Pinnacle Financial Partners, Inc. · NYSE:PNFP
Pinnacle Financial Partners — Q1 2026 Earnings Presentation
49 slides from Pinnacle Financial Partners's earnings presentation, Apr 23, 2026
Slide 1: Earnings Results First Quarter 2026
Earnings Results First 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: Pinnacle Financial Partners
Pinnacle Financial Partners 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 Objective: PNFP footprint population projected to grow THE SHAREHOLDERS Top TSR ~2x faster Highly
Slide 5: A Standout First Quarter as a Combined Company
A Standout First Quarter as a Combined Company Strong Solid Loan Sound Credit Earnings Per Share and Deposit Growth Quality and Capital $0.89 +10% 0.23% / 0.58% 1Q26 Annualized 1Q26 Diluted Period-End 1Q26 NCO Ratio(4) Earnings Per Share Loan Growth(2)(6) 1Q26 NPA Ratio(4) $2.39 +8% 9.83% / 9.60% 1Q
Slide 6: Revenue Producer Hiring Remains Consistent Post-Merger
Revenue Producer Hiring Remains Consistent Post-Merger Nashville Business Journal Revenue Producer Hires in First Note: 37 New Hires or Accepted Offers Quarter 2026 Since Quarter-End(1) Source: PNFP internal data; (1) Revenue producer hires/acceptances since April 1, 2026 were measured as of April 1
Slide 7: Fortune Best Companies to Work For recognition
earned by legacy Source: 2026 Fortune 100 Best Companies to Work For® Synovus 7
Slide 8: Coalition Greenwich Recognition Remains Outstanding
Coalition Greenwich Recognition Remains Outstanding No. 1 No. 6 Outstanding Legacy Synovus results in the midst of a Pinnacle pending merger Net Promoter Score of 83 No. 1 NPS score in the Southeast Net Promoter Score of 59 Both firms rank among the most awarded institutions out of more than 500 ban
Slide 9: Our Focus is Unchanged
Our Focus is Unchanged 1Q22-4Q25 Results Reflect Legacy Pinnacle, While 1Q26 Reflects the Combined Organization Reported Revenue, in Millions Diluted Reported EPS Book Value Per Common Share $1,500 $3.00 $95 CAGR: 12% CAGR: 7% $90 CAGR: 7% $2.50 $85 $1,000 $80 $2.00 $75 $70 $1.50 $500 $65 $1.00 $60
Slide 10: Our Focus is Unchanged
Our Focus is Unchanged 1Q22-4Q25 Results Reflect Legacy Pinnacle, While 4Q25C and 1Q26 Reflect the Combined Organization Period-End Loans, in Billions(1) Common Equity Tier 1 Ratio NCOs/Average Loans(1) $90 14.0% 0.50% $80 CAGR: 13% 13.0% 12.0% $70 11.0% 0.40% 10.0% $60 9.0% 0.30% $50 8.0% 7.0% $40
Slide 11: Peer Comparison - First Quarter 2026 Metrics
Peer Comparison - First Quarter 2026 Metrics PNFP Generated Strong Growth with Prudent Pricing and Disciplined Credit Selection (1) (1) (2) Pinnacle loan and deposit growth adjusted for merger impact Source: PNFP internal data and S&P Capital IQ Pro; Note: The PNFP-SNV merger closed on January 1, 20
Slide 12: Financial Performance
f i | FINANCIAL PARTNERS Financial Performance
Slide 13: Loans
Loans H i g h l i g h t s Period-End Loans ($ in millions)(2)(5) $356 $117 • On a combined basis, 1Q26 period-end loan growth(1) was $1,608 $2B or 10% annualized $85,197 $(664) • Growth was diverse across geographies, specialty lines $83,781 and asset classes 10% Annualized Growth 4Q25C(2) C&I CRE C
Slide 14: Deposits
Deposits H i g h l i g h t s Period-End Deposits ($ in millions)(3)(4) $193 $421 • On a combined basis, period-end deposit growth was $1,128 $100,103 $1.4B or 6% annualized, while core deposit growth(1) was $(499) $1.9B or 8% annualized $98,724 $136 • Broad based growth led by geographies and suppor
Slide 15: Net Interest Income
Net Interest Income H i g h l i g h t s Net Interest Income and Net Interest Margin ($ in millions) 3.53% • Linked-quarter NIM expansion to 3.53% was largely attributable to rate-marks on loans and securities 3.26% 3.27% $933 3.21% 3.23% • Modest impact from shifts in balance sheet composition and d
Slide 16: Non-Interest Revenue
Non-Interest Revenue H i g h l i g h t s Full-Service Capabilities • On a combined basis, non-interest revenue rose Treasury Management Commercial Card - Analysis - Merchant Services over 30% YoY while adjusted non-interest revenue was flat QoQ and increased over 20% YoY(1)(2) Capital Markets Swaps
Slide 17: Non-Interest Expense
Non-Interest Expense H i g h l i g h t s 1Q26 Merger-Related Expense ($ in millions) • Employment expense was impacted by elevated $15 seasonal cost and merit increases Merger Advisory- Related Fees $100 • Headcount is down 2% QoQ on a combined basis Equity Acceleration Expense $91 reflecting merger
Slide 18: Credit Quality
Credit Quality H i g h l i g h t s Allowance for Credit Losses(1) ($ in millions) 1Q26 ACL • NCOs/Average Loans were 0.23% in 1Q26, in line with expectations 4Q25C(1) ACL 1.19% 1.18% $14 $9 $— $1,014 $13 $987 • Quarter-over-quarter NPA increase was primarily attributable to 2 $(9) previously-rated s
Slide 19: Capital
Capital H i g h l i g h t s Capital Ratios at March 31, 2026(1)(1Q25-4Q25 ratios are for legacy PNFP only) • The CET1 Ratio(1) ended 1Q26 at 9.83%, in line with expectations after incorporating stronger loan 13.03% 13.02% 12.94% 12.97% 12.34% growth 11.21% 11.23% 11.30% 11.34% 10.62% • 10.25% CET1 t
Slide 20: CET1 Ratio Including AOCI Comparison
CET1 Ratio Including AOCI Comparison 11.2% 9.6% 10.0% 10.3% 8.8% 9.2% 9.3% 9.4% As of As of 12/31/25 12/31/25 (1) Peer 1 Peer 2 Peer 3 Peer 4 PNFP Peer 5 Peer 6 Peer 7 Pro Forma Benefit from the Proposed Standardized Approach for Risk-Weighted Assets (RWA) Reduction in Broad RWA Lesser capital RWA r
Slide 21: 2026 Outlook
f i | FINANCIAL PARTNERS 2026 Outlook
Slide 22: No Change to Prior Guidance
2026 Outlook Initial 2026 Outlook Updated Outlook Notes Period-End $91.0B - $93.0B • Represents 9%-11% loan growth (excluding the Day 1 purchase accounting loan mark) Loans (Ex Loan Mark) Period-End $106.5B - $108.5B • Represents 8%-10% total deposit growth Deposits No Change to Prior Guidance • Ass
Slide 23: Revenue Producer Hiring Remains a Key Focus
Revenue Producer Hiring Remains a Key Focus 50 Hires Made in 1Q26 37 New Hires or Accepted Offers Since Quarter-End(1) 250-275 275 225-250 250 50 230 45 217 50 41 2024A 2025A 2026E 2027E 1Q25 4Q25 1Q26 Combined PNFP-SNV PNFP Combined PNFP-SNV PNFP Note: The PNFP-SNV merger closed on January 1, 2026;
Slide 24: Our Banker Hiring Model is Highly Differentiated
Our Banker Hiring Model is Highly Differentiated EXPERIENCED HIGHLY DISCIPLINED ALIGNED TALENT PROCESS INCENTIVES Revenue producers are highly Firmwide performance-based Recruiting pipelines are seasoned and recruited directly incentives promote teamwork, by existing producers, ensuring reviewed and
Slide 25: Revenue Synergy Progress Is Well Underway
Revenue Synergy Progress Is Well Underway(1) Opportunities Revenue Synergies Progress Relationship Revenue Producer Hiring • Implemented Pinnacle recruiting process and Expansion routines within SNV markets Hold Limits ~$60 Million - $70 Million • ~40% of geographic hires in 1Q26 were in legacy SNV
Slide 26: Appendix
f i | FINANCIAL PARTNERS Appendix
Slide 27: Updated Merger Impacts In-Line with Expectations
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 2027,
Slide 28: Period-End Loan and Deposit Growth
Period-End Loan and Deposit Growth Period-End Loans Period-End Deposits QoQ $ Change QoQ % QoQ $ Change QoQ % Vs. Combined Vs. Combined Vs. Combined Vs. Combined ($ In millions) 1Q26 4Q25(3) 4Q25(3) 1Q26 4Q25(3) 4Q25(3) Tennessee/Kentucky $17,118 $301 2% $26,043 $744 3% Carolinas/Virginia/Washington
Slide 29: Deposit Mix and Rate Overview
Deposit Mix and Rate Overview 4Q25C Average Rate 1Q26 Average Rate % of Total % of Total (Estimated)(1) 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 Interest-B
Slide 30: Earning Asset Composition (at March 31, 2026)
Earning Asset Composition (at March 31, 2026) 1Q26 Loan Portfolio Fixed-Rate/Variable-Rate Mix 12-Month Estimated Net Interest Income Sensitivity(1) 35% + 100 Bps +2.5% Parallel Rate Impact 65% - 100 Bps -2.0% Fixed-Rate Variable-Rate Note: Amounts may not add up due to rounding; (1) NII sensitivity
Slide 31: Securities Portfolio (at March 31, 2026)
Securities Portfolio (at March 31, 2026) Focus on liquidity, earnings and rate risk management Portfolio Book Value Book Yield - TEY(1) AFS / Total Securities % Floating (FV) Net Duration(2) $19.8B 4.20% 87% ~25% ~3.1 Years Inclusive of AFS hedges Including Fair Value hedges Gross Duration 4.1 Years
Slide 32: Cash Flow Derivatives Portfolio Overview
Cash Flow Derivatives Portfolio Overview Strategy aims to protect margin & minimize capital volatility H i g h l i g h t s CF Hedge Portfolio (Annual Avg.) ($ in millions) • Receive-fixed Cash Flow swaps against loans: $2.50B notional: • Average fixed rate of 3.28%, converting floating-rate loan exp
Slide 33: Funding and Liquidity Overview
Funding and Liquidity Overview Notable Liquidity Sources ($ in billions) Wholesale Funding ($ in billions)(1) March 31, 2026 % of 11.5% Total Assets 11.6% FRB Cash $5.1 FHLB Capacity $7.9 Unencumbered Securities $11.3 $8.6 Discount Window Capacity $6.7 $9.1 Total $30.9 Discount Window Capacity (Pend
Slide 34: Allowance for Credit Losses ($ in millions)
Allowance for Credit Losses ($ in millions) $13 $14 $9 $— $1,014 $987 $(9) 4Q25C Economic Forecast Qualitative Net Growth Individual Other 1Q26 Legacy PNFP 1.17% 1.19% ACL/Loans: 4Q25C (5) ACL/Loans: 1.18% Economic Scenario Assumptions and Weightings 1Q26 Change from 2026(4) 2027(4) Scenario Model W
Slide 35: 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 C&I Non-Real Estate $48.2 billion • SNCs total $10.3 billion, ~6.3% of which is agented
Slide 36: Commercial and Industrial Loan Portfolio
Commercial and Industrial Loan Portfolio Largest C&I Industry Concentrations as a % of Total Loans at March 31, 2026 Finance/Insurance 10% CREDIT INDICATOR 1Q26 (1) Senior Housing 4% NPL Ratio 0.51% Accommodations & Food Services 4% (1) Net Charge-off Ratio (annualized) 0.35% Lessors of Real Estate
Slide 37: NDFI Loan Portfolio
NDFI Loan Portfolio H i g h l i g h t s NDFI Total Funded Loan Balances at March 31, 2026 • Across all NDFI categories, NDFI loans were $7.3 billion or 9% of total loans(1) • Business Credit Intermediaries exposure of $3.6 billion, a subset of which 7% is exposure to Private Credit totaling $1.7 bil
Slide 38: Commercial Real Estate Loan Portfolio
Commercial Real Estate Loan Portfolio CRE Concentrations as a % of Total Loans at March 31, 2026 Multi-Family 8% • Investment Properties portfolio represent 88% of total CRE portfolio Retail 4% ◦ The portfolio is well diversified among property types Warehouse/Industrial 4% Office 3% • 1Q26 CRE Cred
Slide 39: Consumer Loan Portfolio
Consumer Loan Portfolio Consumer Concentrations as a % of Total Loans at March 31, 2026 Consumer Mortgages 10% • 86% of Consumer portfolio is backed by residential real estate • Other Consumer includes secured and unsecured products Home Equity Lines 4% • Third party HFI portfolio of $850 million Th
Slide 40: BHG Credit Quality Continues to Impress
BHG Credit Quality Continues to Impress BHG Overview Sophisticated credit scoring models produce impressive results Borrower FICO Score Mix BHG facilitates loans in as little as 3 days from application to funding • BHG distinguishes itself by: • Targeting borrowers through direct mail and other soph
Slide 41: Loan Placement Channels
BHG Overview Loan Originations ($ in billions) Loan Sales $6.10 • Multiple institutional partnerships to acquire loans via the platform on a recurring basis $5.00 • Purchases executed at premium pricing, reflecting $3.70 strong demand and perceived credit quality Loan Placement Channels $2.50 $1.47
Slide 42: End Notes
End • Notes • Specialty Deposits include Health and Benefits, Community Associations, Government and Institutional, Multi-Family, Power, Production and Utilities, Title and Escrow, Education and Captive Insurance • Specialty Lending include Healthcare, Equipment, Aircraft, Auto Dealer, QSR/Franchise
Slide 43: Non-GAAP Financial Measures
Non-GAAP Financial Measures ($ in millions) 1Q26 4Q25 1Q25 Net income available to common shareholders $135 $166 $136 Subtract/add: Valuation adjustment to Visa derivative 1 — — Investment securities losses (gains), net (3) 4 13 Merger-related expense(1) 275 13 — FDIC Special Assessment — (8) — Tax
Slide 44: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ in millions) 1Q26 4Q25 1Q25 Net income $150 $170 $140 Valuation adjustment to Visa derivative 1 — — Investment securities (gains) losses, net (3) 4 13 Merger-related expense (1) 275 13 — FDIC special assessment — (8) — Tax effect of adjustments(2) (45) (2) (
Slide 45: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ in millions) 1Q26 4Q25 1Q25 Net income available to common shareholders $135 $166 $136 Valuation adjustment to Visa derivative 1 — — Investment securities (gains) losses, net (3) 4 13 Merger-related expense(1) 275 13 — FDIC special assessment — (8) — Tax eff
Slide 46: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ 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 $282 $137 $110 46 Amounts may not total d
Slide 47: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ in millions) 1Q26 4Q25 1Q25 Total non-interest expense $952 $301 $275 Merger-related expense (275) (13) — FDIC special assessment — 8 — Valuation adjustment to Visa derivative (1) — — Fair value adjustment on non-qualified deferred compensation 1 — — Adjuste
Slide 48: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued ($ 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) (20) Tangible assets $118,196 $55,827 $52,385 Total shareholders’ equity $14,594 $7,044 $6,543 Good
Slide 49: Reconciliation of Non-GAAP Financial Measures
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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