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FOR IMMEDIATE RELEASE

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

PNFP REPORTS DILUTED EPS OF $1.08, ROAA of 1.53 percent and ROTCE of 18.12 percent for 1Q 2018
Excluding merger-related charges, diluted EPS was $1.13, ROAA was 1.60 percent and ROTCE was 18.98 percent for 1Q 2018

NASHVILLE, TN, April 16, 2018 - Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income per diluted common share of $1.08 for the quarter ended March 31, 2018, compared to net income per diluted common share of $0.82 for the quarter ended March 31, 2017, an increase of 31.7 percent.
Excluding pre-tax merger related charges of $5.4 million, net income per diluted common share was $1.13 for the three months ended March 31, 2018 compared to net income per diluted common share of $0.83 for the three months ended March 31, 2017, excluding pre-tax merger-related charges of $672,000, an increase of 36.1 percent.
"I am very pleased that we are reporting year over year quarterly earnings growth of greater than 30 percent which is consistent with expectations for this year," said M. Terry Turner, Pinnacle's president and chief executive officer. "Our first quarter 2018 loan growth was exceptional even by our historical standards. Over time, our principal tactic for rapid balance sheet growth has been our ability to attract the best bankers in our markets. During the first quarter of 2018, we experienced significant hiring success throughout the franchise including in the Carolina and Virginia markets. Specifically, during the first quarter of 2018, we hired a total of 21 revenue producers across our markets, a strong predictor of our future growth.
"In addition to sound growth, we remain committed to advancing our already high profitability metrics," said Turner. "At the beginning of 2012, we anticipated that our return on average assets (ROAA) should operate within a targeted range of 1.10 percent to 1.30 percent. Since that time, due to the efforts of our associates, we were able to increase the targeted ROAA range at least twice such that our published ROAA target range has most recently been 1.30 percent to 1.50 percent. At this time, we are again increasing our targeted range to 1.50 percent to 1.70 percent. The changes in tax laws have obviously contributed to our decision to increase our targeted range, but that said, given the absolute level of our new targeted range, we believe the ultimate winners will be our shareholders."

GROWING THE CORE EARNINGS CAPACITY OF THE FIRM:
Loans at March 31, 2018 were a record $16.33 billion, an increase of $692.9 million from Dec. 31, 2017 and $7.68 billion from March 31, 2017, reflecting year-over-year growth of 88.9 percent. Annualized organic loan growth during the first quarter of 2018 was 18.0 percent.
Average loans were $15.96 billion for the three months ended March 31, 2018, up $437 million from the $15.52 billion for the three months ended Dec. 31, 2017.
Deposits at March 31, 2018 were a record $16.50 billion, an increase of $51.2 million from Dec. 31, 2017 and $7.22 billion from March 31, 2017, reflecting year-over-year growth of 77.8 percent.

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The following information was filed by Pinnacle Financial Partners Inc (PNFP) on Tuesday, April 17, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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