Pinnacle Financial Partners announces earnings for third quarter 2026

By Business Wire | October 21, 2026, 3:18 PM

Diluted earnings per share of $2.40 versus $2.19 in 3Q25

Adjusted diluted earnings per share of $2.69 versus $2.27 in 3Q25

ATLANTA--(BUSINESS WIRE)--Pinnacle Financial Partners, Inc. (NYSE: PNFP) today reported financial results for the quarter ended Sept. 30, 2026. Net income available to common shareholders was $364 million, or $2.40 per diluted share in third quarter 2026. Excluding merger-related expenses, investment securities losses and certain other items, adjusted net income available to common shareholders was $409 million, or $2.69 per diluted share.

“Three quarters into our first year as a combined company, the pattern that built Pinnacle is intact: consistent, repeatable performance, quarter after quarter. The merger changed our size, not how we perform. Strong loan and deposit growth and outsized growth in fee income have driven double-digit diluted EPS growth year over year. And we did it while building capital and keeping credit sound. Retention and recruiting are both ahead of plan, and clients remain loyal and committed to doing more business with us. We plan to close 2026 building on that pattern of performance,” said Pinnacle President and CEO Kevin Blair.

Third Quarter 2026 Performance

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.
Our hiring efforts remain very successful and consistent. Pinnacle added 96 experienced revenue producers during the third quarter, compared to 74 in second quarter 2026. This brings our year-to-date total to 222.
Period-end loans were $89.8 billion at Sept. 30, 2026, up $1.7 billion or 2% from the prior quarter. The majority of the loan growth was in commercial and industrial credits and was diverse by geography and supported by specialty lending.
Period-end deposits were $103 billion, up $2.1 billion or 2% from the prior quarter. Third quarter deposit growth reflects Pinnacle’s historical seasonal growth pattern.
Net interest income grew 3% to $986 million in third quarter 2026. On a linked-quarter basis, the net margin declined 4 basis points to 3.40%, driven primarily by increasing deposit costs and the ongoing, wholesale-funded liquidity build, partially offset by rising securities and loan yields.
Non-interest revenue was $326 million and adjusted non-interest revenue was $323 million in third quarter 2026. Linked-quarter adjusted non-interest revenue increased $53 million from the second quarter, driven by an increase in income from our equity-method investment in BHG, which was the result of higher production, and by a $23 million gain associated with the payoff of an equipment lease during the quarter.
Non-interest expense was $749 million in third quarter 2026. Excluding merger-related expense and certain other items, adjusted non-interest expense was $690 million, up 4% on a linked-quarter basis, with increased employment expense primarily driven by a true-up to the annual incentive accrual for revenue and EPS growth, and accelerated revenue producer hiring. The efficiency ratio-TE was 56.6% in third quarter 2026, while the adjusted tangible efficiency ratio was 48.9%.
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.
The preliminary Common Equity Tier 1 (CET1) ratio ended third quarter 2026 at 10.01%, up from 9.93% in the second quarter.

Third Quarter 2026 Summary

	Reported									Adjusted
(dollars in millions)		3Q26			2Q26			3Q25			3Q26			2Q26			3Q25
Net income available to common shareholders	$	364		$	313		$	169		$	409		$	379		$	175
Diluted earnings per share		2.40			2.07			2.19			2.69			2.50			2.27
Total revenue		1,312			1,203			544			1,318			1,238			559
Total loans		89,808			88,076			37,933		NA			NA			NA
Total deposits		103,036			100,898			45,732		NA			NA			NA
Return on avg assets⁽¹⁾		1.18	%		1.06	%		1.24	%		1.32	%		1.27	%		1.29	%
Return on avg common equity⁽¹⁾		10.28			9.01			10.33			11.50			10.90			10.68
Return on avg tangible common equity⁽¹⁾		16.54			14.89			14.58			18.34			17.70			15.07
Net interest margin⁽²⁾		3.40			3.44			3.26		NA			NA			NA
Efficiency ratio-TE⁽²⁾⁽³⁾		56.6			59.4			54.1			48.9			49.8			52.5
NCO ratio-QTD		0.23			0.22			0.18		NA			NA			NA
NPA ratio		0.50			0.50			0.41		NA			NA			NA
CET1 ratio⁽⁴⁾		10.01			9.93			10.83		NA			NA			NA
⁽¹⁾ Annualized
⁽²⁾ Taxable equivalent
⁽³⁾ Adjusted tangible efficiency ratio
⁽⁴⁾ Current period ratio preliminary
NA - not applicable

Balance Sheet
Loans^*

(dollars in millions)					Linked Quarter		Linked Quarter
	3Q26		2Q26		Change		% Change
Commercial & industrial	$	52,063	$	51,115	$	948	2	%
Commercial real estate		24,037		23,595		442	2
Consumer		13,708		13,366		342	3
Total loans	$	89,808	$	88,076	$	1,732	2	%

^*Amounts may not total due to rounding.

Deposits^*

(dollars in millions)		3Q26		2Q26	Linked Quarter Change			Linked Quarter % Change			3Q25	Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	20,912	$	20,657	$	255		1	%	$	8,958	$	11,954	133	%
Interest-bearing DDA		29,728		28,708		1,020		4			15,032		14,696	98
Money market		36,961		36,343		618		2			16,301		20,660	127
Savings		1,781		1,784		(3	)	—			797		984	123
Time deposits		13,654		13,406		248		2			4,644		9,010	194
Total deposits	$	103,036	$	100,898	$	2,138		2	%	$	45,732	$	57,304	125	%

^*Amounts may not total due to rounding and prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.

Income Statement Summary^**

(in millions, except per share data, share count in thousands)		3Q26			2Q26		Linked Quarter Change		Linked Quarter % Change			3Q25		Year/Year Change		Year/Year % Change
Net interest income	$	986		$	956		$	30	3	%	$	397		$	589	148	%
Non-interest revenue		326			247			79	32			147			179	122
Non-interest expense		749			721			28	4			303			446	147
Provision for (reversal of) credit losses		86			63			23	36			32			54	168
Income before taxes	$	477		$	419		$	58	14		$	209		$	269	129
Income tax expense (benefit)		98			91			7	7			36			62	168
Net income		379			328			51	16			173			206	119
Less: Preferred stock dividends		15			15			—	—			4			11	292
Net income available to common shareholders	$	364		$	313		$	51	16	%	$	169		$	195	116	%
Weighted average common shares outstanding, diluted		151,718			151,468			250	—	%		77,310			74,408	96	%
Diluted earnings per share	$	2.40		$	2.07		$	0.33	16		$	2.19		$	0.21	10
Adjusted diluted earnings per share		2.69			2.50			0.19	8			2.27			0.42	19
Effective tax rate		20.5	%		21.7	%						17.2	%

^**Amounts may not total due to rounding and changes are calculated using unrounded amounts and may differ from calculations based on rounded figures. Additionally, prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.

Third Quarter 2026 Earnings Webcast and Conference Call

Pinnacle will host a conference call and webcast to discuss third quarter 2026 earnings results with an accompanying slide presentation at 8 a.m. ET on Oct. 22, 2026. Shareholders and other interested parties may listen to this conference call via simultaneous internet broadcast at investors.pnfp.com/events-presentations. Participants may also access the conference call at 888-506-0062 using the code 461090. The replay will be archived for at least 12 months and will be available approximately one hour after the call.

Pinnacle Financial Partners, Inc. (“Pinnacle”) is a $130.7 billion asset regional bank which provides a full range of banking, investment, trust, mortgage and insurance products and services for commercial and consumer clients who want a comprehensive relationship with their financial institution. The firm joined forces with Synovus on Jan. 1, 2026, bringing together more than 160 years of combined banking service. Pinnacle is the largest bank headquartered in Tennessee and the largest bank holding company headquartered in Georgia. The firm is No. 1 in deposit market share in the Nashville MSA and No. 4 in the Atlanta MSA with offices in Tennessee, Georgia, Florida, North Carolina, South Carolina, Alabama, Kentucky, Virginia and Maryland (as of June 30, 2026, according to FDIC data).

Pinnacle is an employer of choice for financial services professionals. The firm is No. 12 in FORTUNE magazine’s 2026 list of 100 Best Companies to Work For® in the U.S., its tenth consecutive appearance. Pinnacle was also recognized by American Banker as No. 4 among America’s Best Banks to Work For in 2025, its 13th consecutive year on the list, and No. 1 among banks with more than $10 billion in assets.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Pinnacle’s use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Pinnacle’s future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding the anticipated benefits and risks related to the recently-completed business combination with Synovus Financial Corp., our future operating and financial performance; expectations on our intended strategies, initiatives, and other operational and execution goals; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Pinnacle to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Pinnacle’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Pinnacle’s ability to control or predict.

These forward-looking statements are based upon information presently known to management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Pinnacle's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Pinnacle's quarterly reports on Form 10-Q, current reports on Form 8-K and other filings and reports filed with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
INCOME STATEMENT DATA

	Nine Months Ended September 30,

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

Contacts

Media Contact
Joe Bass
615-743-8219
joe.bass@pnfp.com

Investor Contact
Samantha W. Tyagi
404-364-2715
samantha.tyagi@synovus.com

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