Document

ATLANTA, Ga., April 22, 2026 - Pinnacle Financial Partners, Inc. (NYSE: PNFP) today reported financial results for the quarter ended March 31, 2026. The merger of Pinnacle Financial Partners, Inc. and Synovus Financial Corp. closed on January 1, 2026. The combination creates one of the highest-performing regional banks in the country, positioned for industry-leading revenue, earnings per share and tangible book value growth by marrying Pinnacle’s proven growth model and Synovus’ deep talent and capabilities.

“We set out to scale with a soul, and our first quarter results prove that we’re doing it. We delivered strong loan and deposit growth, expanded revenue and hired 50 new revenue producers, while moving forward with 8,500 team members who never took their eye off the client. The merger was a catalyst for growth rather than a distraction. One quarter in, with much more to prove and deliver, we are confident in the talent, culture and momentum we are building together. The best is still ahead for Pinnacle,” said Pinnacle President and CEO Kevin Blair.

•The merger of Pinnacle Financial Partners, Inc. ("Pinnacle" or "legacy Pinnacle") and Synovus Financial Corp. ("Synovus") closed on January 1, 2026. Reported results for Pinnacle reflect the combined organization in first quarter 2026 and legacy Pinnacle in prior periods, unless stated otherwise. Linked-quarter and year-over-year comparisons are significantly impacted by the merger given the magnitude of the acquired balance sheet and the effect of purchase accounting. Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.

•Non-interest expense was $952.2 million in the first quarter 2026. Excluding merger-related expense, non-interest expense was $677.4 million in first quarter 2026. Merger-related expense in first quarter 2026 was $275.4 million, which included merger-related equity acceleration cost. On a combined basis, the non-merger-related linked-quarter increase was driven by higher employment expenses, largely due to seasonally higher personnel costs. The efficiency ratio was 77.4% in first quarter 2026, while the adjusted tangible efficiency ratio was 51.3%. Expense management was disciplined and the majority of the merger-related expense synergies that are expected in 2026 were realized in the first quarter.


	Reported									Adjusted
(dollars in millions)	1Q26			4Q25			1Q25			1Q26			4Q25			1Q25
Net income available to common shareholders	$	135		$	166		$	136		$	363		$	173		$	146
Diluted earnings per share	0.89			2.13			1.77			2.39			2.24			1.90
Total revenue	1,217			541			462			1,229			562			488
Total loans	85,197			39,154			36,137			NA			NA			NA
Total deposits	100,103			47,401			44,482			NA			NA			NA
Return on avg assets(1)	0.50		%	1.19		%	1.08		%	1.26		%	1.24		%	1.16		%
Return on avg common equity(1)	3.96			9.76			8.80			10.65			10.20			9.40
Return on avg tangible common equity(1)	7.58			13.59			12.61			17.69			14.19			13.47
Net interest margin(2)	3.53			3.27			3.21			NA			NA			NA
Efficiency ratio-TE(2)(3)	77.4			54.0			58.0			51.3			52.3			56.2
NCO ratio-QTD	0.23			0.28			0.16			NA			NA			NA
NPA ratio	0.58			0.36			0.48			NA			NA			NA
CET1 ratio(4)	9.83			10.88			10.70			NA			NA			NA


Income Statement Summary**

(in millions, except per share data)	1Q26		4Q25		Linked Quarter Change		Linked Quarter % Change		1Q25		Year/Year Change		Year/Year % Change
Net interest income	$	933	$	408	$	525	129	%	$	365	$	568	156	%
Non-interest revenue	284		133		151		114		97		187		193
Non-interest expense	952		301		651		216		275		677		246
Provision for (reversal of) credit losses	76		34		42		124		17		59		347
Income before taxes	$	189	$	206	$	(17)	(8)	%	$	170	$	19	11%
Income tax expense (benefit)	39		36		3		8		30		9		31
Net income	150		170		(20)		(12)		140		10		7


Less: Preferred stock dividends	15		4		11		275		4		11		275
Net income available to common shareholders	$	135	$	166	$	(31)	(19)	%	$	136	$	(1)	(1)%
Weighted average common shares outstanding, diluted	151		78		73		94	%	77		74		96	%
Diluted earnings per share	$	0.89	$	2.13	$	(1.24)	(58)		$	1.77	$	(0.88)	(50)
Adjusted diluted earnings per share	2.39		2.24		0.15		7		1.90		0.49		26
Effective tax rate	21%		17%						18%

Pinnacle will host a conference call and webcast to discuss the first quarter 2026 earnings results with an accompanying slide presentation at 8 a.m. ET on April 23, 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 878834. 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 $123 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 January 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 (based on June 30, 2025 FDIC market share data).

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

		2026			2025		First Quarter

	(In millions, except per share data)	First Quarter			Fourth Quarter				First Quarter		'26 vs '25
								% Change

	Interest income	$	1,514		712				669		126	%
	Interest expense	581			304				304		91

	Net interest income	933			408				365		156
	Provision for (reversal of) credit losses	76			34				17		347

	Net interest income after provision for credit losses	857			374				348		146

	Non-interest revenue:
	Core banking fees	91			36				32		184
	Wealth management revenue	84			37				33		155
	Income from equity method investment	31			31				20		55
	Capital markets income	18			3				3		500
	Total loan sales and servicing	10			4				6		67
	Income from bank-owned life insurance	20			12				10		100
	Investment securities gains (losses), net	3			(4)				(13)		(123)
	Other non-interest revenue	27			14				6		350

	Total non-interest revenue	284			133				97		192

	Non-interest expense:
	Salaries and other personnel expense	396			181				172		130
	Net occupancy, equipment, and software expense	97			48				42		131

	Amortization of intangibles	48			1				1		nm
	FDIC insurance and other regulatory fees	23			2				11		109


	Merger-related expense	275			13				—		nm
	Other operating expenses	113			56				49		131

	Total non-interest expense	952			301				275		246

	Income before income taxes	189			206				170		11
	Income tax expense	39			36				30		31

	Net income	150			170				140		7




	Less: Preferred stock dividends	15			4				4		275

	Net income available to common shareholders	$	135		166				136		(1)	%

	Per share information:
	Net income per common share, basic	$	0.89		2.16				1.78		(50)	%

	Net income per common share, diluted	0.89			2.13				1.77		(50)

	Cash dividends declared per common share	0.50			0.24				0.24		108

	Return on average assets *	0.50		%	1.19	%			1.08	%	(58)	bps
	Return on average common equity *	3.96			9.76				8.80		(484)	bps

	Weighted average common shares outstanding, basic	151			77				77		96	%
	Weighted average common shares outstanding, diluted	151			78				77		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

		March 31, 2026		December 31, 2025		March 31, 2025

	(In millions)

	ASSETS
	Cash and due from banks	$	609	$	359	$	346
	Federal funds sold, securities purchased under resale agreements, and interest earning deposits with banks	5,309		3,206		3,532

	Cash, cash equivalents, and restricted cash	5,918		3,565		3,878

	Investment securities held to maturity	2,539		2,591		2,769
	Investment securities available for sale	16,939		6,567		5,950
	Loans held for sale	251		97		155

	Loans, net of deferred fees and costs	85,197		39,154		36,137
	Allowance for loan losses	(942)		(442)		(417)
	Loans, net	84,255		38,712		35,720

	Cash surrender value of bank-owned life insurance	2,181		1,223		1,140
	Premises, equipment, and software, net	907		352		333
	Goodwill	3,478		1,849		1,849
	Core deposits and other intangible assets, net	1,091		30		20
	Other assets	5,207		2,720		2,440
	Total assets	$	122,766	$	57,706	$	54,254

	LIABILITIES AND EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	20,388	$	9,051	$	8,510
	Interest-bearing deposits	79,715		38,350		35,972

	Total deposits	100,103		47,401		44,482

	Federal funds purchased and securities sold under repurchase agreements	308		316		264

	FHLB advances and other borrowings	5,741		2,205		2,312
	Other liabilities	2,020		740		653
	Total liabilities	108,172		50,662		47,711

	Equity:
	Shareholders' equity:
	Preferred stock - no par value. Authorized 110 million shares at Mar 31, 2026 and 10 million shares at Dec 31, 2025 and Mar 31, 2025, respectively; 225,000 shares, liquidation preference $225 million, 22 million shares issued and outstanding at Mar 31, 2026, and 225,000 shares, liquidation preference $225 million, issued and outstanding at Dec 31, 2025 and Mar 31, 2025, respectively	781		217		217
	Common stock - $1.00 par value. Authorized 360 million shares at Mar 31, 2026 and 180 million shares authorized at Dec 31, 2025 and Mar 31, 2025, respectively; issued and outstanding 151 million, 78 million and, 78 million, respectively	151		78		78
	Additional paid-in capital	10,102		3,144		3,121

	Accumulated other comprehensive income (loss), net	(225)		(123)		(166)
	Retained earnings	3,785		3,728		3,294


	Total equity	14,594		7,044		6,543
	Total liabilities and equity	$	122,766	$	57,706	$	54,254

	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)
	First Quarter 2026						First Quarter 2025
(dollars in millions)	Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate
Assets




Loans, net of deferred fees and costs(1)(2)	$	83,691	$	1,267	6.14	%		$	36,042	$	556	6.24	%
Tax-exempt securities(2)(3)	3,344		33		3.99			3,247		30		3.76
Taxable securities(3)	15,644		171		4.37			5,433		62		4.62

Interest-earning deposits with banks	5,224		47		3.67			2,645		29		4.43
Federal funds sold and securities purchased under resale agreements	148		2		6.08			58		2		11.35


Other earning assets(4)	666		8		4.28			255		3		5.06
Total interest earning assets	108,717		1,528		5.70	%		47,680		682		5.79	%

Goodwill	3,583							1,849
Core deposits and other intangible assets, net	1,079							21
Other assets(5)	7,868							2,976
Total assets	$	121,247						$	52,526
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	30,004	$	186	2.51	%		$	14,136	$	112	3.21	%
Money market accounts	33,390		214		2.59			15,541		118		3.08
Savings deposits	1,824		2		0.40			804		1		0.45
Time deposits	13,662		119		3.53			4,331		43		4.01

Federal funds purchased and securities sold under repurchase agreements	344		1		1.45			231		1		1.78

FHLB advances and other borrowings	4,723		59		5.08			2,305		29		5.16
Total interest-bearing liabilities	83,947		581		2.81	%		37,348		304		3.30	%
Non-interest-bearing demand deposits	20,289							8,207
Other liabilities	2,424							455


Total equity	14,587							6,516
Total liabilities and equity	$	121,247						$	52,526
Net interest income and net interest margin, taxable equivalent (2)(6)			$	947	3.53	%				$	378	3.21	%
Less: taxable-equivalent adjustment			14							13
Net interest income			$	933						$	365


PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
LOANS OUTSTANDING BY TYPE
(Unaudited)	Total Loans		Total Loans		Linked Quarter
(Dollars in millions)

Loan Type	March 31, 2026		December 31, 2025		% Change
Commercial, Financial, and Agricultural	$	34,151	$	16,549	106	%
Owner-Occupied	14,046		5,747		144
Total Commercial & Industrial	48,197		22,296		116
Multi-Family	7,073		3,433		106
Hotels	2,554		573		345
Office Buildings	2,759		1,176		135
Shopping Centers	3,356		1,307		157
Warehouses	3,101		2,087		49
Other Investment Property	2,045		919		123
Total Investment Properties	20,888		9,496		120
1-4 Family Construction	769		524		47
1-4 Family Investment Mortgage	1,166		761		53
Total 1-4 Family Properties	1,935		1,284		51
Commercial Development	293		175		68
Residential Development	377		273		38
Land Acquisition	268		128		109
Land and Development	937		576		63
Total Commercial Real Estate	23,760		11,357		109
Consumer Mortgages	8,234		3,456		138
Home Equity	3,157		1,374		130
Credit Cards	227		53		329
Other Consumer Loans	1,622		619		162
Total Consumer	13,240		5,501		141
Total	$	85,197	$	39,154	118	%

NON-PERFORMING LOANS COMPOSITION
(Unaudited)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter
(Dollars in millions)

Loan Type	March 31, 2026		December 31, 2025		% Change
Commercial, Financial, and Agricultural	$	174	$	49	256	%
Owner-Occupied	74		6		nm
Total Commercial & Industrial	247		54		355
Multi-Family	35		34		2
Office Buildings	34		4		810
Shopping Centers	2		—		nm

Other Investment Property	50		10		412
Total Investment Properties	121		48		152
1-4 Family Construction	1		—		nm
1-4 Family Investment Mortgage	4		2		138
Total 1-4 Family Properties	5		2		139



Land and Development	—		—		nm
Total Commercial Real Estate	126		50		152
Consumer Mortgages	61		23		169
Home Equity	18		6		208
Other Consumer Loans	7		—		nm
Total Consumer	85		29		195
Total	$	459	$	133	244	%


PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES

	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in millions)	2026			2025	First Quarter

		First			Fourth		First	'26 vs '25
		Quarter			Quarter		Quarter	% Change

	Non-performing Loans (NPLs)	$	459		133		171	168	%

	Other Real Estate and Other Assets	32			8		4	nm

	Non-performing Assets (NPAs)	491			141		175	181

	Allowance for Loan Losses (ALL)	942			442		417	126
	Reserve for Unfunded Commitments	72			16		12	500

	Allowance for Credit Losses (ACL)	1,014			458		430	136

	Net Charge-Offs - Quarter	49			27		14
	Net Charge-Offs - YTD	49			77		14
	Net Charge-Offs / Average Loans - Quarter (1)	0.23		%	0.28		0.16
	Net Charge-Offs / Average Loans - YTD (1)	0.23			0.21		0.16
	NPLs / Loans	0.54			0.34		0.47
	NPAs / Loans, ORE and specific other assets	0.58			0.36		0.48
	ACL/Loans	1.19			1.17		1.19
	ALL/Loans	1.11			1.13		1.16

	ACL/NPLs	221.03			343.19		250.59
	ALL/NPLs	205.21			331.09		243.32

	Past Due Loans over 90 days and Still Accruing	$	8		3		4	100
	As a Percentage of Loans Outstanding	0.01		%	0.01		0.01

	Total Past Due Loans and Still Accruing	$	117		57		52	125
	As a Percentage of Loans Outstanding	0.14		%	0.14		0.14

	(1) Ratio is 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.

	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in millions)
		March 31, 2026			December 31, 2025


	Common Equity Tier 1 Capital Ratio	9.83		%	10.88
	Tier 1 Capital Ratio	10.62			11.34
	Total Risk-Based Capital Ratio	12.34			12.97
	Tier 1 Leverage Ratio	8.93			9.57
	Total Shareholders' Equity as a Percentage of Total Assets	11.89			12.21
	Tangible Common Equity Ratio (2)	7.82			8.86
	Book Value Per Common Share (3)	$	91.42		87.90
	Tangible Book Value Per Common Share (4)	61.18			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 Shareholders’ Equity less Preferred Stock divided by total common shares outstanding.
	(4) Tangible Book Value Per Common Share consists of Total Shareholders’ Equity less Preferred Stock and less the carrying value of goodwill and other intangible assets divided by total common shares outstanding.

The measures entitled adjusted non-interest revenue, 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)	1Q26		4Q25		1Q25

Adjusted non-interest revenue
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

Adjusted non-interest expense
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		—		—
Adjusted non-interest expense	$	677	$	296	$	275


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in millions)	1Q26			4Q25			1Q25
Adjusted revenue (TE) and tangible efficiency ratio
Adjusted non-interest expense	$	677		$	296		$	275
Amortization of intangibles	(48)			(1)			(1)
Adjusted tangible non-interest expense	$	629		$	295		$	274

Net interest income	$	933		$	408		$	365
Tax equivalent adjustment	14			17			13
Net interest income (TE)	947			425			378

Net interest income	$	933		$	408		$	365
Total non-interest revenue	284			133			97
Total revenue	$	1,217		$	541		$	462
Tax equivalent adjustment	14			17			13
Total TE revenue	1,231			558			475


Investment securities losses (gains), net	(3)			4			13

Fair value adjustment on non-qualified deferred compensation	1			—			—
Adjusted revenue (TE)	$	1,229		$	562		$	488
Efficiency ratio-TE (1)	77.4		%	54.0		%	58.0		%
Adjusted tangible efficiency ratio (1)	51.3			52.3			56.2

Adjusted pre-provision net revenue
Net interest income	$	933		$	408		$	365
Total non-interest revenue	284			133			97
Total non-interest expense	(952)			(301)			(275)
Pre-provision net revenue (PPNR)	$	265		$	240		$	187

Adjusted revenue (TE)	$	1,229		$	562		$	488
Adjusted non-interest expense	(677)			(296)			(275)
Adjusted PPNR	$	551		$	267		$	212

(1) Amounts have been calculated using whole dollar values.
Amounts may not total due to rounding


Reconciliation of Non-GAAP Financial Measures, continued

(In millions, except per share data)	1Q26			4Q25			1Q25
Adjusted return on average assets (annualized)
Net income	$	150		$	170		$	140







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 effect of adjustments (2)	(45)			(2)			(3)
Adjusted net income	$	378		$	177		$	150
Net income annualized (3)	$	606		$	674		$	569
Adjusted net income annualized (3)	$	1,531		$	704		$	607
Total average assets	$	121,247		$	56,706		$	52,526
Return on average assets (annualized) (3)	0.50		%	1.19		%	1.08		%
Adjusted return on average assets (annualized) (3)	1.26			1.24			1.16




Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders	$	135		$	166		$	136







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 effect of adjustments (2)	(45)			(2)			(3)
Adjusted net income available to common shareholders	$	363		$	173		$	146
Weighted average common shares outstanding, diluted	151			78			77
Diluted earnings per share (3)	$	0.89		$	2.13		$	1.77
Adjusted diluted earnings per share (3)	2.39			2.24			1.90
(1) A portion of this item was non-taxable.
(2) A blended tax rate of 16.4% was applied for 2026 which takes into consideration the deductibility and non-deductibility of certain merger-related expense items for tax purposes. 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)	1Q26			4Q25			1Q25
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	$	135		$	166		$	136







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 effect of adjustments (2)	(45)			(2)			(3)
Adjusted net income available to common shareholders	$	363		$	173		$	146

Adjusted net income available to common shareholders annualized (3)	$	1,471		$	689		$	591
Amortization of intangibles, tax effected, annualized (2)(3)	147			4			4
Adjusted net income available to common shareholders excluding amortization of intangibles annualized (3)	$	1,618		$	693		$	595

Net income available to common shareholders annualized (3)	$	546		$	659		$	553
Amortization of intangibles, tax effected, annualized (2)(3)	147			4			4
Net income available to common shareholders excluding amortization of intangibles annualized (3)	$	693		$	663		$	557

Total average shareholders' equity less preferred stock	$	13,805		$	6,750		$	6,299
Average goodwill	(3,583)			(1,849)			(1,849)
Average other intangible assets, net	(1,079)			(24)			(21)
Total average tangible shareholders' equity less preferred stock	$	9,144		$	4,877		$	4,429
Return on average common equity (annualized) (3)	3.96		%	9.76		%	8.80		%
Adjusted return on average common equity (annualized) (3)	10.65			10.20			9.40
Return on average tangible common equity (annualized) (3)	7.58			13.59			12.61
Adjusted return on average tangible common equity (annualized) (3)	17.69			14.19			13.47


(1) A portion of this item was non-taxable.
(2) A blended tax rate of 16.4% was applied for 2026 which takes into consideration the deductibility and non-deductibility of certain merger-related expense items for tax purposes, with the exception of amortization of intangibles which applied an assumed 24% marginal rate. 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




(dollars in millions)	March 31, 2026			December 31, 2025			March 31, 2025

Tangible common equity ratio
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
Goodwill	(3,478)			(1,849)			(1,849)
Core deposits and other intangible assets, net	(1,091)			(30)			(20)
Preferred Stock, no par value	(781)			(217)			(217)
Tangible common equity	$	9,244		$	4,948		$	4,457
Total shareholders’ equity to total assets ratio (1)	11.89		%	12.21		%	12.06		%
Tangible common equity ratio (1)	7.82			8.86			8.51

Tangible common equity	$	9,244		$	4,948		$	4,457
Common shares outstanding	151			78			78
Book value per common share (1)	$	91.42		87.90			81.57
Tangible book value per common share (1)	$	61.18		$	63.71		$	57.47

(1) Amounts have been calculated using whole dollar values.
Amounts may not total due to rounding


Media Contact						Investor Contact
Joe Bass						Jennifer H. Demba, CFA
615-743-8219						Investor Relations
joe.bass@pnfp.com						investors.pnfp.com/events-presentations


Deposits*

(dollars in millions)	1Q26		4Q25		Linked Quarter Change		Linked Quarter % Change		1Q25		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	20,388	$	9,051	$	11,338	125	%	$	8,510	$	11,878	140	%
Interest-bearing DDA	30,666		15,649		15,017		96		14,802		15,864		107
Money market	34,007		16,824		17,183		102		16,093		17,913		111
Savings	1,865		804		1,061		132		820		1,045		127
Time deposits	13,176		5,073		8,103		160		4,256		8,920		210

Total deposits	$	100,103	$	47,401	$	52,702	111	%	$	44,482	$	55,621	125	%


Loans*

(dollars in millions)	1Q26		4Q25		Linked Quarter Change		Linked Quarter % Change
Commercial & industrial	$	48,197	$	22,296	$	25,901	116	%
Commercial real estate	23,760		11,357		12,404		109
Consumer	13,240		5,501		7,739		141
Total loans	$	85,197	$	39,154	$	46,043	118	%