Pinnacle Financial Partners announces earnings for third quarter 2026
ATLANTA--( BUSINESS WIRE)--Pinnacle Financial Partners, Inc. (NYSE: PNFP) today reported financial results for the quarter ended Sept. 30, 2026. Net income available to common shareholders was $364 million, or $2.40 per diluted share in third quarter 2026. Excluding merger-related expenses, investment securities losses and certain other items, adjusted net income available to common shareholders was $409 million, or $2.69 per diluted share.
“Three quarters into our first year as a combined company, the pattern that built Pinnacle is intact: consistent, repeatable performance, quarter after quarter. The merger changed our size, not how we perform. Strong loan and deposit growth and outsized growth in fee income have driven double-digit diluted EPS growth year over year. And we did it while building capital and keeping credit sound. Retention and recruiting are both ahead of plan, and clients remain loyal and committed to doing more business with us. We plan to close 2026 building on that pattern of performance,” said Pinnacle President and CEO Kevin Blair.
Third Quarter 2026 Performance
Third Quarter 2026 Summary
Reported
Adjusted
(dollars in millions)
3Q26
2Q26
3Q25
3Q26
2Q26
3Q25
Net income available to common shareholders
$
364
$
313
$
169
$
409
$
379
$
175
Diluted earnings per share
2.40
2.07
2.19
2.69
2.50
2.27
Total revenue
1,312
1,203
544
1,318
1,238
559
Total loans
89,808
88,076
37,933
NA
NA
NA
Total deposits
103,036
100,898
45,732
NA
NA
NA
Return on avg assets (1)
1.18
%
1.06
%
1.24
%
1.32
%
1.27
%
1.29
%
Return on avg common equity (1)
10.28
9.01
10.33
11.50
10.90
10.68
Return on avg tangible common equity (1)
16.54
14.89
14.58
18.34
17.70
15.07
Net interest margin (2)
3.40
3.44
3.26
NA
NA
NA
Efficiency ratio-TE (2)(3)
56.6
59.4
54.1
48.9
49.8
52.5
NCO ratio-QTD
0.23
0.22
0.18
NA
NA
NA
NPA ratio
0.50
0.50
0.41
NA
NA
NA
CET1 ratio (4)
10.01
9.93
10.83
NA
NA
NA
(1) Annualized
(2) Taxable equivalent
(3) Adjusted tangible efficiency ratio
(4) Current period ratio preliminary
NA - not applicable
Balance Sheet
Loans *
(dollars in millions)
Linked Quarter
Linked Quarter
3Q26
2Q26
Change
% Change
Commercial & industrial
$
52,063
$
51,115
$
948
2
%
Commercial real estate
24,037
23,595
442
2
Consumer
13,708
13,366
342
3
Total loans
$
89,808
$
88,076
$
1,732
2
%
*Amounts may not total due to rounding.
Deposits *
(dollars in millions)
3Q26
2Q26
Linked
Quarter
Change
Linked
Quarter %
Change
3Q25
Year/Year
Change
Year/Year
% Change
Non-interest-bearing DDA
$
20,912
$
20,657
$
255
1
%
$
8,958
$
11,954
133
%
Interest-bearing DDA
29,728
28,708
1,020
4
15,032
14,696
98
Money market
36,961
36,343
618
2
16,301
20,660
127
Savings
1,781
1,784
(3
)
—
797
984
123
Time deposits
13,654
13,406
248
2
4,644
9,010
194
Total deposits
$
103,036
$
100,898
$
2,138
2
%
$
45,732
$
57,304
125
%
*Amounts may not total due to rounding and prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.
Income Statement Summary **
(in millions, except per share data, share count in thousands)
3Q26
2Q26
Linked
Quarter
Change
Linked
Quarter %
Change
3Q25
Year/Year
Change
Year/Year
% Change
Net interest income
$
986
$
956
$
30
3
%
$
397
$
589
148
%
Non-interest revenue
326
247
79
32
147
179
122
Non-interest expense
749
721
28
4
303
446
147
Provision for (reversal of) credit losses
86
63
23
36
32
54
168
Income before taxes
$
477
$
419
$
58
14
$
209
$
269
129
Income tax expense (benefit)
98
91
7
7
36
62
168
Net income
379
328
51
16
173
206
119
Less: Preferred stock dividends
15
15
—
—
4
11
292
Net income available to common shareholders
$
364
$
313
$
51
16
%
$
169
$
195
116
%
Weighted average common shares outstanding, diluted
151,718
151,468
250
—
%
77,310
74,408
96
%
Diluted earnings per share
$
2.40
$
2.07
$
0.33
16
$
2.19
$
0.21
10
Adjusted diluted earnings per share
2.69
2.50
0.19
8
2.27
0.42
19
Effective tax rate
20.5
%
21.7
%
17.2
%
** Amounts may not total due to rounding and changes are calculated using unrounded amounts and may differ from calculations based on rounded figures. Additionally, prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.
Third Quarter 2026 Earnings Webcast and Conference Call
Pinnacle will host a conference call and webcast to discuss third quarter 2026 earnings results with an accompanying slide presentation at 8 a.m. ET on Oct. 22, 2026. Shareholders and other interested parties may listen to this conference call via simultaneous internet broadcast at investors.pnfp.com/events-presentations. Participants may also access the conference call at 888-506-0062 using the code 461090. The replay will be archived for at least 12 months and will be available approximately one hour after the call.
Pinnacle Financial Partners, Inc. (“Pinnacle”) is a $130.7 billion asset regional bank which provides a full range of banking, investment, trust, mortgage and insurance products and services for commercial and consumer clients who want a comprehensive relationship with their financial institution. The firm joined forces with Synovus on Jan. 1, 2026, bringing together more than 160 years of combined banking service. Pinnacle is the largest bank headquartered in Tennessee and the largest bank holding company headquartered in Georgia. The firm is No. 1 in deposit market share in the Nashville MSA and No. 4 in the Atlanta MSA with offices in Tennessee, Georgia, Florida, North Carolina, South Carolina, Alabama, Kentucky, Virginia and Maryland (as of June 30, 2026, according to FDIC data).
Pinnacle is an employer of choice for financial services professionals. The firm is No. 12 in FORTUNE magazine’s 2026 list of 100 Best Companies to Work For® in the U.S., its tenth consecutive appearance. Pinnacle was also recognized by American Banker as No. 4 among America’s Best Banks to Work For in 2025, its 13th consecutive year on the list, and No. 1 among banks with more than $10 billion in assets.
Forward-Looking Statements
This press release 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 amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Pinnacle’s use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Pinnacle’s future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding the anticipated benefits and risks related to the recently-completed business combination with Synovus Financial Corp., our future operating and financial performance; expectations on our intended strategies, initiatives, and other operational and execution goals; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Pinnacle to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Pinnacle’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Pinnacle’s ability to control or predict.
These forward-looking statements are based upon information presently known to management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Pinnacle's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Pinnacle's quarterly reports on Form 10-Q, current reports on Form 8-K and other filings and reports filed with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
INCOME STATEMENT DATA
Nine Months Ended September 30,
(In millions, except per share data, share count in thousands)
2026
2025
'26 vs '25
% Change
Interest income
$
4,721
$
2,086
126
%
Interest expense
1,846
943
96
Net interest income
2,875
1,143
152
Provision for (reversal of) credit losses
224
73
207
Net interest income after provision for credit losses
2,651
1,070
148
Non-interest revenue:
Core banking fees
280
98
186
Wealth management revenue
257
103
149
Income from equity method investment
103
87
19
Capital markets income
53
11
408
Income from bank-owned life insurance
60
35
69
Investment securities gains (losses), net
(27
)
(13
)
(114
)
Total loan sales and servicing
27
17
58
Other non-interest revenue
104
31
238
Total non-interest revenue
857
369
132
Non-interest expense:
Salaries and other personnel expense
1,172
537
118
Net occupancy, equipment, and software expense
300
131
128
Amortization of intangibles
140
4
nm
FDIC insurance and other regulatory fees
63
30
112
Merger-related expense
382
8
nm
Other operating expenses
366
154
138
Total non-interest expense
2,423
864
180
Income before income taxes
1,085
575
89
Income tax expense
228
102
123
Net income
857
473
81
Less: Preferred stock dividends
45
12
259
Net income available to common shareholders
$
812
$
461
76
%
Net income per common share, basic
$
5.38
$
6.00
(10
)%
Net income per common share, diluted
5.36
5.96
(10
)
Cash dividends declared per common share
1.50
0.72
108
Return on average assets *
0.92
%
1.17
%
(25) bps
Return on average common equity *
7.79
9.63
nm
Weighted average common shares outstanding, basic
151,072
76,841
97
%
Weighted average common shares outstanding, diluted
151,553
77,243
96
nm - not meaningful
bps - basis points
* - ratios are annualized
Amounts may not total due to rounding and percentage changes are calculated using unrounded amounts and may differ from calculations based on rounded figures.
Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
INCOME STATEMENT DATA
2026
2025
Third Quarter
(In millions, except per share data, share count in thousands)
Third
Quarter
Second
Quarter
Third
Quarter
'26 vs '25
% Change
Interest income
$
1,639
$
1,568
$
722
127
%
Interest expense
653
612
325
101
Net interest income
986
956
397
148
Provision for (reversal of) credit losses
86
63
32
168
Net interest income after provision for credit losses
900
893
365
147
Non-interest revenue:
Core banking fees
96
93
34
185
Wealth management revenue
88
85
38
130
Income from equity method investment
48
24
41
19
Capital markets income
17
18
4
300
Total loan sales and servicing
8
9
5
39
Income from bank-owned life insurance
21
19
12
69
Investment securities gains (losses), net
(1
)
(29
)
—
nm
Other non-interest revenue
49
28
13
277
Total non-interest revenue
326
247
147
122
Non-interest expense:
Salaries and other personnel expense
398
378
185
115
Net occupancy, equipment, and software expense
101
102
45
124
Amortization of intangibles
46
46
2
nm
FDIC insurance and other regulatory fees
20
20
11
76
Merger-related expense
56
51
8
nm
Other operating expenses
128
124
52
146
Total non-interest expense
749
721
303
147
Income before income taxes
477
419
209
129
Income tax expense
98
91
36
168
Net income
379
328
173
119
Less: Preferred stock dividends
15
15
4
292
Net income available to common shareholders
$
364
$
313
$
169
116
%
Per share information:
Net income per common share, basic
$
2.41
$
2.07
$
2.20
10
%
Net income per common share, diluted
2.40
2.07
2.19
10
Cash dividends declared per common share
0.50
0.50
0.24
108
Return on average assets *
1.18
%
1.06
%
1.24
%
(6) bps
Return on average common equity *
10.28
9.01
10.33
(5) bps
Weighted average common shares outstanding, basic
151,113
151,104
76,904
96
%
Weighted average common shares outstanding, diluted
151,718
151,468
77,310
96
nm - not meaningful
bps - basis points
* - ratios are annualized
Amounts may not total due to rounding and percentage changes are calculated using unrounded amounts and may differ from calculations based on rounded figures.
Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED
September 30,
2026
December 31,
2025
September 30,
2025
(In millions)
ASSETS
Cash and due from banks
$
545
$
359
$
303
Federal funds sold, securities purchased under resale agreements, and interest earning deposits with banks
6,676
3,206
2,962
Cash, cash equivalents, and restricted cash
7,221
3,565
3,265
Investment securities held to maturity, net
2,380
2,591
2,645
Investment securities available for sale
18,190
6,567
6,412
Loans held for sale (includes $28 million at fair value as of Sep 30, 2026)
686
97
175
Loans, net of deferred fees and costs
89,808
39,154
37,933
Allowance for loan losses
(986
)
(442
)
(434
)
Loans, net
88,822
38,712
37,499
Premises, equipment, and software, net
895
352
350
Cash surrender value of bank-owned life insurance
2,218
1,223
1,211
Goodwill
3,484
1,849
1,849
Core deposits and other intangible assets, net
999
30
18
Other assets
5,790
2,720
2,540
Total assets
$
130,685
$
57,706
$
55,964
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits
$
20,912
$
9,051
$
8,958
Interest-bearing deposits
82,124
38,350
36,774
Total deposits
103,036
47,401
45,732
Federal funds purchased and securities sold under repurchase agreements
586
316
326
FHLB advances and other borrowings
9,985
2,205
2,203
Other liabilities
2,468
740
847
Total liabilities
116,075
50,662
49,108
Equity:
Shareholders' equity:
Preferred stock — no par value per share, liquidation preference 225 million non-cumulative perpetual preferred stock
Authorized — 110 million shares at Sep 30, 2026 and 10 million shares at both Dec 31, 2025 and Sep 30, 2025
Issued and outstanding — 22 million shares at Sep 30, 2026, and 225,000 shares at both Dec 31, 2025 and Sep 30, 2025
781
217
217
Common stock — $1.00 par value
Authorized — 360 million shares at Sep 30, 2026 and 180 million shares authorized at both Dec 31, 2025 and Sep 30, 2025
Issued and outstanding — 151 million shares at Sep 30, 2026 and 78 million shares at both Dec 31, 2025 and Sep 30, 2025
151
78
78
Additional paid-in capital
10,138
3,144
3,141
Accumulated other comprehensive income (loss), net
(771
)
(123
)
(160
)
Retained earnings
4,311
3,728
3,580
Total equity
14,610
7,044
6,856
Total liabilities and equity
$
130,685
$
57,706
$
55,964
Amounts may not total due to rounding. Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
Third Quarter 2026
Third Quarter 2025
(Dollars in millions)
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Assets
Interest earning assets:
Loans, net of deferred fees and costs (1)(2)
$
88,652
$
1,366
6.12
%
$
37,693
$
599
6.29
%
Tax-exempt securities (2)(3)
2,108
19
3.79
3,348
33
3.92
Taxable securities (3)
19,310
209
4.33
5,678
67
4.69
Interest-earning deposits with banks
4,780
43
3.57
3,021
33
4.35
Federal funds sold and securities purchased under resale agreements
88
1
3.98
83
2
9.35
Other earning assets (4)
1,229
10
3.16
256
3
4.97
Total interest earning assets
116,167
1,648
5.63
50,079
737
5.83
Goodwill
3,487
1,849
Core deposits and other intangible assets, net
1,019
19
Other assets (5)
6,831
3,267
Total assets
$
127,504
$
55,214
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
29,252
$
184
2.50
%
$
14,612
$
119
3.23
%
Money market accounts
36,904
259
2.78
16,404
128
3.10
Savings deposits
1,791
1
0.33
798
1
0.56
Time deposits
13,434
117
3.45
4,792
46
3.78
Total interest-bearing deposits
81,381
561
2.74
36,606
294
3.19
Federal funds purchased and securities sold under repurchase agreements
351
2
1.71
287
2
1.96
FHLB advances and other borrowings
7,633
90
4.73
2,208
29
5.19
Total interest-bearing liabilities
89,365
653
2.90
39,101
325
3.29
Non-interest-bearing demand deposits
20,949
8,873
Other liabilities
2,319
518
Total equity
14,871
6,722
Total liabilities and equity
$
127,504
$
55,214
Net interest income and net interest margin, taxable equivalent (2)(6)
$
995
3.40
%
$
412
3.26
%
Less: taxable-equivalent adjustment
9
15
Net interest income
$
986
$
397
Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: Third Quarter 2026 — $19 million, and Third Quarter 2025 — $11 million.
Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and securities to a taxable-equivalent basis.
Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.
Includes loans held for sale, trading account assets, and FHLB and Federal Reserve Bank Stock.
As a result of the merger, during the first quarter 2026, certain immaterial changes were made to integrate the presentation of the legacy banks' yield on investment securities, which included presenting average unrealized losses on investment securities available for sale of $(408) million as a component of other assets for the Third Quarter 2026.
The net interest margin is calculated by dividing annualized net interest income-taxable equivalent (TE) by average total interest earning assets.
Amounts may not total due to rounding and yield/rates are calculated using unrounded amounts and may differ from calculations based on rounded figures.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
Nine Months Ended September 30,
2026
2025
(Dollars in millions)
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Assets
Interest earning assets:
Loans, net of deferred fees and costs (1)(2)
$
86,268
$
3,950
6.12
%
$
36,907
$
1,733
6.27
%
Tax-exempt securities (2)(3)
2,658
78
3.96
3,319
95
3.85
Taxable securities (3)
17,636
567
4.28
5,580
196
4.70
Interest-earning deposits with banks
4,991
131
3.52
2,732
88
4.33
Federal funds sold and securities purchased under resale agreements
121
5
5.24
73
6
10.45
Other earning assets (4)
948
25
3.54
254
9
5.07
Total interest earning assets
112,622
$
4,756
5.65
%
48,865
$
2,127
5.82
%
Goodwill
3,522
1,849
Core deposits and other intangible assets, net
1,055
20
Other assets (5)
7,142
3,131
Total assets
$
124,341
$
53,865
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
29,756
$
558
2.51
%
$
14,324
$
345
3.23
%
Money market accounts
34,905
702
2.69
15,993
370
3.09
Savings deposits
1,810
5
0.36
798
3
0.48
Time deposits
13,488
351
3.48
4,613
134
3.88
Total interest-bearing deposits
79,959
1,616
2.70
35,728
852
3.19
Federal funds purchased and securities sold under repurchase agreements
346
4
1.57
258
4
1.90
FHLB advances and other borrowings
6,298
226
4.81
2,260
87
5.18
Total interest-bearing liabilities
86,603
1,846
2.85
38,246
943
3.30
Non-interest-bearing demand deposits
20,638
8,525
Other liabilities
2,372
480
Total equity
14,728
6,614
Total liabilities and equity
$
124,341
$
53,865
Net interest income and net interest margin, taxable equivalent (2)(6)
$
2,910
3.45
%
$
1,184
3.24
%
Less: taxable-equivalent adjustment
35
41
Net interest income
$
2,875
$
1,143
Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2026 — $56 million and 2025 — $31 million.
Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and securities to a taxable-equivalent basis.
Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.
Includes loans held for sale, trading account assets, and FHLB and Federal Reserve Bank Stock.
As a result of the merger, during the first quarter 2026, certain immaterial changes were made to integrate the presentation of the legacy banks' yield on investment securities, which included presenting average unrealized losses on investment securities available for sale of $(258) million as a component of other assets during 2026.
The net interest margin is calculated by dividing annualized net interest income-taxable equivalent (TE) by average total interest earning assets.
Amounts may not total due to rounding and yield/rates are calculated using unrounded amounts and may differ from calculations based on rounded figures.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
LOANS OUTSTANDING BY TYPE
(Unaudited)
Total Loans
Total Loans
Linked Quarter
(Dollars in millions)
Loan Type
September 30, 2026
June 30, 2026
% Change
Commercial, Financial, and Agricultural
$
37,456
$
36,676
2
%
Owner-Occupied
14,607
14,439
1
Total Commercial & Industrial
52,063
51,115
2
Multi-Family
6,433
6,592
(2
)
Hotels
2,487
2,528
(2
)
Office Buildings
2,565
2,684
(4
)
Retail
3,861
3,658
6
Warehouse/Industrial
3,402
3,294
3
Other Investment Property
2,316
1,991
16
Total Investment Properties
21,064
20,747
2
1-4 Family Construction
817
772
6
1-4 Family Investment Mortgage
1,178
1,145
3
Total 1-4 Family Properties
1,995
1,917
4
Commercial Development
292
271
8
Residential Development
258
255
1
Land Acquisition
428
405
6
Land and Development
978
931
5
Total Commercial Real Estate
24,037
23,595
2
Consumer Mortgages
8,701
8,459
3
Home Equity
3,001
3,002
—
Credit Cards
252
236
7
Other Consumer Loans
1,754
1,669
5
Total Consumer
13,708
13,366
3
Total
$
89,808
$
88,076
2
%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
Total
Non-performing Loans
Total
Non-performing Loans
Linked Quarter
(Dollars in millions)
Loan Type
September 30, 2026
June 30, 2026
% Change
Commercial, Financial, and Agricultural
$
162
$
138
17
%
Owner-Occupied
48
69
(30
)
Total Commercial & Industrial
210
207
1
Multi-Family
27
35
(23
)
Office Buildings
38
35
9
Shopping Centers
—
2
(100
)
Warehouses
2
—
nm
Other Investment Property
55
50
10
Total Investment Properties
122
122
—
1-4 Family Construction
—
1
(100
)
1-4 Family Investment Mortgage
4
1
300
Total 1-4 Family Properties
4
2
100
Land and Development
—
—
nm
Total Commercial Real Estate
126
124
2
Consumer Mortgages
72
64
13
Home Equity
19
16
19
Other Consumer Loans
6
4
50
Total Consumer
97
84
15
Total
$
433
$
415
4
%
nm - not meaningful
Amounts may not total due to rounding.
Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CREDIT QUALITY DATA
(Unaudited)
(Dollars in millions)
2026
2025
Third
Quarter
Third
Second
Third
'26 vs '25
Quarter
Quarter
Quarter
% Change
Non-performing Loans (NPLs)
$
433
$
415
$
150
189
%
Other Real Estate and Other Assets
17
29
5
240
Non-performing Assets (NPAs)
450
444
155
190
Allowance for Loan Losses (ALL)
986
956
434
127
Reserve for Unfunded Commitments
79
73
16
394
Allowance for Credit Losses (ACL)
1,065
1,029
450
137
Net Charge-Offs - Quarter
50
48
17
Net Charge-Offs - YTD
147
97
50
Net Charge-Offs / Average Loans - Quarter (1)
0.23
%
0.22
0.18
Net Charge-Offs / Average Loans - YTD (1)
0.23
0.23
0.18
NPLs / Loans
0.48
0.47
0.39
NPAs / Loans, ORE and specific other assets
0.50
0.50
0.41
ACL/Loans
1.19
1.17
1.19
ALL/Loans
1.10
1.09
1.15
ACL/NPLs
245.78
248.18
301.03
ALL/NPLs
227.43
230.52
290.25
Past Due Loans over 90 days and Still Accruing
$
8
$
9
$
3
167
As a Percentage of Loans Outstanding
0.01
%
0.01
%
0.01
%
Total Past Due Loans and Still Accruing
$
130
$
127
$
65
100
As a Percentage of Loans Outstanding
0.14
%
0.14
%
0.17
%
(1) Ratio is annualized.
Amounts may not total due to rounding.
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in millions)
September 30,
2026
December 31,
2025
Common Equity Tier 1 Capital Ratio
10.01
%
10.88
%
Tier 1 Capital Ratio
10.77
11.34
Total Risk-Based Capital Ratio
12.22
12.97
Tier 1 Leverage Ratio
8.98
9.57
Total Equity as a Percentage of Total Assets
11.18
12.21
Tangible Common Equity Ratio (2)
7.41
8.86
Book Value Per Common Share (3)
91.52
87.90
Tangible Book Value Per Common Share (4)
61.86
63.71
(1) Current quarter regulatory capital information is preliminary.
(2) See "Non-GAAP Financial Measures" for applicable reconciliation.
(3) Book Value Per Common Share consists of Total Equity less Preferred Stock divided by total common shares outstanding.
(4) Tangible Book Value Per Common Share consists of Total Equity less Preferred Stock and less the carrying value of goodwill and other intangible assets divided by total common shares outstanding.
Non-GAAP Financial Measures
The measures entitled adjusted non-interest revenue; adjusted non-interest expense; adjusted revenue taxable equivalent (TE); adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; tangible common equity ratio; and tangible book value per common share are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; net income available to common shareholders; diluted earnings per share; return on average common equity; the ratio of total shareholders' equity to total assets and book value per common share, respectively.
Management believes that these non-GAAP financial measures provide meaningful additional information about Pinnacle to assist management and investors in evaluating its operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted non-interest revenue and adjusted revenue (TE) are measures used by management to evaluate non-interest revenue exclusive of net investment securities gains (losses), fair value adjustments on non-qualified deferred compensation and other items not indicative of ongoing operations that could impact period-to-period comparisons. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted net income per common share, diluted, adjusted return on average assets and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Adjusted PPNR is used by management to evaluate PPNR exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Pinnacle’s performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by stakeholders to assess our capital position. Tangible book value per common share is used by stakeholders to assess our financial stability and value. The computations of these measures are set forth in the tables below.
Reconciliation of Non-GAAP Financial Measures
(dollars in millions)
3Q26
2Q26
3Q25
Adjusted non-interest revenue
Total non-interest revenue
$
326
$
247
$
147
Investment securities (gains) losses, net
1
29
—
Gain on disposition of investment
(4
)
—
—
Fair value adjustment on non-qualified deferred compensation
—
(6
)
—
Adjusted non-interest revenue
$
323
$
270
$
147
Adjusted non-interest expense
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
$
690
$
662
$
295
Reconciliation of Non-GAAP Financial Measures, continued
(dollars in millions)
3Q26
2Q26
3Q25
Adjusted revenue (TE) and tangible efficiency ratio
Adjusted non-interest expense
$
690
$
662
$
295
Amortization of intangibles
(46
)
(46
)
(2
)
Adjusted tangible non-interest expense
$
644
$
616
$
293
Net interest income
$
986
$
956
$
397
Tax equivalent adjustment
9
12
15
Net interest income (TE)
995
968
412
Net interest income
$
986
$
956
$
397
Total non-interest revenue
326
247
147
Total revenue
$
1,312
$
1,203
$
544
Tax equivalent adjustment
9
12
15
Total TE revenue
1,321
1,215
559
Gain on disposition of investment
(4
)
—
—
Investment securities losses (gains), net
1
29
—
Fair value adjustment on non-qualified deferred compensation
—
(6
)
—
Adjusted revenue (TE)
$
1,318
$
1,238
$
559
Efficiency ratio-TE (1)
56.6
%
59.4
%
54.1
%
Adjusted tangible efficiency ratio (1)
48.9
49.8
52.5
Adjusted pre-provision net revenue
Net interest income
$
986
$
956
$
397
Total non-interest revenue
326
247
147
Total non-interest expense
(749
)
(721
)
(303
)
Pre-provision net revenue (PPNR)
$
563
$
482
$
241
Adjusted revenue (TE)
$
1,318
$
1,238
$
559
Adjusted non-interest expense
(690
)
(662
)
(295
)
Adjusted PPNR
$
628
$
576
$
264
(1) Amounts have been calculated using whole dollar values and amounts may not total due to rounding.
Reconciliation of Non-GAAP Financial Measures, continued
(In millions, except per share data, share count in thousands)
3Q26
2Q26
3Q25
Adjusted return on average assets (annualized)
Net income
$
379
$
328
$
173
Gain on disposition of investment
(4
)
—
—
Valuation adjustment to Visa derivative
3
2
—
Investment securities losses (gains), net
1
29
—
Merger-related expense (1)
56
51
8
Tax effect of adjustments (2)
(11
)
(16
)
(2
)
Adjusted net income
$
424
$
394
$
179
Net income annualized (3)
$
1,507
$
1,316
$
687
Adjusted net income annualized (3)
$
1,679
$
1,580
$
710
Total average assets
$
127,504
$
124,187
$
55,214
Return on average assets (annualized) (3)
1.18
%
1.06
%
1.24
%
Adjusted return on average assets (annualized) (3)
1.32
1.27
1.29
Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders
$
364
$
313
$
169
Gain on disposition of investment
(4
)
—
—
Valuation adjustment to Visa derivative
3
2
—
Investment securities losses (gains), net
1
29
—
Merger-related expense (1)
56
51
8
Tax effect of adjustments (2)
(11
)
(16
)
(2
)
Adjusted net income available to common shareholders
$
409
$
379
$
175
Weighted average common shares outstanding, diluted
151,718
151,468
77,310
Diluted earnings per share (3)
$
2.40
$
2.07
$
2.19
Adjusted diluted earnings per share (3)
2.69
2.50
2.27
(1) A portion of this item was non-taxable.
(2) A blended tax rate of 17.1% for the full fiscal year 2026 was applied to merger-related expense which takes into consideration the deductibility and non-deductibility of certain merger-related expense items for tax purposes and an assumed 24% marginal rate was applied to all other adjusted items for 2026. For 2025 an assumed marginal tax rate of 25% was applied.
(3) Amounts have been calculated using whole dollar values.
Amounts may not total due to rounding
Reconciliation of Non-GAAP Financial Measures, continued
(dollars in millions)
3Q26
2Q26
3Q25
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income available to common shareholders
$
364
$
313
$
169
Gain on disposition of investment
(4
)
—
—
Valuation adjustment to Visa derivative
3
2
—
Investment securities losses (gains), net
1
29
—
Merger-related expense (1)
56
51
8
Tax effect of adjustments (2)
(11
)
(16
)
(2
)
Adjusted net income available to common shareholders
$
409
$
379
$
175
Adjusted net income available to common shareholders annualized (3)
$
1,620
$
1,520
$
695
Amortization of intangibles, tax effected, annualized (2)(3)
137
142
4
Adjusted net income available to common shareholders excluding amortization of intangibles annualized (3)
$
1,757
$
1,662
$
699
Net income available to common shareholders annualized (3)
$
1,448
$
1,255
$
672
Amortization of intangibles, tax effected, annualized (2)
137
142
4
Net income available to common shareholders excluding amortization of intangibles annualized (3)
$
1,585
$
1,397
$
676
Total average shareholders' equity less preferred stock
$
14,090
$
13,941
$
6,505
Average goodwill
(3,487
)
(3,479
)
(1,849
)
Average other intangible assets, net
(1,019
)
(1,069
)
(19
)
Total average tangible shareholders' equity less preferred stock
$
9,584
$
9,393
$
4,637
Return on average common equity (annualized) (3)
10.28
%
9.01
%
10.33
%
Adjusted return on average common equity (annualized) (3)
11.50
10.90
10.68
Return on average tangible common equity (annualized) (3)
16.54
14.89
14.58
Adjusted return on average tangible common equity (annualized) (3)
18.34
17.70
15.07
(1) A portion of this item was non-taxable.
(2) A blended tax rate of 17.1% for the full fiscal year 2026 was applied to merger-related expense which takes into consideration the deductibility and non-deductibility of certain merger-related expense items for tax purposes and an assumed 24% marginal rate was applied to all other adjusted items for 2026. For 2025 an assumed marginal tax rate of 25% was applied.
(3) Amounts have been calculated using whole dollar values.
Amounts may not total due to rounding.
(In millions, except per share data, share count in thousands)
September 30, 2026
December 31, 2025
September 30, 2025
Tangible common equity ratio
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
)
Tangible assets
$
126,202
$
55,827
$
54,097
Total equity
$
14,610
$
7,044
$
6,856
Goodwill
(3,484
)
(1,849
)
(1,849
)
Core deposits and other intangible assets, net
(999
)
(30
)
(18
)
Preferred Stock, no par value
(781
)
(217
)
(217
)
Tangible common equity
$
9,346
$
4,948
$
4,772
Total equity to total assets ratio (1)
11.18
%
12.21
%
12.25
%
Tangible common equity ratio (1)
7.41
8.86
8.82
Tangible common equity
$
9,346
$
4,948
$
4,772
Common shares outstanding
151,115
77,662
77,558
Book value per common share (1)
91.52
87.90
85.60
Tangible book value per common share (1)
$
61.86
$
63.71
$
61.53
(1) Amounts have been calculated using whole dollar values and may not total due to rounding.