Pinnacle Financial Reports 60.5% Increase in 4Q24 Earnings

By Bobby Samwell • Wednesday, January 22 10:23 • Permanent Link

Pinnacle Financial Partners, Inc. (NASDAQ: PNFP) has reported its 4Q24 diluted earnings per share (EPS) at $1.91, representing an increase of approximately 60.5% compared to the same period in 2023. The net interest margin held at 3.22%, and net interest income saw a substantial 14.0% linked-quarter annualized growth. The quarterly common dividend has been increased to $0.24 per share.

The company's total assets at the end of 2024 were $52.6 billion, reflecting a linked-quarter annualized increase of 14.9% and a year-over-year increase of 9.7%. Loan growth was particularly remarkable, with a 13.7% linked-quarter annualized increase, reaching $35.5 billion.

Pinnacle's pre-tax, pre-provision net revenues (PPNR) for 4Q24 were $213.4 million, marking a significant 47.0% increase compared to the same period in 2023. Net interest income for the quarter was $363.8 million, up 14.7% year-over-year. Noninterest income reached $111.5 million, showcasing a substantial 41.0% increase from the same period in 2023.

The company's balance sheet growth also led to a 18.4% linked-quarter annualized growth in deposits, reaching a total funding of $45.4 billion. The net interest margin remained steady at 3.22%, contributing to a return on average assets of 1.15% and a return on average tangible common equity (TCE) of 13.58%.

Furthermore, the company's wealth management revenues for 4Q24 saw a notable increase of 33.1% year-over-year, amounting to $31.2 million. However, income from the firm's investment in Banker's Healthcare Group (BHG) declined by 16.4% year-over-year, standing at $12.1 million for the quarter.

Pinnacle's total expenses for 2024 were approximately $1.0 billion, reflecting an increase of 19.9% from the same period in 2023. However, the company's efficiency ratio improved to 55.10% for 4Q24, compared to 63.37% for the same period in 2023.

In terms of capital, soundness, and taxes, the company reported a shareholders' equity to total assets ratio of 12.2% at the end of 2024, along with an annualized net loan charge-offs to average loans ratio of 0.24%.

Today the company's shares have moved -0.8% to a price of $119.2. Check out the company's full 8-K submission here.

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