Pinnacle Financial Partners Announces Quarterly Dividends
NASHVILLE, Tennessee – (BUSINESS WIRE) – Pinnacle Financial Partners, Inc. (Nasdaq / NGS: PNFP) today announced that its board of directors has approved a cash dividend of $ 0.18 per common share to be paid on May 28, 2021 to common shareholders of record at the close of May 7, 2021. In addition, the Board of Directors approved a quarterly dividend of approximately $ 3.8 million, or $ 16.88 per share (or $ 0.422 per Custodian share), on Pinnacle Financial 6.75 percent non-cumulative perpetual preferred shares, Series B payable on June 1, 2021 to shareholders of record as of the close of business on May 17, 2021. The amount and timing of 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 line of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The company is No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2020 FDIC filing data. Pinnacle Named 2021 List of Top 100 Companies to Work For® in the United States, its fifth consecutive appearance. American banker recognized Pinnacle as one of the Best U.S. Banks to Work for for eight consecutive years and # 1 among banks with over $ 10 billion in assets in 2020.
Pinnacle owns a 49% stake in Bankers Healthcare Group (BHG), which provides innovative and hassle-free financial solutions to healthcare professionals and other licensed professionals. Great Place to Work and FORTUNE ranked BHG # 1 on its 2020 list of the best places to work in New York State in the small and medium business category.
The company began operations from a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $ 35.3 billion in assets as of March 31, 2021. As the second most A large Tennessee-based banking holding company, Pinnacle operates primarily in 12 countries. urban markets in Tennessee, the Carolinas, Virginia and Atlanta.
Additional information about Pinnacle, which is included in the Nasdaq Financial-100 Index, can be found at www.pnfp.com.
All statements, other than statements of historical fact, 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 the Section 21E of the Securities Exchange Act. of 1934. The words “expect”, “anticipate”, “intend”, “may,” “should”, “plan”, “believe”, “seek”, “estimate” and similar expressions aim to identify such a future. forward-looking statements, but other statements not based on historical information may also be considered as forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other known and unknown factors that could cause actual results to differ materially from statements, including, but not limited to: (i) deterioration in the financial condition of borrowers from Pinnacle Bank and its subsidiaries or BHG resulting in significant increases in loan losses and provisions for such losses and, in the case of BHG, substitutions; (ii) the effects of the emergence of health emergencies or generalized pandemics, including the extent and duration of the COVID-19 pandemic and its impact on general economic and financial market conditions and on the activities, results of operations of Pinnacle Financial and its customers, asset quality and financial condition; (iii) the speed with which COVID-19 vaccines can be widely distributed, the decisions of government agencies to suspend the use of one or more vaccines, the effectiveness of these vaccines against the virus and the public acceptance of the vaccines ; (iv) the inability of announced or planned stimulus programs to be approved in a timely manner or approved at all, or the inability of such programs to provide sufficient relief once approved, and the resulting impact on the economy and our customers and their businesses; (v) the inability of Pinnacle Financial, or entities in which it has significant investments, such as BHG, to maintain the long-term historical growth rate of its loan portfolio or those of such entities; (vi) changes in loan underwriting, credit review or loss reserve policies related to economic conditions, review findings or regulatory developments; (vii) the effectiveness of Pinnacle Financial’s asset management activities in improving, resolving or liquidating lower quality assets; (viii) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on Pinnacle Financial’s results, in particular due to the compression of the net interest margin ; (ix) adverse conditions in national or local economies, including in Pinnacle Financial markets across Tennessee, North Carolina, South Carolina, Georgia and Virginia, particularly in commercial real estate markets and residential; (x) fluctuations or differences in interest rates on loans or deposits from those Pinnacle Financial models or anticipates, including due to Pinnacle Bank’s inability to better match deposit rates with changes in the interest rate environment in the short term, or that affect the yield curve; (xi) the results of regulatory reviews; (xii) Pinnacle Financial’s ability to identify potential candidates, realize and realize synergies from potential future acquisitions; (xiii) difficulties and delays in integrating acquired businesses or achieving full cost savings and other benefits arising from acquisitions; (xiv) BHG’s ability to grow its business profitably and successfully execute its business plans; (xv) risks of expansion into new geographic or product markets; (xvi) the ability to increase and maintain base deposits at low cost and to hold large uninsured deposits, including during periods when Pinnacle Bank seeks to reduce the rates it pays on deposits; (xvii) any matter that would cause Pinnacle Financial to conclude that an asset is impaired, including goodwill or other intangible assets; (xviii) the ineffectiveness of Pinnacle Bank’s hedging strategies, or the unexpected failure of the counterparty or the hedging of the underlying hedges; (xix) reduced ability to attract additional financial advisers (or inability of such advisors to get their clients to switch to Pinnacle Bank), retain financial advisors (including due to the competitive environment of associates) or to attract customers from other financial institutions; (xx) deterioration in the valuation of other real estate held and increase in associated expenses; (xxi) failure to comply with regulatory capital requirements, including those resulting from changes in capital calculation methods, required capital maintenance levels or regulatory requests or guidance, particularly if the level of capital Pinnacle Bank’s applicable commercial real estate loans were to exceed percentage of total equity levels within guidelines recommended by its regulators; (xxii) approval of the declaration of any dividend by the board of directors of Pinnacle Financial; (xxiii) the vulnerability of Pinnacle Bank’s online banking network and portals, as well as the systems of the parties with which Pinnacle Bank contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, errors human rights, natural disasters, power outages 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 businesses and individuals from Pinnacle Bank; (xxv) the risks associated with Pinnacle Financial and Pinnacle Bank being a minority investor in BHG, including the risk that the owners of the majority of the interests in BHG decide to sell the company or all or part of their interests in BHG if it is not prohibited to do so by Pinnacle Financial or Pinnacle Bank; (xxvi) the possibility of an increase in personal or corporate tax rates and the resulting reduction in our business and those of our customers as a result of such increases; (xxvii) changes in national and federal laws, regulations or policies applicable to banks and other financial service providers, such as BHG, including regulatory or legislative developments; (xxviii) availability and access to capital; (xxiv) adverse results (including costs, fines, damage to reputation, failure to obtain necessary approvals and / or other adverse effects) from current or future litigation, regulatory reviews or other legal and / or regulatory actions, including as a result of participation in and execution of government programs related to the COVID-19 pandemic; and (xxx) general competitive, economic, political and market conditions. Additional factors that may influence forward-looking statements can be found in Pinnacle Financial’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC 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. .