By Sabela Ojea
Pinnacle Financial Partners reported profit growth in the latest quarter and said it would considering extending into other markets in the Southeast U.S. as it hires bankers.
The parent company of Pinnacle Bank, a Tennessee state-chartered bank, on Monday posted a first-quarter net profit of $140.4 million, or $1.77 a share, compared with $123.9 million, or $1.57 a share, for the same period a year earlier.
Stripping out one-time items, the company's earnings per share came in at $1.90. Analysts polled by FactSet had forecast adjusted earnings of $1.80.
Revenue rose 8.1% to $462.9 million, missing the $482.2 million expected by Wall Street, according to FactSet.
Chief Executive Terry Turner said that there is significant volatility and economic uncertainty as a result of President Trump's tariffs, but both its recruiting and business development pipelines are robust amid growth expectations.
"Despite the current economic uncertainties, we will continue to invest in future growth by recruiting the best bankers in our existing markets and, if the right talent becomes available, we would also consider extending into other large, urban markets in the Southeast," Turner said.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
April 14, 2025 17:38 ET (21:38 GMT)
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