Profile: Pinnacle Financial Partners Inc (PNFP.OQ)
15 Dec 2017
Pinnacle Financial Partners, Inc., incorporated on February 28, 2000, is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management. Pinnacle Bank offers an array of convenience-centered products and services, including round the clock telephone and Internet banking, mobile banking, debit and credit cards, direct deposit, remote deposit and cash management services for small- to medium-sized businesses. In addition, Pinnacle Bank is associated with a network of automated teller machines of other financial institutions that its clients are able to use throughout Tennessee and other regions.
The Company offers a range of lending products, including commercial, real estate and consumer loans to individuals and small- to medium-sized businesses and professional entities. Pinnacle Bank also makes a variety of commercial real estate loans, including both investment properties and business loans secured by real estate. Pinnacle Bank also makes a range of loans to individuals for personal, family, investment and household purposes, including secured and unsecured installment and term loans and lines of credit, residential first mortgage loans, home equity loans and home equity lines of credit. As of December 31, 2016, its total loans were $8.44 billion.
Pinnacle Bank has investments primarily in the United States agency securities, mortgage-backed securities, and state and municipal securities. Its investment securities are classified as securities available-for-sale and securities held-to-maturity. Its securities available-for-sale includes the United States Government agency securities, the United States treasury securities, mortgage-backed securities, state and municipal securities, asset-backed securities and corporate notes. Its securities held-to-maturity includes state and municipal securities. As of December 31, 2016, its total securities available-for-sale were $1.29 billion and total securities held-to-maturity were $25.23 million.
Sources of Funds
The Company's deposits consist of non-interest and interest-bearing demand accounts, savings accounts, money market accounts and time deposits. Pinnacle Bank also offers its targeted commercial clients an array of treasury management services, as well as remote deposit services, which allow electronic deposits to be made from the client's place of business. The Company has classified its funding as core funding or non-core funding. As of December 31, 2016, its core funding consisted of all deposits other than time deposits issued in denominations of $250,000 or greater. Non-core is further segmented between relationship-based non-core funding and wholesale funding. As of December 31, 2016, its total deposits were $8.75 billion.
The Company competes with Regions Financial, Bank of America, SunTrust and First Horizon.
Pinnacle Financial Partners Inc
150 3rd Ave S Ste 900
NASHVILLE TN 37201-2034