Document

“The Pinnacle model is working. Our second quarter results prove it scales with discipline intact, delivering outsized growth in loans and earnings per share without compromising the culture and client connections that set this firm apart. One year since our merger announcement, we're picking up speed, attracting top talent and deepening our client relationships. The team is executing, and with meaningful work still ahead, I am confident our strategy will continue to deliver, today, next quarter and over the long term,” 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 Jan. 1, 2026. Reported results for Pinnacle reflect the combined organization in second quarter 2026 and first quarter 2026 and legacy Pinnacle in prior periods, unless stated otherwise. 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.

•Credit performance remained strong. The non-performing asset ratio was 0.50% at period-end compared to 0.58% in the prior quarter. The second quarter 2026 net charge-off ratio was 0.22%, which was in line with expectations and compares to 0.23% in first quarter 2026. Provision for credit losses was $63 million in second quarter 2026. The allowance for credit losses ratio (to loans) was 1.17%, while the allowance coverage of non-performing loans was 248.18%. The change in the allowance quarter-over-quarter was driven largely by loan growth offset in part by a decline in reserves for individually analyzed credits.


	Reported									Adjusted
(dollars in millions)	2Q26			1Q26			2Q25			2Q26			1Q26			2Q25
Net income available to common shareholders	$	313		$	135		$	155		$	379		$	363		$	155
Diluted earnings per share	2.07			0.89			2.00			2.50			2.39			2.00
Total revenue	1,203			1,217			505			1,238			1,229			518
Total loans	88,076			85,197			37,105			NA			NA			NA
Total deposits	100,898			100,103			45,022			NA			NA			NA
Return on avg assets(1)	1.06		%	0.50		%	1.18		%	1.27		%	1.26		%	1.18		%
Return on avg common equity(1)	9.01			3.96			9.72			10.90			10.65			9.72
Return on avg tangible common equity(1)	14.89			7.58			13.84			17.70			17.69			13.84
Net interest margin(2)	3.44			3.53			3.23			NA			NA			NA
Efficiency ratio-TE(2)(3)	59.4			77.4			55.2			49.8			51.3			54.9
NCO ratio-QTD	0.22			0.23			0.20			NA			NA			NA
NPA ratio	0.50			0.58			0.44			NA			NA			NA
CET1 ratio(4)	9.93			9.81			10.70			NA			NA			NA


Income Statement Summary**

(in millions, except per share data, share count in thousands)	2Q26		1Q26		Linked Quarter Change		Linked Quarter % Change		2Q25		Year/Year Change		Year/Year % Change
Net interest income	$	956	$	933	$	23	2	%	$	380	$	575	151	%
Non-interest revenue	247		284		(37)		(13)		125		122		97
Non-interest expense	721		952		(231)		(24)		286		435		152
Provision for (reversal of) credit losses	63		76		(13)		(17)		24		39		160
Income before taxes	$	419	$	189	$	230	121		$	195	$	223	114
Income tax expense (benefit)	91		39		52		133		36		56		156
Net income	328		150		177		118		159		167		104


Less: Preferred stock dividends	15		15		—		(1)		4		11		290
Net income available to common shareholders	$	313	$	135	$	178	131	%	$	155	$	157	101%
Weighted average common shares outstanding, diluted	151,468		151,471		(3)		—		77,277		74,191		96	%
Diluted earnings per share	$	2.07	$	0.89	$	1.18	133		$	2.00	$	0.07	4
Adjusted diluted earnings per share	2.50		2.39		0.11		5		2.00		0.50		25
Effective tax rate	21.7%		20.6%						18.5%

Pinnacle will host a conference call and webcast to discuss second quarter 2026 earnings results with an accompanying slide presentation at 8 a.m. ET on July 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 175220. 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 $129.1 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 (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

	Six Months Ended June 30,

(In millions, except per share data, share count in thousands)	2026			2025			'26 vs '25
							% Change

Interest income	$	3,082		$	1,365		126	%
Interest expense	1,193			619			93

Net interest income	1,889			746			153
Provision for (reversal of) credit losses	139			41			237

Net interest income after provision for credit losses	1,750			705			148

Non-interest revenue:
Core banking fees	184			64			186
Wealth management revenue	169			65			160


Income from equity method investment	55			46			18
Capital markets income	36			6			482
Income from bank-owned life insurance	39			23			70
Investment securities gains (losses), net	(26)			(13)			109
Total loan sales and servicing	19			12			59
Other non-interest revenue	55			18			206

Total non-interest revenue	531			221			139

Non-interest expense:
Salaries and other personnel expense	774			351			120
Net occupancy, equipment, and software expense	199			86			130

Amortization of intangibles	94			3			nm
FDIC insurance and other regulatory fees	43			18			133


Merger-related expense	326			—			nm
Other operating expenses	237			103			131

Total non-interest expense	1,673			561			198

Income before income taxes	608			365			66
Income tax expense	130			66			97

Net income	478			299			59





Less: Preferred stock dividends	30			8			291

Net income available to common shareholders	$	448		$	291		53	%

Net income per common share, basic	$	2.97		$	3.79		(22)	%

Net income per common share, diluted	2.96			3.77			(21)

Cash dividends declared per common share	1.00			0.48			108

Return on average assets *	0.79		%	1.13		%	(34)	bps
Return on average common equity *	6.51			9.26			nm

Weighted average common shares outstanding, basic	151,051			76,809			97	%
Weighted average common shares outstanding, diluted	151,470			77,212			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		Second Quarter

	(In millions, except per share data, share count in thousands)	Second Quarter			First Quarter			Second Quarter		'26 vs '25
							% Change

	Interest income	$	1,568		1,514			695		125	%
	Interest expense	612			581			315		94

	Net interest income	956			933			380		151
	Provision for (reversal of) credit losses	63			76			24		160

	Net interest income after provision for credit losses	893			857			356		151

	Non-interest revenue:
	Core banking fees	93			91			32		189
	Wealth management revenue	85			84			32		163
	Income from equity method investment	24			31			26		(8)
	Capital markets income	18			18			4		403
	Total loan sales and servicing	9			10			6		65
	Income from bank-owned life insurance	19			20			13		45
	Investment securities gains (losses), net	(29)			3			—		nm
	Other non-interest revenue	28			27			12		129

	Total non-interest revenue	247			284			125		97

	Non-interest expense:
	Salaries and other personnel expense	378			396			180		110
	Net occupancy, equipment, and software expense	102			97			44		133

	Amortization of intangibles	46			48			1		nm
	FDIC insurance and other regulatory fees	20			23			8		167


	Merger-related expense	51			275			—		nm
	Other operating expenses	124			113			53		132

	Total non-interest expense	721			952			286		152

	Income before income taxes	419			189			195		114
	Income tax expense	91			39			36		156

	Net income	328			150			159		104




	Less: Preferred stock dividends	15			15			4		290

	Net income available to common shareholders	$	313		135			155		101	%

	Per share information:
	Net income per common share, basic	$	2.07		0.89			2.01		3	%

	Net income per common share, diluted	2.07			0.89			2.00		4

	Cash dividends declared per common share	0.50			0.50			0.24		108

	Return on average assets *	1.06		%	0.50	%		1.18	%	(12)	bps
	Return on average common equity *	9.01			3.96			9.72		(71)	bps

	Weighted average common shares outstanding, basic	151,104			150,998			76,891		97	%
	Weighted average common shares outstanding, diluted	151,468			151,471			77,277		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

		June 30, 2026		December 31, 2025		June 30, 2025
	(In millions)

	ASSETS
	Cash and due from banks	$	648	$	359	$	377
	Federal funds sold, securities purchased under resale agreements, and interest earning deposits with banks	7,003		3,206		2,612

	Cash, cash equivalents, and restricted cash	7,651		3,565		2,989

	Investment securities held to maturity, net	2,448		2,591		2,688
	Investment securities available for sale	18,153		6,567		6,379
	Loans held for sale (includes $42 million at fair value as of Jun 30, 2026)	651		97		211

	Loans, net of deferred fees and costs	88,076		39,154		37,105
	Allowance for loan losses	(956)		(442)		(422)
	Loans, net	87,120		38,712		36,683

	Premises, equipment, and software, net	903		352		333
	Cash surrender value of bank-owned life insurance	2,200		1,223		1,199
	Goodwill	3,479		1,849		1,849
	Core deposits and other intangible assets, net	1,045		30		19
	Other assets	5,405		2,720		2,451
	Total assets	$	129,055	$	57,706	$	54,801

	LIABILITIES AND EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	20,657	$	9,051	$	8,663
	Interest-bearing deposits	80,241		38,350		36,359

	Total deposits	100,898		47,401		45,022

	Federal funds purchased and securities sold under repurchase agreements	850		316		258

	FHLB advances and other borrowings	10,253		2,205		2,202
	Other liabilities	2,226		740		682
	Total liabilities	114,227		50,662		48,164

	Equity:
	Shareholders' equity:
	Preferred stock — no par value per share, liquidation preference 225 million non-cumulative perpetual preferred stock
	Authorized — 110 million shares at Jun 30, 2026 and 10 million shares at both Dec 31, 2025 and Jun 30, 2025
	Issued and outstanding —22 million shares at Jun 30, 2026, and 225,000 shares at both Dec 31, 2025 and Jun 30, 2025	781		217		217
	Common stock — $1.00 par value
	Authorized — 360 million shares at Jun 30, 2026 and 180 million shares authorized at both Dec 31, 2025 and Jun 30, 2025
	Issued and outstanding — 151 million shares at Jun 30, 2026 and 78 million shares at both Dec 31, 2025 and Jun 30, 2025	151		78		78
	Additional paid-in capital	10,120		3,144		3,131

	Accumulated other comprehensive income (loss), net	(247)		(123)		(218)
	Retained earnings	4,023		3,728		3,429


	Total equity	14,828		7,044		6,637
	Total liabilities and equity	$	129,055	$	57,706	$	54,801

	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)
	Second Quarter 2026						Second 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)	$	86,406	$	1,317	6.11	%		$	36,968	$	578	6.26	%
Tax-exempt securities(2)(3)	2,536		26		4.03			3,361		32		3.87
Taxable securities(3)	17,720		187		4.22			5,625		67		4.78

Interest-earning deposits with banks	4,975		41		3.30			2,524		26		4.20
Federal funds sold and securities purchased under resale agreements	128		1		5.14			77		2		10.97


Other earning assets(4)	902		8		3.68			253		3		5.16
Total interest earning assets	112,667		1,580		5.62			48,808		708		5.82

Goodwill	3,479							1,849
Core deposits and other intangible assets, net	1,069							21
Other assets(5)	6,972							3,146
Total assets	$	124,187						$	53,824
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	30,025	$	188	2.51	%		$	14,221	$	115	3.23	%
Money market accounts	34,383		229		2.67			16,024		124		3.09
Savings deposits	1,813		2		0.35			792		1		0.43
Time deposits	13,371		115		3.46			4,710		45		3.88

Total interest-bearing deposits	79,592		534		2.69			35,747		285		3.19
Federal funds purchased and securities sold under repurchase agreements	343		1		1.51			256		1		1.92

FHLB advances and other borrowings	6,505		77		4.72			2,266		29		5.21
Total interest-bearing liabilities	86,440		612		2.84			38,269		315		3.30
Non-interest-bearing demand deposits	20,686							8,487
Other liabilities	2,339							466


Total equity	14,722							6,602
Total liabilities and equity	$	124,187						$	53,824
Net interest income and net interest margin, taxable equivalent (2)(6)			$	968	3.44	%				$	393	3.23	%
Less: taxable-equivalent adjustment			12							13
Net interest income			$	956						$	380


PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Six Months Ended June 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)	$	85,056	$	2,583	6.12	%	$	36,507	$	1,134	6.25	%
Tax-exempt securities(2)(3)	2,938		60		4.01		3,305		62		3.82
Taxable securities(3)	16,785		358		4.26		5,530		129		4.70

Interest-earning deposits with banks	5,098		88		3.49		2,584		55		4.32
Federal funds sold and securities purchased under resale agreements	138		4		5.64		68		4		11.13


Other earning assets(4)	805		15		3.84		254		7		5.11
Total interest earning assets	110,820		$	3,108	5.65	%	48,248		$	1,391	5.81	%

Goodwill	3,529						1,849
Core deposits and other intangible assets, net	1,074						21
Other assets(5)	7,302						3,060
Total assets	$	122,725					$	53,178
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	30,012	$	374	2.51	%	$	14,179	$	226	3.22	%
Money market accounts	33,889		443		2.63		15,784		242		3.09
Savings deposits	1,821		3		0.37		798		2		0.44
Time deposits	13,516		235		3.50		4,521		88		3.94

Total interest-bearing deposits	79,238		1,055		2.68		35,282		558		3.19
Federal funds purchased and securities sold under repurchase agreements	344		2		1.49		243		2		1.86

FHLB advances and other borrowings	5,619		136		4.87		2,286		59		6.23

Total interest-bearing liabilities	85,201		1,193		2.82		37,811		619		3.30
Non-interest-bearing demand deposits	20,479						8,347
Other liabilities	2,390						461


Total equity	14,655						6,559
Total liabilities and equity	$	122,725					$	53,178
Net interest income and net interest margin, taxable equivalent (2)(6)			$	1,915	3.48	%			$	772	3.22	%
Less: taxable-equivalent adjustment			26						26
Net interest income			$	1,889					$	746


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

Loan Type	June 30, 2026		March 31, 2026		% Change
Commercial, Financial, and Agricultural	$	36,676	$	34,151	7	%
Owner-Occupied	14,439		14,046		3
Total Commercial & Industrial	51,115		48,197		6
Multi-Family	6,592		7,073		(7)
Hotels	2,528		2,554		(1)
Office Buildings	2,684		2,759		(3)
Retail	3,658		3,356		9
Warehouse/Industrial	3,294		3,101		6
Other Investment Property	1,991		2,045		(3)
Total Investment Properties	20,747		20,888		(1)
1-4 Family Construction	772		769		—
1-4 Family Investment Mortgage	1,145		1,166		(2)
Total 1-4 Family Properties	1,917		1,935		(1)
Commercial Development	271		293		(8)
Residential Development	255		377		(32)
Land Acquisition	405		267		52
Land and Development	931		937		(1)
Total Commercial Real Estate	23,595		23,760		(1)
Consumer Mortgages	8,459		8,234		3
Home Equity	3,002		3,157		(5)
Credit Cards	236		227		4
Other Consumer Loans	1,669		1,622		3
Total Consumer	13,366		13,240		1
Total	$	88,076	$	85,197	3	%

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

Loan Type	June 30, 2026		March 31, 2026		% Change
Commercial, Financial, and Agricultural	$	138	$	174	(21)	%
Owner-Occupied	69		74		(7)
Total Commercial & Industrial	207		248		(17)
Multi-Family	35		35		—
Office Buildings	35		34		3
Shopping Centers	2		2		—

Other Investment Property	50		50		—
Total Investment Properties	122		121		1
1-4 Family Construction	1		1		—
1-4 Family Investment Mortgage	1		4		(75)
Total 1-4 Family Properties	2		5		(60)



Land and Development	—		—		nm
Total Commercial Real Estate	124		126		(2)
Consumer Mortgages	64		61		5
Home Equity	16		17		(6)
Other Consumer Loans	4		7		(43)
Total Consumer	84		85		(1)
Total	$	415	$	459	(10)	%


PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES

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

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

	Non-performing Loans (NPLs)	$	415		459	157	164	%

	Other Real Estate and Other Assets	29			32	5	480

	Non-performing Assets (NPAs)	444			491	162	174

	Allowance for Loan Losses (ALL)	956			942	422	127
	Reserve for Unfunded Commitments	73			72	13	462

	Allowance for Credit Losses (ACL)	1,029			1,014	435	137

	Net Charge-Offs - Quarter	48			49	19
	Net Charge-Offs - YTD	97			49	33
	Net Charge-Offs / Average Loans - Quarter (1)	0.22		%	0.23	0.20
	Net Charge-Offs / Average Loans - YTD (1)	0.23			0.23	0.18
	NPLs / Loans	0.47			0.54	0.42
	NPAs / Loans, ORE and specific other assets	0.50			0.58	0.44
	ACL/Loans	1.17			1.19	1.17
	ALL/Loans	1.09			1.11	1.14

	ACL/NPLs	248.18			221.03	277.05
	ALL/NPLs	230.52			205.21	268.58

	Past Due Loans over 90 days and Still Accruing	$	9		8	5	80
	As a Percentage of Loans Outstanding	0.01		%	0.01	0.01

	Total Past Due Loans and Still Accruing	$	127		117	53	140
	As a Percentage of Loans Outstanding	0.14		%	0.14	0.14

	(1) Ratio is annualized.
	Amounts may not total due to rounding.

	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in millions)
		June 30, 2026			December 31, 2025

	Common Equity Tier 1 Capital Ratio	9.93		%	10.88
	Tier 1 Capital Ratio	10.71			11.34
	Total Risk-Based Capital Ratio	12.35			12.97
	Tier 1 Leverage Ratio	8.95			9.57
	Total Equity as a Percentage of Total Assets	11.49			12.21
	Tangible Common Equity Ratio (2)	7.65			8.86
	Book Value Per Common Share (3)	92.96			87.90
	Tangible Book Value Per Common Share (4)	63.02			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.

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)	2Q26		1Q26		2Q25

Adjusted non-interest revenue
Total non-interest revenue	$	247	$	284	$	125
Investment securities (gains) losses, net	29		(3)		—



Fair value adjustment on non-qualified deferred compensation	(6)		1		—
Adjusted non-interest revenue	$	270	$	282	$	125

Adjusted non-interest expense
Total non-interest expense	$	721	$	952	$	286



Merger-related expense	(51)		(275)		—


Valuation adjustment to Visa derivative	(2)		(1)		—
Fair value adjustment on non-qualified deferred compensation	(6)		1		—
Adjusted non-interest expense	$	662	$	677	$	286


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in millions)	2Q26			1Q26			2Q25
Adjusted revenue (TE) and tangible efficiency ratio
Adjusted non-interest expense	$	662		$	677		$	286
Amortization of intangibles	(46)			(48)			(1)
Adjusted tangible non-interest expense	$	616		$	629		$	285

Net interest income	$	956		$	933		$	380
Tax equivalent adjustment	12			14			13
Net interest income (TE)	968			947			393

Net interest income	$	956		$	933		$	380
Total non-interest revenue	247			284			125
Total revenue	$	1,203		$	1,217		$	505
Tax equivalent adjustment	12			14			13
Total TE revenue	1,215			1,231			518


Investment securities losses (gains), net	29			(3)			—

Fair value adjustment on non-qualified deferred compensation	(6)			1			—
Adjusted revenue (TE)	$	1,238		$	1,229		$	518
Efficiency ratio-TE (1)	59.4		%	77.4		%	55.2		%
Adjusted tangible efficiency ratio (1)	49.8			51.3			54.9

Adjusted pre-provision net revenue
Net interest income	$	956		$	933		$	380
Total non-interest revenue	247			284			125
Total non-interest expense	(721)			(952)			(286)
Pre-provision net revenue (PPNR)	$	482		$	265		$	219

Adjusted revenue (TE)	$	1,238		$	1,229		$	518
Adjusted non-interest expense	(662)			(677)			(286)
Adjusted PPNR	$	576		$	552		$	232

(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)	2Q26			1Q26			2Q25
Adjusted return on average assets (annualized)
Net income	$	328		$	150		$	159







Valuation adjustment to Visa derivative	2			1			—
Investment securities losses (gains), 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		$	608		$	638
Adjusted net income annualized (3)	$	1,580		$	1,531		$	638
Total average assets	$	124,187		$	121,247		$	53,824
Return on average assets (annualized) (3)	1.06		%	0.50		%	1.18		%
Adjusted return on average assets (annualized) (3)	1.27			1.26			1.18




Adjusted net income available to common shareholders and adjusted diluted earnings per share
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 (2)	(16)			(45)			—
Adjusted net income available to common shareholders	$	379		$	363		$	155
Weighted average common shares outstanding, diluted	151,468			151,471			77,277
Diluted earnings per share (3)	$	2.07		$	0.89		$	2.00
Adjusted diluted earnings per share (3)	2.50			2.39			2.00
(1) A portion of this item was non-taxable.
(2) A blended tax rate of 16.4% 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)	2Q26			1Q26			2Q25
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	$	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 (2)	(16)			(45)			—
Adjusted net income available to common shareholders	$	379		$	363		$	155

Adjusted net income available to common shareholders annualized (3)	$	1,520		$	1,471		$	622
Amortization of intangibles, tax effected, annualized (2)(3)	142			147			4
Adjusted net income available to common shareholders excluding amortization of intangibles annualized (3)	$	1,662		$	1,618		$	626

Net income available to common shareholders annualized (3)	$	1,255		$	546		$	622
Amortization of intangibles, tax effected, annualized (2)	142			147			4
Net income available to common shareholders excluding amortization of intangibles annualized (3)	$	1,397		$	693		$	626

Total average shareholders' equity less preferred stock	$	13,941		$	13,805		$	6,385
Average goodwill	(3,479)			(3,583)			(1,849)
Average other intangible assets, net	(1,069)			(1,079)			(21)
Total average tangible shareholders' equity less preferred stock	$	9,393		$	9,143		$	4,515
Return on average common equity (annualized) (3)	9.01		%	3.96		%	9.72		%
Adjusted return on average common equity (annualized) (3)	10.90			10.65			9.72
Return on average tangible common equity (annualized) (3)	14.89			7.58			13.84
Adjusted return on average tangible common equity (annualized) (3)	17.70			17.69			13.84

(1) A portion of this item was non-taxable.
(2) A blended tax rate of 16.4% 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)	June 30, 2026			December 31, 2025			June 30, 2025


Tangible common equity ratio
Total assets	$	129,055		$	57,706		$	54,801
Goodwill	(3,479)			(1,849)			(1,849)
Core deposits and other intangible assets, net	(1,045)			(30)			(19)
Tangible assets	$	124,531		$	55,827		$	52,933

Total equity	$	14,828		$	7,044		$	6,637
Goodwill	(3,479)			(1,849)			(1,849)
Core deposits and other intangible assets, net	(1,045)			(30)			(19)
Preferred Stock, no par value	(781)			(217)			(217)
Tangible common equity	$	9,523		$	4,948		$	4,552
Total equity to total assets ratio (1)	11.49		%	12.21		%	12.11		%
Tangible common equity ratio (1)	7.65			8.86			8.60

Tangible common equity	$	9,523		$	4,948		$	4,552
Common shares outstanding	151,111			77,662			77,548
Book value per common share (1)	$	92.96		87.90			82.79
Tangible book value per common share (1)	$	63.02		$	63.71		$	58.70

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


Media Contact						Investor Contact
Joe Bass						Samantha W. Tyagi
615-743-8219						404-364-2715
joe.bass@pnfp.com						samantha.tyagi@synovus.com


Deposits*

(dollars in millions)	2Q26		1Q26		Linked Quarter Change		Linked Quarter % Change		2Q25		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	20,657	$	20,388	$	269	1	%	$	8,663	$	11,994	138	%
Interest-bearing DDA	28,708		30,666		(1,958)		(6)		14,301		14,407		101
Money market	36,343		34,008		2,335		7		16,329		20,014		123
Savings	1,784		1,865		(81)		(4)		788		996		126
Time deposits	13,406		13,176		230		2		4,941		8,465		171

Total deposits	$	100,898	$	100,103	$	795	1	%	$	45,022	$	55,876	124	%


Loans*

(dollars in millions)	2Q26		1Q26		Linked Quarter Change		Linked Quarter % Change
Commercial & industrial	$	51,115	$	48,197	$	2,918	6	%
Commercial real estate	23,595		23,760		(165)		(1)
Consumer	13,366		13,240		126		1
Total loans	$	88,076	$	85,197	$	2,879	3	%