NASHVILLE, Tenn,--(BUSINESS WIRE)---- $PNFP #bestworkplaces--Pinnacle Financial Partners rose into the top five nationwide in FORTUNE magazine's 2025 list of the Best Workplaces for Women. This is the firm's eighth time being named to this prestigious list, this year coming in at No. 4, up from No. 8 in 2024. Pinnacle also earned this distinction in 2023, 2022, 2021, 2020, 2018 and 2017. "From our founding 25 years ago, Pinnacle's vision has been to be the best financial services firm and the best place to ...

NASHVILLE, Tenn.--(BUSINESS WIRE)--Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) announced today that its Board of Directors has approved a $0.24 per share cash dividend to be paid on Nov. 28, 2025 to common shareholders of record as of the close of business on Nov. 7, 2025. Additionally, the board of directors approved a quarterly dividend of approximately $3.8 million, or $16.88 per share (or $0.422 per depositary share), on Pinnacle Financial's 6.75 percent Series B Non-Cumulative Per. ...

Financial Data and Key Metrics Changes - The company reported a third quarter linked quarter annualized growth rate of 14.5% for non-interest-bearing deposits, 10.6% for core deposits, 8.9% for loans, 31.5% for revenue, and 54% for adjusted EPS [9] - The net interest margin (NIM) increased by three basis points to 3.26% in the third quarter, with expectations for further increases in the fourth quarter due to anticipated rate cuts [21][22] - The estimated growth range for net interest income has been increased to approximately 13%-14% over 2024 results [22] Business Line Data and Key Metrics Changes - End-of-period loans increased by 8.9% linked quarter annualized, with an adjusted outlook for loan growth set at 9%-10% for the year [19] - Non-interest income guidance has been increased from 12%-15% growth to 20%-22% growth for the year, driven by strong performance in banking fees and wealth management [26] Market Data and Key Metrics Changes - The company has gained market share in key markets, with significant share losses noted among competitors in Nashville, Chattanooga, Knoxville, and Memphis [10][11] - The merger with Synovus is expected to enhance market share and competitive positioning, with combined net promoter scores indicating a strong service model [12][14] Company Strategy and Development Direction - The company aims to continue its strategy of recruiting and retaining market-leading revenue producers to drive sustainable balance sheet growth [8] - The merger with Synovus is positioned as a unique opportunity to create a differentiated service model, enhancing growth potential in the Southeast [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain hiring momentum and achieve growth targets despite market uncertainties [15][28] - The outlook for 2025 is optimistic, with expectations for strong performance driven by ongoing recruitment and market share gains [28] Other Important Information - The company has maintained a 93% associate retention rate, indicating strong employee engagement and stability during the merger process [66] - The company is focused on managing credit quality, with net charge-offs decreasing and a cautious outlook for potential problem credits [24][82] Q&A Session Summary Question: Are there enough revenue producers in the market to meet hiring goals? - Management indicated that while there may not be 300 revenue producers available immediately, the hiring strategy has historically proven successful and will continue to be effective [34] Question: How will the merger impact BHG's growth and balance sheet? - Management expects BHG's growth to remain strong, with the potential for the pro forma balance sheet to hold more BHG loans in the future [37][39] Question: What are the expectations for fee income growth post-merger? - Management believes that the merger will create significant revenue synergies, enhancing fee income opportunities across both organizations [44][46] Question: What risks are being monitored during the merger process? - Management reported no significant risks identified, emphasizing a positive outlook and strong operational focus [64] Question: How will the hiring strategy change post-merger? - Management expressed confidence that the existing hiring strategy will remain effective, leveraging a unique recruitment model that differs from competitors [49][51]

Financial Data and Key Metrics Changes - The company reported a third quarter linked quarter annualized growth rate of 14.5% for non-interest-bearing deposits, 10.6% for core deposits, 8.9% for loans, 31.5% for revenue, and 54% for adjusted EPS [9] - The net interest margin (NIM) increased by three basis points to 3.26% in the third quarter, with expectations for further increases in the fourth quarter due to anticipated rate cuts [21][22] - The estimated growth range for net interest income has been increased to approximately 13% to 14% over 2024 results [22] Business Line Data and Key Metrics Changes - End-of-period loans increased by 8.9% linked quarter annualized, with an adjusted outlook for loan growth set at 9% to 10% for the year [19] - Non-interest income guidance has been increased from 12% to 15% growth to now 20% to 22% growth for the year, driven by strong performance in banking fees and wealth management [26] Market Data and Key Metrics Changes - The company has successfully increased market share in key markets, with notable gains in Nashville, Chattanooga, Knoxville, and Memphis, where competitors have lost significant market share [10][11] - The company is targeting additional market share in southeastern markets, with significant share losses noted among competitors in cities like Greensboro and Atlanta [11] Company Strategy and Development Direction - The company aims to build a "Southeast Growth Champion" through strategic hiring and market share acquisition, leveraging the merger with Synovus Financial Corp. to enhance growth potential [29][30] - The focus remains on recruiting and retaining market-leading revenue producers to sustain balance sheet growth and shareholder returns [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain momentum post-merger, with hiring rates and financial performance remaining strong [15][28] - The outlook for 2025 is optimistic, with expectations for continued growth in revenue and earnings, despite potential economic uncertainties [28] Other Important Information - The company reported a decrease in net charge-offs to 18 basis points in the third quarter, with an unchanged outlook for net charge-offs for the full year [24] - BHG's exceptional performance contributed over $40 million in fee revenues, with expectations for continued strong growth in 2025 [25] Q&A Session Summary Question: Are there 300 RMs that fit the Pinnacle model in the market? - Management indicated that while there may not be 300 RMs available immediately, the hiring strategy has historically proven successful in attracting talent over time [34] Question: How does the pro forma balance sheet affect BHG's use case? - Management stated that BHG's growth is expected to remain consistent, with no significant changes anticipated in the approach post-merger [38] Question: Will the hiring strategy change post-deal close? - Management expressed confidence that the existing hiring strategy will continue to be effective, emphasizing a unique recruitment model that differs from competitors [49] Question: What are the risks associated with the merger? - Management noted that there are no significant risks identified at this time, with a focus on hard work to integrate the companies and maintain high associate retention rates [64] Question: What is the outlook for credit quality? - Management indicated that credit quality remains strong, with a focus on monitoring specific credits, particularly in healthcare [82]

Financial Data and Key Metrics Changes - The company reported a third quarter linked quarter annualized growth rate of 14.5% for non-interest bearing deposits, 10.6% for core deposits, 8.9% for loans, 31.5% for revenue, and 54% for adjusted EPS [9][17][20] - The net interest margin (NIM) increased by three basis points to 3.26% in the third quarter, with expectations for further increases in 2025 due to anticipated rate cuts [20][21] - The estimated growth range for net interest income has been increased to approximately 13% to 14% over 2024 results [21][26] Business Line Data and Key Metrics Changes - End of period loans increased by 8.9% linked quarter annualized, with an adjusted outlook for loan growth in 2025 set at 9% to 10% [17][19] - Non-interest income growth guidance has been raised from 12% to 15% to now 20% to 22% for the year, driven by strong performance in banking fees and wealth management [25][26] - BHG contributed over $40 million in fee revenues in the third quarter, with expectations for approximately $30 million in the fourth quarter [23][24] Market Data and Key Metrics Changes - The company has successfully increased market share in key regions, with significant share losses noted among competitors in Nashville, Chattanooga, Knoxville, and Memphis [10][11] - The merger with Synovus is expected to enhance market share and competitive positioning, with combined Net Promoter Scores indicating a strong service model [12][13][30] Company Strategy and Development Direction - The company aims to continue its strategy of recruiting and retaining market-leading revenue producers to drive sustainable balance sheet growth [6][7] - The merger with Synovus is viewed as a unique opportunity to create a differentiated service model, enhancing growth potential in the Southeast [12][30] - The focus remains on leveraging competitive vulnerabilities in targeted markets to capture additional market share [10][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining hiring momentum and achieving growth targets despite market uncertainties [15][30] - The outlook for 2025 is optimistic, with expectations for strong performance driven by continued hiring and market expansion [26][30] - Management acknowledged the hard work required for integration but remains committed to achieving financial and client-centric goals [71] Other Important Information - The company has maintained a 93% associate retention rate, indicating strong employee engagement and stability during the merger process [72] - The effective tax rate for 2025 is projected to be in the low 18% range, consistent with the previous year [26] Q&A Session Summary Question: Are there enough revenue producers in the market to hire? - Management indicated that while there may not be 300 revenue producers available immediately, the hiring strategy has historically proven effective in identifying talent over time [33][34] Question: How does the pro forma balance sheet affect BHG's use case? - Management believes that BHG's growth will remain consistent, with no significant changes in approach post-merger [38][40] Question: Will the hiring strategy change post-merger? - Management expressed confidence that the existing hiring strategy will continue to be successful, emphasizing the unique approach to recruitment [52][56] Question: What are the expectations for BHG's growth into 2026? - Management anticipates continued growth for BHG, albeit at a more moderate rate compared to the current year [45][46] Question: What are the tailwinds for margin improvement? - Management identified deposit beta, growth in non-interest bearing deposits, and fixed-rate loan repricing as key factors contributing to margin improvement [77][78]

Financial Data and Key Metrics Changes - The company reported a 14.5% linked quarter annualized growth rate for non-interest-bearing deposits, 10.6% for core deposits, 8.9% for loans, 31.5% for revenue, and 54% for adjusted EPS in Q3 2025 [9] - The net interest margin (NIM) increased by three basis points to 3.26% in Q3 2025, with expectations for further increases in Q4 2025 [19][20] - The estimated growth range for net interest income has been increased to approximately 13% to 14% over 2024 results [20] Business Line Data and Key Metrics Changes - End-of-period loans increased by 8.9% linked quarter annualized, with an adjusted outlook for end-of-period loan growth now set at 9% to 10% for the year [17] - Non-interest income guidance has been increased from 12% to 15% growth to now 20% to 22% growth for the year, driven by strong performance in banking fees and wealth management [24] Market Data and Key Metrics Changes - The company has gained market share in key markets, with significant share losses noted among competitors in Nashville, Chattanooga, Knoxville, and Memphis [10][11] - The company is positioned to capitalize on competitive vulnerabilities in other southeastern markets, with notable share losses in Greensboro, Raleigh, Greenville, Charleston, and Atlanta [11] Company Strategy and Development Direction - The company aims to build a "Southeast Growth Champion" through continuous recruitment and retention of market-leading revenue producers, which has historically led to sustainable balance sheet growth [8][27] - The merger with Synovus Financial Corp. is expected to enhance the company's competitive position, allowing for accelerated revenue and EPS growth [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining hiring momentum and achieving strong financial performance post-merger, with a focus on leveraging the combined strengths of Pinnacle and Synovus [14][26] - The company anticipates 2025 to be one of the best years in its history, driven by ongoing hiring, revenue growth, and the integration of Synovus [26] Other Important Information - The company reported a decrease in net charge-offs by 18 basis points in Q3 2025, with an unchanged outlook for net charge-offs for the full year [21] - BHG's fee revenues exceeded $40 million in Q3 2025, with expectations for approximately $30 million in Q4 2025 [22] Q&A Session Summary Question: Are there 300 RMs that fit the Pinnacle model in the market? - Management indicated that while there may not be 300 RMs currently available, there will be over time, and the hiring strategy has proven successful historically [31] Question: How does the pro forma balance sheet change the use case for BHG? - Management stated that BHG's growth is expected to remain consistent, with strong production and demand for their products [34] Question: Is there any incremental risk identified post-merger? - Management noted that there are no significant risks identified, and the focus remains on integrating the two companies effectively [55] Question: What is the outlook for hiring strategy post-deal close? - Management expressed confidence that the existing hiring strategy will continue to be successful, emphasizing a unique approach compared to competitors [43] Question: What are the expectations for fee income growth post-merger? - Management believes that the merger will create significant revenue synergies, enhancing fee income growth opportunities [40]

Financial Performance & Growth - PNFP's 3Q25 linked-quarter annualized revenue growth rate was 31.5%[25] - Adjusted EPS grew 54.0% linked-quarter annualized in 3Q25[25] - Average loans grew 7.8% linked-quarter annualized in 3Q25[38] - Average deposits grew 11.3% linked-quarter annualized in 3Q25[45] - The industry is increasing its estimate for 2025 year-over-year net interest income growth to 13-14%[68] - The industry is increasing its estimate for 2025 fee growth over 2024 to approximately 20-22%, excluding certain items[68] Strategic Initiatives & Market Position - PNFP's FDIC deposit market share in Nashville increased by 7.3 percentage points from 2015 to 2025[27] - PNFP's offer acceptance rate for revenue producers remained high at 91.6% in 3Q25[36] - The industry plans to add approximately 150 revenue producers in 2026, with further increases planned for 2027[37] Merger with Synovus Financial Corp - The merger with Synovus is expected to result in a 21% EPS accretion by 2027[72] - Pro forma CET1 at close is projected to be 10.1%[72] - The merger is expected to close in Q1 2026, with operational conversion in Q1 2027[72] BHG Financial Overview - BHG reported strong year-to-date earnings of $189 million[63] - BHG's placements to institutional investors was a record in 3Q at $1.3 billion[179] - Over 80% of BHG's 2025 originations were to borrowers with FICO scores of 700+[191]

Financial Performance - Net interest income increased by 3% QoQ and 8% YoY to $474695 thousand [11] - Non-interest revenue increased by 5% QoQ and 13% YoY to $140697 thousand [11] - Total revenue increased by 4% QoQ and 9% YoY to $615392 thousand [11] - Adjusted total revenue (TE) increased by 4% QoQ and 9% YoY to $612794 thousand [11] - Adjusted non-interest expense increased by 3% QoQ and 6% YoY to $320216 thousand [11] - Adjusted diluted EPS decreased by 1% QoQ but increased by 19% YoY to $146 [11] - Loans remained flat QoQ and increased by 1% YoY to $43753 million [13] - Deposits remained flat QoQ and YoY at $50004 million [13] Credit Quality & Capital - NCOs/Average Loans was 014% [13] - NPLs/Loans was 048% [13] - Allowance for Credit Losses % was 119% [13] - CET1 Ratio was 1124% [13] Merger with Pinnacle Financial Partners - The merger is expected to result in 21% EPS accretion in 2027E [30] - TBV dilution earnback is projected to be 26 years [30]

Core Viewpoint - Pinnacle Financial Partners (NASDAQ: PNFP) has experienced a decline of approximately 10% in its share value over the past year, with significant underperformance noted following the announcement of a large acquisition [1] Group 1: Company Performance - The stock has underperformed particularly since the announcement of a major acquisition, leading to investor disappointment regarding the company's decision not to pursue a sale [1] Group 2: Market Sentiment - Concerns have arisen among investors regarding the implications of the acquisition on the company's future performance and strategic direction [1]

Shares of Pinnacle Financial Partners (NASDAQ: PNFP ) have been a poor performer over the past year, losing about 10% of their value. Underperformance has been particularly pronounced since it announced a large acquisition, amid disappointment that PNFP would not be selling itself and concernsOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific s ...