Reported Q: Q3 2024 Rev YoY: -37.2% EPS YoY: +10.7% Move: +0.11%
Pinnacle Financial
PNFP
$83.04 0.11%
Exchange NASDAQ Sector Financial Services Industry Banks Regional
Q3 2024
Published: Nov 7, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for PNFP

Reported

Report Date

Nov 7, 2024

Quarter Q3 2024

Revenue

414.10M

YoY: -37.2%

EPS

1.86

YoY: +10.7%

Market Move

+0.11%

Previous quarter: Q2 2024

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Earnings Highlights

  • Revenue of $414.10M down 37.2% year-over-year
  • EPS of $1.86 increased by 10.7% from previous year
  • Gross margin of 167.8%
  • Net income of 146.69M
  • ""Third quarter was a fabulous quarter. Balance sheet volumes all grew nicely with loans up 6% linked quarter annualized, earning assets up 12% linked quarter annualized and core deposits up 9% annualized."" - Terry Turner
PNFP
Company PNFP

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Executive Summary

Pinnacle Financial Partners posted a solid Q3 2024 performance characterized by robust loan growth, accelerating earning assets, and continued deposit momentum in a volatile rate environment. The company reaffirmed a growth-oriented, market-share strategy in the Southeast, leveraging its simple, repeatable operating model and a strong culture to attract top banking talent and consolidate client books across markets. Management guided to 7-8% loan growth for 2024, projected NIM to be flat in Q4 after additional rate cuts, and deposit growth in the 7-9% range for the year, backed by a near 50% indexed deposit mix and ongoing balance-sheet discipline. Fee growth and BHG-related activities contributed meaningfully to revenue upside, while credit metrics remained generally favorable, with anticipated provision guidance of 32-35 basis points on average loans and charge-offs around 21-23 bps for 2024. The company’s long-term composite strategy—market extensions, above-market share gains, and a culture-rich workforce—position PNFP to sustain earnings growth even as the macro backdrop includes an inverted yield curve and election-related uncertainty. The earnings call underscored management’s confidence in a repeatable model, the durability of deposit franchises, and the optionality provided by BHG and wealth/ investment services franchises against a backdrop of CRE risk management and targeted CRE concentration reductions.

Key Performance Indicators

Revenue
Decreasing
414.10M
QoQ: -39.43% | YoY: -37.24%
Gross Profit
Increasing
694.87M
1.68% margin
QoQ: 1.64% | YoY: 115.17%
Operating Income
Decreasing
162.93M
QoQ: 144.67% | YoY: -3.01%
Net Income
Increasing
146.69M
QoQ: 175.93% | YoY: 10.62%
EPS
Increasing
1.87
QoQ: 187.69% | YoY: 10.65%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 766.59 1.77 +3.0% View
Q4 2024 684.36 1.91 +4.7% View
Q3 2024 414.10 1.86 -37.2% View
Q2 2024 683.66 0.64 +11.6% View
Q1 2024 744.59 1.62 +34.8% View