For full financial data, including GAAP and non-GAAP measures, see our Business Insights.
None of that would have been possible without our associates.
Because we deliberately and aggressively built a team of the highest quality bankers, we faced 2020 confidently.
- We immediately pivoted to defense, with financial and credit advisors working side by side to regrade every risk-rated loan.
- We kept clients engaged and guided them through the crisis thanks to strong, established relationships built on trust and longstanding personal connections.
- We worked around the clock to help 14,000 clients get Paycheck Protection Program loans worth $2.4 billion, essential relief that kept local businesses open and helped stave off disaster for entire communities.
- We were able to quickly move back to offense because financial and credit advisors worked together to assess our risk and keep close tabs on their loan books.
- We reopened hiring pipelines and resumed our aggressive recruitment plans.
- We strengthened our prospects for a post-pandemic economy and grew earnings by altering our incentive plan with a component focused on pre-provision net revenue.
Our experienced associates are why our shareholders have been rewarded for their investments since 2000. They’re also the reason we believe we’re ready for what comes next.
- Our record number of new revenue-producing associates will continue to migrate their books of business, growing our loan portfolio and increasing our market share even if demand remains light.
- Their success guiding clients through PPP is building our reputation in our markets and setting us apart from the bureaucratic mega banks that had late and troubled application processes.
- Their work to assess and stabilize client credits has established expectations and a process for reducing the risk of a hit to asset quality.
- Our incentive plan built in part on pre-provision net revenue will motivate them to continue growing the parts of our firm that contribute directly to EPS.
- The success of our team in Atlanta will help us take advantage of the once-in-a-generation opportunity we have to build a new bank in one of America’s biggest economies.
In our first quarter 2020 earnings call, we predicted that the year wouldn’t be about earnings but rather about how well we could position Pinnacle to pick up where we left off and resume our trajectory once the disruption from the pandemic had begun to abate.
Thanks to our associates, we did both.