Pinnacle Financial Partners Inc Q3 2023 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst : Harold, I just wanted to follow up on the deposit cost. I think you said the blended rate is coming on at 3.5. Is that's inclusive of the noninterest-bearing, correct?

Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst : So just based on the commentary, I think you said 10% to 15% is noninterest-bearing earlier on the call. So it implies about like an interest-bearing cost on new money at about 4%. Is that accurate? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 18, 2023 / 1:30PM, PNFP.OQ - Q3 2023 Pinnacle Financial Partners Inc Earnings Call

Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst : Okay. So is that, I guess, on the interest-bearing deposit cost slide, the spot rate, is that where we should expect that to trend maybe over the next couple of quarters?

Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst : All right. And also just on the loan side, I think you said you had about $300 million to $400 million coming due for fixed rate loans next quarter. Is that a fairly consistent level that we should be thinking about through -- on a quarterly basis through 2024?

Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst : Okay. Okay. Cool. And then just on the BHG, I appreciate the commentary on some of the puts and takes there. You mentioned that they had a building that they were planning on selling that they wrote down. I don't know if you got this granular with them or not, but do you happen to know kind of what percentage the write-down was? I'm assuming that, that was like an office building or something that they no longer need.

Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst : You said they bought it for what?

Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst : Okay. And I think you said you had 7% of loans were SNCs. Do you happen to know of that, what were the lead underwriter on.

Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst : Yes, sir.

Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst : Okay. Okay. So the SNC exposure is all -- the 7% is just all SNCs that the other banks that will lead underwriters on.

Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst : Okay. Then I did just want to follow up or it isn't really a follow-up for this call, but I think it's been asked before. Just in terms of the long-term view on succession planning. And I think you guys have built a pretty unique model, which is attractive, but also might be challenging for another bank to kind of maintain if they were to try to buy you guys, especially just given the independent culture that you have? I mean, how do you think about long term kind of the growth path for Pinnacle succession planning and maybe partnering with another bank?

Question: Broderick Dyer Preston - UBS Investment Bank, Research Division - Analyst : I really appreciate that answer, Terry. I guess, maybe if I could just sneak one more in for Harold. I forgot to ask you, Harold. Do you happen to have what the reserve on the office portfolio is?