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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 $1.21, ROAA OF 1.54 PERCENT AND ROTCE OF 18.44 PERCENT FOR 3Q 2018
Year-over-year diluted EPS growth rate of 38.6 percent (34.7 percent, excluding merger-related charges)

NASHVILLE, TN, Oct. 16, 2018 - Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income per diluted common share of $
1.21 for the quarter ended Sept. 30, 2018, compared to net income per diluted common share of $0.83 for the quarter ended Sept. 30, 2017, an increase of 45.8 percent. Net income per diluted common share was $3.41 for the nine months ended Sept. 30, 2018, compared to net income per diluted common share of $2.46 for the nine months ended Sept. 30, 2017, an increase of 38.6 percent.
No merger-related charges were recorded during the quarter ended Sept. 30, 2018. Net income per diluted common share was $1.21 for the three months ended Sept. 30, 2018, compared to net income per diluted common share of $0.90 for the three months ended Sept. 30, 2017, excluding pre-tax merger-related charges of $8.8 million in the third quarter of 2017, an increase of 34.4 percent. Net income per diluted common share was $3.49 for the nine months ended Sept. 30, 2018, excluding pre-tax merger-related charges of $8.3 million, compared to net income per diluted common share of $2.59 for the nine months ended Sept. 30, 2017, excluding pre-tax merger-related charges of $12.7 million, an increase of 34.7 percent.
"We continue to experience extremely strong earnings momentum," said M. Terry Turner, Pinnacle's president and chief executive officer. "We are reporting nearly 35 percent earnings growth so far this year after adjusting for merger-related charges, which showcases our associates' ability to integrate a sizable merger while maintaining our intense focus on growing the core earnings of our firm. There is great energy and optimism within our associate base, and I anticipate this will contribute to continued growth given the markets we serve, our ability to attract the best bankers to our franchise and our cultural focus on delivering differentiated customer service and enhancing long-term shareholder value."

GROWING THE CORE EARNINGS CAPACITY OF THE FIRM:
Loans at Sept. 30, 2018 were a record $17.46 billion, an increase of $421.2 million from June 30, 2018 and $2.20 billion from Sept. 30, 2017, reflecting year-over-year growth of 14.4 percent. Annualized organic loan growth during the third quarter of 2018 was 9.8 percent, compared to 13.5 percent for the third quarter of 2017.
Average loans were $17.26 billion for the three months ended Sept. 30, 2018, up $529.4 million from the $16.73 billion for the three months ended June 30, 2018, an annualized growth rate of 12.6 percent.
At Sept. 30, 2018, the remaining discount associated with fair value accounting adjustments on acquired loans was $110.0 million, compared to $132.1 million at June 30, 2018.
Deposits at Sept. 30, 2018 were a record $18.41 billion, an increase of $550.1 million from June 30, 2018 and $2.62 billion from Sept. 30, 2017, reflecting year-over-year growth of 16.6 percent.

1

The following information was filed by Pinnacle Financial Partners Inc (PNFP) on Tuesday, October 16, 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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