Pinnacle Financial Partners (PNFP) Announces $100 Million Share Buyback Program

Pinnacle Financial Partners, Inc. (Nasdaq: PNFP) today announced that its board of directors has authorized the repurchase of up to $100 million of the Company’s common stock.

“Though we are announcing this repurchase program and will be opportunistic in its implementation, we remain committed to our strategy of aggressively hiring experienced bankers throughout our markets and growing our earning assets, particularly within our C&I lending operations in the Carolinas and Virginia,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “We believe in the effectiveness of our business model and that our strategy should lead to outsized growth in tangible book value and earnings. Consequently, we have long held a bias against a repurchase program. However, given the current market dynamics, this provides us an effective tool as we continue to focus on delivering value for our shareholders.”

Repurchases of the Company’s common stock will be made in accordance with applicable laws and may be made at management’s discretion from time to time in the open market, through privately negotiated transactions or otherwise. The board authorized the repurchase program to remain in effect through Dec. 31, 2019, unless the entire repurchase amount has been acquired before that date. The Company intends to fund the program with a combination of cash on hand, cash generated from operations and borrowings under the Company’s $75 million line of credit, under which there were no borrowings as of Sept. 30, 2018.

The share repurchase program may be extended, modified, amended, suspended or discontinued at any time at the Company’s discretion and does not commit the Company to repurchase shares of its common stock. The actual timing, number and value of the shares to be purchased under the program will be determined by the Company at its discretion and will depend on a number of factors, including the performance of the Company’s stock price, the Company’s ongoing capital planning considerations, general market and other conditions, applicable legal requirements and compliance with the terms of the Company’s outstanding indebtedness.

Pinnacle Financial Partners provides a full range 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 firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2018 deposit data from the FDIC. Pinnacle earned a place on FORTUNE’s 2017 and 2018 lists of the 100 Best Companies to Work For in the U.S., and American Banker recognized Pinnacle as one of America’s Best Banks to Work For six years in a row.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $24.6 billion in assets as of Sept. 30, 2018. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 11 primarily urban markets in Tennessee, the Carolinas and Virginia.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.

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