Pinnacle Financial Partners, Inc. · NYSE:PNFP
Pinnacle Financial Partners — Q4 2022 Earnings Presentation
74 slides from Pinnacle Financial Partners's earnings presentation, Jan 18, 2023
Slide 1: Investor Call Fourth Quarter 2022
Investor Call FOURTH QUARTER 2022 JANUARY 18, 2023 Time: 8:30 AM CT Webcast: www.pnfp.com (investor relations) M. TERRY TURNER, PRESIDENT AND CEO HAROLD R. CARPENTER, EVP AND CFO
Slide 2: Safe Harbor Statements: Forward Looking Statements
Safe Harbor Statements Forward Looking Statements All statements, other than statements of historical fact, included in this presentation, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section
Slide 3: Safe Harbor Statements: Non-GAAP Financial Matters
Safe Harbor Statements Non-GAAP Financial Matters This presentation contains certain non-GAAP financial measures, including, without limitation, earnings per diluted common share, PPNR, efficiency ratio and the ratio of noninterest expense to average assets, excluding in certain instances the impact
Slide 4: 4Q22 Financial Dashboard
4Q22 Financial Dashboard Key success measures including net interest income growth, tangible book value accretion, core loan growth, core deposit growth and asset quality all continue to be strong. 4
Slide 5: Shareholder Value Dashboard: GAAP Measures
Shareholder Value Dashboard 4Q22 Summary Results of Key GAAP Measures Total Revenues FD EPS Net Income Available to Common Shareholders 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Total Loans Total Deposits Book Value per Common Share (millions) (millions) 2018 2019 20
Slide 6: Shareholder Value Dashboard: Non-GAAP Measures
Shareholder Value Dashboard 4Q22 Summary Results of Key Non-GAAP Measures Total Revenues* FD EPS* Adjusted Pre-Tax Pre-Provision CAGR 12.9% CAGR 9.3% Net Income* CAGR 11.8% 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Total Loans Total Core Deposits Tangible Book Value
Slide 7: 4Q22 Financial Information
4Q22 Financial Information Pinnacle’s core banking business continues to demonstrate extraordinary momentum irrespective of volatile economic conditions and any modifications in the loan funding alternative chosen by BHG and their impact on short-term earnings. 7
Slide 8: Average Loans
PNFP Linked-Quarter Annualized Average Loan Growth was 20.4% in 4Q22 Full-year growth in EOP loans topped 26% Average Loan Growth and Yields EOP Loan Growth^ $30,000 6.00% 5.54% 30.0% $28,402 $27,021 $25,000 5.50% $25,397 25.0% 26.0% $23,849 $23,226 $23,180 $22,986 $22,848 $22,525 $22,493 $22,257 Av
Slide 9: Client Acquisition Strategies Are Yielding Results
Client Acquisition Strategies Are Yielding Results Loan growth is a result of successful execution of several growth strategies Net Loan Growth – YTD 2022 – Strategic Decisions: Dec. 31, 2022 • Asset Generators - $207 million $29,042 Loans at • BHG, JBB and Advocate Capital • Strategic Expansion - $
Slide 10: Deposit Growth Continued in Fourth Quarter
Deposit Growth Continued in Fourth Quarter Strong focus on growing deposits results in 13% linked-quarter annualized average growth in Q4 Average Deposit Growth and Costs 75% $38,000 1.40% 1.50% Individual Rate Hike Beta Trends for Total Deposits 40% Average Deposits (millions) $34,000 1.25% Cumulat
Slide 11: Ample Liquidity Remains to Fund Loan Growth
Ample Liquidity Remains to Fund Loan Growth Rate hikes remained a NIM tailwind in 4Q Reported NIM vs. Adjusted NIM Quarterly Avg. FFS, IB Cash & Repos 3.63% $5,000 3.50% 3.70% 3.60% $4,500 3.56% 3.00% Average Balances ($ in millions) 3.60% Average Quarterly Yield 3.47% $4,000 3.50% $3,500 2.50% 3.40
Slide 12: PNFP's Asset Quality Has Continued to Hold Up
PNFP’s Asset Quality Has Continued to Hold Up Problem loan metrics remain at historically low levels Net Charge-offs NPA/ Loans & ORE 4Q22 Asset Quality Highlights 0.58% • Client selection remains our most valuable 0.19% credit attribute. 0.17% 0.46% 0.14% 0.38% • ACL to total loans remained at 1.04
Slide 13: PNFP Fees Decline Led by Decline in BHG Revenues
PNFP Fees Decline Led by Decline in BHG Revenues PNFP continues focus on gathering more share of wallet from client base Linked-Quarter 4Q22 to 3Q22 Annualized Year-over-Year Growth % • Residential mortgage business broadly impacted by 4Q22 3Q22 4Q21 Growth % Service charges $11,123 $10,906 $12,663
Slide 14: Investments in New Markets / Talent Drive Expense Growth
Investments in New Markets / Talent Drive Expense Growth Incentive expense fluctuations correlate with earnings Linked-Quarter Year-over-Year 4Q22 3Q22 4Q21 Annualized Growth % Growth % 4Q22 to 3Q22 Salaries and employee benefits: Salaries $78,844 $74,776 $64,182 21.8% 22.8% • Salary and benefit cos
Slide 15: Preservation and Growth in Tangible Book Value Remains a Critical Focus
Preservation and Growth in Tangible Book Value Remains a Critical Focus Fourth quarter reflects growth in TBV/ Common Share year-over-year • Dividends – Tangible Book Value per • Dividends per common share of $0.22 in 4Q22. Common Share** • Share Buy Back Program – $42.55 $44.74 • Board re-authorize
Slide 16: Bankers Healthcare Group
Bankers Healthcare Group BHG’s differentiated model has proven very resilient with continued strong originations, loan sales and yield/spread premium. The gain on sale model continues to provide meaningful earnings to BHG and to Pinnacle even as BHG has increased the mix toward balance sheet spread
Slide 17: Loan Originations and Placements
BHG completes record originations and earnings year in 2022 $1,400 BHG Business Model Drives Outperformance Loan Originations and Placements $1,200 • Originated a record $4.1bn in 2022, 48% YOY growth • Placed a record $2.1bn through its bank network in 2022, representing $1,165 $1,000 $1,071 $1,054
Slide 18: BHG Credit Quality Continues to Impress
BHG Credit BHG’s Quality On Balance Continues Sheet Reservesto Impress Remain Strong Sophisticated BHG increased theircredit estimatescoring models produce for loan substitutions impressive in 2Q22, 3Q22 results & again in 4Q22 Estimated loan subs and prepayments (Note) • Estimate for loan substitut
Slide 19: BHG Credit Quality Remains a Differentiator
BHG’sCredit BHG StrongQuality Continues Credit Quality to Impress Remains a Differentiator Vintage analysiscredit Sophisticated demonstrates scoring continued strengthimpressive models produce in asset quality results Historical FICO Scores • Historical credit results indicate that 70% of losses occ
Slide 20: Another Great Year for BHG in 2022
Another Great Year for BHG in 2022 Currently anticipate a more challenging operating environment in 2023 Other 4Q22 Highlights • Closed two committed warehouse facilities with Goldman Sachs and Truist BHG Pre-Tax Earnings ($ millions) aggregating in $550 million in future liquidity $400 • Closed and
Slide 21: PNFP Cautiously Optimistic about 2023
PNFP Cautiously Optimistic about 2023 We remain confident in our model to produce strong revenue and earnings growth 2023 Outlook – as of January 17, 2023 (Note) 2022 Actual Results 2022 Outlook(*) Y/Y EOP • We anticipate mid-teens percentage loan growth for 2023 over 2022 year-end levels. Y/Y growt
Slide 22: PNFP's Model for Sustainable Shareholder Value Creation
PNFP’s Model for Sustainable Shareholder Value Creation The economic outlook for 2023 is uncertain at best, perhaps the most difficult since the great recession. Fortunately PNFP has built an unusual model that has yielded comparatively better shareholder value than peers over the long term and thro
Slide 23: Expectations are for a Difficult Operating Environment for Banks
Expectations are for a Difficult Operating Environment for Banks The outlook among commercial executives is unusually pessimistic 23
Slide 24: Expectations are for a Difficult Operating Environment for Banks
Expectations are for a Difficult Operating Environment for Banks 1. Quantitative tightening shrinks M2 and the available deposit pool 2. Rapidly rising rates lead to mix shifts and increase in competition from MMFs 3. Deeply inverted yield curve pressures margins 4. Inflation and “expense creep” dam
Slide 25: PNFP's Differentiated Model has Yielded Consistent, Sustainable Growth
PNFP’s Differentiated Model has Yielded Consistent, Sustainable Growth Excited Associates Engaged Clients Enriched Shareholders 2022 Workplace Awards Greenwich Net Promoter Scores • No. 28 – 2022 100 Best Companies to NPS RANK Work For in the U.S., FORTUNE magazine • American Banker – Best Banks to
Slide 26: PNFP's Model Should Be Better Insulated: National Migration Trends
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions Outsized growth in PNFPs markets is likely to persist despite economic conditions National Migration Trends in 2022 26
Slide 27: PNFP Well Positioned in High-Growth Southeast Urban Markets
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions PNFP is particularly well positioned in the largest high-growth urban markets of the Southeast Top 25 Growth 27
Slide 28: The Competitive Landscape Turbo Charges PNFP's Opportunity
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions The competitive landscape turbo charges PNFP’s opportunity Net Promoter Score by Bank Type Net Promoter Score - PNFP $1-500MM 86 84 80 84 70 68 64 82 81 60 55 80 50 44 45 78 40 40 76 74 74 30 24 24 74 20 72 10 70 0 68 Natio
Slide 29: The Competitive Landscape Turbo Charges PNFP's Opportunity
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions The competitive landscape turbo charges PNFP’s opportunity 29
Slide 30: PNFP Has Become a Magnet for Talent
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions Our differentiated model is a sustainable advantage to capture talent and market share PNFP has become a magnet for talent Revenue Producer Hires 2022 Revenue Producers By Competitor 147 119 109 Truist 89 87 Other First Hor
Slide 31: The Hiring Model Leads to a Differentiated Experience
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions The hiring model leads to a differentiated experience Satisfaction with Relationship Managers National National Pinnacle Regional A Regional B Regional C Regional D Regional E Regional F A B Financial Q3 '22 R4Q Q3 '22 R4Q
Slide 32: Hiring Model Results in Raving Fans
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions The hiring model leads to a differentiated experience resulting in raving fans Net Promoter Scores – Clients Willingness to Recommend $1-10MM revenues $10-500MM revenues 20% 25% Regional A 18% Regional A Lead Relationships
Slide 33: Client Perception of Digital Capabilities
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions Client’s perception of digital capabilities correlates with “willingness to add as a provider” PNFPs investments in “tech and touch” produce high quality growth irrespective of economic cycles 75% 70% 65% 60% 55% Would Add
Slide 34: Investments in Tech and Touch Produce High-Quality Growth
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions PNFPs investments in “tech and touch” produce high-quality growth irrespective of economic cycles Cash management evaluations among lead relationships who use cash management services Regional A National A National B Region
Slide 35: Difficult Economic Environments Burnish PNFP's Reputation
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions Difficult economic environments serve to burnish PNFP’s reputation Client Perception and Loyalty Regional A National A National B Regional B Regional C Regional D PNFP Regional E Regional F Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 '22 R4
Slide 36: PNFP's Momentum Among Clients
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions PNFP’s momentum among clients is based on its differentiated model not economic conditions Small Business Middle Market Net Net ($1-10MM in sales – 3Q 2022) ($10-500MM in sales) Momentum Momentum Regional A -19% 27% 8% Regi
Slide 37: Client Acquisition Strategy Significantly Less Risky
PNFP’s Model Should Be Better Insulated from Challenging Economic Conditions PNFP’s client acquisition strategy is significantly less risky than traditional approaches PNFP Score Q3 '22 R4Q Non-Customer Solicitation In-Person Solicitations 2% Telephone Solicitations 2% Leading Neutral Trailing Sourc
Slide 38: The Case for PNFP
The Case for PNFP • Competes in advantaged southeastern footprint • Cultural focus results in differentiated client experience • Organic growth model – • Recruiting success resonates • One of the best loan growth stories in the US • One of the best TBV growers in the country • Credit – top quartile
Slide 39: Q&A Fourth Quarter 2022
Q&A FOURTH QUARTER 2022 einnacle FINANCIAL PARTNERS
Slide 40: Supplemental Information
Supplemental Information Slide # • Balance Sheet 41 • Income Statement 66 • Peer Group 73 40
Slide 41: Balance Sheet – Loan Portfolio Segments
Balance Sheet – Loan Portfolio Segments ($ in millions) Amts. % Amts. % Amts. % Amts. % 4Q22 4Q22 3Q22 3Q22 4Q21 4Q21 4Q20 4Q20 C&I $10,233.3 35.2% $9,738.3 35.1% $7,703.5 32.9% $6,239.6 27.8% C&I – Paycheck Protection Program 8.0 0.0% 10.7 0.0% 371.1 1.6% 1,798.9 8.0% CRE – Owner Occ. 3,587.3 12.4%
Slide 42: Loan Portfolio – Market Segmentation
Balance Sheet – Loan Portfolio – Market Segmentation ($ in millions) TOTAL PINNACLE C&I & O/O CRE CRE & CONSTRUCTION OTHER LOANS* Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. 4Q22 4Q21 4Q22 4Q21 4Q22 4Q21 4Q22 4Q21 Nashville $8,1,54.6 $6,943.7 $3,562.2 $3,171.5 $2,918.2 $2,386.7 $1,674.2 $1,385.5
Slide 43: Loan Portfolio – CRE Segmentation
Balance Sheet – Loan Portfolio – CRE Segmentation ($ in millions) Total NOO and Multifamily Total Construction Total NOO and Construction Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. 4Q22 3Q22 4Q21 4Q22 3Q22 4Q21 4Q22 3Q22 4Q21 Multifamily $1,291.8 $1,071.3 $602.0 $910.9 $848.4 $705.7 $2,20
Slide 44: PPP Program was a Differentiator for Pinnacle
PPP Program was a Differentiator for Pinnacle Pinnacle provided needed stimulus to smaller businesses in 2020 and 2021 • $8.0 million in PPP balances remain on balance sheet at Dec. ($000’s) 2020 PPP 2021 PPP Totals Total PPP fundings $ 2,483,177 $ 933,872 $ 3,417,049 31, 2022 • Unamortized fees of
Slide 45: Loan Portfolio Lines of Credit
Balance Sheet – Loan Portfolio Lines of Credit ($'s in millions) Linked Qtr. 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Change CRE – Investment & Construction Net Active Balance $3,921.54 $4,040.73 $3,727.20 $4,096.40 $4,389.62 $4,743.41 $5,225.32 $481.91 Net Available C
Slide 46: Current Expected Credit Losses
Current Expected Credit Losses Total Allowance for Credit Losses for loans = $300.7 mm or 1.04% of loans at December 31, 2022 Allowance for Off-Balance % of Loans Total Forecasted economic metrics(1) Credit Losses Sheet Base Case Outlook at: 1Q23 2Q23 3Q23 4Q23 At December 31, 2021 $263,233 1.12% (1
Slide 47: Current Expected Credit Losses
Current Expected Credit Losses December 31, March 31, June 30, September 30, December 31, 2021 2022 2022 2022 2022 % of % of % of % of % of Allowance for Credit Losses Amount Loans Amount Loans Amount Loans Amount Loans Amount Loans Commercial and Industrial $112,340 1.46%* $112,412 1.37%* $125,772
Slide 48: Asset Quality
Asset Quality AS A % OF AS A % OF AS A % OF ($ in millions) December 31, 2022 September 30, 2022 December 31, 2021 TOTAL LOANS TOTAL LOANS TOTAL LOANS NPLs and > 90 days Const. and land development $232 0.00% $103 0.00% $356 0.00% Consumer RE 17,329 0.06% 14,690 0.05% 10,408 0.04% CRE – Owner Occupi
Slide 49: Loan Portfolio – Net Charge Offs by Loan Type
Balance Sheet – Loan Portfolio Net Loan Charge Offs by Loan Type 1.00% 0.90% 0.80% 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% -0.10% CRE Construction C&I Consumer RE Consumer and other Total net charge off rates 2019 2020 2021 2022 49
Slide 50: Loan Portfolio – 100/300 Test
Balance Sheet – Loan Portfolio – 100/300 Test ($ in thousands) Description 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 Loans secured by real estate: Construction, land development, and other loans: 1-4 family residential construction loans $772,653 $792,046 $754,325 $701,029 $625,862 $635,470 Other construction l
Slide 51: Deposit Portfolio – Market Segmentation
Balance Sheet – Deposit Portfolio – Market Segmentation ($ in millions) TOTAL DEPOSITS CORE DEPOSITS NONCORE DEPOSITS TOTAL PINNACLE TRANSACTION AND MMDA CDs PUBLIC FUNDS and OTHER DEPOSITS 4Q22 4Q21 4Q22 4Q21 4Q22 4Q21 4Q22 4Q21 Nashville $13,380.4 $13,165.5 $12,492.7 $12,650.8 $497.0 $351.7 $390.7
Slide 52: Bond Portfolio Statistics
Balance Sheet – Bond Portfolio Statistics Investment Securities Segmentation Portfolio: December 31, 2022 Total Investments $6.6 billion Net Unrealized Gain (Loss) ($210.5) million 16.1% 1.7% Quarter Duration Avg. Yield- TE 4Q22 4.4% 3.2% 3Q22 4.9% 2.7% 48.9% 2Q22 4.6% 2.3% 25.7% 1Q22 4.4% 2.1% 4Q21
Slide 53: Balance Sheet – Bond Portfolio
Balance Sheet – Bond Portfolio 4.00 40.0 Effective Bond Portfolio Composition End of Period 3.50 35.0 3.19 3.00 30.0 77% 76% 72% 71% 70% % of Total Assets 2.50 25.0 Bond Yields 2.00 20.0 1.50 15.0 15.8 1.00 10.0 30% 29% 28% 24% 23% 0.50 5.0 0.00 - 2018Q1 2022Q1 2017Q1 2017Q2 2017Q3 2017Q4 2018Q2 201
Slide 54: Interest Rate Sensitivity
Interest Rate Sensitivity Rate Ramp Scenarios Rate Shock Scenarios 5.0% 10.0% 8.0% 3.0% 6.0% 3.7% Net Interest Income % D Net Interest Income % D 1.6% 4.0% 1.2% 2.8% 2.9% 1.0% 1.9% 2.2% 2.1% 1.0% 0.7% 2.0% 0.4% 0.3% 0.2% 0.6% 0.0% -0.2% -1.0% -0.7% -0.6% -0.6% -2.0% -1.0% -1.0% -0.8% -1.8% -1.8% -1.
Slide 55: NIM Adjusted for PPP and Liquidity Impact – 4Q22
NIM Adjusted for PPP and Liquidity Impact – 4Q22 Estimate PPP and Liquidity Build negatively impacted 4Q22 NIM by 0.04% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 4Q22 Adjustments Entries Interest Adjustme
Slide 56: NIM Adjusted for PPP and Liquidity Impact – 3Q22
NIM Adjusted for PPP and Liquidity Impact – 3Q22 Estimate PPP and Liquidity Build negatively impacted 3Q22 NIM by 0.09% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 3Q22 Adjustments Entries Interest Adjustme
Slide 57: NIM Adjusted for PPP and Liquidity Impact – 2Q22
NIM Adjusted for PPP and Liquidity Impact – 2Q22 Estimate PPP and Liquidity Build negatively impacted 2Q22 NIM by 0.12% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 2Q22 Adjustments Entries Interest Adjustme
Slide 58: NIM Adjusted for PPP and Liquidity Impact – 1Q22
NIM Adjusted for PPP and Liquidity Impact – 1Q22 Estimate PPP and Liquidity Build negatively impacted 1Q22 NIM by 0.29% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 1Q22 Adjustments Entries Interest Adjustme
Slide 59: NIM Adjusted for PPP and Liquidity Impact – 4Q21
NIM Adjusted for PPP and Liquidity Impact – 4Q21 Estimate PPP and Liquidity Build negatively impacted 4Q21 NIM by 0.25% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 4Q21 Adjustments Entries Interest Adjustme
Slide 60: NIM Adjusted for PPP and Liquidity Impact – 3Q21
NIM Adjusted for PPP and Liquidity Impact – 3Q21 Estimate PPP and Liquidity Build negatively impacted 3Q21 NIM by 0.17% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 3Q21 Adjustments Entries Interest Adjustme
Slide 61: NIM Adjusted for PPP and Liquidity Impact – 2Q21
NIM Adjusted for PPP and Liquidity Impact – 2Q21 Estimate PPP and Liquidity Build negatively impacted 2Q21 NIM by 0.17% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 2Q21 Adjustments Entries Interest Adjustme
Slide 62: NIM Adjusted for PPP and Liquidity Impact – 1Q21
NIM Adjusted for PPP and Liquidity Impact – 1Q21 Estimate PPP and Liquidity Build negatively impacted 1Q21 NIM by 0.27% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 1Q21 Adjustments Entries Interest Adjustme
Slide 63: NIM Adjusted for PPP and Liquidity Impact – 4Q20
NIM Adjusted for PPP and Liquidity Impact – 4Q20 Estimate PPP and Liquidity Build negatively impacted 4Q20 NIM by 0.29% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 4Q20 Adjustments Entries Interest Adjustme
Slide 64: NIM Adjusted for PPP and Liquidity Impact – 3Q20
NIM Adjusted for PPP and Liquidity Impact – 3Q20 Estimate PPP and Liquidity Build negatively impacted 3Q20 NIM by 0.40% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 3Q20 Adjustments Entries Interest Adjustme
Slide 65: NIM Adjusted for PPP and Liquidity Impact – 2Q20
NIM Adjusted for PPP and Liquidity Impact – 2Q20 Estimate PPP and Liquidity Build negatively impacted 2Q20 NIM by 0.32% Adjusted Avg Adjusted ProForma Adj. Yield/ Actual Avg Balances ProForma Balances after PF ProForma Interest after Yield/ Rate Rates after 2Q20 Adjustments Entries Interest Adjustme
Slide 66: Income Statement – Mortgage Volumes
Income Statement – Mortgage Volumes $625,000 5.00% $550,000 4.50% $475,000 4.00% $400,000 3.50% $325,000 3.00% $250,000 2.50% $175,000 2.00% $100,000 1.50% $25,000 1.00% Purchase Money Refinance Gross fees as a % of loans originated 66
Slide 67: Income Statement – Revenue Per Share
Income Statement – Revenue Per Share LTM Revenue Per Share Growth* vs. Peers $21.00 20.0% 19.0% $20.34 $20.00 17.5% 18.0% 16.2% $19.51 16.2% $19.00 13.8% $18.62 16.0% 14.5% 13.1% 14.3% 13.0% $17.85 $18.00 13.0% $17.50 12.8% 14.0% Y/Y Revenue per Share Growth 11.3% 11.9% 11.9% $17.07 11.3% 11.6% $17.
Slide 68: Income Statement – PPNR
Income Statement – PPNR ($'s in thousands) 2018 2019 2020 2021 2022 PPNR Trends Adjusted PPNR Net interest income $ 736,342 $ 766,142 $821,788 $932,401 $1,129,293 $800 Noninterest income 200,850 263,826 317,840 395,734 416,124 $700 Noninterest expense (452,867) (505,148) (564,455) (660,104) (779,999
Slide 69: BHG Financials
BHG Financials Consistency through turbulent markets / Strong cash & equity position At Dec 30, At Sep 30, At Dec 30, ($'s in thousands) ($'s in thousands) 4Q 2022 3Q 2022 4Q 2021 2022 2022 2021 Cash and Cash Equivalents 683,143 584,525 373,149 Interest Income $ 134,193 $ 116,315 $ 72,528 Loans Held
Slide 70: Income Statement: Reconciliation of Non-GAAP Financial Measures
Income Statement Reconciliation of Non-GAAP Financial Measures 70
Slide 71: Income Statement: Reconciliation of Non-GAAP Financial Measures
Income Statement Reconciliation of Non-GAAP Financial Measures 71
Slide 72: Income Statement: Reconciliation of Non-GAAP Financial Measures
Income Statement Reconciliation of Non-GAAP Financial Measures 72
Slide 73: 2022 Peer Group
2022 Peer Group Institution Name Ticker City, State Pinnacle Financial Partners, Inc. PNFP Nashville, TN Comerica Inc. CMA Dallas, TX First Horizon Corp. FHN Memphis, TN Zions Bancorp. NA ZION Salt Lake City, UT Synovus Financial Corp. SNV Columbus, GA Cullen/Frost Bankers, Inc. CFR San Antonio, TX
Slide 74: Investor Call Fourth Quarter 2022
Investor Call FOURTH QUARTER 2022 M. TERRY TURNER, PRESIDENT AND CEO HAROLD R. CARPENTER, EVP AND CFO
Pinnacle Financial Partners — Q4 2022 Earnings Presentation on 6ix