Pinnacle Financial Partners Announces 1Q22 Dividend

NASHVILLE, Tenn.–(BUSINESS WIRE)–Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) today announced that its Board of Directors has approved a cash dividend of $0.22 per share to be paid May 27, 2022 to common stockholders of record as of the close of business on May 6, 2022. In addition, the Board of Directors approved a quarterly dividend of approximately $3.8 million, or $16.88 per share (or $0.422 per depositary share) , on Pinnacle Financial’s 6.75% Series B Non-Cumulative Perpetual Preferred Shares payable on June 1, 2022 to shareholders of record at the close of business on May 17, 2022. The amount and timing of any future dividend payments to Preferred and Common Shareholders will be subject to the approval of Pinnacle’s Board of Directors.

Pinnacle Financial Partners offers a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a holistic relationship with their financial institution. The company is the No. 1 bank in the MSA of Nashville-Murfreesboro-Franklin, according to 2021 FDIC filing data, is listed by Forbes among the top 25 banks nationwide, and earned a spot on the 2022 Top 100 list. Best Companies at Work For® in the United States, its sixth consecutive appearance. American Banker has recognized Pinnacle as one of America’s Best Banks to Work for nine consecutive years and #1 among banks with over $11 billion in assets in 2021.

Pinnacle owns a 49% stake in Bankers Healthcare Group (BHG), which provides innovative and simple financial solutions to healthcare and other licensed professionals. Great Place to Work and FORTUNE ranked BHG #4 on its 2021 list of Best Places to Work in New York State in the small and medium business category.

The company began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $39.4 billion in assets as of March 31, 2022. As the second largest holding company A bank headquartered in Tennessee, Pinnacle operates in 15 primarily urban markets in the Southeast.

Additional information about Pinnacle, which is part of the Nasdaq Financial-100 Index, is available at www.pnfp.com.

Forward-looking statements

All statements, other than statements of historical facts, included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act. of 1934. The words “expect”, “anticipate”, “intend”, “may”, “should”, “plan”, “believe”, “seek”, “estimate” and expressions similar are intended to identify such anticipations. forward-looking statements, but other statements not based on historical information may also be considered forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the statements, including, but not limited to: (i) deterioration the financial condition of borrowers of Pinnacle Bank and its subsidiaries or BHG resulting in material increases in loan losses and provisions for such losses and, in the case of BHG, substitutions; (ii) the effects of new outbreaks of COVID-19, including actions taken by government officials to curb the spread of the virus, and the resulting impact on general economic and financial market conditions and on the business of Pinnacle Financial and its customers, results of operations, quality of assets and financial condition; (iii) greater public acceptance of booster shots of vaccines that have been developed against the virus as well as government agency decisions regarding vaccines, including recommendations for booster shots and requirements that seek to compel individuals to receive or employers to require their employees to receive the vaccine; (iv) the effectiveness of these vaccines against the virus, including new variants; (v) fluctuations or differences in interest rates on loans or deposits from those that Pinnacle Financial models or anticipates, including due to Pinnacle Bank’s inability to better match deposit rates to changes in the short-term rate environment, or which affect the rate curve; (vi) the inability of Pinnacle Financial, or entities in which it has significant investments, such as BHG, to maintain the historical long-term growth rate of its or such entities’ loan portfolio; (vii) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, review findings or regulatory developments; (viii) the effectiveness of Pinnacle Financial’s asset management activities in improving, resolving or liquidating lower quality assets; (ix) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on Pinnacle Financial’s results, including due to net interest margin compression ; (x) adverse conditions in national or local economies, including Pinnacle Financial’s markets in Tennessee, North Carolina, South Carolina, Georgia, Alabama and Virginia, particularly in the markets commercial and residential real estate, including the adverse impact of inflationary pressures on our customers and their businesses; (xi) results of regulatory reviews; (xii) Pinnacle Financial’s ability to identify potential candidates for, consume and realize synergies from potential future acquisitions; (xiii) difficulties and delays in integrating acquired businesses or fully realizing the cost savings and other benefits of acquisitions; (xiv) BHG’s ability to grow its business profitably and successfully execute its business plans; (xv) risks of expanding into new geographic or product markets; (xvi) the ability to develop and retain low-cost core deposits and retain large uninsured deposits, including during periods when Pinnacle Bank seeks to reduce the rates it pays on deposits; (xvii) any matter which would cause Pinnacle Financial to conclude that there has been an impairment of any asset, including goodwill or other intangible assets; (xviii) the ineffectiveness of Pinnacle Bank’s hedging strategies, or the unexpected default of the counterparty or the hedging failure of the underlying hedges; (xix) reduced ability to attract additional Financial Advisors (or inability of such Advisors to induce their clients to switch to Pinnacle Bank), to retain Financial Advisors (including due to the competitive environment for Associates) or to attract customers of other financial institutions; (xx) deterioration in the valuation of other real estate held and increased expenses associated therewith; (xxi) inability to comply with regulatory capital requirements, including those resulting from changes in capital calculation methods, required capital maintenance levels or regulatory requests or directives, particularly if the level of real estate lending Pinnacle Bank’s applicable business operations were to exceed the percentage of total capital levels within the guidelines recommended by its regulators; (xxii) the approval of the declaration of any dividend by Pinnacle Financial’s board of directors; (xxiii) the vulnerability of Pinnacle Bank’s online banking network and portals, as well as the systems of parties with which Pinnacle Bank contracts, to unauthorized access, computer viruses, phishing schemes, spam, human error, natural disasters, power failures and other security breaches; (xxiv) the possibility of increased compliance and operational costs due to increased regulatory oversight (including by the Consumer Financial Protection Bureau), including oversight of companies in which Pinnacle Financial or Pinnacle Bank have ​​significant investments, such as BHG, and the development of additional banking products for Pinnacle Bank’s corporate and retail customers; (xxv) the risks associated with Pinnacle Financial and Pinnacle Bank being minority investors in BHG, including the risk that the owners of a majority of the interests in BHG decide to sell the company or all or part of their interests in BHG (triggering a similar sale by Pinnacle Financial and Pinnacle Bank) if not prohibited by Pinnacle Financial or Pinnacle Bank; (xxvi) changes in state and federal laws, regulations or policies applicable to banks and other financial services providers, such as BHG, including regulatory or legislative developments; (xxvii) fluctuations in the valuations of Pinnacle Financial’s equity investments and the ultimate success of such investments; (xxiii) availability of and access to capital; (xxix) adverse outcomes (including costs, fines, reputational damage, failure to obtain necessary approvals and/or other adverse effects) resulting from current or future litigation, regulatory reviews or other legal and/or regulatory actions, including as a result of Pinnacle Bank’s decision to participate in and execute government programs related to the COVID-19 pandemic; and (xxx) general competitive, economic, political and market conditions. Other factors that may affect forward-looking statements can be found in Pinnacle Financial’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and subsequently filed in Quarterly Reports on Form 10-Q. and current reports on Form 8-K filed with the SEC and available on the SEC’s website at http://www.sec.gov. Pinnacle Financial disclaims any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise. .

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