Pinnacle Financial Partners delivered a notable inflection in the second quarter of 2024, characterized by an improving revenue trajectory, higher margin, and disciplined balance sheet management. Management framed Q2 as a turning point for revenue, EPS, and pre-provision net revenue (PPNR), aided by a strategic securities repositioning that temporarily produced a realized loss but is expected to lift ongoing revenue and earnings run rates with a multi-year payback. The bank also demonstrated resilient deposit growth, successful recruitment of revenue producers, and a clear plan to modulate CRE exposure toward a lower risk profile while maintaining CRE access for core relationships. While earnings were pressured by elevated interest expense and a timing-driven charge, PNFP reaffirmed an 8-10% net interest income (NII) growth outlook for 2024 and guided loan growth in the mid-to-high single digits, with margin expansion anticipated through repricing and balance sheet optimization.