Document

“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.

•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 third quarter 2026 and second 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 flat at 0.50% for the quarter compared to the prior quarter. The third quarter 2026 net charge-off ratio was 0.23%, which was in line with expectations and compares to 0.22% in the second quarter. Provision for credit losses was $86 million in third quarter 2026. The allowance for credit losses ratio (to loans) was 1.19%, while the allowance for credit losses coverage of non-performing loans was 245.78%. The change in the allowance quarter-over-quarter was driven largely by a more adverse macroeconomic outlook and continued loan growth.


	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


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%

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).

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


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


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	%


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.

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.


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)	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	%


Loans*

(dollars in millions)	3Q26		2Q26		Linked Quarter Change		Linked Quarter % 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	%