Pinnacle Financial Partners, Inc. has recently released its 10-Q report, providing a detailed insight into its financial performance and operations. Pinnacle Financial operates as the bank holding company for Pinnacle Bank, offering a wide range of banking products and services to individuals, businesses, and professional entities in the United States. The company provides various deposits, treasury management services, loans, investment products, brokerage and investment advisory programs, fiduciary and investment services, insurance agency services, and more. Additionally, it offers telephone and online banking, mobile banking, debit and credit cards, direct deposit, and remote deposit capture services.
In the 10-Q report, under Item 2. Management's Discussion and Analysis, Pinnacle Financial's management expressed confidence in the company's liquidity to meet all known contractual obligations and unfunded commitments over the next twelve months. As of June 30, 2024, the company had outstanding standby letters of credit amounting to $365.8 million and unfunded loan commitments of $14.5 billion. Pinnacle Bank has the ability to liquidate securities available-for-sale or borrow and purchase federal funds from other financial institutions if needed to fund these outstanding commitments. The company follows credit policies and underwriting practices when making these commitments, evaluating each customer's creditworthiness on a case-by-case basis. As of June 30, 2024, Pinnacle Financial had accrued reserves of $14.5 million related to expected credit losses associated with off-balance sheet commitments. As a result of these announcements, the company's shares have moved 0.4% on the market, and are now trading at a price of $85.35. For the full picture, make sure to review Pinnacle Financial's 10-Q report.
