Pinnacle Financial Partners In - PNFP STOCK NEWS

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.

Pinnacle Financial Partners, Inc. (PNFP) announces a $0.22 per share cash dividend for common shareholders and a quarterly dividend of $16.88 per share on preferred stock. The company provides a range of financial services and is a top employer in the U.S. The firm operates in urban markets across the Southeast, with approximately $48.9 billion in assets as of March 31, 2024.

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.