Pinnacle Financial Partners announces dividend for 1Q22

NASHVILLE, Tennessee, April 19, 2022–(BUSINESS WIRE)–Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) announced today that its Board of Directors has approved a cash dividend of $0.22 per share to be declared on May 27, 2022 The dividend is scheduled to be paid to common stockholders by the close of business on May 6, 2022. In addition, the Board of Directors approved a quarterly dividend of approximately $3.8 million, or $16.88 per share (or $0.422 per depositary share). the 6.75% Series B Non-Cumulative Perpetual Preferred of Pinnacle Financial shares, payable on June 1, 2022 to shareholders of record at the close of business on May 17, 2022. The amount and timing of future dividend payments to preferred and common shareholders are subject to approval by the Pinnacle Board of Directors.

Pinnacle Financial Partners offers a full range of banking, investment, trusteeship, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The company is the #1 bank in the MSA Nashville-Murfreesboro-Franklin, according to FDIC deposit data for 2021, is listed by Forbes among the top 25 banks in the country, and has earned a spot on the 2022 list of the top 100 companies to Work For® in the USA, the sixth appearance in a row. American Banker has named Pinnacle one of America’s Best Banks to Work For nine years straight and #1 among banks with more than $11 billion in assets in 2021.

Pinnacle owns a 49 percent interest in Bankers Healthcare Group (BHG), which provides innovative, hassle-free financial solutions for physicians and other licensed professionals. Great Place to Work and FORTUNE ranked BHG #4 in their 2021 list of Best Places to Work in New York State in the Small/Medium Business category.

The company began operations from a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $39.4 billion in assets as of March 31, 2022. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates primarily in 15 urban markets in the Southeast.

Additional information about Pinnacle, a member of the Nasdaq Financial-100 Index, is available at www.pnfp.com.

Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “expect” , “anticipate”, “intend”, “may”, “should”, “plan”, “believe”, “seek”, “estimate” and similar expressions are intended to identify such forward-looking forward-looking statements as well as other statements that are not historical information may be considered forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the statements, including but not limited to: (i) deterioration in the financial condition of borrowers of Pinnacle Bank and its subsidiaries or BHG, resulting in a significant increase in credit losses and provisions for those losses and, in the case of BHG, in substitutions; (ii) the impact of new outbreaks of COVID-19, including actions taken by government officials to contain the spread of the virus, and the resulting impact on general economic and financial market conditions and the business of Pinnacle Financial and its customers, results of operations, asset quality and financial condition; (iii) further public acceptance of the booster shots of the vaccines being developed against the virus, as well as the decisions of government agencies regarding vaccines, including recommendations regarding booster shots and requirements aimed at individuals receiving them or employers requesting them for their Employees receive the vaccine; (iv) the effectiveness of these vaccines against the virus, including new variants; (v) fluctuations or differences in interest rates on loans or deposits from those that Pinnacle Financial models or anticipates, including as a result of Pinnacle Bank’s inability to better adjust deposit rates to changes in the short-term interest rate environment or to affect the yield curve; (vi) the inability of Pinnacle Financial or companies in which it has significant interests, such as BHG, to sustain the long-term historical growth rate of its loan portfolio or those companies’ loan portfolios; (vii) changes in lending, credit testing or provisioning policies related to economic conditions, test results or regulatory developments; (viii) the effectiveness of Pinnacle Financial’s asset management activities in improving, winding up or liquidating lower quality assets; (ix) the effects of competition with other financial institutions, including pricing pressures and the resulting impact on Pinnacle Financial’s results, including as a result of a reduction in net interest margin; (x) adverse conditions in national or local economies, including Pinnacle Financial’s markets in Tennessee, North Carolina, South Carolina, Georgia, Alabama and Virginia, particularly in the commercial and residential real estate markets, including the adverse impact of inflationary pressures on our clients and their shops; (xi) the results of regulatory inspections; (xii) Pinnacle Financial’s ability to identify, execute and realize synergies from potential candidates for potential future acquisitions; (xiii) difficulties and delays in integrating acquired businesses or fully realizing cost savings and other benefits from acquisitions; (xiv) BHG’s ability to profitably grow its business and successfully implement its business plans; (xv) risks of expansion into new geographic or product markets; (xvi) the ability to grow and maintain low-cost core deposits and hold large uninsured deposits, even during periods when Pinnacle Bank seeks to reduce the interest rates it pays on deposits; (xvii) any matter that would cause Pinnacle Financial to conclude that there is an impairment of any asset, including goodwill or other intangible assets; (xviii) the ineffectiveness of Pinnacle Bank’s hedging strategies or the unexpected failure of the counterparty or failure of the hedging of the underlying hedges; (xix) limited ability to attract additional financial advisors (or failure of such advisors to persuade their clients to switch to Pinnacle Bank), retain financial advisors (including because of the competitive environment for employees), or otherwise attract clients from other financial institutions; (xx) deterioration in the valuation of other properties owned and related increased costs; (xxi) inability to meet regulatory capital requirements, including those arising from changes in capital calculation methods, required capital maintenance levels, or regulatory requirements or policies, particularly where the level of Pinnacle Bank’s applicable commercial real estate loans would exceed percentage levels of total capital in policies, recommended by its regulators; (xxii) approval of the dividend declaration by the Board of Directors of Pinnacle Financial; (xxiii) the vulnerability of Pinnacle Bank’s network and online banking portals and the systems of Pinnacle Bank’s contracting parties to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power outages and other security breaches; (xxiv) the possibility of increased compliance and operating costs as a result of increased regulatory oversight (including by the Consumer Financial Protection Bureau), including oversight of companies in which Pinnacle Financial or Pinnacle Bank have significant investments, such as BHG, and the development of additional banking products for corporate and consumer customers of Pinnacle Bank; (xxv) the risks associated with Pinnacle Financial and Pinnacle Bank being a minority investor in BHG, including the risk that the owners of a majority of the equity interests in BHG decide to own the company or all or a portion of their ownership interests in BHG sell (initiating a similar sale by Pinnacle Financial and Pinnacle Bank) unless prohibited by Pinnacle Financial or Pinnacle Bank; (xxvi) changes in state and federal laws, regulations or policies applicable to banks and other financial service providers such as BHG, including regulatory or statutory developments; (xxvii) fluctuations in the valuations of Pinnacle Financial’s equity investments and the eventual success of such investments; (xxiii) the availability of and access to capital; (xxix) adverse outcomes (including costs, fines, damage to reputation, inability to obtain required permits and/or other adverse effects) of any ongoing or future litigation, governmental investigation or other legal and/or regulatory action, including as a result of Pinnacle Bank’s participation participating in and conducting government programs related to the COVID-19 pandemic; and (xxx) general competitive, economic, political and market conditions. Additional factors that could affect the forward-looking statements are included in Pinnacle Financial’s annual report on Form 10-K for the year ended December 31, 2021, and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC and available on the SEC’s website at http://www.sec.gov. Pinnacle Financial disclaims any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, which speak only as of the date of this press release.

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contacts

MEDIA CONTACT: Joe Bass, 615-743-8219
FINANCIAL CONTACT: Harold Carpenter, 615-744-3742
WEBSITE: www.pnfp.com

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