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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 $1.12, ROAA OF 1.50 PERCENT AND ROTCE OF 18.01 PERCENT FOR 2Q 2018
Excl. merger-related charges, diluted EPS was $1.15, ROAA was 1.54 percent and ROTCE was 18.45 percent for 2Q 2018

NASHVILLE, TN, July 17, 2018 - Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income per diluted common share of $1.12 for the quarter ended June 30, 2018, compared to net income per diluted common share of $0.80 for the quarter ended June 30, 2017, an increase of 40.0 percent. Net income per diluted common share was $2.20 for the six months ended June 30, 2018, compared to net income per diluted common share of $1.62 for the six months ended June 30, 2017, an increase of 35.8 percent.
Excluding pre-tax merger-related charges of $2.9 million, net income per diluted common share was $1.15 for the three months ended June 30, 2018, compared to net income per diluted common share of $0.84 for the three months ended June 30, 2017, excluding pre-tax merger-related charges of $3.2 million, an increase of 36.9 percent. Net income per diluted common share was $2.28 for the six months ended June 30, 2018, excluding pre-tax merger-related charges of $8.3 million, compared to net income per diluted common share of $1.67 for the six months ended June 30, 2017, excluding pre-tax merger-related charges of $3.9 million, an increase of 36.5 percent.
"We are experiencing phenomenal growth in 2018," said M. Terry Turner, Pinnacle's president and chief executive officer. "As we considered our merger with Bank of North Carolina last year, we were confident that we could meaningfully increase the core earnings capacity of our firm even prior to considering tax reform. Nearly 35 percent earnings growth after merger-related charges in the second quarter of this year versus the same quarter last year provides compelling evidence of our associates' ability to integrate a sizable merger in a short period of time while continuing to rapidly expand the legacy Tennessee franchise.
"Furthermore, we continue to attract successful, experienced bankers to our ranks. We recruited a total of 39 revenue producers across all markets in the second quarter, a strong predictor of our continued future growth. Our significant investment in promoting our distinctive culture across the entire franchise is reaping great rewards, as 16 of these revenue producers were hired in the Carolinas and Virginia, six of whom are in the C&I segment."

GROWING THE CORE EARNINGS CAPACITY OF THE FIRM:
Loans at June 30, 2018 were a record $17.04 billion, an increase of $716.8 million from March 31, 2018 and $2.28 billion from June 30, 2017, reflecting year-over-year growth of 15.5 percent. Annualized organic loan growth during the second quarter of 2018 was 17.6 percent.
Average loans were $16.73 billion for the three months ended June 30, 2018, up $772.3 million from the $15.96 billion for the three months ended March 31, 2018, an annualized growth rate of 19.4 percent.
At June 30, 2018, the remaining discount associated with fair value accounting adjustments on acquired loans was $132.1 million, compared to $148.9 million at March 31, 2018.

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The following information was filed by Pinnacle Financial Partners Inc (PNFP) on Wednesday, July 18, 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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