Pinnacle Financial Partners, Inc. · NYSE:PNFP
Pinnacle Financial Partners — Q2 2026 Earnings Presentation
41 slides from Pinnacle Financial Partners's earnings presentation, Jul 23, 2026
Slide 1: Earnings Results Second Quarter 2026
Earnings Results Second Quarter 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This slide presentation 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 amen
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This slide presentation contains certain non-GAAP financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-GAAP financial measures include the following: adjusted net income available to common shareh
Slide 4: Why We Win
Why We Win Win with Objective: THE TEAM Top Engagement Regional Bank Employer of Choice + Win with Objective: THE CLIENTS Top NPS Industry-Leading Client Service = Leads to Winning with PNFP footprint population Objective: projected to grow THE SHAREHOLDERS Top TSR ~2x faster Highly Successful Opera
Slide 5: The Pinnacle Model: A Self-Reinforcing Growth Flywheel
The Pinnacle Model: A Self-Reinforcing Growth Flywheel An Economically Resilient Growth Model OUTPERFORM Reach #1 in Top Quartile Growth Over Last 10 Years(1): growth & returns GROW ATTRACT BVPS CAGR: Rev PS CAGR: EPS CAGR: 11% 11% 11% Migrate Be the best Business place to work Significant future TH
Slide 6: Revenue Producer Hiring Accelerates in Second Quarter
Revenue Producer Hiring Accelerates in Second Quarter Annual Hiring Targets 275 250-275 250 225-250 230 217 2024A 2025A 2026E 2027E Combined Legacy PNFP-SNV PNFP FY 2026 Progress to Target 50 74 34 (1) 0 250 63% of Goal Hiring leads to 12-14% - 6-7% = 6-7% + 3-6% = 9-13% sustainable, best in GROSS N
Slide 7: Second Quarter 2026 Financial Performance
Second Quarter 2026 Financial Performance $2.07 $2.50 2Q26 DILUTED EPS 2Q26 ADJUSTED DILUTED EPS(1) Income Statement Summary (GAAP) Income Statement Summary (Adjusted)(1) % Change % Change ($ in millions, except per share data) 2Q26 QoQ ($ in millions, except per share data) 2Q26 QoQ Net Interest In
Slide 8: Second Quarter 2026 Financial Performance
Second Quarter 2026 Financial Performance 14% 14.9% / 17.7% 0.22% QoQ ANNUALIZED LOAN GROWTH ROTCE / ADJUSTED ROTCE(2)(3) NCOs(2) / AVERAGE LOANS Period End Balance Sheet Growth Profitability Metrics Credit & Capital Metrics % Change ($ in millions) 2Q26 QoQ 2Q26 1Q26 2Q26 1Q26 Loans $88,076 3% ROAA
Slide 9: 1 Year Since Synovus Merger Announcement
1 Year Since Synovus Merger Announcement P ERFO RMANCE SCO REBO ARD 6 MONTHS POST-CLOSE TEAM CLIENT FINANC IAL INTEGRATION 94% #1 19% ✓ ON TRACK Revenue Producer Client NPS Ranking Adjusted EPS Accretion(4) vs Systems Conversion Retention(1) Maintained(2) Pre-Announcement Consensus Excl. synergies A
Slide 10: Our Focus is Unchanged
Our Focus is Unchanged 1Q22-4Q25 Results Reflect Legacy PNFP, While 1Q26 and 2Q26 Reflect the Combined Organization $1,500 Reported Revenue Diluted Reported EPS Book Value Per Common Share (in millions) $3.00 $95 $1,000 $90 : 8% $2.50 $85 CAGR CAGR: 6% $80 $2.00 $75 $500 $1.50 $70 $65 $1.00 $60 $55
Slide 11: Our Focus is Unchanged
Our Focus is Unchanged 1Q22-4Q25 Results Reflect Legacy PNFP, While 4Q25C, 1Q26 and 2Q26 Reflect the Combined Organization $100 Period-End Loans(1) Common Equity Tier 1 Ratio NCOs/Average Loans(1) ($ in billions) 14.0% 0.50% 12.0% 0.40% 10.0% $50 0.30% 8.0% 6.0% 0.20% 4.0% 0.10% 2.0% $— —% —% 1Q 2 4
Slide 12: Financial Performance
f i | FINANCIAL PARTNERS Financial Performance
Slide 13: Loans
Loans H i g h l i g h t s Period-End Loans ($ in millions) • 2Q26 period-end loan growth was $2.9B or 14% annualized $2,690 $289 $14 $88,076 • Growth was diverse across geographies, specialty lines and $(114) asset classes • 2Q26 new funded loan production was up over 20% on a linked quarter basis w
Slide 14: Deposits
Deposits H i g h l i g h t s Period-End Deposits ($ in millions) • More moderate deposit growth was consistent with $269 expected seasonal patterns $819 $552 $100,898 $(24) ◦ New deposit production increased approximately 20% on a linked quarter basis, offset by seasonal $100,103 $(821) outflows fro
Slide 15: Net Interest Income
Net Interest Income H i g h l i g h t s Net Interest Income and Net Interest Margin ($ in millions) • Net interest income increased 2% QoQ or 10% 3.53% annualized 3.44% $933 $956 3.27% • Linked-quarter NIM decline to 3.44% primarily driven by non-recurring items, modest pressure from lower SOFR $408
Slide 16: Non-Interest Revenue
Non-Interest Revenue H i g h l i g h t s YoY Non-Interest Revenue ($ in millions) 2Q26 QoQ % Change • On a combined basis, Core Banking Fees, Wealth Management and Capital Markets collectively exhibited Core Banking Fees $93 3% double-digit YoY growth Wealth Management Fees(2) $85 —% Loan Sales and
Slide 17: Non-Interest Expense
Non-Interest Expense H i g h l i g h t s Non-Interest Expense ($ in millions) 2Q26 QoQ % Change • Lower QoQ employment expense a result of elevated 1Q26 seasonal costs Employment Expense $378 (5)% • Headcount was relatively flat QoQ as merger-related synergies were offset by growth related hiring Oc
Slide 18: Credit Quality
Credit Quality H i g h l i g h t s NCOs/Average Loans 0.40% • NCOs/Average Loans were 0.22% in 2Q26, in line with expectations • Asset quality remained stable; NPAs as a percentage of loans & ORE declined 8 bps to 0.50% QoQ, reflecting continued resolution of legacy 0.20% criticized credits • The cr
Slide 19: Capital
Capital H i g h l i g h t s Capital Ratios at June 30, 2026(1) (2Q25-4Q25 ratios are for Legacy PNFP only) • The CET1 Ratio(1) increased 12 bps to 9.93%; Total Risk Based Capital Ratio(1) relatively stable at 12.35% 13.02% 12.94% 12.97% 12.34% 12.35% 11.23% 11.30% 11.34% 10.62% 10.71% • 10.25% CET1
Slide 20: Estimated Fully Phased CET1 Ratio Comparison
Estimated Fully Phased CET1 Ratio Comparison(1) 11.0% 11.3% 11.7% 9.8% 10.0% 10.2% 10.3% 10.4% 10.4% as of 6/30/26 Peer 1 Peer 2 Peer 3 PNFP Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 (2) Estimated Fully Phased CET1 Stated CET1 Target Brings CET1 in line with 10.25% target and estimated peer median (1) Peer
Slide 21: 2026 Outlook
f i | FINANCIAL PARTNERS 2026 Outlook
Slide 22: Net Interest Income Growth vs Margin Compression
Net Interest Income Growth vs Margin Compression Sustained quarterly NII growth averaging ~2.5% in second half 2026 (1) Quarterly Net Interest Income (TE) Key takeaways ≈ +1-3% QoQ • Sustained NII growth is volume-driven: steady earning-asset Actual ≈ +2-4% QoQ $1,010–$1,030MM expansion is what carr
Slide 23: No Change to Prior Guidance
2026 Outlook Update 2026 Guidance Notes Period-End Loans $91.0B - $93.0B Trending to the high end of the 9-11% range (~$9B of growth, ex loan mark) Ex Loan Mark Period-End $106.5B - $108.5B On track for 8% - 10%, or ~$8B - 10B of total deposit growth Total Deposits No Change to Prior Guidance Trendi
Slide 24: Appendix
f i | FINANCIAL PARTNERS Appendix
Slide 25: Period-End Loan and Deposit Growth
Period-End Loan and Deposit Growth 2Q26 Period-End Loans 2Q26 Period-End Deposits QoQ $ QoQ % YTD % QoQ $ QoQ % YTD % ($ In millions) 2Q26 Change Change Change 2Q26 Change Change Change Tennessee/Kentucky $16,667 $571 4% 5% $25,639 $159 1% 4% Carolinas/Virginia/Washington, DC $15,863 $474 3% 5% $18,
Slide 26: Deposit Mix and Rate Overview
Deposit Mix and Rate Overview 2Q26 1Q26 2Q26 Average Rate % of Total 1Q26 Average Rate % of Total Non-interest Bearing -- 21% -- 21% Interest-Bearing Interest Bearing Demand 2.51% 30% 2.51% 30% Savings 0.35% 2% 0.40% 2% Money Market 2.67% 34% 2.59% 34% Time 3.46% 13% 3.53% 14% Total Interest-Bearing
Slide 27: Earning Asset Composition and NII Sensitivity
Earning Asset Composition and NII Sensitivity (at June 30, 2026) Loan Portfolio Fixed-Rate/Variable-Rate Mix 12-Month Estimated Net Interest Income Sensitivity(1) 32% + 100 Bps +2.2% Parallel Rate Impact 68% - 100 Bps -1.7% Fixed-Rate Variable-Rate Note: Amounts may not add up due to rounding; (1) N
Slide 28: Securities and Liquidity Overview
Securities and Liquidity Overview (at June 30, 2026) Securities Portfolio Breakout Notable Liquidity Sources ($ in billions) Focus on liquidity, earnings and rate risk management FRB Cash $6.8 FHLB Capacity $5.6 Portfolio Book Value Book Yield – TEY(1) Net Duration(2) Unencumbered Securities $12.9 D
Slide 29: Cash Flow Derivatives Portfolio Overview
Cash Flow Derivatives Portfolio Overview Strategy aims to protect margin & minimize capital volatility H i g h l i g h t s Cash Flow Hedge Portfolio (Avg. Notional) ($ in millions) (1) • Receive-fixed Cash Flow swaps against loans: $2.50B notional • Converts floating-rate loan exposure to fixed and
Slide 30: Allowance for Credit Losses
Allowance for Credit Losses ($ in millions) $24 $1,014 $1 $8 $1,029 $(18) 1Q26 Economic Forecast Qualitative Net Growth Individual 2Q26 ACL/Loans: 1.19% 1.17% Economic Scenario Assumptions and Weightings 2Q26 Change from 2026(4) 2027(4) Scenario Model Weighting Previous Quarter GDP Unemployment GDP
Slide 31: Loan Portfolio by Category
Loan Portfolio by Category Highly Diverse Loan Portfolio • C&I portfolio is well-diversified among multiple lines-of-business C&I Portfolio • Diverse C&I industry mix aligned with economic and demographic drivers $51.1B • SNCs total $11.1B, ~7.5% of which is agented by PNFP C&I Non-Real Estate • Lev
Slide 32: Commercial and Industrial Loan Portfolio
Commercial and Industrial Loan Portfolio Largest C&I Industry Concentrations as a % of Total Loans at June 30, 2026 Finance/Insurance 10% (1) Senior Housing 4% Retail Trade 4% Accommodations 4% Portfolio Characteristics 2Q26 & Food Services NPL Ratio 0.40% (1) Lessors of Real Estate 3% Net Charge-of
Slide 33: Commercial Real Estate Loan Portfolio
Commercial Real Estate Loan Portfolio CRE Concentrations as a % of Total Loans at June 30, 2026 7% • Investment Properties portfolio represent 88% of total CRE portfolio Multi-Family Retail 4% ◦ The portfolio is well diversified among property types Warehouse/Industrial 4% Office 3% • 2Q26 CRE Portf
Slide 34: Consumer Loan Portfolio
Consumer Loan Portfolio Consumer Concentrations as a % of Total Loans at June 30, 2026 • 86% of Consumer portfolio is backed by residential Consumer Mortgages 10% real estate • Other Consumer includes secured and unsecured products Home Equity Lines 3% Other Consumer 2% Portfolio Characteristics 2Q2
Slide 35: BHG Credit Quality Continues to Impress
BHG Credit Quality Continues to Impress BHG 2Q26 Overview Sophisticated credit scoring models produce impressive results Loan Originations ($ in billions) $3.84 • Pinnacle's equity-method investment income was $24MM in 2Q26 $2.71 • Underlying collateral profile and performance remains relatively sta
Slide 36: Non-GAAP Financial Measures
Non-GAAP Financial Measures ($ in millions, except per share data, share count in thousands) 2Q26 1Q26 2Q25 Net income available to common shareholders $313 $135 $155 Valuation adjustment to Visa derivative 2 1 — Investment securities losses (gains), net 29 (3) — Merger-related expense(1) 51 275 — T
Slide 37: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ in millions) 2Q26 1Q26 2Q25 Net income $328 $150 $159 Valuation adjustment to Visa derivative 2 1 — Investment securities (gains) losses, net 29 (3) — Merger-related expense (1) 51 275 — Tax effect of adjustments(2) (16) (45) — Adjusted net income $394 $378
Slide 38: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ in millions) 2Q26 1Q26 2Q25 2026 2025 Net income available to common shareholders $313 $135 $155 $448 $291 Valuation adjustment to Visa derivative 2 1 — 3 — Investment securities (gains) losses, net 29 (3) — 26 13 Merger-related expense(1) 51 275 — 326 — Tax
Slide 39: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ in millions) 2Q26 1Q26 2Q25 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 $66
Slide 40: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ in millions, except per share data, share count in thousands) June 30, 2026 December 31, 2025 June 30, 2025 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 asset
Slide 41: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 2Q26 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Net income available to common shareholders $ 313 $ 135 $ 166 $ 169 $ 155 $ 137 $ 147 $ 143 $ 49 $ 120 $ 91 $ 129 $ 194 $ 133 $ 134 $ 145 $ 141 $ 125 Investment (ga
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