Pinnacle Financial Partners(PNFP)

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Pinnacle Financial Partners(PNFP) - 2020 Q4 - Earnings Call Presentation
2021-01-22 14:06
| --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | Investor Call | | | | | | | | | | FOURTH QUARTER 2020 January 20, 2021 Time: 8:30 AM CST Webcast: www.pnfp.com (investor relations) | | | | | M. TERRY TURNER, PRESIDENT AND CEO HAROLD R. CARPENTER, EVP AND CFO TIM HUESTIS, EVP AND CHIEF CREDIT OFFICER Audio only: 877-602-7944 | | | | | | | | | Safe H ...
Pinnacle Financial Partners(PNFP) - 2020 Q4 - Earnings Call Transcript
2021-01-20 19:00
Financial Data and Key Metrics Changes - The fourth quarter was characterized by strong performance metrics, including a 9% year-over-year increase in total revenues and a 28% increase in fully diluted EPS compared to 2019 [8][44] - Adjusted PPNR for 2020 rose nearly 9.4% over 2019, with PPNR per share up 11.4% [8] - Asset quality remained robust, with NPAs at just 38 basis points and annualized net charge-offs at 19 basis points for the quarter [10][44] Business Line Data and Key Metrics Changes - Loan growth was reported at 13.3% year-over-year, with a nearly 8% annualized increase in the fourth quarter excluding PPP loans [9][13] - Fee income for the quarter exceeded $83 million, with a remarkable 40% growth in fee revenues for 2020 [21] - Non-interest bearing deposits grew significantly, ending at $7.4 billion, a 54% increase from the previous year [17] Market Data and Key Metrics Changes - The company experienced a significant increase in commercial check accounts, up almost 12% since year-end [17] - The average loan to average deposits ratio was at its lowest level, 83%, indicating a potential for future loan growth [17] Company Strategy and Development Direction - The company aims to focus on organic growth through hiring, with a plan to continue expanding its workforce in attractive markets [52] - There is a strong emphasis on maintaining asset quality and managing credit risk, particularly in light of the ongoing pandemic [35][41] - The company is optimistic about capitalizing on market share opportunities as the economy reopens post-pandemic [43][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the economic recovery, supported by the rollout of COVID-19 vaccines and new stimulus measures [32][35] - The company anticipates challenges in the first half of 2021 but remains confident in its ability to navigate the environment due to strong client relationships and proactive measures taken during the pandemic [35][43] Other Important Information - The Board approved a $125 million buyback program, with plans to consider deploying those funds soon [25] - The company has increased its quarterly dividend, reflecting confidence in its financial position and future growth [25] Q&A Session All Questions and Answers Question: Follow-up on hiring and M&A interest - Management indicated a preference for organic growth through hiring rather than pursuing M&A, although they remain open to evaluating opportunities if they arise [51][53] Question: Changes in strategy post-pandemic - Management expects modest changes in strategy, focusing on geographic expansion and technology investments to enhance client service [54][55] Question: Loan growth and new hires - Management expressed optimism for increased hiring activity in 2021, contingent on the pace of vaccine distribution and economic recovery [58][59] Question: Guidance on expenses and reserves - Management clarified that expense guidance for 2021 is based on total expenses of $577 million, with no planned reserve releases anticipated for BHG [65][67] Question: Fee income outlook - Management expects strong fee income growth from non-mortgage units, projecting mid-single-digit growth overall [69] Question: Core deposit growth and future expectations - Management discussed the structural changes made to enhance core deposit growth and anticipates a slowdown in deposit growth moving forward [71][73]
Pinnacle Financial Partners(PNFP) - 2020 Q3 - Earnings Call Presentation
2020-10-23 18:20
| --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | Investor Call | | | | | | | | | | THIRD QUARTER 2020 October 21, 2020 Time: 8:30 AM CDT Webcast: www.pnfp.com (investor relations) | | | | | M. TERRY TURNER, PRESIDENT AND CEO HAROLD R. CARPENTER, EVP AND CFO TIM HUESTIS, EVP AND CHIEF CREDIT OFFICER Audio only: 877-602-7944 | | | | | | | | | Safe Ha ...
Pinnacle Financial Partners(PNFP) - 2020 Q3 - Earnings Call Transcript
2020-10-21 19:49
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Q3 2020 Earnings Conference Call October 21, 2020 9:30 AM ET Operator Company Participants | --- | |----------------------------------------------------------------------------------------------------------------------| | | | Terry Turner - Chief Executive Officer Harold Carpenter - Chief Financial Officer Tim Huestis - Chief Credit Officer | | Conference Call Participants | | Stephen Scouten - Piper Sandler | | Jennifer Demba - Truist Securities Jared Shaw - ...
Pinnacle Financial Partners(PNFP) - 2020 Q2 - Earnings Call Transcript
2020-07-22 21:36
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Q2 2020 Earnings Conference Call July 22, 2020 9:30 AM ET Company Participants | --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------| | | | | Terry Turner – Chief Executive Officer Harold Carpenter – Chief Financial Officer Tim Huestis – Chief Credit Officer | | | Conference Call Participants | | | Stephen Scouten – Piper Sandler Jared Shaw – Wells Fargo Securities | | | Ca ...
Pinnacle Financial Partners(PNFP) - 2020 Q2 - Earnings Call Presentation
2020-07-22 13:23
| --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | Investor Call | | | | | | | | | | SECOND QUARTER 2020 July 22, 2020 Time: 8:30 AM CDT Webcast: www.pnfp.com (investor relations) | | | | | M. TERRY TURNER, PRESIDENT AND CEO HAROLD R. CARPENTER, EVP AND CFO TIM HUESTIS, EVP AND CHIEF CREDIT OFFICER Audio only: 877-602-7944 | | | | | | | | | Safe Harb ...
Pinnacle Financial Partners(PNFP) - 2020 Q1 - Earnings Call Transcript
2020-04-22 01:04
Financial Data and Key Metrics Changes - Total revenues increased by 10.8% year-over-year, indicating strong performance despite the pandemic [11] - Fully diluted EPS for the quarter was $0.39, impacted by elevated provisions due to COVID-19 [12] - Pre-provision net revenue grew by 2.8% linked quarter and over 11% on an annualized basis, showcasing resilience [12] Business Line Data and Key Metrics Changes - End of period loans increased by $608 million, with organic loan growth estimated at $350 million, resulting in approximately 7% annualized loan growth [16] - Deposits rose by almost 23%, with core deposits up 22% compared to December 31 [17] - Fee income exceeded $70 million for the quarter, up more than 3% year-over-year, with residential mortgage leading the growth [28] Market Data and Key Metrics Changes - The company experienced significant loan and deposit volume growth, attributed to clients building liquidity during the pandemic [13] - The NIM performance was solid, with expectations of modest yield compression in the second quarter due to LIBOR movements [22][23] Company Strategy and Development Direction - The company adopted a defensive posture in response to the pandemic while focusing on long-term shareholder value [10] - A significant emphasis was placed on gathering low-cost core deposits, which contributed to the record growth in deposits [13] - The company is actively participating in the Payroll Protection Program (PPP), having processed approximately $2.5 billion in applications [66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery, anticipating a U-shaped recovery over approximately 18 months [43][50] - The company is focused on supporting clients through payment deferral programs and proactive communication regarding financial assistance [64][79] - Management acknowledged the uncertainty surrounding economic conditions but emphasized the strength of their capital and credit quality [54] Other Important Information - The company has taken a conservative approach to credit risk, with a focus on high-quality borrowers and maintaining strong credit standards [96] - The adoption of CECL has resulted in a significant increase in provisions, with a $100 million provision being noted as a substantial investment during uncertain times [49] - The company has suspended its buyback program until more clarity on the pandemic's impact is achieved [51] Q&A Session Summary Question: What is the outlook for loan growth in the current environment? - Management indicated that organic loan growth was approximately $350 million for the quarter, which is commendable given the current economic challenges [16] Question: How is the company managing credit risk during the pandemic? - The company is employing a proactive approach with payment deferral programs and enhanced monitoring strategies to minimize loan defaults [79] Question: What are the expectations regarding the impact of the PPP on the company's financials? - The company expects to recognize approximately $50 million in fees from the PPP loans, which will help mitigate the financial impact of the pandemic [69]
Pinnacle Financial Partners(PNFP) - 2020 Q1 - Earnings Call Presentation
2020-04-21 16:53
| --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | Investor Call | | | | | | | | | | FIRST QUARTER 2020 April 21, 2020 Time: 8:30 AM CDT Webcast: www.pnfp.com (investor relations) | | | | | M. TERRY TURNER, PRESIDENT AND CEO HAROLD R. CARPENTER, EVP AND CFO TIM HUESTIS, EVP AND CHIEF CREDIT OFFICER Audio only: 877-602-7944 | | | | | | | | | Safe Harb ...