Enriched Shareholders

Success for a public company ultimately means rewarding shareholders consistently over time, so when we started Pinnacle, we focused on the factors that we believed would support that goal and built a bank that would get us there our way.

  • We worked to create the best place to work, the kind we would like to retire from eventually.
  • We worked to create the best place to do business, one that would differentiate us and give our communities the bank they deserve.
  • As a result, we've delivered long-term value to shareholders over 23 years.
No doubt the banking business is subject to the economic environment. But our growth model is more a function of our ability to take both talent and market share, and therefore is substantially less dependent on short-term interest rate movements, inflation ups and downs, etc. And we have literally been pursuing this model for 23 years, so, frankly, it's hard for me to understand how competitors who have not been building this differentiation can either catch up or defend. Terry Turner, CEO

Our model is designed for the long game, for sustainable and steady growth for our firm and the rewards we give to our investors. It's led us to enormous success in our legacy markets, in acquisitions and now with de novo expansions in some of the most lucrative markets in the country.

This is how it worked for us in 2022:

Pinnacle delivered results.

It wasn't an easy year on every front, with rising interest rates, a volatile yield curve and increasing pressure on deposit growth and cost. The Pinnacle model proved successful in the face of these challenges, delivering in the areas that drive long-term shareholder value.


We estimated 10-15 percent loan growth in 2022 and exceeded those expectations by achieving 24 percent growth year-over-year thanks to the hard work of our associates and the success we've had in growing our ranks with new revenue producers.


We funded those loans with 11.7 percent deposit growth and a large amount of excess liquidity at the start of the year. Many of our markets once again saw double- and triple-digit percentage deposit growth in the FDIC deposit market share data, with 20 out of 23 MSAs showing growth and seven listed in the top five for the 12 months ended June 30, 2022.

Deposit Market Share Growth*

  • Deposit growth in 20 out of 23 MSAs measured by the FDIC
  • Deposit market share growth in 14 out of 20 MSAs with available growth data
No. 1
Market share in Nashville
No. 3
Market share in Memphis and Roanoke
No. 4
Market share in Chattanooga, Knoxville and Greensboro-High Point

*As of June 30, 2022, according to FDIC data

See more details on our deposit market share performance.


A sharp reduction in mortgage revenues, a reduction in income from BHG and other factors made it a challenging year for non-interest income. Net interest income, however, was a success story and lifted our total revenue growth to 16.4 percent.

Earnings per share

Pinnacle prevailed in a tough year for high-growth bank stocks with fully diluted earnings per share of $7.17 for the year, an increase of 6.2 percent over 2021.

Tangible book value per share

Pinnacle's tangible book value per share increased from $42.55 at the end of 2021 to $44.74 at year-end 2022. Our focus on preserving and growing TBV per share continued in 2022 as a component of our executive leadership equity compensation plan, along with ROATCE and total shareholder return.

Asset quality

Our commitment to maintaining a fortress balance sheet grew in importance in 2022. Client selection remains our most valuable credit attribute, helping keep our non-performing assets to total loans and ORE at 0.16 percent, net charge-offs at 0.17 percent and a classified asset ratio of 2.4 percent.

We aim for rapid and sustainable growth.

With a work environment we believe will continue to drive our success in recruiting, we believe Pinnacle is designed to deliver over the long term, as it should bring us new clients regardless of macro conditions, and with an associate retention rate of more than 93 percent, we can expect those new associates to keep producing for years to come. Attracting new talent also fuels our strategic expansions, both in serving more markets than ever before and entering new loan and deposit specialties with a nationwide scope.

We're ready to meet the needs of today and tomorrow—with Pinnacle's magic touch.

Those specialties are a natural step in our desire to meet all of our clients' needs. As we help businesses grow, and as we attract larger clients thanks to our growing asset size, their needs get more complex. The sophisticated services they need, like deposit products for large government entities or financing for franchise operators, are normally found only at very large institutions. At Pinnacle, they're integrated into our geographic model with local control and a local financial advisor working directly with the client in consultation with a subject matter expert.

Our specialty deposit programs aren't new, but they are coming into their own. They're long-term strategies designed to provide a consistent source of deposits to aid in funding the kind of loan growth we believe we're capable of, helping to build the runway to sustain our firm over the long term.

We believe that we're designed to reward shareholders through thick and thin.

The components are all in place to create and deliver long-term value, and our execution of the model has thus far proven successful. We believe the stage is set to continue that success.

  • Even if hiring slows in 2023, it will slow relative to the record levels we achieved the previous two years.
  • Growth in the associate base leads directly to growth in the client book, and our recruitment of experienced bankers should lead to client selection practices that produce a more sound balance sheet.
  • Our investments in culture continue to pay off, with rising engagement and, as a result, rising levels of service quality.
  • Our common incentive system is designed to allow us to reduce expenses if our results are weaker than budgeted, giving us flexibility to preserve as much EPS as possible to sustain our shareholder value.

We think this is the blueprint for long-term shareholder value creation and the ability to better weather the down times.

Bottom line: We run a core banking franchise that continues to grow in highly competitive markets and keeps building momentum during varying economic cycles. We compete in an extremely advantaged Southeastern footprint with a cultural focus that results in a differentiated client experience.

We believe there's no more sustainable advantage than that.