
	September 30, 2026
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held to maturity:

U.S. Government agency securities	$	226	$	—	$	(5)	$	221
Mortgage-backed securities	319		—		(26)		293
State and municipal securities	1,716		—		(294)		1,422
Asset-backed securities	55		—		(2)		53
Corporate notes and other	65		—		(4)		61
Total securities held to maturity(1)	$	2,381	$	—	$	(331)	$	2,050
Allowance for credit losses- securities held to maturity	(1)
Securities HTM, net of allowance for credit losses	$	2,380

Securities available for sale:
U.S. Treasury securities	$	2,801	$	11	$	(51)	$	2,761
U.S. Government agency securities	204		—		(21)		183

Mortgage-backed securities	15,335		—		(801)		14,534


State and municipal securities	505		—		(61)		444
Corporate notes and other	283		—		(15)		268
Total securities available for sale(2)	$	19,128	$	11	$	(949)	$	18,190


	December 31, 2025
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held to maturity:
U.S. Treasury securities	$	20	$	—	$	—	$	20
U.S. Government agency securities	226		—		(5)		221
Mortgage-backed securities	350		—		(18)		332
State and municipal securities	1,821		1		(155)		1,667
Asset-backed securities	108		—		(2)		106
Corporate notes and other	68		—		(4)		64
Total securities held to maturity(1)	$	2,593	$	1	$	(184)	$	2,410
Allowance for credit losses- securities held to maturity	(2)
Securities HTM, net of allowance for credit losses	$	2,591

Securities available for sale:
U.S. Treasury securities	$	1,576	$	10	$	—	$	1,586
U.S. Government agency securities	210		—		(15)		195

Mortgage-backed securities	2,852		11		(69)		2,794



State and municipal securities	1,768		8		(67)		1,709
Corporate notes and other	293		2		(12)		283
Total securities available for sale(2)	$	6,699	$	31	$	(163)	$	6,567

(1) The amounts reported exclude accrued interest receivable on debt securities HTM of $16 million and $26 million at September 30, 2026 and December 31, 2025, respectively, which are presented as a component of other assets on the consolidated balance sheets. The amortized cost basis of debt securities HTM includes a net premium of $10 million and $16 million at September 30, 2026 and December 31, 2025, respectively, related to the unamortized portion of unrealized net gains on the transferred debt securities HTM.

Pinnacle has entered into various fair value hedging transactions to mitigate the impact of changing interest rates on the fair values of available for sale securities. See Note 9 - Derivative Instruments and Hedging Activities for disclosure of the gains and losses recognized on derivative instruments and the cumulative fair value hedging adjustments to the carrying amount of the hedged securities.


	September 30, 2026
	Less than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	1,844	$	(51)	$	—	$	—	$	1,844	$	(51)
U.S. Government agency securities	2		—		180		(21)		182		(21)
Mortgage-backed securities	13,837		(719)		686		(82)		14,523		(801)
State and municipal securities	56		(6)		374		(55)		430		(61)
Corporate notes and other	101		(2)		152		(13)		253		(15)
Total	$	15,840	$	(778)	$	1,392	$	(171)	$	17,232	$	(949)


	December 31, 2025
	Less than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	205	$	—	$	—	$	—	$	205	$	—
U.S. Government agency securities	—		—		191		(15)		191		(15)

Mortgage-backed securities	506		(1)		876		(68)		1,382		(69)
State and municipal securities	871		(18)		341		(49)		1,212		(67)



Corporate notes and other	15		(2)		141		(10)		156		(12)
Total	$	1,597	$	(21)	$	1,549	$	(142)	$	3,146	$	(163)

As shown in the tables above, at September 30, 2026, Pinnacle had approximately $949 million in gross unrealized losses on AFS securities with an approximate fair value of $17.2 billion of AFS securities. For any securities classified as AFS that are in an unrealized loss position at the balance sheet date, Pinnacle assesses whether it intends to sell the security, or more-likely-than-not will be required to sell the security, before recovery of its amortized cost basis which would require a write-down to fair value through net income. Because Pinnacle currently does not intend to sell those AFS securities that have an unrealized loss at September 30, 2026, and it is not more-likely-than-not that Pinnacle will be required to sell the securities before recovery of their amortized cost basis, which may be maturity, Pinnacle has determined that no write-down is necessary. In addition, Pinnacle evaluates whether any portion of the decline in fair value of AFS securities is the result of credit deterioration of the issuers, which would require the recognition of an allowance for credit losses. Such evaluations consider the extent to which the amortized cost of the security exceeds its fair value, changes in credit ratings and any other known adverse conditions related to the specific security. The unrealized losses associated with the AFS securities at September 30, 2026 are driven by changes in interest rates and are not due to the credit quality of the securities and accordingly, no allowance for credit losses is considered necessary related to AFS securities at September 30, 2026. These securities will continue to be monitored as part of Pinnacle's ongoing evaluation of credit quality. Management evaluates the financial performance of the issuers on a quarterly basis to determine if it is probable that the issuers can make all contractual principal and interest payments.

The allowance for credit losses on HTM securities is measured on a collective basis by major security type, Pinnacle has a zero loss expectation for U.S. treasury securities in addition to U.S. Government agency securities and mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and accordingly, no allowance for credit losses is estimated for these securities. Credit losses on HTM state and municipal securities and corporate notes and other securities are estimated using third-party probability of default and loss given default models driven primarily by macroeconomic factors over a reasonable and supportable period of twenty-four months with a twelve month reversion to average loss factors. At September 30, 2026 and December 31, 2025, the estimated allowance for credit losses on HTM securities was $1 million and $2 million, respectively.

The amortized cost and fair value by contractual maturity of debt securities HTM and debt securities AFS at September 30, 2026 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.


	September 30, 2026
(in millions)	Within One Year		1 to 5 Years		5 to 10 Years		More Than 10 Years		Total
State and municipal securities
Amortized cost	1		11		54		1,650		1,716
Fair value	1		11		50		1,360		1,422
Asset-backed securities
Amortized cost	—		—		—		55		55
Fair value	—		—		—		53		53
Corporate notes and other
Amortized cost	—		54		11		—		65
Fair value	—		51		10		—		61

Securities AFS:
U.S. Treasury securities
Amortized cost	$	414	$	1,751	$	—	$	636	$	2,801
Fair value	413		1,701		—		647		2,761

U.S. Government agency securities
Amortized cost	—		187		2		15		204
Fair value	—		169		2		12		183

Mortgage-backed securities
Amortized cost	—		2,975		1,193		11,167		15,335
Fair value	—		2,849		1,124		10,561		14,534













State and municipal securities
Amortized cost	—		—		6		499		505
Fair value	—		—		6		438		444
Corporate notes and other
Amortized cost	15		110		145		13		283
Fair value	15		103		138		12		268