Welcome to our dedicated page for Pinnacle Financial Partners In news (Ticker: PNFP), a resource for investors and traders seeking the latest updates and insights on Pinnacle Financial Partners In stock.
Pinnacle Financial Partners, Inc. (PNFP) is a financial holding company headquartered in Nashville, Tennessee. Through its wholly-owned subsidiary, Pinnacle Bank, the company offers a comprehensive array of banking, investment, trust, mortgage, and insurance products and services. These services are tailored to meet the needs of businesses, business owners, and individuals seeking a full-service relationship with their financial institution.
Pinnacle focuses on recruiting top-tier financial professionals to deliver personalized and professional service. The company's commitment to its employees and clients has earned it high rankings, including No. 34 on Fortune’s 2017 list of the 100 Best Companies to Work For, and American Banker's recognition as the sixth best bank to work for in 2016.
Founded in October 2000, Pinnacle began operations in a single location in downtown Nashville. Today, it operates in the four largest markets in Tennessee—Nashville, Memphis, Knoxville, and Chattanooga—along with several surrounding counties. The company's growth strategy includes strategic mergers and acquisitions, which have significantly expanded its footprint and service offerings.
Pinnacle Bank provides a diverse range of lending products, including commercial, real estate, and consumer loans. It primarily serves small to medium-sized businesses and individuals, with a substantial portion of its loan portfolio dedicated to commercial and industrial real estate loans. The bank generates most of its revenue through net interest income, underscoring its focus on traditional banking activities.
Furthermore, Pinnacle offers securities through Raymond James Financial Services, Inc., ensuring a robust selection of investment options for its clients. Pinnacle Asset Management and Pinnacle Bank operate independently of Raymond James Financial Services, Inc., offering a broad spectrum of financial solutions.
For more information about Pinnacle Financial Partners, visit their official website at www.pnfp.com.
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.
FAQ
What is the current stock price of Pinnacle Financial Partners In (PNFP)?
What is the market cap of Pinnacle Financial Partners In (PNFP)?
What services does Pinnacle Financial Partners offer?
Where is Pinnacle Financial Partners headquartered?
What markets does Pinnacle Financial Partners operate in?
How does Pinnacle primarily generate its revenue?
What types of loans does Pinnacle Bank offer?
How does Pinnacle Financial Partners support its growth?
Is Pinnacle Bank affiliated with Raymond James Financial Services?
What recognition has Pinnacle Financial Partners received for its workplace?
When was Pinnacle Financial Partners founded?
Where can I find more information about Pinnacle Financial Partners?
