Pinnacle Financial Partners, Inc. is a bank holding company headquartered in Nashville, Tennessee, and the parent of Pinnacle Bank, a commercial bank serving urban markets across the Southeastern United States, including Tennessee, the Carolinas, Virginia, Georgia and Alabama. The company provides commercial and consumer banking, lending, wealth management, trust, mortgage and insurance services, and holds a significant equity investment in Bankers Healthcare Group.
Financial Statements
In thousands, USD
FY 2024
FY 2023
FY 2022
FY 2021
Total interest income
2,698,098
2,353,368
1,373,935
1,031,214
Total interest expense
1,332,508
1,091,250
244,642
98,813
Net interest income
1,365,590
1,262,118
1,129,293
932,401
Noninterest income
371,178
433,253
416,124
395,734
Total revenue (net interest income + noninterest income)
1,736,768
1,695,371
1,545,417
1,328,135
Provision for credit losses
120,589
93,596
67,925
16,126
Noninterest expense
1,034,970
887,769
779,999
660,104
Income before income taxes
581,209
714,006
697,493
651,905
Income tax expense
106,153
151,854
136,751
124,582
Net income
475,056
562,152
560,742
527,323
Net income available to common shareholders
459,864
546,960
545,550
512,131
Diluted earnings per share
5.96
7.14
7.17
6.75
FY 2024
FY 2023
FY 2022
FY 2021
Cash and due from banks
320,320
228,620
268,649
188,287
Interest-bearing deposits in other banks
3,021,960
1,914,856
877,286
3,830,747
Held-to-maturity securities
2,800,606
3,008,064
3,080,658
1,156,119
Loans, net of deferred fees
35,485,776
32,676,091
29,041,605
23,414,262
Total assets
52,589,449
47,959,883
41,970,021
38,469,399
Total deposits
42,842,992
38,539,810
34,961,238
31,304,533
Total liabilities
46,157,568
41,924,095
36,450,629
33,158,792
Total shareholders' equity
6,431,881
6,035,788
5,519,392
5,310,607
FY 2024
FY 2023
FY 2022
FY 2021
Net income
475,056
562,152
560,742
527,323
Net cash provided by operating activities
904,306
478,404
604,925
657,444
Net cash used in investing activities
(3,672,452)
(4,602,439)
(6,684,439)
(3,612,955)
Net cash provided by financing activities
3,973,722
5,177,002
3,155,357
3,095,601
Key Metrics & Ratios
Metric
Value
Net income margin
27.4%
Return on equity
7.4%
Return on assets
0.90%
Efficiency ratio
59.6%
Equity-to-assets
12.2%
Diluted EPS (FY2024)
$5.96
Margins
Return on equity
7.4%
Return on assets
0.90%
Efficiency ratio
59.6%
What Drove the Period
Total revenue rose to $1.74B in fiscal 2024 from $1.70B in 2023 and $1.55B in 2022, driven by growth in net interest income to $1.37B as the loan book expanded past $35.49B and total deposits reached $42.84B. Net income eased to $475.1M from $562.2M a year earlier, however, as noninterest expense climbed to $1.03B and noninterest income declined to $371.2M, holding return on equity at 7.4% and the efficiency ratio at 59.6%. Total assets grew to $52.59B and shareholders' equity to $6.43B, keeping equity-to-assets at 12.2%. Figures are drawn from the company's FY2024 Form 10-K (the FY2025 10-K was not yet filed as of this build); total assets had reached $55.96B by September 30, 2025 per the Q3-2025 Form 10-Q.