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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 $1.44, ROAA OF 1.62% AND ROTCE OF 18.28% FOR 3Q 2019
Excluding non-GAAP adjustments, 3Q19 diluted EPS was $1.45, ROAA was 1.62% and ROTCE was 18.31%


NASHVILLE, TN, Oct. 15, 2019 - Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income per diluted common share of $1.44 for the quarter ended Sept. 30, 2019, compared to net income per diluted common share of $1.21 for the quarter ended Sept. 30, 2018, an increase of 19.0 percent. Net income per diluted common share was $3.97 for the nine months ended Sept. 30, 2019, compared to net income per diluted common share of $3.41 for the nine months ended Sept. 30, 2018, an increase of 16.4 percent.
Impacting year-to-date results for 2019 were adjustments during the second quarter related to $4.5 million in net losses on the sale of investment securities, a $1.5 million loss from the sale of the non-prime automobile portfolio, $2.4 million of ORE expense related to facilities and land acquired in the BNC acquisition and $3.2 million of non-cash impairment charges related to the proposed consolidation of five offices across the firm's footprint. Excluding these adjustments, as well as merger-related charges in 2018, ORE expense in each period and gains and losses on the sale of investment securities in each period, net income per diluted common share was $4.11 for the nine months ended Sept. 30, 2019, compared to net income per diluted common share of $3.49 for the nine months ended Sept. 30, 2018, a growth rate of 17.8 percent.
"Highlights for the third quarter include double-digit loan and deposit growth, strong hiring throughout our footprint and substantial fee growth, including continued outperformance from BHG," said M. Terry Turner, Pinnacle president and chief executive officer. "We are particularly pleased with our dramatic year-over-year fee growth as we have headed into what appears to be a volatile interest rate environment.
"We continue to produce top-quartile profitability and, more importantly, we continue our focus on earnings per share growth and tangible book value per share accretion, having produced 5-year compounded annual growth rates of 22.6 percent and 16.1 percent, respectively, through the third quarter of 2019. Book value per share has also experienced a 20.6 percent compounded annual growth rate over the same period."

GROWING THE CORE EARNINGS CAPACITY OF THE FIRM:
Loans at Sept. 30, 2019 were a record $19.3 billion, an increase of $1.9 billion from Sept. 30, 2018, reflecting year-over-year growth of 10.8 percent. Loans at Sept. 30, 2019 increased $531.3 million from June 30, 2019, reflecting a linked-quarter annualized growth rate of 11.3 percent.
Average loans were $19.2 billion for the three months ended Sept. 30, 2019, up $605.7 million from $18.6 billion for the three months ended June 30, 2019, a linked-quarter annualized growth rate of 13.0 percent.
At Sept. 30, 2019, the remaining discount associated with fair value accounting adjustments on acquired loans was $65.2 million, compared to $75.4 million at June 30, 2019.
1

The following information was filed by Pinnacle Financial Partners Inc (PNFP) on Wednesday, October 16, 2019 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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