Pinnacle Financial Partners Inc. reported a third-quarter net income of $136.6 million as it preps to move its headquarters from the tower that bears its name to the new Nashville Yards complex.
The Nashville bank — the largest based in the city — exceeded Wall Street expectations with earnings climbing to $1.75 per share, 13 cents higher per share than investment analysts forecasted for the quarter.
"Despite the ongoing uncertain economic climate, we continue to experience strong organic growth," Pinnacle president and CEO Terry Turner said in a press release. "Our business model continued to serve us well during the third quarter.
With a revenue net of interest expense of $341.6 million, revenues also surpassed experts’ predictions who estimated the publicly traded company would post $324.2 million in revenue net of interest expense. That’s a near-15-percent jump from the same period in 2020.
"We successfully recruited 32 new revenue producers to our firm during the third quarter, and our ongoing recruiting pipelines are as strong as I can remember," Turner said. "We also remain very excited about our new markets, which include Atlanta, Huntsville and Birmingham, as well as our recent hires in the equipment finance and franchise lending segments.”
Pinnacle stock was trading up more than 4 percent Thursday morning.