NYSE$PNFP
Pinnacle Financial Partners Inc. · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported diluted EPS of $1.76, ROAA of 1.26% and ROATCE of 15.43% for Q1 2023
Pinnacle Financial Partners reported a strong first quarter in 2023, with diluted EPS of $1.76, a 6.7% increase compared to Q1 2022. The company experienced annualized linked-quarter loan growth of 17.3% and deposit growth of 13.9%. Despite volatility in the banking sector, Pinnacle demonstrated resilience and client loyalty, enabling deposit growth and strong credit metrics.
- Diluted EPS increased by 6.7% year-over-year, reaching $1.76 in Q1 2023.
- Annualized linked-quarter loan growth was 17.3%, indicating strong lending activity.
- Deposit growth annualized at 13.9% for the quarter, reflecting client loyalty and strategic deposit gathering initiatives.
- Pre-tax, pre-provision net revenues (PPNR) increased by 18.5% compared to Q1 2022, reaching $190.0 million.
Headline financials
Revenue & EPS history
Pinnacle Financial · Revenue · Quarterly
$402M
Revenue by segment
Pinnacle Financial · $56.5M total across 4 segments · Q3 2025
- Investment Services$23.9M+33.8%42.3%
- Service Charges$18.3M+12.8%32.4%
- Trust Fees$10.3M+23.1%18.2%
- Insurance Commissions$4.02M+22.2%7.1%
Forward guidance
Pinnacle Financial Partners anticipates that linked-quarter loan growth for the remainder of the year is likely to moderate due to slower loan demand and tighter credit standards.
Tailwinds
- Expects to hold elevated levels of liquidity for the next few quarters to protect from banking sector uncertainty.
- Liquidity metrics are as strong as they have ever been.
- Experienced a meaningful reduction in our uninsured deposit base, as approximately $2.1 billion in deposits were added to a reciprocal deposit insurance funding network during March.
- Investment securities portfolio, including both the held-to-maturity and available-for-sale portfolios, has performed very well in recent months.
- Credit metrics remain consistent with prior quarter’s results, and we continue to believe the loan portfolio remains healthy.
Headwinds
- Linked-quarter loan growth is likely to moderate to some extent based on slower loan demand as a result of macroeconomic factors and the fact that we have continued to tighten the credit box, particularly as it pertains to construction and commercial real estate lending.
- Net interest margin declined on a linked-quarter basis by approximately 20 basis points.
- Increased funding costs contributed to the reduced net interest margin.
- The $1.7 billion increase in on-balance sheet liquidity, which we acquired during mid-March given the uncertainty in the broader banking industry, also contributed to the reduced net interest margin.
- A recession is likely to materialize in 2023.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
+0.4%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+2.8%
Avg return
30 days after
60%
24 / 40 earnings
Positive
+6.1%
Q2 2020
Best reaction
-5.9%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +1.3% | +0.1% | -1.5% | |
| Q4 2025 | -4.1% | -6.3% | -0.7% | |
| Q3 2025 | -5.9% | -1.8% | -1.0% | |
| Q2 2025 | +1.4% | +1.7% | -19.7% | |
| Q1 2025 | +2.3% | +3.2% | +20.3% | |
| Q4 2024 | +0.3% | +2.8% | -1.4% | |
| Q3 2024 | +1.2% | +6.4% | +24.3% | |
| Q2 2024 | +2.8% | +4.9% | +0.9% | |
| Q1 2024 | +2.4% | +1.0% | +2.5% | |
| Q4 2023 | -1.9% | +1.6% | +0.7% | |
| Q3 2023 | +1.3% | -9.8% | +5.9% | |
| Q2 2023 | +5.6% | +14.2% | +9.3% | |
| Q1 2023 | +3.7% | +3.6% | -5.2% | |
| Q4 2022 | +0.9% | -3.3% | +4.8% | |
| Q3 2022 | +0.2% | -8.7% | -8.5% | |
| Q2 2022 | +3.6% | +6.4% | +20.2% | |
| Q1 2022 | +0.2% | -3.4% | -10.8% | |
| Q4 2021 | -2.3% | -7.8% | -12.6% | |
| Q3 2021 | +1.3% | +3.9% | +4.9% | |
| Q2 2021 | +4.1% | +5.9% | +9.2% | |
| Q1 2021 | -0.7% | -4.0% | -2.2% | |
| Q4 2020 | +0.5% | +4.6% | +12.0% | |
| Q3 2020 | +2.2% | +14.3% | +36.9% | |
| Q2 2020 | +6.1% | +8.2% | +5.7% | |
| Q1 2020 | -1.2% | -9.1% | -5.4% | |
| Q4 2019 | -2.1% | -4.3% | +0.1% | |
| Q3 2019 | +1.0% | +3.7% | +6.9% | |
| Q2 2019 | -0.4% | +4.8% | -5.9% | |
| Q1 2019 | -2.3% | -1.7% | -2.2% | |
| Q4 2018 | +0.4% | +5.6% | +9.3% | |
| Q3 2018 | -1.3% | -3.0% | -3.7% | |
| Q2 2018 | -0.6% | +3.9% | +6.9% | |
| Q1 2018 | -0.2% | -0.4% | +3.5% | |
| Q4 2017 | -1.0% | -6.6% | -6.5% | |
| Q3 2017 | -1.7% | +1.7% | -2.0% | |
| Q2 2017 | +0.4% | +2.2% | -5.3% | |
| Q1 2017 | +1.9% | +5.7% | -1.5% | |
| Q4 2016 | -4.0% | -6.9% | +4.5% | |
| Q3 2016 | +0.6% | -3.7% | +16.3% | |
| Q2 2016 | -0.0% | -0.4% | +2.2% | |
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