Pinnacle Financial Partners Inc (NASDAQ:PNFP) stock rose 2.55% (As on October 16, 11:24:37 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 24. Total assets at Sept. 30, 2024, were $50.7 billion, an increase of approximately $1.3 billion from June 30, 2024, and $3.2 billion from Sept. 30, 2023, reflecting a linked-quarter annualized increase of 10.8 percent and a year-over-year increase of 6.7 percent. Pre-tax, pre-provision net revenues (PPNR) for the three and nine months ended Sept. 30, 2024, were $207.4 million and $488.4 million, respectively, an increase of 6.5 percent and a decrease of 26.3 percent, respectively, from the $194.8 million and $662.4 million recognized in the three and nine months ended Sept. 30, 2023, respectively. Net interest income for the third quarter of 2024 was $351.5 million, compared to $332.3 million for the second quarter of 2024 and $317.2 million for the third quarter of 2023, a year-over-year growth rate of 10.8 percent. Net interest margin was 3.22 percent for the third quarter of 2024, compared to 3.14 percent for the second quarter of 2024 and 3.06 percent for the third quarter of 2023. Noninterest income for the third quarter of 2024 was $115.2 million, compared to $34.3 million for the second quarter of 2024 and $90.8 million for the third quarter of 2023.

Moreover, Wealth management revenues, which include investment, trust and insurance services, were $29.5 million for the third quarter of 2024, compared to $27.8 million for the second quarter of 2024 and $22.8 million for the third quarter of 2023, a year-over-year increase of 29.7 percent. Income from the firm’s investment in Banker’s Healthcare Group (BHG) was $16.4 million for the third quarter of 2024, compared to $18.7 million for the second quarter of 2024 and $25.0 million for the third quarter of 2023, a year-over-year decline of 34.4 percent.

PNFP in the third quarter of FY 24 has reported the adjusted earnings per share of $1.86, beating the analysts’ estimates for the adjusted earnings per share of $1.79, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 14.4 percent to $466.75 million in the third quarter of FY 24, beating the analysts’ estimates for revenue by 2.77%.

Additionally, the company has approved a quarterly cash dividend of $0.22 per common share to be paid on Nov. 29, 2024 to common shareholders of record as of the close of business on Nov. 1, 2024