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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, 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.
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