NYSE$PNFP
Pinnacle Financial Partners Inc. · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported diluted EPS of $0.64 and net interest margin of 3.14 percent.
Pinnacle Financial Partners reported a decrease in net income per diluted common share to $0.64 for Q2 2024, compared to $2.54 for the same period in 2023. However, after adjustments for capital optimization and balance sheet repositioning initiatives, diluted EPS was $1.63, reflecting an annualized linked-quarter growth rate of 26.1 percent. The company saw net interest margin expansion and double-digit growth in most fee businesses.
- Net income per diluted common share was $0.64, or $1.63 excluding impacts of capital optimization and balance sheet repositioning initiatives.
- Total revenues were $366.6 million, or $438.7 million excluding certain adjustments, reflecting a 5.3 percent increase compared to the previous quarter.
- Total assets reached $49.4 billion, an increase of $472.8 million from the previous quarter.
- Net interest margin was 3.14 percent, compared to 3.04 percent for the first quarter of 2024.
Headline financials
Revenue & EPS history
Pinnacle Financial · Revenue · Quarterly
$367M
Revenue by segment
Pinnacle Financial · $42.3M total across 4 segments · Q2 2024
- Investment Services$15.7M—37.1%
- Service Charges$14.6M—34.4%
- Trust Fees$8.32M—19.7%
- Insurance Commissions$3.72M—8.8%
Forward guidance
Pinnacle Financial anticipates continued margin expansion for the remainder of 2024 and expects BHG's quarterly contribution to be consistent with Q2 levels. The company is increasing its accrual for annual cash incentive plan payouts to approximately 85 percent of target.
Tailwinds
- Anticipates continued margin expansion for the remainder of 2024
- Expectation that BHG's quarterly contribution to be fairly consistent with Q2 contribution for the remainder of 2024.
- Increasing accrual for annual cash incentive plan payouts to approximately 85 percent of target level payouts.
- Outsized loan and deposit growth.
- Strong hiring across the franchise, particularly in newer markets.
Headwinds
- Continued margin expansion depends on obtaining appropriate pricing on new and renewing loans.
- Continued margin expansion depends on stability of noninterest bearing deposit balances.
- Continued margin expansion depends on relationship managers working extremely hard to keep deposit pricing well contained.
- Expense results for the second quarter are generally consistent with where the company thought they would be excluding the costs of the balance sheet restructuring and capital optimization initiatives.
- Net charge-offs increased in the second quarter primarily due to the continued deterioration of the value of the underlying collateral of an owner-occupied commercial real estate loan.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+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 |
|---|---|---|---|---|
| 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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