Pinnacle Financial Partners, Inc. · NYSE:PNFP
Pinnacle Financial Partners — Q2 2026 Earnings Presentation
41 slides from Pinnacle Financial Partners's earnings presentation, Jul 22, 2026
Slide 1: Earnings Results Second Quarter 2026
Earnings Results Second 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: Why We Win
4 Top TSR Win with PNFP footprint population projected to grow ~2x faster than national average(1) Why We Win 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 Industry-Leading
Slide 5: The Pinnacle Model: A Self-Reinforcing Growth Flywheel
5 The Pinnacle Model: A Self-Reinforcing Growth Flywheel An Economically Resilient Growth Model Relationship-driven hiring Continuous recruiting of bankers through the network; goal of bringing their best clients & colleagues Decentralized empowerment Local authority on decisions; specialists suppor
Slide 6: Revenue Producer Hiring Accelerates in Second Quarter
6 230 217 250 275 Combined Legacy PNFP-SNV PNFP 2024A 2025A 2026E 2027E 50 74 34 Hiring leads to sustainable, best in class, long-term growth: Revenue Producer Hiring Accelerates in Second Quarter 225-250 250-275 12-14% GROSS NEW HIRES 6-7% TURNOVER RATE 6-7% NET PRODUCER GROWTH 3-6% FROM EXISTING P
Slide 7: Second Quarter 2026 Financial Performance
7 ($ in millions, except per share data) 2Q26 % Change QoQ Net Interest Income $956 2% Provision for Credit Losses $63 (17)% Non-Interest Revenue $247 (13)% Total Revenue $1,203 (1)% Non-Interest Expense $721 (24)% Pre-Provision Net Revenue $482 82% Net Income Available to Common Shareholders $313 1
Slide 8: Second Quarter 2026 Financial Performance
8 ($ in millions) 2Q26 % Change QoQ Loans $88,076 3% Deposits $100,898 1% Core Deposits(1) $91,795 0% Non-Interest Bearing Deposits $20,224 1% (1) Core Deposits exclude non-ICS brokered deposits; (2) Annualized; (3) Non-GAAP financial measure; see appendix for applicable reconciliation; (4) TE - Tax
Slide 9: Year Since Synovus Merger Announcement
9 1 Year Since Synovus Merger Announcement Two quarters in, this merger is performing exactly as we designed it. Integration is running ahead of plan, we're on pace to deliver planned cost savings and revenue synergies, and we remain firmly on track for our systems conversion in the first quarter of
Slide 10: Quarterly Per Share and Revenue Trends
10 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 2Q 26 $— $500 $1,000 $1,500 Adjusted Diluted 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 2Q 26 $0.50 $1.00 $1.50 $2.00 $2.50 Tangible
Slide 11: Credit and Capital Trends
11 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 2Q 26 $— $50 $100 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 25 4Q 25 4Q 25 C 1Q 26 2Q 26 0.20% 0.40% 0.60% 0.80% 1.00% NCOs/A
Slide 12: Financial Performance
einnacle Financial Performance
Slide 13: Period-End Loans
13 $85,197 $2,690 $(114) $289 $14 $88,076 1Q26 C&I CRE Consumer Other 2Q26 Loans Period-End Organic Loan Growth Attribution(2) ($ in millions) Period-End Loans ($ in millions) • 2Q26 period-end loan growth was $2.9B or 14% annualized • Growth was diverse across geographies, specialty lines and asset
Slide 14: Quarterly Deposit Production Trends
14 Quarterly Deposit Production Trends ($ in billions) • More moderate deposit growth was consistent with expected seasonal patterns ◦ New deposit production increased approximately 20% on a linked quarter basis, offset by seasonal outflows from existing accounts ◦ Excluding Public Funds, Core Depos
Slide 15: Net Interest Income and Net Interest Margin
15 $408 $933 $956 3.27% 3.53% 3.44% Net Interest Income Net Interest Margin 4Q25 1Q26 2Q26 Net Interest Income 3.53% (0.02)% (0.01)% (0.03)% (0.02)% (0.01)% 3.44% 1Q26 NIM 1Q Non- Recurring Daycount Marginal Wholesale Funding Loan Yields Debt Issuance 2Q26 NIM Net Interest Margin (NIM) Attribution N
Slide 16: Non-Interest Revenue
16 Non-Interest Revenue ($ in millions) 2Q26 QoQ % Change Core Banking Fees $93 3 % Wealth Management Fees(2) $85 — % Loan Sales and Servicing Fees $9 (8) % Capital Markets Income $18 3 % Income from BHG Investment $24 (23) % BOLI $19 (5) % Investments Gains (Losses), Net $(29) nm Other Non-Interest
Slide 17: Non-Interest Expense
17 Non-Interest Expense ($ in millions) 2Q26 QoQ % Change Employment Expense $378 (5) % Occupancy, Equipment and Software Expense 102 5 % Amortization of Intangibles 46 (4) % Merger-Related Expense 51 (81) % FDIC insurance and other regulatory fees 20 (11) % Other Noninterest Expense 124 9 % Total N
Slide 18: Credit Quality
18 Legacy PNFP Synovus Pinnacle 2Q25 3Q25 4Q25 1Q26 2Q26 —% 0.20% 0.40% Legacy PNFP Synovus Pinnacle 2Q25 3Q25 4Q25 1Q26 2Q26 —% 0.50% 1.00% • 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%
Slide 19: Capital
19 Capital 10.74% 10.83% 10.88% 9.81% 9.93% Common Equity Tier 1 Tier 1 Tier 2 2Q25 3Q25 4Q25 1Q26 2Q26 Note: The Legacy PNFP-SNV merger closed on January 1, 2026 and all purchase accounting adjustments are preliminary as of June 30, 2026 and are subject to change until the measurement period is clo
Slide 20: Estimated Fully Phased CET1 Ratio Comparison
20 Estimated Fully Phased CET1 Ratio Comparison(1) (1) Peers include CFG, FCNC.A, FITB, HBAN, KEY, MTB, PNC, RF, TFC, and WAL; Fully Phased CET1 = June 30, 2026 reported CET1 + impacts as individually disclosed [Basel III Endgame (March 2026 NPR) RWA benefit (standardized approach) + AOCI impact fro
Slide 21: 2026 Outlook
einnacle 2026 Outlook
Slide 22: Net Interest Income Growth vs Margin Compression
22 Normalized at Close +10% Loan Growth Additional +1% Growth Cat IV Liquidity Fixed Rate Asset Repricing 2026 Year End NIM 3.40–3.45% 3.44–3.47% Net Interest Income Growth vs Margin Compression Quarterly Net Interest Income (TE) Actual Outlook (range) $947MM 1Q26A $968MM +2.2% QoQ 2Q26A $990–$1,005
Slide 23: 2026 Outlook Update
23 2026 Outlook Update Note: The Legacy PNFP-SNV merger closed on January 1, 2026 and all purchase accounting adjustments are preliminary as of June 30, 2026 and are subject to change until the measurement period is closed; (1) Non-GAAP financial measure; see appendix for applicable reconciliation;
Slide 24: Appendix
einnacle Appendix
Slide 25: Period-End Loan and Deposit Growth
25 Period-End Loan and Deposit Growth 2Q26 Period-End Loans 2Q26 Period-End Deposits ($ In millions) 2Q26 QoQ $ Change QoQ % Change YTD % Change 2Q26 QoQ $ Change QoQ % Change YTD % Change Tennessee/Kentucky $16,667 $571 4% 5% $25,639 $159 1% 4% Carolinas/Virginia/Washington, DC $15,863 $474 3% 5% $
Slide 26: Deposit Mix and Rate Overview
26 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-Bear
Slide 27: Earning Asset Composition and NII Sensitivity
27 Earning Asset Composition and NII Sensitivity (at June 30, 2026) Note: Amounts may not add up due to rounding; (1) NII sensitivity estimates reflect a static balance sheet; beta sensitivity estimates represent approximations, based on total deposit cost betas 68% 32% Fixed-Rate Variable-Rate Loan
Slide 28: Securities and Liquidity Overview
28 Securities and Liquidity Overview (at June 30, 2026) Note: Amounts may not add up due to rounding. (1) Est. Taxable Equivalent Yield, as of June 2026; (2) Net duration is inclusive of fair value hedges on AFS securities; (3) Additional collateral pledged effective 7/15, with an as of date of June
Slide 29: Cash Flow Derivatives Portfolio Overview
29 • Receive-fixed Cash Flow swaps against loans: $2.50B notional • Converts floating-rate loan exposure to fixed and locking in net interest margin for down rate protection • Interest rate options: ~$8.25B effective notional (as of 4Q26) • Cash Flow Floors against floating rate loans • Cash Flow Co
Slide 30: Allowance for Credit Losses
30 Allowance for Credit Losses ($ in millions) $1,014 $1 $8 $24 $(18) $1,029 1Q26 Economic Forecast Qualitative Net Growth Individual 2Q26 1.19% 1.17% Economic Scenario Assumptions and Weightings Note: The Legacy PNFP-SNV merger closed on January 1, 2026 and all purchase accounting amounts are preli
Slide 31: 2Q26 Portfolio Characteristics
31 Consumer Portfolio $13.4B CRE Portfolio $23.6B C&I Portfolio $51.1B 2Q26 Portfolio Characteristics C&I CRE Consumer NPL Ratio 0.40% 0.52% 0.63% QTD Net Charge-off Ratio (annualized) 0.29% 0.01% 0.35% 30+ Days Past Due Ratio 0.10% 0.07% 0.44% 90+ Days Past Due Ratio 0.01% 0.01% 0.01% Amounts may n
Slide 32: Commercial and Industrial Loan Portfolio
32 10% 4% 4% 4% 3% 3% 3% 3% Finance/Insurance Senior Housing Retail Trade Accommodations & Food Services Lessors of Real Estate Wholesale Trade Healthcare and Social Assistance Manufacturing Portfolio Characteristics 2Q26 NPL Ratio 0.40% Net Charge-off Ratio (annualized) 0.29% 30+ Days Past Due Rati
Slide 33: Commercial Real Estate Loan Portfolio
33 Commercial Real Estate Loan Portfolio CRE Concentrations as a % of Total Loans at June 30, 2026 INVESTMENT PROPERTIES LAND, DEVELOPMENT AND RESIDENTIAL PROPERTIES Portfolio Characteristics (as of June 30, 2026) Office Building Multi-Family Retail Hotels Other Investment Properties Warehouse/ Indu
Slide 34: Consumer Loan Portfolio
34 Portfolio Characteristics 2Q26 NPL Ratio 0.63% Net Charge-off Ratio (annualized) 0.35% 30+ Days Past Due Ratio 0.44% 90+ Days Past Due Ratio 0.01% Consumer Concentrations as a % of Total Loans at June 30, 2026 10% 3% 2% .3% Consumer Mortgages Home Equity Lines Other Consumer Consumer Card Amounts
Slide 35: BHG Credit Quality Continues to Impress
35 BHG Credit Quality Continues to Impress Sophisticated credit scoring models produce impressive resultsBHG 2Q26 Overview • Pinnacle's equity-method investment income was $24MM in 2Q26 • Underlying collateral profile and performance remains relatively stable • Origination volumes of $2.4B for 2Q an
Slide 36: Non-GAAP Financial Measures
36 ($ in millions, except per share data, share count in thousands) 2Q26 1Q26 2Q25 Net income available to common shareholders $313 $135 $155 Valuation adjustment to Visa derivative 2 1 — Investment securities losses (gains), net 29 (3) — Merger-related expense(1) 51 275 — Tax effect of adjustments(
Slide 37: Non-GAAP Financial Measures, Continued
37 ($ 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 $159 Net income annualized(3) $1,316
Slide 38: Non-GAAP Financial Measures, Continued
38 Non-GAAP Financial Measures, Continued ($ in millions) 2Q26 1Q26 2Q25 2026 2025 Net income available to common shareholders $313 $135 $155 $448 $291 Valuation adjustment to Visa derivative 2 1 — 3 — Investment securities (gains) losses, net 29 (3) — 26 13 Merger-related expense(1) 51 275 — 326 —
Slide 39: Non-GAAP Financial Measures, Continued
39Amounts may not total due to rounding. (1) Amounts have been calculated using whole dollar values. Non-GAAP Financial Measures, Continued ($ in millions) 2Q26 1Q26 2Q25 Total non-interest expense $721 $952 $286 Merger-related expense (51) (275) — Valuation adjustment to Visa derivative (2) (1) — F
Slide 40: Non-GAAP Financial Measures, Continued
40Amounts may not total due to rounding. (1) Amounts have been calculated using whole dollar values. Non-GAAP Financial Measures, Continued ($ 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
Slide 41: Reconciliation of Non-GAAP Financial Measures
41 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
Pinnacle Financial Partners — Q2 2026 Earnings Presentation on 6ix