Pinnacle Financial Partners announces earnings for second quarter 2026

Business Wire

22 juli, 22:41

Pinnacle Financial Partners, Inc. (NYSE: PNFP) today reported financial results for the quarter ended June 30, 2026. Net income available to common shareholders was $313 million, or $2.07 per diluted share in second quarter 2026. Excluding merger-related expenses, investment securities losses and certain other items, adjusted net income available to common shareholders was $379 million, or $2.50 per diluted share.

“The Pinnacle model is working. Our second quarter results prove it scales with discipline intact, delivering outsized growth in loans and earnings per share without compromising the culture and client connections that set this firm apart. One year since our merger announcement, we're picking up speed, attracting top talent and deepening our client relationships. The team is executing, and with meaningful work still ahead, I am confident our strategy will continue to deliver, today, next quarter and over the long term,” said Pinnacle President and CEO Kevin Blair.

Second Quarter 2026 Performance

The merger of Pinnacle Financial Partners, Inc. (“Pinnacle” or “legacy Pinnacle”) and Synovus Financial Corp. (“Synovus”) closed on Jan. 1, 2026. Reported results for Pinnacle reflect the combined organization in second quarter 2026 and first quarter 2026 and legacy Pinnacle in prior periods, unless stated otherwise. 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.
Our hiring efforts remain very successful and consistent. Pinnacle added 74 experienced revenue producers during the second quarter, compared to 50 in first quarter 2026 and a combined 65 in the prior-year period.
Period-end loans were $88.1 billion at June 30, 2026 up $2.9 billion or 3% from the prior quarter. The majority of the loan growth was in commercial and industrial credits and was diverse by geography and supported by specialty lending.
Period-end deposits were $100.9 billion, up $795 million or 1% from the prior quarter. Second quarter deposit growth reflects Pinnacle’s historical seasonal growth pattern.
Net interest income grew 2% to $956 million in second quarter 2026. On a linked-quarter basis, the net margin declined 9 basis points to 3.44%, driven primarily by first quarter non-recurring items, modest pressure from lower SOFR rates on loan yields, and incremental wholesale funding reliance due to deposit seasonality.
Non-interest revenue was $247 million in second quarter 2026. Excluding investment securities losses and certain other items, adjusted non-interest revenue was $270 million. Linked-quarter adjusted non-interest revenue declined $12 million from the first quarter, driven by a decrease in income from our equity-method investment in BHG which was the result of an intentional shift in placement strategy by BHG during the quarter.
Non-interest expense was $721 million in second quarter 2026. Excluding merger-related expense and certain other items, adjusted non-interest expense was $662 million, down 2% on a linked-quarter basis, as realized merger synergies and lower personnel costs more than offset continued investments in revenue producers and technology. The efficiency ratio-TE was 59.4% in second quarter 2026, while the adjusted tangible efficiency ratio was 49.8%.
Credit performance remained strong. The non-performing asset ratio was 0.50% at period-end compared to 0.58% in the prior quarter. The second quarter 2026 net charge-off ratio was 0.22%, which was in line with expectations and compares to 0.23% in first quarter 2026. Provision for credit losses was $63 million in second quarter 2026. The allowance for credit losses ratio (to loans) was 1.17%, while the allowance coverage of non-performing loans was 248.18%. The change in the allowance quarter-over-quarter was driven largely by loan growth offset in part by a decline in reserves for individually analyzed credits.
The preliminary Common Equity Tier 1 (CET1) ratio ended second quarter 2026 at 9.93%, up from 9.81% in the first quarter.

Second Quarter 2026 Summary

	Reported		Adjusted
(dollars in millions)		2Q26			1Q26			2Q25			2Q26				1Q26			2Q25
Net income available to common shareholders	$	313		$	135		$	155		$	379			$	363		$	155
Diluted earnings per share		2.07			0.89			2.00			2.50				2.39			2.00
Total revenue		1,203			1,217			505			1,238				1,229			518
Total loans		88,076			85,197			37,105		NA			NA			NA
Total deposits		100,898			100,103			45,022		NA			NA			NA
Return on avg assets(1)		1.06	%		0.50	%		1.18	%		1.27	%			1.26	%		1.18	%
Return on avg common equity(1)		9.01			3.96			9.72			10.90				10.65			9.72
Return on avg tangible common equity(1)		14.89			7.58			13.84			17.70				17.69			13.84
Net interest margin(2)		3.44			3.53			3.23		NA			NA			NA
Efficiency ratio-TE(2)(3)		59.4			77.4			55.2			49.8				51.3			54.9
NCO ratio-QTD		0.22			0.23			0.20		NA			NA			NA
NPA ratio		0.50			0.58			0.44		NA			NA			NA
CET1 ratio(4)		9.93			9.81			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)		2Q26		1Q26	Linked Quarter Change		Linked Quarter % Change
Commercial & industrial	$	51,115	$	48,197	$	2,918		6	%
Commercial real estate		23,595		23,760		(165	)	(1	)
Consumer		13,366		13,240		126		1
Total loans	$	88,076	$	85,197	$	2,879		3	%

*Amounts may not total due to rounding.

Deposits*

(dollars in millions)		2Q26		1Q26	Linked Quarter Change		Linked Quarter % Change		2Q25	Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	20,657	$	20,388	$	269		1	%	$	8,663		$	11,994	138	%
Interest-bearing DDA		28,708		30,666		(1,958	)	(6	)		14,301			14,407	101
Money market		36,343		34,008		2,335		7			16,329			20,014	123
Savings		1,784		1,865		(81	)	(4	)		788			996	126
Time deposits		13,406		13,176		230		2			4,941			8,465	171
Total deposits	$	100,898	$	100,103	$	795		1	%	$	45,022		$	55,876	124	%

*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, share count in thousands)		2Q26			1Q26		Linked Quarter Change		Linked Quarter % Change		2Q25			Year/Year Change	Year/Year % Change
Net interest income	$	956		$	933		$	23		2	%		$	380		$	575	151	%
Non-interest revenue		247			284			(37	)	(13	)			125			122	97
Non-interest expense		721			952			(231	)	(24	)			286			435	152
Provision for (reversal of) credit losses		63			76			(13	)	(17	)			24			39	160
Income before taxes	$	419		$	189		$	230		121			$	195		$	223	114
Income tax expense (benefit)		91			39			52		133				36			56	156
Net income		328			150			177		118				159			167	104
Less: Preferred stock dividends		15			15			—		(1	)			4			11	290
Net income available to common shareholders	$	313		$	135		$	178		131	%		$	155		$	157	101	%
Weighted average common shares outstanding, diluted		151,468			151,471			(3	)	—				77,277			74,191	96	%
Diluted earnings per share	$	2.07		$	0.89		$	1.18		133			$	2.00		$	0.07	4
Adjusted diluted earnings per share		2.50			2.39			0.11		5				2.00			0.50	25
Effective tax rate		21.7	%		20.6	%					18.5	%

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

Second Quarter 2026 Earnings Webcast and Conference Call

Pinnacle will host a conference call and webcast to discuss second quarter 2026 earnings results with an accompanying slide presentation at 8 a.m. ET on July 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 175220. 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 $129.1 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 Jan. 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, 2025 FDIC 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

	Six Months Ended June 30,

(In millions, except per share data, share count in thousands)		2026			2025		'26 vs '25
			% Change

Interest income	$	3,082		$	1,365		126	%
Interest expense		1,193			619		93

Net interest income		1,889			746		153
Provision for (reversal of) credit losses		139			41		237

Net interest income after provision for credit losses		1,750			705		148

Non-interest revenue:
Core banking fees		184			64		186
Wealth management revenue		169			65		160
Income from equity method investment		55			46		18
Capital markets income		36			6		482
Income from bank-owned life insurance		39			23		70
Investment securities gains (losses), net		(26	)		(13	)	109
Total loan sales and servicing		19			12		59
Other non-interest revenue		55			18		206

Total non-interest revenue		531			221		139

Non-interest expense:
Salaries and other personnel expense		774			351		120
Net occupancy, equipment, and software expense		199			86		130
Amortization of intangibles		94			3		nm
FDIC insurance and other regulatory fees		43			18		133
Merger-related expense		326			—		nm
Other operating expenses		237			103		131

Total non-interest expense		1,673			561		198

Income before income taxes		608			365		66
Income tax expense		130			66		97

Net income		478			299		59

Less: Preferred stock dividends		30			8		291

Net income available to common shareholders	$	448		$	291		53	%

Net income per common share, basic	$	2.97		$	3.79		(22	)%

Net income per common share, diluted		2.96			3.77		(21	)

Cash dividends declared per common share		1.00			0.48		108

Return on average assets *		0.79	%		1.13	%	(34)	bps
Return on average common equity *		6.51			9.26		nm

Weighted average common shares outstanding, basic		151,051			76,809		97	%
Weighted average common shares outstanding, diluted		151,470			77,212		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 STATEMENTS OF INCOME – UNAUDITED
INCOME STATEMENT DATA

	2026		2025	Second Quarter

(In millions, except per share data, share count in thousands)	Second Quarter		First Quarter	Second Quarter		'26 vs '25
			% Change

Interest income	$	1,568		1,514			695		125	%
Interest expense		612		581			315		94

Net interest income		956		933			380		151
Provision for (reversal of) credit losses		63		76			24		160

Net interest income after provision for credit losses		893		857			356		151

Non-interest revenue:
Core banking fees		93		91			32		189
Wealth management revenue		85		84			32		163
Income from equity method investment		24		31			26		(8	)
Capital markets income		18		18			4		403
Total loan sales and servicing		9		10			6		65
Income from bank-owned life insurance		19		20			13		45
Investment securities gains (losses), net		(29	)	3			—		nm
Other non-interest revenue		28		27			12		129

Total non-interest revenue		247		284			125		97

Non-interest expense:
Salaries and other personnel expense		378		396			180		110
Net occupancy, equipment, and software expense		102		97			44		133
Amortization of intangibles		46		48			1		nm
FDIC insurance and other regulatory fees		20		23			8		167
Merger-related expense		51		275			—		nm
Other operating expenses		124		113			53		132

Total non-interest expense		721		952			286		152

Income before income taxes		419		189			195		114
Income tax expense		91		39			36		156

Net income		328		150			159		104

Less: Preferred stock dividends		15		15			4		290

Net income available to common shareholders	$	313		135			155		101	%

Per share information:
Net income per common share, basic	$	2.07		0.89			2.01		3	%

Net income per common share, diluted		2.07		0.89			2.00		4

Cash dividends declared per common share		0.50		0.50			0.24		108

Return on average assets *		1.06	%	0.50	%		1.18	%	(12)	bps
Return on average common equity *		9.01		3.96			9.72		(71)	bps

Weighted average common shares outstanding, basic		151,104		150,998			76,891		97	%
Weighted average common shares outstanding, diluted		151,468		151,471			77,277		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

	June 30, 2026		December 31, 2025	June 30, 2025
(In millions)

ASSETS
Cash and due from banks	$	648		$	359		$	377
Federal funds sold, securities purchased under resale agreements, and interest earning deposits with banks		7,003			3,206			2,612
Cash, cash equivalents, and restricted cash		7,651			3,565			2,989

Investment securities held to maturity, net		2,448			2,591			2,688
Investment securities available for sale		18,153			6,567			6,379
Loans held for sale (includes $42 million at fair value as of Jun 30, 2026)		651			97			211

Loans, net of deferred fees and costs		88,076			39,154			37,105
Allowance for loan losses		(956	)		(442	)		(422	)
Loans, net		87,120			38,712			36,683

Premises, equipment, and software, net		903			352			333
Cash surrender value of bank-owned life insurance		2,200			1,223			1,199
Goodwill		3,479			1,849			1,849
Core deposits and other intangible assets, net		1,045			30			19
Other assets		5,405			2,720			2,451
Total assets	$	129,055		$	57,706		$	54,801

LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits	$	20,657		$	9,051		$	8,663
Interest-bearing deposits		80,241			38,350			36,359

Total deposits		100,898			47,401			45,022

Federal funds purchased and securities sold under repurchase agreements		850			316			258
FHLB advances and other borrowings		10,253			2,205			2,202
Other liabilities		2,226			740			682
Total liabilities		114,227			50,662			48,164

Equity:
Shareholders' equity:
Preferred stock — no par value per share, liquidation preference 225 million non-cumulative perpetual preferred stock
Authorized — 110 million shares at Jun 30, 2026 and 10 million shares at both Dec 31, 2025 and Jun 30, 2025
Issued and outstanding —22 million shares at Jun 30, 2026, and 225,000 shares at both Dec 31, 2025 and Jun 30, 2025		781			217			217
Common stock — $1.00 par value
Authorized — 360 million shares at Jun 30, 2026 and 180 million shares authorized at both Dec 31, 2025 and Jun 30, 2025
Issued and outstanding — 151 million shares at Jun 30, 2026 and 78 million shares at both Dec 31, 2025 and Jun 30, 2025		151			78			78
Additional paid-in capital		10,120			3,144			3,131
Accumulated other comprehensive income (loss), net		(247	)		(123	)		(218	)
Retained earnings		4,023			3,728			3,429
Total equity		14,828			7,044			6,637
Total liabilities and equity	$	129,055		$	57,706		$	54,801

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)
	Second Quarter 2026		Second Quarter 2025
(Dollars in millions)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
Assets
Interest earning assets:
Loans, net of deferred fees and costs(1)(2)	$	86,406		$	1,317		6.11	%		$	36,968		$	578		6.26	%
Tax-exempt securities(2)(3)		2,536			26		4.03				3,361			32		3.87
Taxable securities(3)		17,720			187		4.22				5,625			67		4.78
Interest-earning deposits with banks		4,975			41		3.30				2,524			26		4.20
Federal funds sold and securities purchased under resale agreements		128			1		5.14				77			2		10.97
Other earning assets(4)		902			8		3.68				253			3		5.16
Total interest earning assets		112,667			1,580		5.62				48,808			708		5.82

Goodwill		3,479							1,849
Core deposits and other intangible assets, net		1,069							21
Other assets(5)		6,972							3,146
Total assets	$	124,187						$	53,824
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	30,025		$	188		2.51	%		$	14,221		$	115		3.23	%
Money market accounts		34,383			229		2.67				16,024			124		3.09
Savings deposits		1,813			2		0.35				792			1		0.43
Time deposits		13,371			115		3.46				4,710			45		3.88
Total interest-bearing deposits		79,592			534		2.69				35,747			285		3.19
Federal funds purchased and securities sold under repurchase agreements		343			1		1.51				256			1		1.92
FHLB advances and other borrowings		6,505			77		4.72				2,266			29		5.21
Total interest-bearing liabilities		86,440			612		2.84				38,269			315		3.30
Non-interest-bearing demand deposits		20,686							8,487
Other liabilities		2,339							466
Total equity		14,722							6,602
Total liabilities and equity	$	124,187						$	53,824
Net interest income and net interest margin, taxable equivalent (2)(6)			$	968		3.44	%				$	393		3.23	%
Less: taxable-equivalent adjustment				12							13
Net interest income			$	956						$	380

(1)	Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: Second Quarter 2026 — $22 million, and Second Quarter 2025 — $10 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 $(263) million as a component of other assets for the Second Quarter 2026.
(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 and yield/rates are calculated using unrounded amounts and may differ from calculations based on rounded figures.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Six Months Ended June 30,
	2026		2025
(Dollars in millions)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
Assets
Interest earning assets:
Loans, net of deferred fees and costs(1)(2)	$	85,056		$	2,583		6.12	%		$	36,507		$	1,134		6.25	%
Tax-exempt securities(2)(3)		2,938			60		4.01				3,305			62		3.82
Taxable securities(3)		16,785			358		4.26				5,530			129		4.70
Interest-earning deposits with banks		5,098			88		3.49				2,584			55		4.32
Federal funds sold and securities purchased under resale agreements		138			4		5.64				68			4		11.13
Other earning assets(4)		805			15		3.84				254			7		5.11
Total interest earning assets		110,820		$	3,108		5.65	%			48,248		$	1,391		5.81	%

Goodwill		3,529							1,849
Core deposits and other intangible assets, net		1,074							21
Other assets(5)		7,302							3,060
Total assets	$	122,725						$	53,178
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	30,012		$	374		2.51	%		$	14,179		$	226		3.22	%
Money market accounts		33,889			443		2.63				15,784			242		3.09
Savings deposits		1,821			3		0.37				798			2		0.44
Time deposits		13,516			235		3.50				4,521			88		3.94
Total interest-bearing deposits		79,238			1,055		2.68				35,282			558		3.19
Federal funds purchased and securities sold under repurchase agreements		344			2		1.49				243			2		1.86
FHLB advances and other borrowings		5,619			136		4.87				2,286			59		6.23
Total interest-bearing liabilities		85,201			1,193		2.82				37,811			619		3.30
Non-interest-bearing demand deposits		20,479							8,347
Other liabilities		2,390							461
Total equity		14,655							6,559
Total liabilities and equity	$	122,725						$	53,178
Net interest income and net interest margin, taxable equivalent (2)(6)			$	1,915		3.48	%				$	772		3.22	%
Less: taxable-equivalent adjustment				26							26
Net interest income			$	1,889						$	746

(1)	Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2026 — $37 million and 2025 — $20 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 $(181) million as a component of other assets during 2026.
(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 and yield/rates are calculated using unrounded amounts and may differ from calculations based on rounded figures.

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

Loan Type	June 30, 2026		March 31, 2026		% Change
Commercial, Financial, and Agricultural	$	36,676		$	34,151	7	%
Owner-Occupied		14,439			14,046	3
Total Commercial & Industrial		51,115			48,197	6
Multi-Family		6,592			7,073	(7	)
Hotels		2,528			2,554	(1	)
Office Buildings		2,684			2,759	(3	)
Retail		3,658			3,356	9
Warehouse/Industrial		3,294			3,101	6
Other Investment Property		1,991			2,045	(3	)
Total Investment Properties		20,747			20,888	(1	)
1-4 Family Construction		772			769	—
1-4 Family Investment Mortgage		1,145			1,166	(2	)
Total 1-4 Family Properties		1,917			1,935	(1	)
Commercial Development		271			293	(8	)
Residential Development		255			377	(32	)
Land Acquisition		405			267	52
Land and Development		931			937	(1	)
Total Commercial Real Estate		23,595			23,760	(1	)
Consumer Mortgages		8,459			8,234	3
Home Equity		3,002			3,157	(5	)
Credit Cards		236			227	4
Other Consumer Loans		1,669			1,622	3
Total Consumer		13,366			13,240	1
Total	$	88,076		$	85,197	3	%

NON-PERFORMING LOANS COMPOSITION
(Unaudited)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter
(Dollars in millions)

Loan Type	June 30, 2026		March 31, 2026		% Change
Commercial, Financial, and Agricultural	$	138		$	174	(21	)%
Owner-Occupied		69			74	(7	)
Total Commercial & Industrial		207			248	(17	)
Multi-Family		35			35	—
Office Buildings		35			34	3
Shopping Centers		2			2	—
Other Investment Property		50			50	—
Total Investment Properties		122			121	1
1-4 Family Construction		1			1	—
1-4 Family Investment Mortgage		1			4	(75	)
Total 1-4 Family Properties		2			5	(60	)
Land and Development		—			—	nm
Total Commercial Real Estate		124			126	(2	)
Consumer Mortgages		64			61	5
Home Equity		16			17	(6	)
Other Consumer Loans		4			7	(43	)
Total Consumer		84			85	(1	)
Total	$	415		$	459	(10	)%

nm - not meaningful
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

CREDIT QUALITY DATA
(Unaudited)
(Dollars in millions)	2026		2025		Second Quarter

		Second		First		Second	'26 vs '25
		Quarter		Quarter		Quarter	% Change

Non-performing Loans (NPLs)		$	415			459	157	164	%
Other Real Estate and Other Assets			29			32	5	480

Non-performing Assets (NPAs)			444			491	162	174

Allowance for Loan Losses (ALL)			956			942	422	127
Reserve for Unfunded Commitments			73			72	13	462

Allowance for Credit Losses (ACL)			1,029			1,014	435	137

Net Charge-Offs - Quarter			48			49	19
Net Charge-Offs - YTD			97			49	33
Net Charge-Offs / Average Loans - Quarter (1)			0.22	%		0.23	0.20
Net Charge-Offs / Average Loans - YTD (1)			0.23			0.23	0.18
NPLs / Loans			0.47			0.54	0.42
NPAs / Loans, ORE and specific other assets			0.50			0.58	0.44
ACL/Loans			1.17			1.19	1.17
ALL/Loans			1.09			1.11	1.14

ACL/NPLs			248.18			221.03	277.05
ALL/NPLs			230.52			205.21	268.58

Past Due Loans over 90 days and Still Accruing		$	9			8	5	80
As a Percentage of Loans Outstanding			0.01	%		0.01	0.01

Total Past Due Loans and Still Accruing		$	127			117	53	140
As a Percentage of Loans Outstanding			0.14	%		0.14	0.14

(1) Ratio is annualized.
Amounts may not total due to rounding.

SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in millions)
		June 30, 2026		December 31, 2025

Common Equity Tier 1 Capital Ratio			9.93	%		10.88
Tier 1 Capital Ratio			10.71			11.34
Total Risk-Based Capital Ratio			12.35			12.97
Tier 1 Leverage Ratio			8.95			9.57
Total Equity as a Percentage of Total Assets			11.49			12.21
Tangible Common Equity Ratio (2)			7.65			8.86
Book Value Per Common Share (3)			92.96			87.90
Tangible Book Value Per Common Share (4)			63.02			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 Equity less Preferred Stock divided by total common shares outstanding.
(4) Tangible Book Value Per Common Share consists of Total 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)		2Q26			1Q26			2Q25

Adjusted non-interest revenue
Total non-interest revenue	$	247		$	284		$	125
Investment securities (gains) losses, net		29			(3	)		—
Fair value adjustment on non-qualified deferred compensation		(6	)		1			—
Adjusted non-interest revenue	$	270		$	282		$	125

Adjusted non-interest expense
Total non-interest expense	$	721		$	952		$	286
Merger-related expense		(51	)		(275	)		—
Valuation adjustment to Visa derivative		(2	)		(1	)		—
Fair value adjustment on non-qualified deferred compensation		(6	)		1			—
Adjusted non-interest expense	$	662		$	677		$	286


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in millions)		2Q26			1Q26			2Q25
Adjusted revenue (TE) and tangible efficiency ratio
Adjusted non-interest expense	$	662		$	677		$	286
Amortization of intangibles		(46	)		(48	)		(1	)
Adjusted tangible non-interest expense	$	616		$	629		$	285

Net interest income	$	956		$	933		$	380
Tax equivalent adjustment		12			14			13
Net interest income (TE)		968			947			393

Net interest income	$	956		$	933		$	380
Total non-interest revenue		247			284			125
Total revenue	$	1,203		$	1,217		$	505
Tax equivalent adjustment		12			14			13
Total TE revenue		1,215			1,231			518
Investment securities losses (gains), net		29			(3	)		—
Fair value adjustment on non-qualified deferred compensation		(6	)		1			—
Adjusted revenue (TE)	$	1,238		$	1,229		$	518
Efficiency ratio-TE (1)		59.4	%		77.4	%		55.2	%
Adjusted tangible efficiency ratio (1)		49.8			51.3			54.9

Adjusted pre-provision net revenue
Net interest income	$	956		$	933		$	380
Total non-interest revenue		247			284			125
Total non-interest expense		(721	)		(952	)		(286	)
Pre-provision net revenue (PPNR)	$	482		$	265		$	219

Adjusted revenue (TE)	$	1,238		$	1,229		$	518
Adjusted non-interest expense		(662	)		(677	)		(286	)
Adjusted PPNR	$	576		$	552		$	232

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

Reconciliation of Non-GAAP Financial Measures, continued

(In millions, except per share data, share count in thousands)		2Q26			1Q26			2Q25
Adjusted return on average assets (annualized)
Net income	$	328		$	150		$	159
Valuation adjustment to Visa derivative		2			1			—
Investment securities losses (gains), net		29			(3	)		—
Merger-related expense (1)		51			275			—
Tax effect of adjustments (2)		(16	)		(45	)		—
Adjusted net income	$	394		$	378		$	159
Net income annualized (3)	$	1,316		$	608		$	638
Adjusted net income annualized (3)	$	1,580		$	1,531		$	638
Total average assets	$	124,187		$	121,247		$	53,824
Return on average assets (annualized) (3)		1.06	%		0.50	%		1.18	%
Adjusted return on average assets (annualized) (3)		1.27			1.26			1.18

Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders	$	313		$	135		$	155
Valuation adjustment to Visa derivative		2			1			—
Investment securities losses (gains), net		29			(3	)		—
Merger-related expense (1)		51			275			—
Tax effect of adjustments (2)		(16	)		(45	)		—
Adjusted net income available to common shareholders	$	379		$	363		$	155
Weighted average common shares outstanding, diluted		151,468			151,471			77,277
Diluted earnings per share (3)	$	2.07		$	0.89		$	2.00
Adjusted diluted earnings per share (3)		2.50			2.39			2.00
(1) A portion of this item was non-taxable.
(2) A blended tax rate of 16.4% was applied to merger-related expense which takes into consideration the deductibility and non-deductibility of certain merger-related expense items for tax purposes and an assumed 24% marginal rate was applied to all other adjusted items for 2026. 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)		2Q26			1Q26			2Q25
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	$	313		$	135		$	155
Valuation adjustment to Visa derivative		2			1			—
Investment securities losses (gains), net		29			(3	)		—
Merger-related expense (1)		51			275			—
Tax effect of adjustments (2)		(16	)		(45	)		—
Adjusted net income available to common shareholders	$	379		$	363		$	155

Adjusted net income available to common shareholders annualized (3)	$	1,520		$	1,471		$	622
Amortization of intangibles, tax effected, annualized (2)(3)		142			147			4
Adjusted net income available to common shareholders excluding amortization of intangibles annualized (3)	$	1,662		$	1,618		$	626

Net income available to common shareholders annualized (3)	$	1,255		$	546		$	622
Amortization of intangibles, tax effected, annualized (2)		142			147			4
Net income available to common shareholders excluding amortization of intangibles annualized (3)	$	1,397		$	693		$	626

Total average shareholders' equity less preferred stock	$	13,941		$	13,805		$	6,385
Average goodwill		(3,479	)		(3,583	)		(1,849	)
Average other intangible assets, net		(1,069	)		(1,079	)		(21	)
Total average tangible shareholders' equity less preferred stock	$	9,393		$	9,143		$	4,515
Return on average common equity (annualized) (3)		9.01	%		3.96	%		9.72	%
Adjusted return on average common equity (annualized) (3)		10.90			10.65			9.72
Return on average tangible common equity (annualized) (3)		14.89			7.58			13.84
Adjusted return on average tangible common equity (annualized) (3)		17.70			17.69			13.84

(1) A portion of this item was non-taxable.
(2) A blended tax rate of 16.4% was applied to merger-related expense which takes into consideration the deductibility and non-deductibility of certain merger-related expense items for tax purposes and an assumed 24% marginal rate was applied to all other adjusted items for 2026. 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.


(In millions, except per share data, share count in thousands)	June 30, 2026		December 31, 2025	June 30, 2025


Tangible common equity ratio
Total assets	$	129,055		$	57,706		$	54,801
Goodwill		(3,479	)		(1,849	)		(1,849	)
Core deposits and other intangible assets, net		(1,045	)		(30	)		(19	)
Tangible assets	$	124,531		$	55,827		$	52,933

Total equity	$	14,828		$	7,044		$	6,637
Goodwill		(3,479	)		(1,849	)		(1,849	)
Core deposits and other intangible assets, net		(1,045	)		(30	)		(19	)
Preferred Stock, no par value		(781	)		(217	)		(217	)
Tangible common equity	$	9,523		$	4,948		$	4,552
Total equity to total assets ratio (1)		11.49	%		12.21	%		12.11	%
Tangible common equity ratio (1)		7.65			8.86			8.60

Tangible common equity	$	9,523		$	4,948		$	4,552
Common shares outstanding		151,111			77,662			77,548
Book value per common share (1)	$	92.96			87.90			82.79
Tangible book value per common share (1)	$	63.02		$	63.71		$	58.70

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20260721916646/en/

Ämnen i artikeln

Pinnacle Financial Partners

Business Wire

Pinnacle Financial Partners announces earnings for second quarter 2026

Business Wire

22 juli, 22:41

Second Quarter 2026 Performance

The merger of Pinnacle Financial Partners, Inc. (“Pinnacle” or “legacy Pinnacle”) and Synovus Financial Corp. (“Synovus”) closed on Jan. 1, 2026. Reported results for Pinnacle reflect the combined organization in second quarter 2026 and first quarter 2026 and legacy Pinnacle in prior periods, unless stated otherwise. 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.
Our hiring efforts remain very successful and consistent. Pinnacle added 74 experienced revenue producers during the second quarter, compared to 50 in first quarter 2026 and a combined 65 in the prior-year period.
Period-end loans were $88.1 billion at June 30, 2026 up $2.9 billion or 3% from the prior quarter. The majority of the loan growth was in commercial and industrial credits and was diverse by geography and supported by specialty lending.
Period-end deposits were $100.9 billion, up $795 million or 1% from the prior quarter. Second quarter deposit growth reflects Pinnacle’s historical seasonal growth pattern.
Net interest income grew 2% to $956 million in second quarter 2026. On a linked-quarter basis, the net margin declined 9 basis points to 3.44%, driven primarily by first quarter non-recurring items, modest pressure from lower SOFR rates on loan yields, and incremental wholesale funding reliance due to deposit seasonality.
Non-interest revenue was $247 million in second quarter 2026. Excluding investment securities losses and certain other items, adjusted non-interest revenue was $270 million. Linked-quarter adjusted non-interest revenue declined $12 million from the first quarter, driven by a decrease in income from our equity-method investment in BHG which was the result of an intentional shift in placement strategy by BHG during the quarter.
Non-interest expense was $721 million in second quarter 2026. Excluding merger-related expense and certain other items, adjusted non-interest expense was $662 million, down 2% on a linked-quarter basis, as realized merger synergies and lower personnel costs more than offset continued investments in revenue producers and technology. The efficiency ratio-TE was 59.4% in second quarter 2026, while the adjusted tangible efficiency ratio was 49.8%.
Credit performance remained strong. The non-performing asset ratio was 0.50% at period-end compared to 0.58% in the prior quarter. The second quarter 2026 net charge-off ratio was 0.22%, which was in line with expectations and compares to 0.23% in first quarter 2026. Provision for credit losses was $63 million in second quarter 2026. The allowance for credit losses ratio (to loans) was 1.17%, while the allowance coverage of non-performing loans was 248.18%. The change in the allowance quarter-over-quarter was driven largely by loan growth offset in part by a decline in reserves for individually analyzed credits.
The preliminary Common Equity Tier 1 (CET1) ratio ended second quarter 2026 at 9.93%, up from 9.81% in the first quarter.

Second Quarter 2026 Summary

	Reported		Adjusted
(dollars in millions)		2Q26			1Q26			2Q25			2Q26				1Q26			2Q25
Net income available to common shareholders	$	313		$	135		$	155		$	379			$	363		$	155
Diluted earnings per share		2.07			0.89			2.00			2.50				2.39			2.00
Total revenue		1,203			1,217			505			1,238				1,229			518
Total loans		88,076			85,197			37,105		NA			NA			NA
Total deposits		100,898			100,103			45,022		NA			NA			NA
Return on avg assets(1)		1.06	%		0.50	%		1.18	%		1.27	%			1.26	%		1.18	%
Return on avg common equity(1)		9.01			3.96			9.72			10.90				10.65			9.72
Return on avg tangible common equity(1)		14.89			7.58			13.84			17.70				17.69			13.84
Net interest margin(2)		3.44			3.53			3.23		NA			NA			NA
Efficiency ratio-TE(2)(3)		59.4			77.4			55.2			49.8				51.3			54.9
NCO ratio-QTD		0.22			0.23			0.20		NA			NA			NA
NPA ratio		0.50			0.58			0.44		NA			NA			NA
CET1 ratio(4)		9.93			9.81			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)		2Q26		1Q26	Linked Quarter Change		Linked Quarter % Change
Commercial & industrial	$	51,115	$	48,197	$	2,918		6	%
Commercial real estate		23,595		23,760		(165	)	(1	)
Consumer		13,366		13,240		126		1
Total loans	$	88,076	$	85,197	$	2,879		3	%

*Amounts may not total due to rounding.

Deposits*

(dollars in millions)		2Q26		1Q26	Linked Quarter Change		Linked Quarter % Change		2Q25	Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	20,657	$	20,388	$	269		1	%	$	8,663		$	11,994	138	%
Interest-bearing DDA		28,708		30,666		(1,958	)	(6	)		14,301			14,407	101
Money market		36,343		34,008		2,335		7			16,329			20,014	123
Savings		1,784		1,865		(81	)	(4	)		788			996	126
Time deposits		13,406		13,176		230		2			4,941			8,465	171
Total deposits	$	100,898	$	100,103	$	795		1	%	$	45,022		$	55,876	124	%

*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, share count in thousands)		2Q26			1Q26		Linked Quarter Change		Linked Quarter % Change		2Q25			Year/Year Change	Year/Year % Change
Net interest income	$	956		$	933		$	23		2	%		$	380		$	575	151	%
Non-interest revenue		247			284			(37	)	(13	)			125			122	97
Non-interest expense		721			952			(231	)	(24	)			286			435	152
Provision for (reversal of) credit losses		63			76			(13	)	(17	)			24			39	160
Income before taxes	$	419		$	189		$	230		121			$	195		$	223	114
Income tax expense (benefit)		91			39			52		133				36			56	156
Net income		328			150			177		118				159			167	104
Less: Preferred stock dividends		15			15			—		(1	)			4			11	290
Net income available to common shareholders	$	313		$	135		$	178		131	%		$	155		$	157	101	%
Weighted average common shares outstanding, diluted		151,468			151,471			(3	)	—				77,277			74,191	96	%
Diluted earnings per share	$	2.07		$	0.89		$	1.18		133			$	2.00		$	0.07	4
Adjusted diluted earnings per share		2.50			2.39			0.11		5				2.00			0.50	25
Effective tax rate		21.7	%		20.6	%					18.5	%

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

Second Quarter 2026 Earnings Webcast and Conference Call

Forward-Looking Statements

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
INCOME STATEMENT DATA

	Six Months Ended June 30,

(In millions, except per share data, share count in thousands)		2026			2025		'26 vs '25
			% Change

Interest income	$	3,082		$	1,365		126	%
Interest expense		1,193			619		93

Net interest income		1,889			746		153
Provision for (reversal of) credit losses		139			41		237

Net interest income after provision for credit losses		1,750			705		148

Non-interest revenue:
Core banking fees		184			64		186
Wealth management revenue		169			65		160
Income from equity method investment		55			46		18
Capital markets income		36			6		482
Income from bank-owned life insurance		39			23		70
Investment securities gains (losses), net		(26	)		(13	)	109
Total loan sales and servicing		19			12		59
Other non-interest revenue		55			18		206

Total non-interest revenue		531			221		139

Non-interest expense:
Salaries and other personnel expense		774			351		120
Net occupancy, equipment, and software expense		199			86		130
Amortization of intangibles		94			3		nm
FDIC insurance and other regulatory fees		43			18		133
Merger-related expense		326			—		nm
Other operating expenses		237			103		131

Total non-interest expense		1,673			561		198

Income before income taxes		608			365		66
Income tax expense		130			66		97

Net income		478			299		59

Less: Preferred stock dividends		30			8		291

Net income available to common shareholders	$	448		$	291		53	%

Net income per common share, basic	$	2.97		$	3.79		(22	)%

Net income per common share, diluted		2.96			3.77		(21	)

Cash dividends declared per common share		1.00			0.48		108

Return on average assets *		0.79	%		1.13	%	(34)	bps
Return on average common equity *		6.51			9.26		nm

Weighted average common shares outstanding, basic		151,051			76,809		97	%
Weighted average common shares outstanding, diluted		151,470			77,212		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 STATEMENTS OF INCOME – UNAUDITED
INCOME STATEMENT DATA

	2026		2025	Second Quarter

(In millions, except per share data, share count in thousands)	Second Quarter		First Quarter	Second Quarter		'26 vs '25
			% Change

Interest income	$	1,568		1,514			695		125	%
Interest expense		612		581			315		94

Net interest income		956		933			380		151
Provision for (reversal of) credit losses		63		76			24		160

Net interest income after provision for credit losses		893		857			356		151

Non-interest revenue:
Core banking fees		93		91			32		189
Wealth management revenue		85		84			32		163
Income from equity method investment		24		31			26		(8	)
Capital markets income		18		18			4		403
Total loan sales and servicing		9		10			6		65
Income from bank-owned life insurance		19		20			13		45
Investment securities gains (losses), net		(29	)	3			—		nm
Other non-interest revenue		28		27			12		129

Total non-interest revenue		247		284			125		97

Non-interest expense:
Salaries and other personnel expense		378		396			180		110
Net occupancy, equipment, and software expense		102		97			44		133
Amortization of intangibles		46		48			1		nm
FDIC insurance and other regulatory fees		20		23			8		167
Merger-related expense		51		275			—		nm
Other operating expenses		124		113			53		132

Total non-interest expense		721		952			286		152

Income before income taxes		419		189			195		114
Income tax expense		91		39			36		156

Net income		328		150			159		104

Less: Preferred stock dividends		15		15			4		290

Net income available to common shareholders	$	313		135			155		101	%

Per share information:
Net income per common share, basic	$	2.07		0.89			2.01		3	%

Net income per common share, diluted		2.07		0.89			2.00		4

Cash dividends declared per common share		0.50		0.50			0.24		108

Return on average assets *		1.06	%	0.50	%		1.18	%	(12)	bps
Return on average common equity *		9.01		3.96			9.72		(71)	bps

Weighted average common shares outstanding, basic		151,104		150,998			76,891		97	%
Weighted average common shares outstanding, diluted		151,468		151,471			77,277		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

	June 30, 2026		December 31, 2025	June 30, 2025
(In millions)

ASSETS
Cash and due from banks	$	648		$	359		$	377
Federal funds sold, securities purchased under resale agreements, and interest earning deposits with banks		7,003			3,206			2,612
Cash, cash equivalents, and restricted cash		7,651			3,565			2,989

Investment securities held to maturity, net		2,448			2,591			2,688
Investment securities available for sale		18,153			6,567			6,379
Loans held for sale (includes $42 million at fair value as of Jun 30, 2026)		651			97			211

Loans, net of deferred fees and costs		88,076			39,154			37,105
Allowance for loan losses		(956	)		(442	)		(422	)
Loans, net		87,120			38,712			36,683

Premises, equipment, and software, net		903			352			333
Cash surrender value of bank-owned life insurance		2,200			1,223			1,199
Goodwill		3,479			1,849			1,849
Core deposits and other intangible assets, net		1,045			30			19
Other assets		5,405			2,720			2,451
Total assets	$	129,055		$	57,706		$	54,801

LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits	$	20,657		$	9,051		$	8,663
Interest-bearing deposits		80,241			38,350			36,359

Total deposits		100,898			47,401			45,022

Federal funds purchased and securities sold under repurchase agreements		850			316			258
FHLB advances and other borrowings		10,253			2,205			2,202
Other liabilities		2,226			740			682
Total liabilities		114,227			50,662			48,164

Equity:
Shareholders' equity:
Preferred stock — no par value per share, liquidation preference 225 million non-cumulative perpetual preferred stock
Authorized — 110 million shares at Jun 30, 2026 and 10 million shares at both Dec 31, 2025 and Jun 30, 2025
Issued and outstanding —22 million shares at Jun 30, 2026, and 225,000 shares at both Dec 31, 2025 and Jun 30, 2025		781			217			217
Common stock — $1.00 par value
Authorized — 360 million shares at Jun 30, 2026 and 180 million shares authorized at both Dec 31, 2025 and Jun 30, 2025
Issued and outstanding — 151 million shares at Jun 30, 2026 and 78 million shares at both Dec 31, 2025 and Jun 30, 2025		151			78			78
Additional paid-in capital		10,120			3,144			3,131
Accumulated other comprehensive income (loss), net		(247	)		(123	)		(218	)
Retained earnings		4,023			3,728			3,429
Total equity		14,828			7,044			6,637
Total liabilities and equity	$	129,055		$	57,706		$	54,801

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)
	Second Quarter 2026		Second Quarter 2025
(Dollars in millions)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
Assets
Interest earning assets:
Loans, net of deferred fees and costs(1)(2)	$	86,406		$	1,317		6.11	%		$	36,968		$	578		6.26	%
Tax-exempt securities(2)(3)		2,536			26		4.03				3,361			32		3.87
Taxable securities(3)		17,720			187		4.22				5,625			67		4.78
Interest-earning deposits with banks		4,975			41		3.30				2,524			26		4.20
Federal funds sold and securities purchased under resale agreements		128			1		5.14				77			2		10.97
Other earning assets(4)		902			8		3.68				253			3		5.16
Total interest earning assets		112,667			1,580		5.62				48,808			708		5.82

Goodwill		3,479							1,849
Core deposits and other intangible assets, net		1,069							21
Other assets(5)		6,972							3,146
Total assets	$	124,187						$	53,824
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	30,025		$	188		2.51	%		$	14,221		$	115		3.23	%
Money market accounts		34,383			229		2.67				16,024			124		3.09
Savings deposits		1,813			2		0.35				792			1		0.43
Time deposits		13,371			115		3.46				4,710			45		3.88
Total interest-bearing deposits		79,592			534		2.69				35,747			285		3.19
Federal funds purchased and securities sold under repurchase agreements		343			1		1.51				256			1		1.92
FHLB advances and other borrowings		6,505			77		4.72				2,266			29		5.21
Total interest-bearing liabilities		86,440			612		2.84				38,269			315		3.30
Non-interest-bearing demand deposits		20,686							8,487
Other liabilities		2,339							466
Total equity		14,722							6,602
Total liabilities and equity	$	124,187						$	53,824
Net interest income and net interest margin, taxable equivalent (2)(6)			$	968		3.44	%				$	393		3.23	%
Less: taxable-equivalent adjustment				12							13
Net interest income			$	956						$	380

(1)	Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: Second Quarter 2026 — $22 million, and Second Quarter 2025 — $10 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 $(263) million as a component of other assets for the Second Quarter 2026.
(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 and yield/rates are calculated using unrounded amounts and may differ from calculations based on rounded figures.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Six Months Ended June 30,
	2026		2025
(Dollars in millions)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
Assets
Interest earning assets:
Loans, net of deferred fees and costs(1)(2)	$	85,056		$	2,583		6.12	%		$	36,507		$	1,134		6.25	%
Tax-exempt securities(2)(3)		2,938			60		4.01				3,305			62		3.82
Taxable securities(3)		16,785			358		4.26				5,530			129		4.70
Interest-earning deposits with banks		5,098			88		3.49				2,584			55		4.32
Federal funds sold and securities purchased under resale agreements		138			4		5.64				68			4		11.13
Other earning assets(4)		805			15		3.84				254			7		5.11
Total interest earning assets		110,820		$	3,108		5.65	%			48,248		$	1,391		5.81	%

Goodwill		3,529							1,849
Core deposits and other intangible assets, net		1,074							21
Other assets(5)		7,302							3,060
Total assets	$	122,725						$	53,178
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	30,012		$	374		2.51	%		$	14,179		$	226		3.22	%
Money market accounts		33,889			443		2.63				15,784			242		3.09
Savings deposits		1,821			3		0.37				798			2		0.44
Time deposits		13,516			235		3.50				4,521			88		3.94
Total interest-bearing deposits		79,238			1,055		2.68				35,282			558		3.19
Federal funds purchased and securities sold under repurchase agreements		344			2		1.49				243			2		1.86
FHLB advances and other borrowings		5,619			136		4.87				2,286			59		6.23
Total interest-bearing liabilities		85,201			1,193		2.82				37,811			619		3.30
Non-interest-bearing demand deposits		20,479							8,347
Other liabilities		2,390							461
Total equity		14,655							6,559
Total liabilities and equity	$	122,725						$	53,178
Net interest income and net interest margin, taxable equivalent (2)(6)			$	1,915		3.48	%				$	772		3.22	%
Less: taxable-equivalent adjustment				26							26
Net interest income			$	1,889						$	746

(1)	Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2026 — $37 million and 2025 — $20 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 $(181) million as a component of other assets during 2026.
(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 and yield/rates are calculated using unrounded amounts and may differ from calculations based on rounded figures.

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

Loan Type	June 30, 2026		March 31, 2026		% Change
Commercial, Financial, and Agricultural	$	36,676		$	34,151	7	%
Owner-Occupied		14,439			14,046	3
Total Commercial & Industrial		51,115			48,197	6
Multi-Family		6,592			7,073	(7	)
Hotels		2,528			2,554	(1	)
Office Buildings		2,684			2,759	(3	)
Retail		3,658			3,356	9
Warehouse/Industrial		3,294			3,101	6
Other Investment Property		1,991			2,045	(3	)
Total Investment Properties		20,747			20,888	(1	)
1-4 Family Construction		772			769	—
1-4 Family Investment Mortgage		1,145			1,166	(2	)
Total 1-4 Family Properties		1,917			1,935	(1	)
Commercial Development		271			293	(8	)
Residential Development		255			377	(32	)
Land Acquisition		405			267	52
Land and Development		931			937	(1	)
Total Commercial Real Estate		23,595			23,760	(1	)
Consumer Mortgages		8,459			8,234	3
Home Equity		3,002			3,157	(5	)
Credit Cards		236			227	4
Other Consumer Loans		1,669			1,622	3
Total Consumer		13,366			13,240	1
Total	$	88,076		$	85,197	3	%

NON-PERFORMING LOANS COMPOSITION
(Unaudited)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter
(Dollars in millions)

Loan Type	June 30, 2026		March 31, 2026		% Change
Commercial, Financial, and Agricultural	$	138		$	174	(21	)%
Owner-Occupied		69			74	(7	)
Total Commercial & Industrial		207			248	(17	)
Multi-Family		35			35	—
Office Buildings		35			34	3
Shopping Centers		2			2	—
Other Investment Property		50			50	—
Total Investment Properties		122			121	1
1-4 Family Construction		1			1	—
1-4 Family Investment Mortgage		1			4	(75	)
Total 1-4 Family Properties		2			5	(60	)
Land and Development		—			—	nm
Total Commercial Real Estate		124			126	(2	)
Consumer Mortgages		64			61	5
Home Equity		16			17	(6	)
Other Consumer Loans		4			7	(43	)
Total Consumer		84			85	(1	)
Total	$	415		$	459	(10	)%

nm - not meaningful
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

CREDIT QUALITY DATA
(Unaudited)
(Dollars in millions)	2026		2025		Second Quarter

		Second		First		Second	'26 vs '25
		Quarter		Quarter		Quarter	% Change

Non-performing Loans (NPLs)		$	415			459	157	164	%
Other Real Estate and Other Assets			29			32	5	480

Non-performing Assets (NPAs)			444			491	162	174

Allowance for Loan Losses (ALL)			956			942	422	127
Reserve for Unfunded Commitments			73			72	13	462

Allowance for Credit Losses (ACL)			1,029			1,014	435	137

Net Charge-Offs - Quarter			48			49	19
Net Charge-Offs - YTD			97			49	33
Net Charge-Offs / Average Loans - Quarter (1)			0.22	%		0.23	0.20
Net Charge-Offs / Average Loans - YTD (1)			0.23			0.23	0.18
NPLs / Loans			0.47			0.54	0.42
NPAs / Loans, ORE and specific other assets			0.50			0.58	0.44
ACL/Loans			1.17			1.19	1.17
ALL/Loans			1.09			1.11	1.14

ACL/NPLs			248.18			221.03	277.05
ALL/NPLs			230.52			205.21	268.58

Past Due Loans over 90 days and Still Accruing		$	9			8	5	80
As a Percentage of Loans Outstanding			0.01	%		0.01	0.01

Total Past Due Loans and Still Accruing		$	127			117	53	140
As a Percentage of Loans Outstanding			0.14	%		0.14	0.14

(1) Ratio is annualized.
Amounts may not total due to rounding.

SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in millions)
		June 30, 2026		December 31, 2025

Common Equity Tier 1 Capital Ratio			9.93	%		10.88
Tier 1 Capital Ratio			10.71			11.34
Total Risk-Based Capital Ratio			12.35			12.97
Tier 1 Leverage Ratio			8.95			9.57
Total Equity as a Percentage of Total Assets			11.49			12.21
Tangible Common Equity Ratio (2)			7.65			8.86
Book Value Per Common Share (3)			92.96			87.90
Tangible Book Value Per Common Share (4)			63.02			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 Equity less Preferred Stock divided by total common shares outstanding.
(4) Tangible Book Value Per Common Share consists of Total 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

Reconciliation of Non-GAAP Financial Measures

(dollars in millions)		2Q26			1Q26			2Q25

Adjusted non-interest revenue
Total non-interest revenue	$	247		$	284		$	125
Investment securities (gains) losses, net		29			(3	)		—
Fair value adjustment on non-qualified deferred compensation		(6	)		1			—
Adjusted non-interest revenue	$	270		$	282		$	125

Adjusted non-interest expense
Total non-interest expense	$	721		$	952		$	286
Merger-related expense		(51	)		(275	)		—
Valuation adjustment to Visa derivative		(2	)		(1	)		—
Fair value adjustment on non-qualified deferred compensation		(6	)		1			—
Adjusted non-interest expense	$	662		$	677		$	286


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in millions)		2Q26			1Q26			2Q25
Adjusted revenue (TE) and tangible efficiency ratio
Adjusted non-interest expense	$	662		$	677		$	286
Amortization of intangibles		(46	)		(48	)		(1	)
Adjusted tangible non-interest expense	$	616		$	629		$	285

Net interest income	$	956		$	933		$	380
Tax equivalent adjustment		12			14			13
Net interest income (TE)		968			947			393

Net interest income	$	956		$	933		$	380
Total non-interest revenue		247			284			125
Total revenue	$	1,203		$	1,217		$	505
Tax equivalent adjustment		12			14			13
Total TE revenue		1,215			1,231			518
Investment securities losses (gains), net		29			(3	)		—
Fair value adjustment on non-qualified deferred compensation		(6	)		1			—
Adjusted revenue (TE)	$	1,238		$	1,229		$	518
Efficiency ratio-TE (1)		59.4	%		77.4	%		55.2	%
Adjusted tangible efficiency ratio (1)		49.8			51.3			54.9

Adjusted pre-provision net revenue
Net interest income	$	956		$	933		$	380
Total non-interest revenue		247			284			125
Total non-interest expense		(721	)		(952	)		(286	)
Pre-provision net revenue (PPNR)	$	482		$	265		$	219

Adjusted revenue (TE)	$	1,238		$	1,229		$	518
Adjusted non-interest expense		(662	)		(677	)		(286	)
Adjusted PPNR	$	576		$	552		$	232

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

Reconciliation of Non-GAAP Financial Measures, continued

(In millions, except per share data, share count in thousands)		2Q26			1Q26			2Q25
Adjusted return on average assets (annualized)
Net income	$	328		$	150		$	159
Valuation adjustment to Visa derivative		2			1			—
Investment securities losses (gains), net		29			(3	)		—
Merger-related expense (1)		51			275			—
Tax effect of adjustments (2)		(16	)		(45	)		—
Adjusted net income	$	394		$	378		$	159
Net income annualized (3)	$	1,316		$	608		$	638
Adjusted net income annualized (3)	$	1,580		$	1,531		$	638
Total average assets	$	124,187		$	121,247		$	53,824
Return on average assets (annualized) (3)		1.06	%		0.50	%		1.18	%
Adjusted return on average assets (annualized) (3)		1.27			1.26			1.18

Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders	$	313		$	135		$	155
Valuation adjustment to Visa derivative		2			1			—
Investment securities losses (gains), net		29			(3	)		—
Merger-related expense (1)		51			275			—
Tax effect of adjustments (2)		(16	)		(45	)		—
Adjusted net income available to common shareholders	$	379		$	363		$	155
Weighted average common shares outstanding, diluted		151,468			151,471			77,277
Diluted earnings per share (3)	$	2.07		$	0.89		$	2.00
Adjusted diluted earnings per share (3)		2.50			2.39			2.00
(1) A portion of this item was non-taxable.
(2) A blended tax rate of 16.4% was applied to merger-related expense which takes into consideration the deductibility and non-deductibility of certain merger-related expense items for tax purposes and an assumed 24% marginal rate was applied to all other adjusted items for 2026. 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)		2Q26			1Q26			2Q25
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	$	313		$	135		$	155
Valuation adjustment to Visa derivative		2			1			—
Investment securities losses (gains), net		29			(3	)		—
Merger-related expense (1)		51			275			—
Tax effect of adjustments (2)		(16	)		(45	)		—
Adjusted net income available to common shareholders	$	379		$	363		$	155

Adjusted net income available to common shareholders annualized (3)	$	1,520		$	1,471		$	622
Amortization of intangibles, tax effected, annualized (2)(3)		142			147			4
Adjusted net income available to common shareholders excluding amortization of intangibles annualized (3)	$	1,662		$	1,618		$	626

Net income available to common shareholders annualized (3)	$	1,255		$	546		$	622
Amortization of intangibles, tax effected, annualized (2)		142			147			4
Net income available to common shareholders excluding amortization of intangibles annualized (3)	$	1,397		$	693		$	626

Total average shareholders' equity less preferred stock	$	13,941		$	13,805		$	6,385
Average goodwill		(3,479	)		(3,583	)		(1,849	)
Average other intangible assets, net		(1,069	)		(1,079	)		(21	)
Total average tangible shareholders' equity less preferred stock	$	9,393		$	9,143		$	4,515
Return on average common equity (annualized) (3)		9.01	%		3.96	%		9.72	%
Adjusted return on average common equity (annualized) (3)		10.90			10.65			9.72
Return on average tangible common equity (annualized) (3)		14.89			7.58			13.84
Adjusted return on average tangible common equity (annualized) (3)		17.70			17.69			13.84

(1) A portion of this item was non-taxable.
(2) A blended tax rate of 16.4% was applied to merger-related expense which takes into consideration the deductibility and non-deductibility of certain merger-related expense items for tax purposes and an assumed 24% marginal rate was applied to all other adjusted items for 2026. 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.


(In millions, except per share data, share count in thousands)	June 30, 2026		December 31, 2025	June 30, 2025


Tangible common equity ratio
Total assets	$	129,055		$	57,706		$	54,801
Goodwill		(3,479	)		(1,849	)		(1,849	)
Core deposits and other intangible assets, net		(1,045	)		(30	)		(19	)
Tangible assets	$	124,531		$	55,827		$	52,933

Total equity	$	14,828		$	7,044		$	6,637
Goodwill		(3,479	)		(1,849	)		(1,849	)
Core deposits and other intangible assets, net		(1,045	)		(30	)		(19	)
Preferred Stock, no par value		(781	)		(217	)		(217	)
Tangible common equity	$	9,523		$	4,948		$	4,552
Total equity to total assets ratio (1)		11.49	%		12.21	%		12.11	%
Tangible common equity ratio (1)		7.65			8.86			8.60

Tangible common equity	$	9,523		$	4,948		$	4,552
Common shares outstanding		151,111			77,662			77,548
Book value per common share (1)	$	92.96			87.90			82.79
Tangible book value per common share (1)	$	63.02		$	63.71		$	58.70

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20260721916646/en/

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