13
0.13
—
Gain on sale of fixed assets as a result of sale-leaseback transaction
—
—
—
—
(1.13
)
—
Loss on BOLI restructuring
—
—
0.21
—
—
—
FDIC special assessment
—
0.10
0.38
—
—
—
ORE expense
—
—
—
—
—
—
Recognition of mortgage servicing asset
—
(0.15
)
—
—
—
—
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives
0.37
—
—
—
—
—
Tax effect on above noted adjustments (16)
(0.32
)
0.01
(0.09
)
(0.03
)
0.25
—
Diluted earnings per common share excluding the adjustments noted above
$
1.63
1.53
1.68
1.79
1.80
1.76
Revenue per diluted common share
$
4.78
5.60
5.16
5.35
6.43
5.28
Adjustments due to revenue-impacting items as noted above
0.94
(0.15
)
0.09
0.13
(1.00
)
—
Revenue per diluted common share excluding adjustments due to revenue-impacting items as noted above
$
5.72
5.45
5.25
5.48
5.43
5.28
Book value per common share at quarter end (7)
$
77.15
76.23
75.80
73.23
73.32
71.24
Adjustment due to goodwill, core deposit and other intangible assets
(24.23
)
(24.25
)
(24.42
)
(24.45
)
(24.47
)
(24.49
)
Tangible book value per common share at quarter end (7)
$
52.92
51.98
51.38
48.78
48.85
46.75
Equity method investment (15)
Fee income from BHG, net of amortization
$
18,688
16,035
14,432
24,967
26,924
19,079
Funding cost to support investment
5,704
5,974
5,803
6,546
6,005
5,768
Pre-tax impact of BHG
12,984
10,061
8,629
18,421
20,919
13,311
Income tax expense at statutory rates (16)
3,246
2,515
2,157
4,605
5,230
3,328
Earnings attributable to BHG
$
9,738
7,546
6,472
13,816
15,689
9,983
Basic earnings per common share attributable to BHG
$
0.13
0.10
0.09
0.18
0.21
0.13
Diluted earnings per common share attributable to BHG
$
0.13
0.10
0.08
0.18
0.21
0.13
This information is preliminary and based on company data available at the time of the presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
Six months ended
(dollars in thousands, except per share data)
June 30,
2024
2023
Net income available to common shareholders
$
169,510
326,974
Investment losses on sales of securities, net
72,103
9,961
Gain on sale of fixed assets as a result of sale-leaseback transaction
—
(85,692
)
Loss on BOLI restructuring
—
—
ORE expense
106
157
FDIC special assessment
7,250
—
Recognition of mortgage servicing asset
(11,812
)
—
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives
28,400
—
Tax effect on adjustments noted above (16)
(24,012
)
18,894
Net income available to common shareholders excluding adjustments noted above
$
241,545
270,294
Basic earnings per common share
$
2.22
4.30
Less:
Investment (gains) losses on sales of securities, net
0.94
0.13
Gain on sale of fixed assets as a result of sale-leaseback transaction
—
(1.13
)
ORE expense
—
—
Recognition of mortgage servicing asset
(0.15
)
—
FDIC special assessment
0.09
—
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives
0.37
—
Tax effect on above noted adjustments (16)
(0.31
)
0.25
Basic earnings per common share excluding adjustments noted above
$
3.16
3.55
Diluted earnings per common share
2.21
4.30
Less:
Investment (gains) losses on sales of securities, net
0.94
0.13
Gain on sale of fixed assets as a result of sale-leaseback transaction
—
(1.13
)
Loss on BOLI restructuring
—
—
ORE expense
—
—
FDIC special assessment
0.09
—
Recognition of mortgage servicing asset
(0.15
)
—
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives
0.37
—
Tax effect on above noted adjustments (16)
(0.31
)
0.25
Diluted earnings per common share excluding the adjustments noted above
$
3.16
3.55
Revenue per diluted common share
$
10.38
11.71
Adjustments due to revenue-impacting items as noted above
0.79
(0.99
)
Revenue per diluted common share excluding adjustments due to revenue-impacting items noted above
$
11.17
10.72
Equity method investment (15)
Fee income from BHG, net of amortization
$
34,723
46,003
Funding cost to support investment
11,584
11,088
Pre-tax impact of BHG
23,139
34,915
Income tax expense at statutory rates (16)
5,785
8,729
Earnings attributable to BHG
$
17,354
26,186
Basic earnings per common share attributable to BHG
$
0.23
0.34
Diluted earnings per common share attributable to BHG
$
0.23
0.34
This information is preliminary and based on company data available at the time of the presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
Three months ended
Six months ended
(dollars in thousands, except per share data)
June
March
June
June
June
2024
2024
2023
2024
2023
Return on average assets (1)
0.41
%
1.00
%
1.71
%
0.70
%
1.49
%
Adjustments as noted above
0.62
%
(0.03
)%
(0.50
)%
0.30
%
(0.26
)%
Return on average assets excluding adjustments noted above (1)
1.03
%
0.97
%
1.21
%
1.00
%
1.23
%
Tangible assets:
Total assets
$
49,366,969
48,894,196
46,875,982
$
49,366,969
46,875,982
Less: Goodwill
(1,846,973
)
(1,846,973
)
(1,846,973
)
(1,846,973
)
(1,846,973
)
Core deposit and other intangible assets
(24,313
)
(25,881
)
(30,981
)
(24,313
)
(30,981
)
Net tangible assets
$
47,495,683
47,021,342
44,998,028
$
47,495,683
44,998,028
Tangible common equity:
Total shareholders' equity
$
6,174,668
6,103,851
5,843,759
$
6,174,668
5,843,759
Less: Preferred shareholders' equity
(217,126
)
(217,126
)
(217,126
)
(217,126
)
(217,126
)
Total common shareholders' equity
5,957,542
5,886,725
5,626,633
5,957,542
5,626,633
Less: Goodwill
(1,846,973
)
(1,846,973
)
(1,846,973
)
(1,846,973
)
(1,846,973
)
Core deposit and other intangible assets
(24,313
)
(25,881
)
(30,981
)
(24,313
)
(30,981
)
Net tangible common equity
$
4,086,256
4,013,871
3,748,679
$
4,086,256
3,748,679
Ratio of tangible common equity to tangible assets
8.60
%
8.54
%
8.33
%
8.60
%
8.33
%
Average tangible assets:
Average assets
$
48,754,091
48,311,260
45,411,961
$
48,532,674
44,204,666
Less: Average goodwill
(1,846,973
)
(1,846,973
)
(1,846,973
)
(1,846,973
)
(1,846,973
)
Average core deposit and other intangible assets
(25,309
)
(26,898
)
(32,135
)
(26,103
)
(33,021
)
Net average tangible assets
$
46,881,809
46,437,389
43,532,853
$
46,659,598
42,324,672
Return on average assets (1)
0.41
%
1.00
%
1.71
%
0.70
%
1.49
%
Adjustment due to goodwill, core deposit and other intangible assets
0.01
%
0.04
%
0.07
%
0.03
%
0.07
%
Return on average tangible assets (1)
0.42
%
1.04
%
1.78
%
0.73
%
1.56
%
Adjustments as noted above
0.65
%
(0.03
)%
(0.52
)%
0.31
%
(0.27
)%
Return on average tangible assets excluding adjustments noted above (1)
1.07
%
1.01
%
1.26
%
1.04
%
1.29
%
Average tangible common equity:
Average shareholders' equity
$
6,138,722
6,082,616
5,782,239
$
6,110,669
5,694,460
Less: Average preferred equity
(217,126
)
(217,126
)
(217,126
)
(217,126
)
(217,126
)
Average common equity
5,921,596
5,865,490
5,565,113
5,893,543
5,477,334
Less: Average goodwill
(1,846,973
)
(1,846,973
)
(1,846,973
)
(1,846,973
)
(1,846,973
)
Average core deposit and other intangible assets
(25,309
)
(26,898
)
(32,135
)
(26,103
)
(33,021
)
Net average tangible common equity
$
4,049,314
3,991,619
3,686,005
$
4,020,467
3,597,340
Return on average equity (1)
3.23
%
7.94
%
13.42
%
5.58
%
11.58
%
Adjustment due to average preferred shareholders' equity
0.12
%
0.30
%
0.53
%
0.20
%
0.46
%
Return on average common equity (1)
3.35
%
8.24
%
13.95
%
5.78
%
12.04
%
Adjustment due to goodwill, core deposit and other intangible assets
1.55
%
3.87
%
7.11
%
2.70
%
6.29
%
Return on average tangible common equity (1)
4.90
%
12.11
%
21.06
%
8.48
%
18.33
%
Adjustments as noted above
7.49
%
(0.34
)%
(6.18
)%
3.60
%
(3.18
)%
Return on average tangible common equity excluding adjustments noted above (1)
12.39
%
11.77
%
14.88
%
12.08
%
15.15
%
This information is preliminary and based on company data available at the time of the presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
1. Ratios are presented on an annualized basis.
2. Net interest margin is the result of net interest income on a tax equivalent basis divided by average interest earning assets.
3. Total revenue is equal to the sum of net interest income and noninterest income.
4. Efficiency ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
5. Annualized net loan charge-offs to average loans ratios are computed by annualizing quarter-to-date net loan charge-offs and dividing the result by average loans for the quarter-to-date period.
6. Capital ratios are calculated using regulatory reporting regulations enacted for such period and are defined as follows:
Equity to total assets – End of period total shareholders' equity as a percentage of end of period assets.
Tangible common equity to tangible assets - End of period total shareholders' equity less end of period preferred stock, goodwill, core deposit and other intangibles as a percentage of end of period assets less end of period goodwill, core deposit and other intangibles.
Leverage – Tier I capital (pursuant to risk-based capital guidelines) as a percentage of adjusted average assets.
Tier I risk-based – Tier I capital (pursuant to risk-based capital guidelines) as a percentage of total risk-weighted assets.
Total risk-based – Total capital (pursuant to risk-based capital guidelines) as a percentage of total risk-weighted assets.
Classified asset - Classified assets as a percentage of Tier 1 capital plus allowance for credit losses.
Tier I common equity to risk weighted assets - Tier 1 capital (pursuant to risk-based capital guidelines) less the amount of any preferred stock or subordinated indebtedness that is considered as a component of Tier 1 capital as a percentage of total risk-weighted assets.
7. Book value per common share computed by dividing total common shareholders' equity by common shares outstanding. Tangible book value per common share computed by dividing total common shareholders' equity, less goodwill, core deposit and other intangibles by common shares outstanding.
8. Amounts are included in the statement of income in "Gains on mortgage loans sold, net", net of commissions paid on such amounts.
9. At fair value, based on information obtained from Pinnacle's third party broker/dealer for non-FDIC insured financial products and services.
10. Core deposits include all transaction deposit accounts, money market and savings accounts and all certificates of deposit issued in a denomination of less than $250,000. The ratio noted above represents total core deposits divided by total funding, which includes total deposits, FHLB advances, securities sold under agreements to repurchase, subordinated indebtedness and all other interest-bearing liabilities.
11. Associate retention rate is computed by dividing the number of associates employed at quarter end less the number of associates that have resigned in the last 12 months by the number of associates employed at quarter end.
12. Adjusted pre-tax, pre-provision net revenue excludes the impact of ORE expenses and income, investment gains and losses on sales of securities, the impact of BOLI restructuring, the impact of the FDIC special assessment, the recognition of the mortgage servicing asset and fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives.
13. Represents investment gains (losses) on sales and impairments, net occurring as a result of gains or losses incurred as the result of a change in management's intention to sell a bond prior to the recovery of its amortized cost basis.
14. The dividend payout ratio is calculated as the sum of the annualized dividend rate for dividends paid on common shares divided by the trailing 12-months fully diluted earnings per common share as of the dividend declaration date.
15. Earnings from equity method investment includes the impact of the funding costs of the overall franchise calculated using the firm's subordinated and other borrowing rates. Income tax expense is calculated using statutory tax rates.
16. Tax effect calculated using the blended statutory rate of 25.00 percent for all periods in 2024 and 2023.
17. Calculated using the same guidelines as are used in the Federal Financial Institutions Examination Council's Uniform Bank Performance Report.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240716482425/en/
MEDIA CONTACT: Joe Bass, 615-743-8219 FINANCIAL CONTACT: Harold Carpenter, 615-744-3742 WEBSITE: www.pnfp.com
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