Pinnacle Financial Partners, Inc. · NYSE:PNFP
Pinnacle Financial Partners — Q3 2026 Earnings Presentation
37 slides from Pinnacle Financial Partners's earnings presentation, Oct 21, 2026
Slide 1: Earnings Results Third Quarter 2026
Earnings Results Third Quarter 2026 1
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: OUR TEAM Top Engagement Regional Bank Employer of Choice + Win with Objective: CLIENTS Top NPS Industry-Leading Client Service PNFP footprint population Leads to Winning with = Objective: projected to grow ~2x faster than national SHAREHOLDERS Top TSR average(1) Highly
Slide 5: The Pinnacle Model
The Pinnacle Model Top Quartile Growth Over Economically Resilient Growth Last 10 Years(1): Rev PS CAGR: Relationship-driven hiring 11% OUTPERFORM Reach #1 in Continuous recruiting of bankers through the growth & network; goal of bringing their best clients & returns Adj. Rev PS CAGR(2): 11% colleag
Slide 6: Our focus is unchanged
Our focus is unchanged 1Q22-4Q25 Results Reflect Legacy PNFP, While 1Q26-3Q26 Reflect the Combined Organization $1,500 Reported Revenue Diluted Reported EPS Book Value Per Common Share (in millions) $3.00 $95 $1,000 $90 : 7% $2.50 $85 CAGR $2.00 CAGR: 9% $80 $75 $500 $1.50 $70 $65 $1.00 $60 $55 $— $
Slide 7: Our focus is unchanged
Our focus is unchanged 1Q22-4Q25 Results Reflect Legacy PNFP, While 4Q25C, and 1Q26-3Q26 Reflect the Combined Organization $100 Period-End Loans Common Equity Tier 1 Ratio NCOs/Average Loans ($ 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% $— —% —% 1Q 22 4Q 24
Slide 8: Hiring accelerates in third quarter
Hiring accelerates in third quarter Annual Hiring Targets YTD Revenue Producer Hires by Job Family 250-275 230 250+(1) 217 (3) 2024 2025 2026E 2027E FY 2026 Progress to Target(2) 1Q26 2Q26 3Q26 52 74 96 96 52 74 0 250 222 89% of Goal Hiring expected to lead 12-14% - 6-7% = 6-7% + 3-6% = 9-13% to sus
Slide 9: Deposit share rises as growth outpaces markets'
Deposit share rises as growth outpaces markets' Key stats Key YoY Stats Sharedeposits Share of footprint of Footprint Deposits at June 30 at June 30 (1) Footprint share gain(1) +18 bps To 4.50%, year over year Growth vs. our markets(1) 2.9x Our deposit growth vs. footprint States moving up in rank 5
Slide 10: EPS strength continues with linked quarter growth
EPS strength continues with linked quarter growth Income Statement Summary (GAAP) Income Statement Summary (Adjusted)(1) ($ in millions, except per share data) 3Q26 QoQ ($ in millions, except per share data) 3Q26 QoQ Net Interest Income $986 3% Net Interest Income (TE)(2) $995 3% Provision for Credi
Slide 11: Balance sheet grows while capital builds
Balance sheet grows while capital builds Period End Balance Sheet Growth Profitability Metrics Credit & Capital Metrics ($ in millions) 3Q26 QoQ 3Q26 2Q26 3Q26 2Q26 Loans $89,808 2% ROAA (2) 1.18% 1.06% NCOs/Average Loans(2) 0.23% 0.22% Deposits $103,036 2% Adjusted ROAA(2)(3) 1.32% 1.27% NPLs/Loans
Slide 12: Financial Performance
zinnacle Financial Performance
Slide 13: Loans
Loans Period-End Loans ($ in millions) H i g h l i g h t s • 3Q26 period-end loan growth was $1.7B or 8% annualized $350 $19 $89,808 $485 • Growth was diverse across geographies, specialty lines $879 and asset classes $88,076 • 3Q26 new funded loan production remains robust (up over 11% combined YoY
Slide 14: Deposits
Deposits Period-End Deposits ($ in millions) H i g h l i g h t s • Deposit growth continues to outpace historical $299 $103,036 $386 $255 combined trends YTD; QTD growth was balanced across $1,248 geographies and specialty lines $(49) $100,898 • Excluding Public Funds, Core Deposits(1) grew $2.6B Qo
Slide 15: Net Interest Income
Net Interest Income H i g h l i g h t s Net Interest Income and Net Interest Margin ($ in millions) • Net interest income increased 3% QoQ or 12% annualized $956 $986 $933 • Linked-quarter NIM decline to 3.40% primarily driven by 3.53% increasing deposit costs and the ongoing, wholesale- 3.44% 3.40%
Slide 16: Non-Interest Revenue
Non-Interest Revenue H i g h l i g h t s QoQ % • Core Banking and Wealth Management fees both grew 3% Non-Interest Revenue ($ in millions) 3Q26 Change QoQ and are all exhibiting double-digit YTD growth on a combined basis(1) Core Banking Fees $96 3% • Loan Sales and Servicing fees continue to be imp
Slide 17: Non-Interest Expense
Non-Interest Expense H i g h l i g h t s QoQ % Non-Interest Expense ($ in millions) 3Q26 Change • Increase in employment expense primarily driven by increased annual incentive accrual associated with Employment Expense $398 5% Revenue and EPS growth • Geography and specialty revenue producer Occupan
Slide 18: Credit Quality
Credit Quality H i g h l i g h t s NCOs/Average Loans • Credit quality remained broadly stable throughout 2026, with past dues, NPLs, and charge-offs holding within a narrow range across 0.23% 0.23% 0.22% all three quarters • Criticized and classified loans increased a modest 4bps to 2.10% • The all
Slide 19: Capital
Capital H i g h l i g h t s Capital Ratios at September 30, 2026(1) (3Q25-4Q25 ratios are for Legacy PNFP only) • The CET1 Ratio(1) increased 8 bps QoQ to 10.01%; strong organic earnings profile supports continued 12.94% 12.97% 12.34% 12.20% 12.22% capital accretion 11.30% 11.34% 10.71% 10.77% 10.62
Slide 20: 2026 Outlook
zinnacle 2026 Outlook
Slide 21: Net interest income continues to expand despite margin contraction
Net interest income continues to expand despite margin contraction Quarterly Net Interest Income (TE)(1) Key takeaways • Sustained NII growth is primarily volume-driven: steady earning- ≈ +2-4% QoQ asset expansion carries NII higher quarter after quarter Actual $1,015–$1,035MM +2.8% QoQ Outlook (ran
Slide 22: 2026 Outlook Update: 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 Trending to mid range supported by strong 4Q seasonal inflows Total Deposits No Change to Prior Guidance Trend
Slide 23: Appendix
zinnacle Appendix
Slide 24: Period-End Loan and Deposit Growth
Period-End Loan and Deposit Growth 3Q26 Period-End Loans 3Q26 Period-End Deposits QoQ $ QoQ % YTD % QoQ $ QoQ % YTD % ($ In millions) 3Q26 Change Change Change 3Q26 Change Change Change Tennessee/Kentucky $16,711 $3 —% 5% $25,363 $(273) (1)% 3% Carolinas/Virginia/Washington, DC $15,868 $436 3% 8% $1
Slide 25: Deposit Mix and Rate Overview
Deposit Mix and Rate Overview 3Q26 2Q26 3Q26 Average Rate % of Total 2Q26 Average Rate % of Total Non-interest Bearing -- 20% -- 21% Interest-Bearing Interest Bearing Demand 2.50% 29% 2.51% 30% Savings 0.33% 2% 0.35% 2% Money Market 2.78% 36% 2.67% 34% Time 3.45% 13% 3.46% 13% Total Interest-Bearing
Slide 26: Earning Asset Composition and NII Sensitivity
Earning Asset Composition and NII Sensitivity (at September 30, 2026) Loan Portfolio Fixed-Rate/Variable-Rate Mix(1) 12-Month Estimated Net Interest Income Sensitivity(2) 31% + 100 Bps +1.7% Parallel Rate Impact 69% - 100 Bps -1.6% Fixed-Rate Variable-Rate Note: Amounts may not add up due to roundin
Slide 27: Securities and Liquidity Overview
Securities and Liquidity Overview (at September 30, 2026) Securities Portfolio Breakout Notable Liquidity Sources ($ in billions) Focus on liquidity, earnings and rate risk management FRB Cash $6.3 Portfolio Book Value Book Yield – TEY(1) Net Duration(2) FHLB Capacity $6.2 $21.6B ~4.27% ~3.6 Unencum
Slide 28: Cash Flow Derivatives Portfolio Overview
Cash Flow Derivatives Portfolio Overview Strategy aims to protect margin & reduce capital volatility H i g h l i g h t s Cash Flow Hedge Portfolio (Avg. Notional) ($ in millions) (1) • Receive-fixed Cash Flow swaps against loans: • Average fixed rate of 3.28%, converting floating-rate loan exposure
Slide 29: Loan portfolio is highly diverse
Loan portfolio is highly diverse Shown as % of Total Loans C&I Non-Real C&I Portfolio 42% Estate Related 3Q26 Metrics C&I CRE Cons C&I Owner- 16% Dollars in Billions $52.1 $24.0 $13.7 Occupied (1) NPL Ratio 0.40% 0.52% 0.71% Other CRE 8% QTD NCO Ratio 0.28% 0.12% 0.21% Multi-Family 7% 30+ Days Past
Slide 30: BHG 3Q26 Overview
BHG 3Q26 Overview YTD Loan Originations ($ in billions) $6.31 • Pinnacle's equity-method investment income was $48MM in 3Q26 $4.44 • Underlying collateral profile and performance remains stable $2.54 • Origination volumes of $2.5B for 3Q and $6.3B year-to-date • Delivering on an intentional strategy
Slide 31: Non-GAAP Financial Measures
Non-GAAP Financial Measures ($ in millions, except per share data, share count in thousands) 3Q26 2Q26 3Q25 2026 2025 Net income available to common shareholders $364 $313 $169 $812 $461 Gain on disposition of investment (4) — — (4) — Valuation adjustment to Visa derivative 3 2 — 5 — Investment secu
Slide 32: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ in millions) 3Q26 2Q26 3Q25 Net income $379 $328 $173 Gain on disposition of investment (4) — — Valuation adjustment to Visa derivative 3 2 — Investment securities (gains) losses, net 1 29 — Merger-related expense (1) 56 51 8 Tax effect of adjustments(2) (11
Slide 33: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ in millions) 3Q26 2Q26 3Q25 2026 2025 Net income available to common shareholders $364 $313 $169 $812 $461 Gain on disposition of investment (4) — — (4) — Valuation adjustment to Visa derivative 3 2 — 5 — Investment securities (gains) losses, net 1 29 — 27 1
Slide 34: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ in millions) 3Q26 2Q26 3Q25 Total non-interest expense $749 $721 $303 Merger-related expense (56) (51) (8) Valuation adjustment to Visa derivative (3) (2) — Fair value adjustment on non-qualified deferred compensation — (6) — Adjusted non-interest expense $6
Slide 35: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ in millions, except per share data, share count in thousands) September 30, 2026 December 31, 2025 September 30, 2025 Total assets $130,685 $57,706 $55,964 Goodwill (3,484) (1,849) (1,849) Core deposits and other intangible assets, net (999) (30) (18) Tangib
Slide 36: Reconciliation of Non-GAAP Financial Measures, Continued
Reconciliation of Non-GAAP Financial Measures, Continued 3Q26 2Q26 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Net income available to common shareholders $ 364 $ 313 $ 135 $ 166 $ 169 $ 155 $ 137 $ 147 $ 143 $ 49 $ 120 $ 91 $ 129 $ 194 $ 133 $ 134 $ 145 $ 14
Slide 37: Reconciliation of Non-GAAP Financial Measures, Continued
Reconciliation of Non-GAAP Financial Measures, Continued 3Q26 2Q26 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Net interest income $ 986 $ 956 $ 933 $ 408 $ 397 $ 380 $ 364 $ 364 $ 352 $ 332 $ 318 $ 317 $ 317 $ 315 $ 312 $ 319 $ 306 $ 265 $ 239 Total noninter
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