Financial Performance - Pinnacle Financial Partners reported diluted EPS of $2.00 for Q2 2025, a 212.5% increase from $0.64 in Q2 2024[2]. - Total revenues for Q2 2025 were $505.0 million, up 37.8% from $366.6 million in Q2 2024, with adjusted total revenues increasing by 15.1% year-over-year[11]. - Net income available to common shareholders for Q2 2025 was $154.74 million, a significant increase of 213.5% compared to $49.36 million in Q2 2024[31]. - The net income for the period ending June 30, 2025, was reported at $298,948, a significant increase from $177,106 for the same period in the previous year, representing a growth of approximately 68.5%[33]. - Net income available to common shareholders for the first half of 2025 was $291,352, significantly higher than $169,510 in the same period of 2024, reflecting a growth of 71.8%[51]. Revenue Growth - Noninterest income surged over 100% year-over-year to $125.5 million in Q2 2025, compared to $34.3 million in Q2 2024[10]. - Wealth management revenues for Q2 2025 were $32.3 million, a 16.4% increase from $27.8 million in Q2 2024[15]. - Noninterest income for Q2 2025 was $125.46 million, a substantial increase from $34.29 million in Q2 2024, reflecting a growth of 265.5%[31]. - Total revenues for June 2025 reached $504.99 million, up 8.93% from $462.85 million in March 2025[47]. Asset and Deposit Growth - Total assets reached $54.8 billion as of June 30, 2025, reflecting an 11.0% year-over-year increase[7]. - Total deposits rose to $44.99 billion as of June 30, 2025, compared to $39.77 billion a year earlier, marking an increase of 12.5%[30]. - Total assets increased to $54.80 billion as of June 30, 2025, up from $52.59 billion at the end of 2024, representing a growth of 4.2%[30]. - Total deposits increased to $44,999,244 thousand in June 2025, compared to $44,479,463 thousand in March 2025, representing a rise of approximately 1.17%[34]. Loan Growth - Loan growth for Q2 2025 was approximately 10.7% linked-quarter annualized, with commercial and industrial loans increasing by 21.9% linked-quarter annualized[5][7]. - BHG's loan originations were $1.5 billion in Q2 2025, compared to $871 million in Q2 2024[15]. - Total loans as of June 2025 amounted to $37,105,164 thousand, up from $36,136,746 thousand in March 2025, indicating a growth of about 2.68%[34]. Cost and Efficiency - Adjusted noninterest expense for Q2 2025 was $286.3 million, up from $243.0 million in Q2 2024, reflecting a 17.8% increase[13]. - The efficiency ratio improved to 43.5% in Q2 2025, down from 49.5% in Q2 2024, indicating enhanced operational efficiency[31]. - The efficiency ratio improved to 56.72% from 59.52% year-over-year, indicating better cost management[35]. - The efficiency ratio improved to 56.72% in June 2025 from 59.52% in March 2025, indicating better cost management[47]. Capital and Equity - As of June 30, 2025, shareholders' equity to total assets was 12.1%, down from 12.5% a year earlier[19]. - The firm reported a tangible book value per common share of $58.70 as of June 30, 2025, up from $52.92 a year earlier[19]. - Total shareholders' equity increased to $6,637,237 thousand in June 2025, compared to $6,543,142 thousand in March 2025, reflecting a growth of about 1.44%[34]. - The common equity Tier one ratio was 10.7% for both June 2025 and March 2025, indicating stable capital adequacy[43]. Employee and Operational Metrics - The company hired 38 revenue producers in Q2 2025, totaling 71 hires year-to-date, supporting future growth initiatives[6]. - The number of full-time equivalent employees increased to 3,627 in June 2025, up from 3,595 in March 2025, a growth of 0.89%[47]. - The annualized revenues per full-time equivalent employee increased to $558.5 thousand in June 2025, up from $522.2 thousand in March 2025, a rise of 6.94%[47]. Dividends - The company declared a quarterly cash dividend of $0.24 per common share, payable on August 29, 2025[20]. - Common dividends paid increased to $0.48 per share in 2024, up from $0.44 per share in 2023, indicating a 9.1% increase in dividend distribution[33].
PINNACLE FINL PA(PNFPP) - 2025 Q2 - Quarterly Results