Pinnacle Financial Reports 74.8% Drop in Q2 Earnings

By Bobby Samwell • Wednesday, July 17 08:00 • Permanent Link

Pinnacle Financial Partners, Inc. (NASDAQ: PNFP) has reported a significant decrease in net income per diluted common share for the quarter ended June 30, 2024, compared to the same period in 2023. The net income per diluted common share was $0.64 for the second quarter of 2024, a decrease of approximately 74.8 percent from the $2.54 reported in the second quarter of 2023. For the six months ended June 30, 2024, the net income per diluted common share was $2.21, compared to $4.30 for the same period in 2023, representing a decrease of approximately 48.6 percent.

However, after considering the adjustments noted in the press release, net income per diluted common share was $1.63 for the second quarter of 2024, compared to $1.80 for the second quarter of 2023, and $1.53 for the first quarter of 2024, resulting in an annualized linked-quarter growth rate of 26.1 percent.

Total revenues for the second quarter of 2024 were $366.6 million, representing a decrease from $428.1 million in the previous quarter. Excluding the adjustments noted in the press release, total revenues increased by $22.3 million, or 5.3 percent, to $438.7 million for the second quarter compared to $416.3 million in the first quarter.

Pinnacle's total assets at June 30, 2024, were $49.4 billion, reflecting a linked-quarter annualized increase of 3.9 percent and a year-over-year increase of 5.3 percent. The loans portfolio also experienced growth, reaching $33,769,150 at the end of the second quarter of 2024, compared to $33,162,873 in the previous quarter, and $31,153,290 in the second quarter of 2023.

The firm's pre-tax, pre-provision net revenues (PPNR) for the second quarter of 2024 were $95.2 million, a decrease of 65.7 percent from the $277.6 million recognized in the second quarter of 2023. Adjusted PPNR for the second quarter of 2024 was $195,686, a decrease of 3.1 percent from the $201,918 reported in the second quarter of 2023.

Net interest income for the second quarter of 2024 was $332.3 million, compared to $318.0 million for the first quarter of 2024 and $315.4 million for the second quarter of 2023, representing a year-over-year growth rate of 5.3 percent. The net interest margin was reported as 3.14 percent for the second quarter of 2024, compared to 3.20 percent for the same period in 2023.

Noninterest income for the second quarter of 2024 was $34.3 million, a decrease from $110.1 million for the first quarter of 2024 and $173.8 million for the second quarter of 2023. Adjusted noninterest income for the second quarter of 2024 was $106,391, an increase of 33.0 percent from the $98,108 reported in the second quarter of 2023.

Following these announcements, the company's shares moved 2.8%, and are now trading at a price of $91.25. If you want to know more, read the company's complete 8-K report here.

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