Pinnacle Financial Partners Inc (PNFP) News & EventsPNFPPinnacle Financial Partners Inc

Pinnacle Reports Q2 Revenue of $1.20B, Below Expectations

Reports Q2 revenue $1.20B, consensus $1.24B. Reports Q2 provision for credit losses $63M vs. $24M y/y. "The Pinnacle model is working. Our second quarter results prove it scales with discipline intact, delivering outsized growth in loans and earnings per share without compromising the culture and client connections that set this firm apart. One year since our merger announcement, we're picking up speed, attracting top talent and deepening our client relationships. The team is executing, and with meaningful work still ahead, I am confident our strategy will continue to deliver, today, next quarter and over the long term," said Pinnacle President and CEO Kevin Blair.

Pinnacle Financial Partners Establishes Headquarters in Atlanta

Portman and Perform Properties announced Pinnacle Financial Partners will establish its corporate headquarters at Ten Twenty Spring, the 525,000-square-foot, Class-A office tower within the Spring Quarter mixed-use district in Midtown Atlanta. Pinnacle will occupy 165,000 square feet of premier office space at Ten Twenty Spring and bring an estimated 400 team members to the building. Pinnacle's bank headquarters remain in downtown Nashville, Tenn.

ARCTRUST Acquires Seven Property Single-Tenant Portfolio

ARCTRUST Private Capital announced the acquisition of a seven property, single-tenant net lease portfolio comprised of two Pinnacle Bank (PNFP) locations, three CVS Pharmacy (CVS) locations, and two NAPA Auto Parts locations across six states. The portfolio will be offered to accredited investors as a Delaware statutory trust: ARCTRUST Exchange II DST.The seven property portfolio consists of approximately 51,192 net rentable square feet across a combined land area of around 7.75 acres in North Carolina, Alabama, Kentucky, Michigan, Tennessee, and Virginia. The portfolio features a weighted average remaining lease term of roughly 13.6 years, with contractual rent increases and renewal options across all assets. Each property is leased on an absolute triple-net basis, with the tenants responsible for taxes, insurance, and maintenance of all buildings and grounds.The two Pinnacle Bank properties are located in Lebanon, Tennessee, in the Nashville MSA, and Roanoke, Virginia. The three CVS Pharmacy properties are located in Black Mountain, North Carolina; Gadsden, Alabama; and Paducah, Kentucky. The two NAPA properties are leased to Motor Parts & Equipment Corporation, a subsidiary of Genuine Parts Company (GPC). The NAPA properties are located in Charlotte, Michigan and Niles, Michigan.