Pinnacle Financial Partners announces earnings for first quarter 2026

Apr 22 2026 22:30 BST

Diluted earnings per share of $0.89 versus $1.77 in 1Q25

Adjusted diluted earnings per share of $2.39 versus $1.90 in 1Q25

First Quarter 2026 results significantly impacted by merger with Synovus Financial Corp. on January 1

ATLANTA--(BUSINESS WIRE)--Apr. 22, 2026-- Pinnacle Financial Partners, Inc. (NYSE: PNFP) today reported financial results for the quarter ended March 31, 2026. The merger of Pinnacle Financial Partners, Inc. and Synovus Financial Corp. closed on January 1, 2026. The combination creates one of the highest-performing regional banks in the country, positioned for industry-leading revenue, earnings per share and tangible book value growth by marrying Pinnacle’s proven growth model and Synovus’ deep talent and capabilities.

“We set out to scale with a soul, and our first quarter results prove that we’re doing it. We delivered strong loan and deposit growth, expanded revenue and hired 50 new revenue producers, while moving forward with 8,500 team members who never took their eye off the client. The merger was a catalyst for growth rather than a distraction. One quarter in, with much more to prove and deliver, we are confident in the talent, culture and momentum we are building together. The best is still ahead for Pinnacle,” said Pinnacle President and CEO Kevin Blair.

First Quarter 2026 Highlights

The merger of Pinnacle Financial Partners, Inc. ("Pinnacle" or "legacy Pinnacle") and Synovus Financial Corp. ("Synovus") closed on January 1, 2026. Reported results for Pinnacle reflect the combined organization in first quarter 2026 and legacy Pinnacle in prior periods, unless stated otherwise. Linked-quarter and year-over-year comparisons are significantly impacted by the merger given the magnitude of the acquired balance sheet and the effect of purchase accounting. Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.
Net income available to common shareholders was $134.7 million, or $0.89 per diluted share in first quarter 2026. Excluding merger-related expenses, investment securities gains and a valuation adjustment on certain derivatives, adjusted net income available to common shareholders was $362.7 million, or $2.39 per diluted share.
Our hiring strategy remains very successful. Pinnacle added 50 experienced revenue producers during the first quarter, compared to 41 for the combined legacy Pinnacle and Synovus in fourth quarter 2025 and 45 for the combined legacy Pinnacle and Synovus in the year ago period.
Period-end loans were $85.2 billion at March 31, 2026 while period-end deposits were $100.1 billion. Organic loan and deposit growth were substantial in the first quarter.
Net interest income was $932.7 million in first quarter 2026. On a linked-quarter basis, the net margin expanded 26 basis points to 3.53%, primarily as a result of purchase accounting accretion and fixed-rate asset repricing.
Non-interest revenue was $284.1 million in first quarter 2026. Excluding investment securities gains and a valuation adjustment on certain derivatives, adjusted non-interest revenue was $281.9 million. Year-over-year non-interest revenue growth from combined legacy Pinnacle-Synovus results was robust, largely attributable to increases in wealth management fees, loan sales and servicing fees and income from our equity method investment in BHG.
Non-interest expense was $952.2 million in the first quarter 2026. Excluding merger-related expense, non-interest expense was $677.4 million in first quarter 2026. Merger-related expense in first quarter 2026 was $275.4 million, which included merger-related equity acceleration cost. On a combined basis, the non-merger-related linked-quarter increase was driven by higher employment expenses, largely due to seasonally higher personnel costs. The efficiency ratio was 77.4% in first quarter 2026, while the adjusted tangible efficiency ratio was 51.3%. Expense management was disciplined and the majority of the merger-related expense synergies that are expected in 2026 were realized in the first quarter.
Credit performance remained strong. The non-performing asset ratio was 0.58% at period-end. Non-performing assets were impacted by two senior housing relationships that were previously rated, have a specific allowance and should be resolved this year. The first quarter 2026 net charge-off ratio was 0.23%, which was in line with expectations. Total past due loans were 0.14% of total loans outstanding.
Provision for credit losses was $75.9 million in the first quarter. The allowance for credit losses ratio (to loans) was 1.19%, while the allowance coverage of non-performing loans was 221% in first quarter 2026. Impacting the allowance for credit losses during the quarter were net loan growth, a deterioration in the economic forecast and an increase in individually analyzed loans, partially offset by a decline in qualitative reserves.
The preliminary Common Equity Tier 1 (CET1) ratio ended first quarter 2026 at 9.83%.

First Quarter Summary

	Reported									Adjusted
(dollars in millions)	1Q26			4Q25			1Q25			1Q26			4Q25			1Q25
Net income available to common shareholders	$	135		$	166		$	136		$	363		$	173		$	146
Diluted earnings per share		0.89			2.13			1.77			2.39			2.24			1.90
Total revenue		1,217			541			462			1,229			562			488
Total loans		85,197			39,154			36,137		NA			NA			NA
Total deposits		100,103			47,401			44,482		NA			NA			NA
Return on avg assets⁽¹⁾		0.50	%		1.19	%		1.08	%		1.26	%		1.24	%		1.16	%
Return on avg common equity⁽¹⁾		3.96			9.76			8.80			10.65			10.20			9.40
Return on avg tangible common equity⁽¹⁾		7.58			13.59			12.61			17.69			14.19			13.47
Net interest margin⁽²⁾		3.53			3.27			3.21		NA			NA			NA
Efficiency ratio-TE⁽²⁾⁽³⁾		77.4			54.0			58.0			51.3			52.3			56.2
NCO ratio-QTD		0.23			0.28			0.16		NA			NA			NA
NPA ratio		0.58			0.36			0.48		NA			NA			NA
CET1 ratio⁽⁴⁾		9.83			10.88			10.70		NA			NA			NA

⁽¹⁾ Annualized
⁽²⁾ Taxable equivalent
⁽³⁾ Adjusted tangible efficiency ratio
⁽⁴⁾ Current period ratio preliminary
NA - not applicable

Balance Sheet

Loans^*

(dollars in millions)	1Q26		4Q25		Linked Quarter Change		Linked Quarter % Change
Commercial & industrial	$	48,197	$	22,296	$	25,901	116	%
Commercial real estate		23,760		11,357		12,404	109
Consumer		13,240		5,501		7,739	141
Total loans	$	85,197	$	39,154	$	46,043	118	%

^*Amounts may not total due to rounding and prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.

Deposits ^*

(dollars in millions)	1Q26		4Q25		Linked Quarter Change		Linked Quarter % Change		1Q25		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	20,388	$	9,051	$	11,338	125	%	$	8,510	$	11,878	140	%
Interest-bearing DDA		30,666		15,649		15,017	96			14,802		15,864	107
Money market		34,007		16,824		17,183	102			16,093		17,913	111
Savings		1,865		804		1,061	132			820		1,045	127
Time deposits		13,176		5,073		8,103	160			4,256		8,920	210
Total deposits	$	100,103	$	47,401	$	52,702	111	%	$	44,482	$	55,621	125	%

^*Amounts may not total due to rounding and prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.

Income Statement Summary ^**

(in millions, except per share data)	1Q26			4Q25			Linked Quarter Change			Linked Quarter % Change		1Q25			Year/Year Change			Year/Year % Change
Net interest income	$	933		$	408		$	525		129	%	$	365		$	568		156	%
Non-interest revenue		284			133			151		114			97			187		193
Non-interest expense		952			301			651		216			275			677		246
Provision for (reversal of) credit losses		76			34			42		124			17			59		347
Income before taxes	$	189		$	206		$	(17	)	(8	)%	$	170		$	19		11	%
Income tax expense (benefit)		39			36			3		8			30			9		31
Net income		150			170			(20	)	(12	)		140			10		7
Less: Preferred stock dividends		15			4			11		275			4			11		275
Net income available to common shareholders	$	135		$	166		$	(31	)	(19	)%	$	136		$	(1	)	(1	)%
Weighted average common shares outstanding, diluted		151			78			73		94	%		77			74		96	%
Diluted earnings per share	$	0.89		$	2.13		$	(1.24	)	(58	)	$	1.77		$	(0.88	)	(50	)
Adjusted diluted earnings per share		2.39			2.24			0.15		7			1.90			0.49		26
Effective tax rate		21	%		17	%							18	%

^**Amounts may not total due to rounding and prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.
NM - not meaningful

First Quarter 2026 Earnings Webcast and Conference Call

Pinnacle will host a conference call and webcast to discuss the first quarter 2026 earnings results with an accompanying slide presentation at 8 a.m. ET on April 23, 2026. Shareholders and other interested parties may listen to this conference call via simultaneous internet broadcast at investors.pnfp.com/events-presentations. Participants may also access the conference call at 888-506-0062 using the code 878834. The replay will be archived for at least 12 months and will be available approximately one hour after the call.

Pinnacle Financial Partners, Inc. (“Pinnacle”) is a $123 billion asset regional bank which provides a full range of banking, investment, trust, mortgage and insurance products and services for commercial and consumer clients who want a comprehensive relationship with their financial institution. The firm joined forces with Synovus on January 1, 2026, bringing together more than 160 years of combined banking service. Pinnacle is the largest bank headquartered in Tennessee and the largest bank holding company headquartered in Georgia. The firm is No. 1 in deposit market share in the Nashville MSA and No. 4 in the Atlanta MSA with offices in Tennessee, Georgia, Florida, North Carolina, South Carolina, Alabama, Kentucky, Virginia and Maryland (based on June 30, 2025FDIC market share data).

Pinnacle is an employer of choice for financial services professionals. The firm is No. 12 in FORTUNE magazine’s 2026 list of 100 Best Companies to Work For® in the U.S., its tenth consecutive appearance. Pinnacle was also recognized by American Banker as No. 4 among America’s Best Banks to Work For in 2025, its 13th consecutive year on the list, and No. 1 among banks with more than $10 billion in assets.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Pinnacle's use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Pinnacle's future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding the anticipated benefits and risks related to the recently-completed business combination with Synovus Financial Corp., our future operating and financial performance; expectations on our intended strategies, initiatives, and other operational and execution goals; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Pinnacle to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Pinnacle's management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Pinnacle's ability to control or predict.

These forward-looking statements are based upon information presently known to management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Pinnacle's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Pinnacle's quarterly reports on Form 10-Q, current reports on Form 8-K and other filings and reports filed with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
INCOME STATEMENT DATA

	2026			2025				First Quarter
(In millions, except per share data)	First Quarter			Fourth Quarter		First Quarter		'26 vs '25
	First Quarter			Fourth Quarter		First Quarter		% Change

Interest income	$	1,514		712		669		126	%
Interest expense		581		304		304		91

Net interest income		933		408		365		156
Provision for (reversal of) credit losses		76		34		17		347

Net interest income after provision for credit losses		857		374		348		146

Non-interest revenue:
Core banking fees		91		36		32		184
Wealth management revenue		84		37		33		155
Income from equity method investment		31		31		20		55
Capital markets income		18		3		3		500
Total loan sales and servicing		10		4		6		67
Income from bank-owned life insurance		20		12		10		100
Investment securities gains (losses), net		3		(4	)	(13	)	(123	)
Other non-interest revenue		27		14		6		350

Total non-interest revenue		284		133		97		192

Non-interest expense:
Salaries and other personnel expense		396		181		172		130
Net occupancy, equipment, and software expense		97		48		42		131
Amortization of intangibles		48		1		1		nm
FDIC insurance and other regulatory fees		23		2		11		109
Merger-related expense		275		13		—		nm
Other operating expenses		113		56		49		131

Total non-interest expense		952		301		275		246

Income before income taxes		189		206		170		11
Income tax expense		39		36		30		31

Net income		150		170		140		7

Less: Preferred stock dividends		15		4		4		275

Net income available to common shareholders	$	135		166		136		(1	)%

Per share information:
Net income per common share, basic	$	0.89		2.16		1.78		(50	)%

Net income per common share, diluted		0.89		2.13		1.77		(50	)

Cash dividends declared per common share		0.50		0.24		0.24		108

Return on average assets *		0.50	%	1.19	%	1.08	%	(58) bps
Return on average common equity *		3.96		9.76		8.80		(484) bps

Weighted average common shares outstanding, basic		151		77		77		96	%
Weighted average common shares outstanding, diluted		151		78		77		96

nm - not meaningful
bps - basis points
* - ratios are annualized
Amounts may not total due to rounding and percentage changes are calculated using unrounded amounts and may differ from calculations based on rounded figures.
Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED

	March 31, 2026			December 31, 2025			March 31, 2025

(In millions)

ASSETS
Cash and due from banks	$	609		$	359		$	346
Federal funds sold, securities purchased under resale agreements, and interest earning deposits with banks		5,309			3,206			3,532
Cash, cash equivalents, and restricted cash		5,918			3,565			3,878

Investment securities held to maturity		2,539			2,591			2,769
Investment securities available for sale		16,939			6,567			5,950
Loans held for sale		251			97			155

Loans, net of deferred fees and costs		85,197			39,154			36,137
Allowance for loan losses		(942	)		(442	)		(417	)
Loans, net		84,255			38,712			35,720

Cash surrender value of bank-owned life insurance		2,181			1,223			1,140
Premises, equipment, and software, net		907			352			333
Goodwill		3,478			1,849			1,849
Core deposits and other intangible assets, net		1,091			30			20
Other assets		5,207			2,720			2,440
Total assets	$	122,766		$	57,706		$	54,254

LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits	$	20,388		$	9,051		$	8,510
Interest-bearing deposits		79,715			38,350			35,972

Total deposits		100,103			47,401			44,482

Federal funds purchased and securities sold under repurchase agreements		308			316			264
FHLB advances and other borrowings		5,741			2,205			2,312
Other liabilities		2,020			740			653
Total liabilities		108,172			50,662			47,711

Equity:
Shareholders' equity:
Preferred stock - no par value. Authorized 110 million shares at Mar 31, 2026 and 10 million shares at Dec 31, 2025 and Mar 31, 2025, respectively; 225,000 shares, liquidation preference $225 million, 22 million shares issued and outstanding at Mar 31, 2026, and 225,000 shares, liquidation preference $225 million, issued and outstanding at Dec 31, 2025 and Mar 31, 2025, respectively		781			217			217
Common stock - $1.00 par value. Authorized 360 million shares at Mar 31, 2026 and 180 million shares authorized at Dec 31, 2025 and Mar 31, 2025, respectively; issued and outstanding 151 million, 78 million and, 78 million, respectively		151			78			78
Additional paid-in capital		10,102			3,144			3,121
Accumulated other comprehensive income (loss), net		(225	)		(123	)		(166	)
Retained earnings		3,785			3,728			3,294
Total equity		14,594			7,044			6,543
Total liabilities and equity	$	122,766		$	57,706		$	54,254

Amounts may not total due to rounding prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	First Quarter 2026						First Quarter 2025
(dollars in millions)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
Assets
Loans, net of deferred fees and costs⁽¹⁾⁽²⁾	$	83,691	$	1,267	6.14	%	$	36,042	$	556	6.24	%
Tax-exempt securities⁽²⁾⁽³⁾		3,344		33	3.99			3,247		30	3.76
Taxable securities⁽³⁾		15,644		171	4.37			5,433		62	4.62
Interest-earning deposits with banks		5,224		47	3.67			2,645		29	4.43
Federal funds sold and securities purchased under resale agreements		148		2	6.08			58		2	11.35
Other earning assets⁽⁴⁾		666		8	4.28			255		3	5.06
Total interest earning assets		108,717		1,528	5.70	%		47,680		682	5.79	%

Goodwill		3,583						1,849
Core deposits and other intangible assets, net		1,079						21
Other assets⁽⁵⁾		7,868						2,976
Total assets	$	121,247					$	52,526
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	30,004	$	186	2.51	%	$	14,136	$	112	3.21	%
Money market accounts		33,390		214	2.59			15,541		118	3.08
Savings deposits		1,824		2	0.40			804		1	0.45
Time deposits		13,662		119	3.53			4,331		43	4.01
Federal funds purchased and securities sold under repurchase agreements		344		1	1.45			231		1	1.78
FHLB advances and other borrowings		4,723		59	5.08			2,305		29	5.16
Total interest-bearing liabilities		83,947		581	2.81	%		37,348		304	3.30	%
Non-interest-bearing demand deposits		20,289						8,207
Other liabilities		2,424						455
Total equity		14,587						6,516
Total liabilities and equity	$	121,247					$	52,526
Net interest income and net interest margin, taxable equivalent⁽²⁾⁽⁶⁾			$	947	3.53	%			$	378	3.21	%
Less: taxable-equivalent adjustment				14						13
Net interest income			$	933					$	365

⁽¹⁾ Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: First Quarter 2026 — $15.2 million, and First Quarter 2025 — $9.5 million.

⁽²⁾ Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and securities to a taxable-equivalent basis.

⁽³⁾ Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.

⁽⁴⁾ Includes loans held for sale, trading account assets, and FHLB and Federal Reserve Bank Stock.

⁽⁵⁾ As a result of the merger, during the first quarter 2026, certain immaterial changes were made to integrate the presentation of the legacy banks' yield on investment securities, which included presenting average unrealized losses on investment securities available for sale of $(97.9) million as a component of other assets.

⁽⁶⁾ The net interest margin is calculated by dividing annualized net interest income-taxable equivalent (TE) by average total interest earning assets.

Amounts may not total due to rounding

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in millions)

	Total Loans		Total Loans		Linked Quarter
Loan Type	March 31, 2026		December 31, 2025		% Change
Commercial, Financial, and Agricultural	$	34,151	$	16,549	106	%
Owner-Occupied		14,046		5,747	144
Total Commercial & Industrial		48,197		22,296	116
Multi-Family		7,073		3,433	106
Hotels		2,554		573	345
Office Buildings		2,759		1,176	135
Shopping Centers		3,356		1,307	157
Warehouses		3,101		2,087	49
Other Investment Property		2,045		919	123
Total Investment Properties		20,888		9,496	120
1-4 Family Construction		769		524	47
1-4 Family Investment Mortgage		1,166		761	53
Total 1-4 Family Properties		1,935		1,284	51
Commercial Development		293		175	68
Residential Development		377		273	38
Land Acquisition		268		128	109
Land and Development		937		576	63
Total Commercial Real Estate		23,760		11,357	109
Consumer Mortgages		8,234		3,456	138
Home Equity		3,157		1,374	130
Credit Cards		227		53	329
Other Consumer Loans		1,622		619	162
Total Consumer		13,240		5,501	141
Total	$	85,197	$	39,154	118	%

NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in millions)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter
	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter
Loan Type	March 31, 2026		December 31, 2025		% Change
Commercial, Financial, and Agricultural	$	174	$	49	256	%
Owner-Occupied		74		6	nm
Total Commercial & Industrial		247		54	355
Multi-Family		35		34	2
Office Buildings		34		4	810
Shopping Centers		2		—	nm
Other Investment Property		50		10	412
Total Investment Properties		121		48	152
1-4 Family Construction		1		—	nm
1-4 Family Investment Mortgage		4		2	138
Total 1-4 Family Properties		5		2	139
Land and Development		—		—	nm
Total Commercial Real Estate		126		50	152
Consumer Mortgages		61		23	169
Home Equity		18		6	208
Other Consumer Loans		7		—	nm
Total Consumer		85		29	195
Total	$	459	$	133	244	%

nm - not meaningful
Amounts may not total due to rounding and percentage changes are calculated using unrounded amounts and may differ from calculations based on rounded figures.
Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES

CREDIT QUALITY DATA
(Unaudited)
(Dollars in millions)	2026			2025		First Quarter
	First			Fourth	First	'26 vs '25
	Quarter			Quarter	Quarter	% Change

Non-performing Loans (NPLs)	$	459		133	171	168	%
Other Real Estate and Other Assets		32		8	4	nm

Non-performing Assets (NPAs)		491		141	175	181

Allowance for Loan Losses (ALL)		942		442	417	126
Reserve for Unfunded Commitments		72		16	12	500

Allowance for Credit Losses (ACL)		1,014		458	430	136

Net Charge-Offs - Quarter		49		27	14
Net Charge-Offs - YTD		49		77	14
Net Charge-Offs / Average Loans - Quarter ⁽¹⁾		0.23	%	0.28	0.16
Net Charge-Offs / Average Loans - YTD ⁽¹⁾		0.23		0.21	0.16
NPLs / Loans		0.54		0.34	0.47
NPAs / Loans, ORE and specific other assets		0.58		0.36	0.48
ACL/Loans		1.19		1.17	1.19
ALL/Loans		1.11		1.13	1.16

ACL/NPLs		221.03		343.19	250.59
ALL/NPLs		205.21		331.09	243.32

Past Due Loans over 90 days and Still Accruing	$	8		3	4	100
As a Percentage of Loans Outstanding		0.01	%	0.01	0.01

Total Past Due Loans and Still Accruing	$	117		57	52	125
As a Percentage of Loans Outstanding		0.14	%	0.14	0.14

⁽¹⁾ Ratio is annualized.
Amounts may not total due to rounding and percentage changes are calculated using unrounded amounts and may differ from calculations based on rounded figures.

SELECTED CAPITAL INFORMATION ⁽¹⁾
(Unaudited)
(Dollars in millions)
	March 31, 2026			December 31, 2025


Common Equity Tier 1 Capital Ratio		9.83	%	10.88
Tier 1 Capital Ratio		10.62		11.34
Total Risk-Based Capital Ratio		12.34		12.97
Tier 1 Leverage Ratio		8.93		9.57
Total Shareholders' Equity as a Percentage of Total Assets		11.89		12.21
Tangible Common Equity Ratio ⁽²⁾		7.82		8.86
Book Value Per Common Share⁽³⁾	$	91.42		87.90
Tangible Book Value Per Common Share ⁽⁴⁾		61.18		63.71

⁽¹⁾ Current quarter regulatory capital information is preliminary.
⁽²⁾ See "Non-GAAP Financial Measures" for applicable reconciliation.
⁽³⁾ Book Value Per Common Share consists of Total Shareholders’ Equity less Preferred Stock divided by total common shares outstanding.
⁽⁴⁾ Tangible Book Value Per Common Share consists of Total Shareholders’ Equity less Preferred Stock and less the carrying value of goodwill and other intangible assets divided by total common shares outstanding.

Non-GAAP Financial Measures

The measures entitled adjusted non-interest revenue, non-interest expense; adjusted revenue taxable equivalent (TE); adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; tangible common equity ratio; and tangible book value per common share are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; net income available to common shareholders; diluted earnings per share; return on average common equity; the ratio of total shareholders' equity to total assets and book value per common share, respectively.

Management believes that these non-GAAP financial measures provide meaningful additional information about Pinnacle to assist management and investors in evaluating its operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted non-interest revenue and adjusted revenue (TE) are measures used by management to evaluate non-interest revenue exclusive of net investment securities gains (losses), fair value adjustments on non-qualified deferred compensation and other items not indicative of ongoing operations that could impact period-to-period comparisons. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted net income per common share, diluted, adjusted return on average assets and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Adjusted PPNR is used by management to evaluate PPNR exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Pinnacle's performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by stakeholders to assess our capital position. Tangible book value per common share is used by stakeholders to assess our financial stability and value. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures

(dollars in millions)	1Q26			4Q25			1Q25

Adjusted non-interest revenue
Total non-interest revenue	$	284		$	133		$	97
Investment securities (gains) losses, net		(3	)		4			13
Fair value adjustment on non-qualified deferred compensation		1			—			—
Adjusted non-interest revenue	$	282		$	137		$	110

Adjusted non-interest expense
Total non-interest expense	$	952		$	301		$	275
Merger-related expense		(275	)		(13	)		—
FDIC Special Assessment		—			8			—
Valuation adjustment to Visa derivative		(1	)		—			—
Fair value adjustment on non-qualified deferred compensation		1			—			—
Adjusted non-interest expense	$	677		$	296		$	275


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in millions)		1Q26			4Q25			1Q25
Adjusted revenue (TE) and tangible efficiency ratio
Adjusted non-interest expense	$	677		$	296		$	275
Amortization of intangibles		(48	)		(1	)		(1	)
Adjusted tangible non-interest expense	$	629		$	295		$	274

Net interest income	$	933		$	408		$	365
Tax equivalent adjustment		14			17			13
Net interest income (TE)		947			425			378

Net interest income	$	933		$	408		$	365
Total non-interest revenue		284			133			97
Total revenue	$	1,217		$	541		$	462
Tax equivalent adjustment		14			17			13
Total TE revenue		1,231			558			475
Investment securities losses (gains), net		(3	)		4			13
Fair value adjustment on non-qualified deferred compensation		1			—			—
Adjusted revenue (TE)	$	1,229		$	562		$	488
Efficiency ratio-TE ⁽¹⁾		77.4	%		54.0	%		58.0	%
Adjusted tangible efficiency ratio ⁽¹⁾		51.3			52.3			56.2

Adjusted pre-provision net revenue
Net interest income	$	933		$	408		$	365
Total non-interest revenue		284			133			97
Total non-interest expense		(952	)		(301	)		(275	)
Pre-provision net revenue (PPNR)	$	265		$	240		$	187

Adjusted revenue (TE)	$	1,229		$	562		$	488
Adjusted non-interest expense		(677	)		(296	)		(275	)
Adjusted PPNR	$	551		$	267		$	212

⁽¹⁾ Amounts have been calculated using whole dollar values.
Amounts may not total due to rounding

Reconciliation of Non-GAAP Financial Measures, continued

(In millions, except per share data)	1Q26			4Q25			1Q25
Adjusted return on average assets (annualized)
Net income	$	150		$	170		$	140
Valuation adjustment to Visa derivative		1			—			—
Investment securities losses (gains), net		(3	)		4			13
Merger-related expense ⁽¹⁾		275			13			—
FDIC Special Assessment		—			(8	)		—
Tax effect of adjustments ⁽²⁾		(45	)		(2	)		(3	)
Adjusted net income	$	378		$	177		$	150
Net income annualized ⁽³⁾	$	606		$	674		$	569
Adjusted net income annualized ⁽³⁾	$	1,531		$	704		$	607
Total average assets	$	121,247		$	56,706		$	52,526
Return on average assets (annualized) ⁽³⁾		0.50	%		1.19	%		1.08	%
Adjusted return on average assets (annualized) ⁽³⁾		1.26			1.24			1.16

Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders	$	135		$	166		$	136
Valuation adjustment to Visa derivative		1			—			—
Investment securities losses (gains), net		(3	)		4			13
Merger-related expense ⁽¹⁾		275			13			—
FDIC Special Assessment		—			(8	)		—
Tax effect of adjustments ⁽²⁾		(45	)		(2	)		(3	)
Adjusted net income available to common shareholders	$	363		$	173		$	146
Weighted average common shares outstanding, diluted		151			78			77
Diluted earnings per share ⁽³⁾	$	0.89		$	2.13		$	1.77
Adjusted diluted earnings per share ⁽³⁾		2.39			2.24			1.90
⁽¹⁾ A portion of this item was non-taxable.
⁽²⁾ A blended tax rate of 16.4% was applied for 2026 which takes into consideration the deductibility and non-deductibility of certain merger-related expense items for tax purposes. For 2025 an assumed marginal tax rate of 25% was applied.
⁽³⁾ Amounts have been calculated using whole dollar values.
Amounts may not total due to rounding

Reconciliation of Non-GAAP Financial Measures, continued

(dollars in millions)	1Q26			4Q25			1Q25
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income available to common shareholders	$	135		$	166		$	136
Valuation adjustment to Visa derivative		1			—			—
Investment securities losses (gains), net		(3	)		4			13
Merger-related expense ⁽¹⁾		275			13			—
FDIC Special Assessment		—			(8	)		—
Tax effect of adjustments ⁽²⁾		(45	)		(2	)		(3	)
Adjusted net income available to common shareholders	$	363		$	173		$	146

Adjusted net income available to common shareholders annualized ⁽³⁾	$	1,471		$	689		$	591
Amortization of intangibles, tax effected, annualized ⁽²⁾⁽³⁾		147			4			4
Adjusted net income available to common shareholders excluding amortization of intangibles annualized ⁽³⁾	$	1,618		$	693		$	595

Net income available to common shareholders annualized ⁽³⁾	$	546		$	659		$	553
Amortization of intangibles, tax effected, annualized ⁽²⁾⁽³⁾		147			4			4
Net income available to common shareholders excluding amortization of intangibles annualized ⁽³⁾	$	693		$	663		$	557

Total average shareholders' equity less preferred stock	$	13,805		$	6,750		$	6,299
Average goodwill		(3,583	)		(1,849	)		(1,849	)
Average other intangible assets, net		(1,079	)		(24	)		(21	)
Total average tangible shareholders' equity less preferred stock	$	9,144		$	4,877		$	4,429
Return on average common equity (annualized) ⁽³⁾		3.96	%		9.76	%		8.80	%
Adjusted return on average common equity (annualized) ⁽³⁾		10.65			10.20			9.40
Return on average tangible common equity (annualized) ⁽³⁾		7.58			13.59			12.61
Adjusted return on average tangible common equity (annualized) ⁽³⁾		17.69			14.19			13.47

⁽¹⁾ A portion of this item was non-taxable.
⁽²⁾ A blended tax rate of 16.4% was applied for 2026 which takes into consideration the deductibility and non-deductibility of certain merger-related expense items for tax purposes, with the exception of amortization of intangibles which applied an assumed 24% marginal rate. For 2025 an assumed marginal tax rate of 25% was applied.
⁽³⁾ Amounts have been calculated using whole dollar values.
Amounts may not total due to rounding


(dollars in millions)	March 31, 2026			December 31, 2025			March 31, 2025

Tangible common equity ratio
Total assets	$	122,766		$	57,706		$	54,254
Goodwill		(3,478	)		(1,849	)		(1,849	)
Core deposits and other intangible assets, net		(1,091	)		(30	)		(20	)
Tangible assets	$	118,196		$	55,827		$	52,385

Total shareholders’ equity	$	14,594		$	7,044		$	6,543
Goodwill		(3,478	)		(1,849	)		(1,849	)
Core deposits and other intangible assets, net		(1,091	)		(30	)		(20	)
Preferred Stock, no par value		(781	)		(217	)		(217	)
Tangible common equity	$	9,244		$	4,948		$	4,457
Total shareholders’ equity to total assets ratio ⁽¹⁾		11.89	%		12.21	%		12.06	%
Tangible common equity ratio ⁽¹⁾		7.82			8.86			8.51

Tangible common equity	$	9,244		$	4,948		$	4,457
Common shares outstanding		151			78			78
Book value per common share ⁽¹⁾	$	91.42			87.90			81.57
Tangible book value per common share ⁽¹⁾	$	61.18		$	63.71		$	57.47

⁽¹⁾ Amounts have been calculated using whole dollar values.
Amounts may not total due to rounding

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422847457/en/

Media Contact
Joe Bass
615-743-8219
joe.bass@pnfp.com

Investor Contact
Jennifer H. Demba, CFA
Investor Relations
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Source: Pinnacle Financial Partners, Inc.