Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of regional bank Pinnacle Financial Partners (NASDAQ:PNFP), the parent company of Pinnacle National Bank, rose as much as 12% after reporting better-than-expected third-quarter results.

So what: For the quarter, Pinnacle Financial reported net income of $0.33, which was a clean $0.03 higher than Wall Street's consensus expectation, but was a sizable reduction from last year's net income which was aided by a tax benefit. Non-interest income and net interest margin both increased year-over-year while non-performing assets were reduced by 11.9% over the prior quarter. However, it's worth noting that total deposits actually fell slightly year over year.

Now what: Today's earnings report is definitely good news in that Pinnacle is focused very intently on cleaning up its balance sheet, but I'd caution that this is still a work in progress -- don't get too excited. Valued at roughly 16 times forward earnings, Pinnacle doesn't exactly scream undervalued, and it's likely a few quarters away from refocusing its efforts away from its non-performing assets and just getting back to growing once again.

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