Business Description
Pinnacle Financial Partners, Inc. is a bank holding company headquartered in Nashville, Tennessee, and the parent of Pinnacle Bank, a commercial bank serving urban markets across the Southeastern United States, including Tennessee, the Carolinas, Virginia, Georgia and Alabama. The company provides commercial and consumer banking, lending, wealth management, trust, mortgage and insurance services, and holds a significant equity investment in Bankers Healthcare Group.
Financial Statements
| FY 2024 | FY 2023 | FY 2022 | FY 2021 | |
|---|---|---|---|---|
| Total interest income | 2,698,098 | 2,353,368 | 1,373,935 | 1,031,214 |
| Total interest expense | 1,332,508 | 1,091,250 | 244,642 | 98,813 |
| Net interest income | 1,365,590 | 1,262,118 | 1,129,293 | 932,401 |
| Noninterest income | 371,178 | 433,253 | 416,124 | 395,734 |
| Total revenue (net interest income + noninterest income) | 1,736,768 | 1,695,371 | 1,545,417 | 1,328,135 |
| Provision for credit losses | 120,589 | 93,596 | 67,925 | 16,126 |
| Noninterest expense | 1,034,970 | 887,769 | 779,999 | 660,104 |
| Income before income taxes | 581,209 | 714,006 | 697,493 | 651,905 |
| Income tax expense | 106,153 | 151,854 | 136,751 | 124,582 |
| Net income | 475,056 | 562,152 | 560,742 | 527,323 |
| Net income available to common shareholders | 459,864 | 546,960 | 545,550 | 512,131 |
| Diluted earnings per share | 5.96 | 7.14 | 7.17 | 6.75 |
| FY 2024 | FY 2023 | FY 2022 | FY 2021 | |
|---|---|---|---|---|
| Cash and due from banks | 320,320 | 228,620 | 268,649 | 188,287 |
| Interest-bearing deposits in other banks | 3,021,960 | 1,914,856 | 877,286 | 3,830,747 |
| Held-to-maturity securities | 2,800,606 | 3,008,064 | 3,080,658 | 1,156,119 |
| Loans, net of deferred fees | 35,485,776 | 32,676,091 | 29,041,605 | 23,414,262 |
| Total assets | 52,589,449 | 47,959,883 | 41,970,021 | 38,469,399 |
| Total deposits | 42,842,992 | 38,539,810 | 34,961,238 | 31,304,533 |
| Total liabilities | 46,157,568 | 41,924,095 | 36,450,629 | 33,158,792 |
| Total shareholders' equity | 6,431,881 | 6,035,788 | 5,519,392 | 5,310,607 |
| FY 2024 | FY 2023 | FY 2022 | FY 2021 | |
|---|---|---|---|---|
| Net income | 475,056 | 562,152 | 560,742 | 527,323 |
| Net cash provided by operating activities | 904,306 | 478,404 | 604,925 | 657,444 |
| Net cash used in investing activities | (3,672,452) | (4,602,439) | (6,684,439) | (3,612,955) |
| Net cash provided by financing activities | 3,973,722 | 5,177,002 | 3,155,357 | 3,095,601 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Net income margin | 27.4% |
| Return on equity | 7.4% |
| Return on assets | 0.90% |
| Efficiency ratio | 59.6% |
| Equity-to-assets | 12.2% |
| Diluted EPS (FY2024) | $5.96 |
Margins
What Drove the Period
Total revenue rose to $1.74B in fiscal 2024 from $1.70B in 2023 and $1.55B in 2022, driven by growth in net interest income to $1.37B as the loan book expanded past $35.49B and total deposits reached $42.84B. Net income eased to $475.1M from $562.2M a year earlier, however, as noninterest expense climbed to $1.03B and noninterest income declined to $371.2M, holding return on equity at 7.4% and the efficiency ratio at 59.6%. Total assets grew to $52.59B and shareholders' equity to $6.43B, keeping equity-to-assets at 12.2%. Figures are drawn from the company's FY2024 Form 10-K (the FY2025 10-K was not yet filed as of this build); total assets had reached $55.96B by September 30, 2025 per the Q3-2025 Form 10-Q.
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