Pinnacle Financial Partners, Inc. · NYSE:PNFP
Pinnacle Financial Partners — Q1 2026 Earnings Presentation
49 slides from Pinnacle Financial Partners's earnings presentation, Apr 22, 2026
Slide 1: Earnings Results First Quarter 2026
Earnings Results First Quarter 2026 Exhibit 99.2
Slide 2: Forward-Looking Statements
2 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 am
Slide 3: Use of Non-GAAP Financial Measures
3 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 shar
Slide 4: Winning with Clients, the Team and Shareholders
4 Top TSR Win with PNFP footprint population projected to grow ~2x faster than national average(1) Pinnacle Financial Partners THE CLIENTS THE TEAM Win with THE SHAREHOLDERS Leads to Winning with Highly Successful Operating and Recruiting Model That Generates Top Quartile Revenue, EPS and TBV Growth
Slide 5: A Standout First Quarter as a Combined Company
5 A Standout First Quarter as a Combined Company Note: The PNFP-SNV merger closed on January 1, 2026 and all purchase accounting adjustments are preliminary as of March 31, 2026 and are subject to change until the measurement period is closed. (1) Non-GAAP financial measure; see appendix for applica
Slide 6: Revenue Producer Hiring Remains Consistent Post-Merger
6 Revenue Producer Hiring Remains Consistent Post-Merger Revenue Producer Hires in First Quarter 2026 Note: 37 New Hires or Accepted Offers Since Quarter-End(1) Source: PNFP internal data; (1) Revenue producer hires/acceptances since April 1, 2026 were measured as of April 17 Nashville Business Jour
Slide 7: Fortune Best Companies to Work For recognition
7 earned by legacy Synovus Source: 2026 Fortune 100 Best Companies to Work For®
Slide 8: Coalition Greenwich Recognition Remains Outstanding
8 Outstanding results in the midst of a pending merger Coalition Greenwich Recognition Remains Outstanding No. 1 No. 6 Legacy Pinnacle Synovus Source: Coalition Greenwich Voice of Client - 2025 U.S. Commercial Banking Study Both firms rank among the most awarded institutions out of more than 500 ban
Slide 9: Adjusted Revenue, EPS and Book Value Trends
9 Adjusted Revenue, in Millions 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 $— $500 $1,000 $1,500 Diluted Adjusted EPS 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 $0.50 $1.00 $1.50 $2.
Slide 10: Deposits, Loans, Credit and Capital Trends
10 Period-End Deposits, in Billions 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 25 C 1Q 26 $— $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110 NPAs/Loans + ORE 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 2
Slide 11: Peer Comparison - First Quarter 2026 Metrics
11 Source: PNFP internal data and S&P Capital IQ Pro; Note: The PNFP-SNV merger closed on January 1, 2026 and all purchase accounting adjustments are preliminary as of March 31, 2026 and are subject to change until the measurement period is closed; Peer group includes BOKF, CFG, FHN, FITB, FNB, KEY,
Slide 12: Financial Performance
einnacle Financial Performance
Slide 13: Period-End Loans and Organic Loan Growth
13 $83,781 $1,608 $356 $117 $(664) $85,197 4Q25C C&I CRE Consumer Accretable Loan Mark and Other 1Q26 Loans Period-End Organic Loan Growth Attribution(2)(5) ($ in millions) Period-End Loans ($ in millions)(2)(5) $83,781 $339 $301 $222 $220 $41 $478 $179 $302 $(664) $85,197 4Q25C Georgia Tennessee/ K
Slide 14: Period-End Deposits
14 $98,724 $136 $1,128 $421 $193 $(499) $100,103 4Q25C Non- Interest Bearing Interest- Bearing DDA MMA and Savings Time Non-Core Deposits 1Q26 Deposits Period-End Deposits ($ in millions)(3)(4) Note:The PNFP-SNV merger closed on January 1, 2026 and all purchase accounting adjustments are preliminary
Slide 15: Net Interest Income and Net Interest Margin
15 $365 $381 $398 $408 $933 3.21% 3.23% 3.26% 3.27% 3.53% Net Interest Income Net Interest Margin 1Q25 2Q25 3Q25 4Q25 1Q26 Net Interest Income 3.27% 0.08% 3.35% 0.08% 0.09% 0.02% (0.01)% 3.53% 4Q25 Legacy PNFP NIM Balance Sheet Combined 4Q25C NIM Loan Mark Securities Mark 1Q Day Count Balance Sheet
Slide 16: Non-Interest Revenue
16 1Q26 Core Banking Fees $91 Wealth Management Fees 84 Loan Sales and Servicing Fees 10 Capital Markets Income 18 Income from BHG Investment 31 BOLI 20 Investments Gains (Losses), Net 3 Other Non-Interest Revenue 27 Total Non-Interest Revenue $284 Investments (Gains) Losses, Net (3) Fair value adju
Slide 17: Non-Interest Expense
17 1Q26 Employment Expense $396 Occupancy, Equipment and Software Expense 97 Amortization of Intangibles 48 Merger-Related Expenses 275 FDIC insurance and other regulatory fees 23 Other Noninterest Expense 113 Total Noninterest Expense $952 Legacy PNFP Equity Acceleration Expense(2) (70) Other Merge
Slide 18: Credit Quality
18 0.23% Legacy Pinnacle Synovus Pinnacle 1Q25 2Q25 3Q25 4Q25 1Q26 —% 0.20% 0.40% 0.58% Legacy Pinnacle Synovus Pinnacle 1Q25 2Q25 3Q25 4Q25 1Q26 —% 0.50% 1.00% • NCOs/Average Loans were 0.23% in 1Q26, in line with expectations • Quarter-over-quarter NPA increase was primarily attributable to 2 prev
Slide 19: Capital
19 Capital 10.70% 10.74% 10.83% 10.88% 9.83% Common Equity Tier 1 Tier 1 Tier 2 1Q25 2Q25 3Q25 4Q25 1Q26 Note: The PNFP-SNV merger closed on January 1, 2026 and all purchase accounting adjustments are preliminary as of March 31, 2026 and are subject to change until the measurement period is closed;
Slide 20: CET1 Ratio Including AOCI Comparison
20 CET1 Ratio Including AOCI Comparison Note: The PNFP-SNV merger closed on January 1, 2026 and all purchase accounting adjustments are preliminary as of March 31, 2026 and are subject to change until the measurement period is closed; Peer capital ratios for CFG, FCNC.A, FITB, HBAN, KEY, MTB, and RF
Slide 21: 2026 Outlook
einnacle 2026 Outlook
Slide 22: 2026 Outlook
22 Notes Period-End Loans (Ex Loan Mark) Period-End Deposits Adjusted Revenue(1) Adjusted Non- Interest Expense(1) • Assumes NIM of ~3.50% in 2026; No rate cuts assumed for 2026 • Assumes 2026 adjusted non-interest revenue(1) of $1.10B - $1.15B • Assumes 2026 BHG investment revenue of $105MM - $115M
Slide 23: Revenue Producer Hiring Remains a Key Focus
23 Revenue Producer Hiring Remains a Key Focus 230 217 250 275 Combined PNFP-SNV PNFP 2024A 2025A 2026E 2027E 225-250 250-275 Note: The PNFP-SNV merger closed on January 1, 2026; Source: PNFP internal data; (1) Revenue producer hires/acceptances since April 1, 2026 were measured as of April 17 45 41
Slide 24: Our Banker Hiring Model is Highly Differentiated
24 Our Banker Hiring Model is Highly Differentiated EXPERIENCED TALENT Revenue producers are highly seasoned and recruited directly by existing producers, ensuring cultural and performance alignment Target 10+ years of work experience Formerly worked or close association with a PNFP team member HIGH
Slide 25: Revenue Synergy Progress Is Well Underway
25 Revenue Synergy Progress Is Well Underway(1) Relationship Expansion Capital Markets Specialty Expertise Treasury Capabilities Opportunities Revenue Synergies Progress Revenue Producer Hiring ~$60 Million - $70 MillionHold Limits Swap Fees ~$20 Million - $30 Million Arranger Fees FX Hedging CIC Sy
Slide 26: Appendix
einnacle Appendix
Slide 27: Updated Merger Impacts In-Line with Expectations
27 Updated Merger Impacts In-Line with Expectations Estimate at Announcement Estimate on January 21, 2026 Updated Acquisition Date Estimate Merger-Related NIE Synergies(1) $250MM No change No change Merger-Related NIE Synergies Timing(1) 50% in 2026, 75% in 2027, 100% in 2028 40% in 2026, 75% in 202
Slide 28: Period-End Loan and Deposit Growth
28 Period-End Loan and Deposit Growth Period-End Loans Period-End Deposits 1Q26 QoQ $ Change QoQ % 1Q26 QoQ $ Change QoQ % ($ In millions) Vs. Combined 4Q25(3) Vs. Combined 4Q25(3) Vs. Combined 4Q25(3) Vs. Combined 4Q25(3) Tennessee/Kentucky $17,118 $301 2% $26,043 $744 3% Carolinas/Virginia/Washing
Slide 29: Deposit Mix and Rate Overview
29 Deposit Mix and Rate Overview 1Q26 Average Rate % of Total 4Q25C Average Rate (Estimated)(1) % of Total Non-interest Bearing -- 21% -- 21% Interest-Bearing Interest Bearing Demand 2.51% 30% 2.65% 30% Savings 0.40% 2% 0.36% 2% Money Market 2.59% 34% 2.72% 33% Time 3.53% 14% 3.55% 14% Total Interes
Slide 30: Loan Portfolio Fixed/Variable Mix and NII Sensitivity
30 65% 35% Fixed-Rate Variable-Rate Earning Asset Composition (at March 31, 2026) 1Q26 Loan Portfolio Fixed-Rate/Variable-Rate Mix 12-Month Estimated Net Interest Income Sensitivity(1) Note: Amounts may not add up due to rounding; (1) NII sensitivity estimates reflect a static balance sheet; beta se
Slide 31: Securities Portfolio
31 Securities Portfolio (at March 31, 2026) $19.8B Portfolio Book Value ~3.1 Years Net Duration(2) Gross Duration 4.1 Years 87% AFS / Total Securities ~25% % Floating (FV) Including Fair Value hedges Note: Amounts may not add up due to rounding. (1) Est. Taxable Equivalent Yield, as of March 2026; (
Slide 32: Cash Flow Derivatives Portfolio Overview
32 • Receive-fixed Cash Flow swaps against loans: $2.50B notional: • Average fixed rate of 3.28%, converting floating-rate loan exposure to fixed and locking in net interest margin for down rate protection. • Interest rate options: $8.25B notional (as of 4Q26): • Cash Flow Floors against floating ra
Slide 33: Liquidity Sources and Wholesale Funding
33 $4.7 $5.7 $9.1 $8.6 Debt/Borrowings Non-Core Deposits 4Q25C 1Q26 Notable Liquidity Sources ($ in billions) March 31, 2026 FRB Cash $5.1 FHLB Capacity $7.9 Unencumbered Securities $11.3 Discount Window Capacity $6.7 Total $30.9 Discount Window Capacity (Pending)(2) $8.4 Total $39.3 Note: The PNFP-
Slide 34: Allowance for Credit Losses
34 Allowance for Credit Losses ($ in millions) $987 $13 $(9) $14 $9 $— $1,014 4Q25C Economic Forecast Qualitative Net Growth Individual Other 1Q26 4Q25C ACL/Loans: 1.17% 1.19% Economic Scenario Assumptions and Weightings Note: The PNFP-SNV merger closed on January 1, 2026 and all purchase accounting
Slide 35: Loan Portfolio Characteristics
35 Consumer Portfolio $13.2 billion CRE Portfolio $23.8 billion C&I Portfolio $48.2 billion 1Q26 Portfolio Characteristics C&I CRE Consumer NPL Ratio 0.51% 0.53% 0.65% QTD Net Charge-off Ratio (annualized) 0.35% 0.00% 0.23% 30+ Days Past Due Ratio 0.12% 0.03% 0.41% 90+ Days Past Due Ratio 0.01% 0.00
Slide 36: Commercial and Industrial Loan Portfolio
36 10% 4% 4% 4% 3% 3% 3% 3% Finance/Insurance Senior Housing Accommodations & Food Services Lessors of Real Estate Healthcare and Social Assistance Retail Trade Manufacturing Wholesale Trade CREDIT INDICATOR 1Q26 NPL Ratio 0.51% Net Charge-off Ratio (annualized) 0.35% 30+ Days Past Due Ratio 0.12% 9
Slide 37: NDFI Loan Portfolio
37 NDFI Loan Portfolio 1Q26 Credit Quality Metrics NDFI LOANS PRIVATE CREDIT LOANS NCOs/Average Loans 0.00% 0.00% NPLs/Total NDFI Loans 0.11% 0.00% Criticized & Classified/Total NDFI Loans 0.59% 0.00% Amounts may not add up due to rounding; (1) ~678MM of legacy PNFP loans collateralized by music roy
Slide 38: Commercial Real Estate Loan Portfolio
38 Commercial Real Estate Loan Portfolio CRE Concentrations as a % of Total Loans at March 31, 2026 INVESTMENT PROPERTIES LAND, DEVELOPMENT AND RESIDENTIAL PROPERTIES Portfolio Characteristics (as of March 31, 2026) Office Building Multi-Family Retail Hotels Other Investment Properties Warehouse/ In
Slide 39: Consumer Loan Portfolio
39 Credit Indicator 1Q26 NPL Ratio 0.65% Net Charge-off Ratio (annualized) 0.23% 30+ Days Past Due Ratio 0.41% 90+ Days Past Due Ratio 0.02% Consumer Concentrations as a % of Total Loans at March 31, 2026 10% 4% 1% 1% .3% Consumer Mortgages Home Equity Lines Third Party HFI Other Consumer Consumer C
Slide 40: BHG Credit Quality Continues to Impress
40 BHG Credit Quality Continues to Impress Sophisticated credit scoring models produce impressive resultsBHG Overview • BHG distinguishes itself by: • Targeting borrowers through direct mail and other sophisticated marketing techniques using a wide range of proprietary marketing tools • Underwriting
Slide 41: BHG Overview
41 BHG Overview 62% 38% 22% 25% 36% 42% 13% 26% 36% Community Bank Network Loan Sales Term Loan Financing/Securitizations 2024 2025 2026E • Private secured financing with asset managers and national banks • Well developed execution process via sponsored ABS securitizations • Historically robust subs
Slide 42: End Notes
42 End Notes • • Specialty Deposits include Health and Benefits, Community Associations, Government and Institutional, Multi-Family, Power, Production and Utilities, Title and Escrow, Education and Captive Insurance • Specialty Lending include Healthcare, Equipment, Aircraft, Auto Dealer, QSR/Franch
Slide 43: ($ in millions) 1Q26 4Q25 1Q25 Net income available to common shareholders $135 $166
43 ($ in millions) 1Q26 4Q25 1Q25 Net income available to common shareholders $135 $166 $136 Subtract/add: Valuation adjustment to Visa derivative 1 — — Investment securities losses (gains), net (3) 4 13 Merger-related expense(1) 275 13 — FDIC Special Assessment — (8) — Tax effect of adjustments(2)
Slide 44: Non-GAAP Financial Measures, Continued
44 ($ in millions) 1Q26 4Q25 1Q25 Net income $150 $170 $140 Valuation adjustment to Visa derivative 1 — — Investment securities (gains) losses, 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 $15
Slide 45: Non-GAAP Financial Measures, Continued
45 Non-GAAP Financial Measures, Continued ($ in millions) 1Q26 4Q25 1Q25 Net income available to common shareholders $135 $166 $136 Valuation adjustment to Visa derivative 1 — — Investment securities (gains) losses, net (3) 4 13 Merger-related expense(1) 275 13 — FDIC special assessment — (8) — Tax
Slide 46: Non-GAAP Financial Measures, Continued
46 Amounts may not total due to rounding. Non-GAAP Financial Measures, Continued ($ in millions) 1Q26 4Q25 1Q25 Total non-interest revenue $284 $133 $97 Investment securities (gains) losses, net (3) 4 13 Fair value adjustment on non-qualified deferred compensation 1 — — Adjusted non-interest revenue
Slide 47: Non-GAAP Financial Measures, Continued
47Amounts may not total due to rounding. (1) Amounts have been calculated using whole dollar values. Non-GAAP Financial Measures, Continued ($ in millions) 1Q26 4Q25 1Q25 Total non-interest expense $952 $301 $275 Merger-related expense (275) (13) — FDIC special assessment — 8 — Valuation adjustment
Slide 48: Non-GAAP Financial Measures, Continued
48Amounts may not total due to rounding. (1) Amounts have been calculated using whole dollar values. Non-GAAP Financial Measures, Continued ($ in millions) 1Q26 4Q25 1Q25 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
Slide 49: Reconciliation of Non-GAAP Financial Measures
49 Reconciliation of Non-GAAP Financial Measures 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Net income $ 135 $ 166 $ 169 $ 155 $ 137 $ 147 $ 143 $ 49 $ 120 $ 91 $ 129 $ 194 $ 133 $ 134 $ 145 $ 141 $ 125 Investment (gains) losses on sales of securities (3) 4
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