Year-over-year loan growth was 9.0%

NASHVILLE, Tenn., April 14, 2025--(BUSINESS WIRE)--Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income per diluted common share of $1.77 for the quarter ended March 31, 2025, compared to net income per diluted common share of $1.57 for the quarter ended March 31, 2024, an increase of approximately 12.7 percent. After considering the adjustments noted in the table below, net income per diluted common share was $1.90 for the three months ended March 31, 2025, compared to $1.53 for the three months ended March 31, 2024, an increase of 24.2 percent.

Three months ended March 31, 2025 March 31, 2024 Diluted earnings per common share $ 1.77 $ 1.57  Adjustments, net of tax (1):  Investment losses (gains) on sales of securities, net  0.12  —  Recognition of mortgage servicing asset  —  (0.12 ) FDIC special assessment  —  0.07  Diluted earnings per common share after adjustments $ 1.90 $ 1.53

Numbers may not foot due to rounding. (1): Adjustments include tax effect calculated using a marginal tax rate of 25.00 percent for all periods presented.

"There is great volatility and economic uncertainty associated with tariffs, taxes and other policy changes," said M. Terry Turner, Pinnacle's president and chief executive officer. "As always, we remain nimble and responsive to the macro environment, but I believe the strength of our differentiated model is most evident in periods like this with economic uncertainty and slower growth for the industry. Our continuously expanding number of relationship managers grew loans 9.0 percent comparing the first quarter of 2025 to the first quarter of 2024. We continue to hire the best bankers in our markets which allows us to grow a solid balance sheet as they consolidate their books of business to Pinnacle. Both our recruiting and business development pipelines are robust, which underpins our ongoing growth expectations.

"During the first quarter, we added 33 revenue producers to our firm, compared to 37 in the first quarter of last year. Despite the current economic uncertainties, we will continue to invest in future growth by recruiting the best bankers in our existing markets and, if the right talent becomes available, we would also consider extending into other large, urban markets in the Southeast."

BALANCE SHEET GROWTH AND LIQUIDITY:

Total assets at March 31, 2025, were $54.3 billion, an increase of approximately $1.7 billion from Dec. 31, 2024, and $5.4 billion from March 31, 2024, reflecting a linked-quarter annualized increase of 12.7 percent and a year-over-year increase of 11.0 percent. A further analysis of select balance sheet trends follows:

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Balances at Linked-Quarter

Annualized

% Change Balances at Year-over-Year

% Change (dollars in thousands) March 31,

2025 December 31,

2024 March 31,

2024 Loans $ 36,136,746 $ 35,485,776 7.3 % $ 33,162,873 9.0 % Securities  8,718,794  8,381,268 16.1 %  7,371,847 18.3 % Other interest-earning assets  3,776,121  3,377,381 47.2 %  3,195,211 18.2 % Total interest-earning assets $ 48,631,661 $ 47,244,425 11.7 % $ 43,729,931 11.2 %  Core deposits:  Noninterest-bearing deposits $ 8,507,351 $ 8,170,448 16.5 % $ 7,958,739 6.9 % Interest-bearing core deposits(1) $ 31,505,648 $ 29,876,456 21.8 % $ 26,679,871 18.1 % Noncore deposits and other funding(2) $ 7,042,510 $ 7,326,287 (15.5 )% $ 7,506,409 (6.2 )% Total funding $ 47,055,509 $ 45,373,191 14.8 % $ 42,145,019 11.7 %

(1): Interest-bearing core deposits are interest-bearing deposits, money market accounts and time deposits less than $250,000 including reciprocating time and money market deposits. (2): Noncore deposits and other funding consists of time deposits greater than $250,000, securities sold under agreements to repurchase, public funds, brokered deposits, FHLB advances and subordinated debt.

"We are off to a great start with deposit growth of 15.3 percent annualized in the first quarter of 2025," Turner said. "We were particularly pleased that our noninterest bearing deposits grew by $336.9 million during the quarter, an annualized growth rate of 16.5 percent. Year-over-year net loan growth was 9.0 percent comparing first quarter 2025 to first quarter 2024. Net loan growth during the first quarter of 2025 was $651.0 million compared to net loan growth of $486.8 million first quarter last year, a 33.7 percent increase. Consequently, we remain confident and believe that our previous guidance of 8 to 11 percent growth for 2025 over 2024 year-end loan balances remains a reasonable estimate for us at this time."

PRE-TAX, PRE-PROVISION NET REVENUE (PPNR) GROWTH AND PROFITABILITY:

Pre-tax, pre-provision net revenues (PPNR) for the three months ended March 31, 2025 were $187.4 million, compared to $185.8 million recognized in the three months ended March 31, 2024. As noted in the table below, adjusted PPNR for the three months ended March 31, 2025 were $199.9 million, compared to $181.3 million in the three months ended March 31, 2024, a double-digit growth rate.

Three months ended March 31, (dollars in thousands) 2025 2024 % change Revenues:  Net interest income $ 364,428 $ 318,034  14.6 % Noninterest income  98,426  110,103  (10.6 )% Total revenues  462,854  428,137  8.1 % Noninterest expense  275,487  242,365  13.7 % Pre-tax, pre-provision net revenue  187,367  185,772  0.9 % Adjustments:  Investment losses (gains) on sales of securities, net  12,512  —  100.0 % Recognition of mortgage servicing asset  —  (11,812 ) (100.0 )% ORE expense  58  84  (31.0 )% FDIC special assessment  —  7,250  (100.0 )% Adjusted pre-tax pre-provision net revenue $ 199,937 $ 181,294  10.3 %

Three months ended March 31, 2025 March 31, 2024 Net interest margin 3.21 % 3.04 % Efficiency ratio 59.52 % 56.61 % Return on average assets 1.05 % 1.00 % Return on average tangible common equity (TCE) 12.51 % 12.11 % Average loan to deposit ratio 83.78 % 84.73 %

Net interest income for the first quarter of 2025 was $364.4 million, compared to $318.0 million for the first quarter of 2024, a year-over-year growth rate of 14.6 percent. Net interest margin was 3.21 percent for the first quarter of 2025, compared to 3.04 percent for the first quarter of 2024.

Noninterest income for the first quarter of 2025 was $98.4 million, compared to $110.1 million for the first quarter of 2024. As noted in the table below, adjusted noninterest income for the first quarter of 2025 was $110.9 million, compared to $98.3 million for the first quarter of 2024, a year-over-year increase of 12.9 percent.

Three months ended March 31, % Change (dollars in thousands) 2025 2024 Noninterest income $ 98,426 $ 110,103  (10.6 )% Less:  Investment losses (gains) on sales of securities, net  12,512  —  100.0 % Recognition of mortgage servicing asset  —  (11,812 ) (100.0 )% Adjusted noninterest income $ 110,938 $ 98,291  12.9 %

Wealth management revenues, which include investment, trust and insurance services, were $32.8 million for the first quarter of 2025, compared to $26.0 million for the first quarter of 2024, a year-over-year increase of 26.2 percent. The increase in wealth management revenues continues to be primarily attributable to an increase in capacity as we hire more revenue producers across the firm, but particularly in the areas of the firm's most recent market extensions. Income from the firm's investment in Banker's Healthcare Group (BHG) was $20.4 million for the first quarter of 2025, compared to $16.0 million for the first quarter of 2024, a year-over-year increase of 27.3 percent.

BHG's loan originations were $1.2 billion in the first quarter of 2025, compared to $692 million in the first quarter of 2024. Loans sold to BHG's community bank partners were approximately $605 million in the first quarter of 2025, compared to $533 million in the first quarter of 2024. BHG reserves for on-balance sheet loan losses were $245.0 million, or 9.2 percent of loans held for investment at March 31, 2025, compared to 9.3 percent at Dec. 31, 2024, and 10.3 percent at March 31, 2024. At March 31, 2025, BHG increased its accrual for estimated losses attributable to loan substitutions and prepayments to $577.5 million, or 7.5 percent of the unpaid balances on loans that were previously purchased by BHG's community bank network, compared to 7.1 percent at Dec. 31, 2024 and 5.7 percent at March 31, 2024. Other noninterest income was $38.0 million for the quarter ended March 31, 2025, a decrease of $13.7 million from the first quarter of 2024. During the first quarter of 2024, the Company recognized a mortgage servicing asset associated with its Freddie Mac Small Business Lending (SBL) platform of approximately $11.8 million, which was reflected in other noninterest income and is the primary cause of the decrease in other noninterest income in the first quarter of 2025 when compared to the first quarter of 2024.

Noninterest expense for the first quarter of 2025 was $275.5 million, compared to $242.4 million for the first quarter of 2024. As noted in the table below, adjusted noninterest expense for the first quarter of 2025 was $275.4 million, compared to $235.0 million for the first quarter of 2024.

Three months ended March 31, % Change (dollars in thousands) 2025 2024 Noninterest expense $ 275,487 $ 242,365 13.7 % Less:  ORE expense  58  84 (31.0 )% FDIC special assessment  —  7,250 (100.0 )% Adjusted noninterest expense $ 275,429 $ 235,031 17.2 %

Salaries and employee benefits were $172.1 million in the first quarter of 2025, compared to $146.0 million in the first quarter of 2024, reflecting a year-over-year increase of 17.9 percent.

Cash incentive costs in the first quarter of 2025 totaling $20.1 million were approximately $6.8 million higher than the first quarter of 2024. The increase in cash incentive costs was due to increases in headcount, annual merit raises and other base salary adjustments for participants in the plan and an increase in the anticipated incentive award payouts from a first quarter 2024 accrual which assumed an approximate 80 percent of target payout to a first quarter of 2025 accrual which assumes an approximate 100 percent. Equipment and occupancy costs were $46.2 million in the first quarter of 2025, compared to $39.6 million in the first quarter of 2024, resulting in a year-over-year increase of 16.5 percent. This increase was primarily attributable to opening nine new full-service locations throughout the company's footprint over the last 12 months and, during the first quarter of 2025, relocation of its corporate headquarters to a new location in downtown Nashville. Marketing and other business development costs were $8.7 million in the first quarter of 2025, compared to $6.1 million in the first quarter of 2024, resulting in a year-over-year increase of 41.5 percent. The primary drivers of the increases in marketing and business development costs were the Company's partnership with The Pinnacle, Nashville's newest live music venue, which opened in March 2025, and other factors including increases in both client and associate engagement expenses due to our increased headcount and market extensions. Noninterest expense categories, other than those specifically noted above, were $48.6 million in the first quarter of 2025, compared to $50.6 million in the first quarter of 2024, resulting in a year-over-year decrease of 4.0 percent. Several factors contributed to the decrease in other noninterest expense in the first quarter of 2025 compared to the first quarter of 2024, including the recording of an FDIC special assessment in the first quarter of 2024, offset in part by loss protection fees associated with a credit default swap which began in the second quarter of 2024.

"Our year-over-year increase in first quarter revenues was 8.1 percent, but after giving effect to losses on the sale of securities in the first quarter of 2025 and the recognition of the mortgage servicing right asset in the first quarter of 2024, adjusted revenues increased by 14.2 percent," said Harold R. Carpenter, Pinnacle’s chief financial officer. "Both our net interest income and net interest margin results for the first quarter of 2025 were in line with our expectations.

"BHG had a stronger quarter than we originally anticipated as production volumes were strong and credit costs were slightly better than we anticipated. We were also pleased with the year-over-year growth in virtually all of our banking fee categories including wealth management, deposit fees and others. Conversely, other noninterest income decreased in the first quarter of 2025 due to the recognition of the mortgage servicing asset last year and fair value adjustments related to our other equity investments which were $3.0 million less in the first quarter of 2025 compared to the first quarter of 2024."

CAPITAL, SOUNDNESS AND TAXES:

As of March 31,

2025 December 31,

2024 March 31,

2024 Shareholders' equity to total assets  12.1 %  12.2 %  12.5 % Tangible common equity to tangible assets  8.5 %  8.6 %  8.5 % Book value per common share $ 81.57  $ 80.46  $ 76.23  Tangible book value per common share $ 57.47  $ 56.24  $ 51.98  Annualized net loan charge-offs to avg. loans (1)  0.16 %  0.24 %  0.20 % Nonperforming assets to total loans, ORE and other nonperforming assets (NPAs)  0.48 %  0.42 %  0.33 % Classified asset ratio (Pinnacle Bank) (2)  4.44 %  3.79 %  4.94 % Construction and land development loans as a percentage of total capital (3)  65.60 %  70.50 %  77.50 % Construction and land development, non-owner occupied commercial real estate and multi-family loans as a percentage of total capital (3)  236.40 %  242.20 %  258.00 % Allowance for credit losses (ACL) to total loans  1.16 %  1.17 %  1.12 %

(1): Annualized net loan charge-offs to average loans ratios are computed by annualizing quarterly net loan charge-offs and dividing the result by average loans for the quarter. (2): Classified assets as a percentage of Tier 1 capital plus allowance for credit losses. (3): Calculated using the same guidelines as are used in the Federal Financial Institutions Examination Council's Uniform Bank Performance Report.

"Our capital ratios remain in a strong position after the first quarter of 2025," Carpenter said. "We are below our long-term target for exposure to construction and land development loans as the ratio of these loans to total capital decreased to 65.6 percent at March 31, 2025. Our net charge-offs were at 0.16 percent, which was within the range we estimated when we released our 2024 full-year results."

WEBCAST AND CONFERENCE CALL INFORMATION

Pinnacle will host a webcast and conference call at 8:30 a.m. CT on April 15, 2025, to discuss first quarter 2025 results and other matters. To access the call for audio only, please call 1-877-209-7255. For the presentation and streaming audio, please access the webcast on the investor relations page of Pinnacle's website at www.pnfp.com.

Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2024 deposit data from the FDIC. Pinnacle is No. 9 on FORTUNE magazine’s 2025 list of 100 Best Companies to Work For® in the U.S., its ninth consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 12 years in a row and No. 1 among banks with more than $10 billion in assets in 2024.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $54.3 billion in assets as of March 31, 2025. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in several primarily urban markets across the Southeast.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.

Forward-Looking Statements

All statements, other than statements of historical fact, included in this press release, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "expect," "aim," "anticipate," "intend," "may," "should," "plan," "looking for," "believe," "seek," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to: (i) deterioration in the financial condition of borrowers of Pinnacle Bank and its subsidiaries or BHG, including as a result of persistent elevated interest rates, the negative impact of inflationary pressures and challenging economic conditions on our and BHG's customers and their businesses, resulting in significant increases in loan losses and provisions for those losses and, in the case of BHG, substitutions; (ii) fluctuations or differences in interest rates on loans or deposits from those that Pinnacle Financial is modeling or anticipating, including as a result of Pinnacle Bank's inability to better match deposit rates with the changes in the short-term rate environment, or that affect the yield curve; (iii) the impact of U.S. and global economic conditions, trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, and geopolitical instability; (iv) the sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs; (v) adverse conditions in the national or local economies including in Pinnacle Financial's markets throughout the Southeast region of the United States, particularly in commercial and residential real estate markets; (vi) the inability of Pinnacle Financial, or entities in which it has significant investments, like BHG, to maintain the long-term historical growth rate of its, or such entities', loan portfolio; (vii) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits, including during times when Pinnacle Bank is seeking to limit the rates it pays on deposits or uncertainty exists in the financial services sector; (viii) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (ix) effectiveness of Pinnacle Financial's asset management activities in improving, resolving or liquidating lower-quality assets; (x) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on Pinnacle Financial’s results, including as a result of the negative impact to net interest margin from elevated deposit and other funding costs; (xi) the results of regulatory examinations of Pinnacle Financial, Pinnacle Bank or BHG, or companies with whom they do business; (xii) BHG's ability to profitably grow its business and successfully execute on its business plans; (xiii) risks of expansion into new geographic or product markets; (xiv) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including goodwill or other intangible assets; (xv) the ineffectiveness of Pinnacle Bank's hedging strategies, or the unexpected counterparty failure or hedge failure of the underlying hedges; (xvi) reduced ability to attract additional financial advisors (or failure of such advisors to cause their clients to switch to Pinnacle Bank), to retain financial advisors (including as a result of the competitive environment for associates) or otherwise to attract customers from other financial institutions; (xvii) deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xviii) inability to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies, required capital maintenance levels or regulatory requests or directives, particularly if Pinnacle Bank's level of applicable commercial real estate loans were to exceed percentage levels of total capital in guidelines recommended by its regulators; (xix) approval of the declaration of any dividend by Pinnacle Financial's board of directors; (xx) the vulnerability of Pinnacle Bank's network and online banking portals, and the systems of parties with whom Pinnacle Bank contracts, to unauthorized access, computer viruses, phishing schemes, spam or ransomware attacks, human error, natural disasters, power loss and other security breaches; (xxi) the possibility of increased compliance and operational costs as a result of increased regulatory oversight (including by the Consumer Financial Protection Bureau), including oversight of companies in which Pinnacle Financial or Pinnacle Bank have significant investments, like BHG, and the development of additional banking products for Pinnacle Bank's corporate and consumer clients; (xxii) Pinnacle Financial's ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions; (xxiii) difficulties and delays in integrating acquired businesses or fully realizing costs savings and other benefits from acquisitions; (xxiv) the risks associated with Pinnacle Bank being a minority investor in BHG, including the risk that the owners of a majority of the equity interests in BHG decide to sell the company or all or a portion of their ownership interests in BHG (triggering a similar sale by Pinnacle Bank); (xxv) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (xxvi) fluctuations in the valuations of Pinnacle Financial's equity investments and the ultimate success of such investments; (xxvii) the availability of and access to capital; (xxviii) adverse results (including costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions involving Pinnacle Financial, Pinnacle Bank or BHG; and (xxix) general competitive, economic, political and market conditions. Throughout this document, numbers may not foot due to rounding. Additional factors which could affect the forward looking statements can be found in Pinnacle Financial's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC and available on the SEC's website at http://www.sec.gov. Pinnacle Financial disclaims any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Matters

This release contains certain non-GAAP financial measures, including, without limitation, total revenues, net income to common shareholders, earnings per diluted common share, revenue per diluted common share, PPNR, efficiency ratio, noninterest expense, noninterest income and the ratio of noninterest expense to average assets, excluding in certain instances the impact of expenses related to other real estate owned, gains or losses on sale of investment securities, charges related to the FDIC special assessment, income associated with the recognition of a mortgage servicing asset in the first quarter of 2024, fees related to terminating an agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives in the second quarter of 2024 and other matters for the accounting periods presented. This release may also contain certain other non-GAAP capital ratios and performance measures that exclude the impact of goodwill and core deposit intangibles associated with Pinnacle Financial's acquisitions of BNC, Avenue Bank, Magna Bank, CapitalMark Bank & Trust, Mid-America Bancshares, Inc., Cavalry Bancorp, Inc. and other acquisitions which collectively are less material to the non-GAAP measure as well as the impact of Pinnacle Financial's Series B Preferred Stock. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Because non-GAAP financial measures presented in this release are not measurements determined in accordance with GAAP and are susceptible to varying calculations, these non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures presented by other companies.

Pinnacle Financial believes that these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of its operating performance. In addition, because intangible assets such as goodwill and the core deposit intangible, and the other items excluded each vary extensively from company to company, Pinnacle Financial believes that the presentation of this information allows investors to more easily compare Pinnacle Financial's results to the results of other companies. Pinnacle Financial's management utilizes this non-GAAP financial information to compare Pinnacle Financial's operating performance for 2025 versus certain periods in 2024 and to internally prepared projections.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS – UNAUDITED  (dollars in thousands, except for share and per share data) March 31, 2025 Dec. 31, 2024 March 31, 2024 ASSETS  Cash and noninterest-bearing due from banks $ 338,603  $ 320,320  $ 175,826  Restricted cash  114,234   93,645   58,285  Interest-bearing due from banks  3,425,902   3,021,960   2,472,250  Cash and cash equivalents  3,878,739   3,435,925   2,706,361  Securities purchased with agreement to resell  80,566   66,449   554,022  Securities available-for-sale, at fair value  5,950,177   5,582,369   4,378,718  Securities held-to-maturity (fair value of $2.5 billion, $2.6 billion and $2.7 billion, net of allowance for credit losses of $1.7 million, $1.7 million, and $1.7 million at Mar. 31, 2025, Dec. 31, 2024, and Mar. 31, 2024, respectively)  2,768,617   2,798,899   2,993,129  Consumer loans held-for-sale  143,305   175,627   104,586  Commercial loans held-for-sale  12,114   19,700   6,068  Loans  36,136,746   35,485,776   33,162,873  Less allowance for credit losses  (417,462 )  (414,494 )  (371,337 ) Loans, net  35,719,284   35,071,282   32,791,536  Premises and equipment, net  323,129   311,277   265,579  Equity method investment  432,177   436,707   457,657  Accrued interest receivable  220,614   214,080   219,887  Goodwill  1,849,260   1,849,260   1,846,973  Core deposits and other intangible assets  20,007   21,423   25,881  Other real estate owned  3,638   1,278   2,766  Other assets  2,853,177   2,605,173   2,541,033  Total assets $ 54,254,804  $ 52,589,449  $ 48,894,196  LIABILITIES AND SHAREHOLDERS' EQUITY  Deposits:  Noninterest-bearing $ 8,507,351  $ 8,170,448  $ 7,958,739  Interest-bearing  14,802,202   14,125,194   12,178,471  Savings and money market accounts  16,913,656   16,197,397   14,761,573  Time  4,256,254   4,349,953   4,503,242  Total deposits  44,479,463   42,842,992   39,402,025  Securities sold under agreements to repurchase  263,993   230,244   201,418  Federal Home Loan Bank advances  1,886,011   1,874,134   2,116,417  Subordinated debt and other borrowings  426,042   425,821   425,159  Accrued interest payable  51,318   55,619   58,069  Other liabilities  604,835   728,758   587,257  Total liabilities  47,711,662   46,157,568   42,790,345  Preferred stock, no par value, 10.0 million shares authorized; 225,000 shares non-cumulative perpetual preferred stock, Series B, liquidation preference $225.0 million, issued and outstanding at Mar. 31, 2025, Dec. 31, 2024, and Mar. 31, 2024, respectively  217,126   217,126   217,126  Common stock, par value $1.00; 180.0 million shares authorized; 77.6 million, 77.2 million and 77.2 million shares issued and outstanding at Mar. 31, 2025, Dec. 31, 2024, and Mar. 31, 2024, respectively.  77,554   77,242   77,219  Additional paid-in capital  3,120,969   3,129,680   3,100,817  Retained earnings  3,293,559   3,175,777   2,887,804  Accumulated other comprehensive loss, net of taxes  (166,066 )  (167,944 )  (179,115 ) Total shareholders' equity  6,543,142   6,431,881   6,103,851  Total liabilities and shareholders' equity $ 54,254,804  $ 52,589,449  $ 48,894,196   This information is preliminary and based on company data available at the time of the presentation.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED (dollars in thousands, except for share and per share data) Three months ended March 31, 2025 Dec. 31, 2024 March 31, 2024 Interest income:  Loans, including fees $ 547,368  $ 557,716  $ 541,199  Securities  Taxable  61,853   58,842   44,470  Tax-exempt  25,230   24,947   24,600  Federal funds sold and other  33,709   42,855   40,214  Total interest income  668,160   684,360   650,483  Interest expense:  Deposits  273,393   287,511   300,968  Securities sold under agreements to repurchase  1,026   1,182   1,399  FHLB advances and other borrowings  29,313   31,877   30,082  Total interest expense  303,732   320,570   332,449  Net interest income  364,428   363,790   318,034  Provision for credit losses  16,960   29,652   34,497  Net interest income after provision for credit losses  347,468   334,138   283,537  Noninterest income:  Service charges on deposit accounts  17,028   15,175   13,439  Investment services  18,817   19,233   14,751  Insurance sales commissions  4,674   2,900   3,852  Gains on mortgage loans sold, net  2,507   2,344   2,879  Investment gains (losses) on sales of securities, net  (12,512 )  249   —  Trust fees  9,340   9,098   7,415  Income from equity method investment  20,405   12,070   16,035  Gain on sale of fixed assets  210   38   58  Other noninterest income  37,957   50,438   51,674  Total noninterest income  98,426   111,545   110,103  Noninterest expense:  Salaries and employee benefits  172,089   164,670   146,010  Equipment and occupancy  46,180   42,756   39,646  Other real estate, net  58   58   84  Marketing and other business development  8,666   8,168   6,125  Postage and supplies  3,370   3,178   2,771  Amortization of intangibles  1,417   1,544   1,584  Other noninterest expense  43,707   41,523   46,145  Total noninterest expense  275,487   261,897   242,365  Income before income taxes  170,407   183,786   151,275  Income tax expense  29,999   32,527   27,331  Net income  140,408   151,259   123,944  Preferred stock dividends  (3,798 )  (3,798 )  (3,798 ) Net income available to common shareholders $ 136,610  $ 147,461  $ 120,146  Per share information:  Basic net income per common share $ 1.78  $ 1.93  $ 1.58  Diluted net income per common share $ 1.77  $ 1.91  $ 1.57  Weighted average common shares outstanding:  Basic  76,726,545   76,537,040   76,278,453  Diluted  76,964,625   77,384,742   76,428,885   This information is preliminary and based on company data available at the time of the presentation.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)  (dollars and shares in thousands) Preferred

Stock

Amount Common Stock Additional

Paid-in Capital Retained

Earnings Accumulated Other

Comp. Income

(Loss), net Total

Shareholders'

Equity Shares Amounts Balance at December 31, 2023 $ 217,126 76,767  $ 76,767  $ 3,109,493  $ 2,784,927  $ (152,525 ) $ 6,035,788  Exercise of employee common stock options & related tax benefits  — —   —   —   —   —   —  Preferred dividends paid ($16.88 per share)  — —   —   —   (3,798 )  —   (3,798 ) Common dividends paid ($0.22 per share)  — —   —   —   (17,269 )  —   (17,269 ) Issuance of restricted common shares  — 200   200   (200 )  —   —   —  Forfeiture of restricted common shares  — (10 )  (10 )  10   —   —   —  Restricted shares withheld for taxes & related tax benefits  — (49 )  (49 )  (4,088 )  —   —   (4,137 ) Issuance of common stock pursuant to restricted stock unit (RSU) and performance stock unit (PSU) agreements, net of shares withheld for taxes & related tax benefits  — 311   311   (14,738 )  —   —   (14,427 ) Compensation expense for restricted shares, RSUs and PSUs  — —   —   10,340   —   —   10,340  Net income  — —   —   —   123,944   —   123,944  Other comprehensive loss  — —   —   —   —   (26,590 )  (26,590 ) Balance at March 31, 2024 $ 217,126 77,219  $ 77,219  $ 3,100,817  $ 2,887,804  $ (179,115 ) $ 6,103,851   Balance at December 31, 2024 $ 217,126 77,242  $ 77,242  $ 3,129,680  $ 3,175,777  $ (167,944 ) $ 6,431,881  Preferred dividends paid ($16.88 per share)  — —   —   —   (3,798 )  —   (3,798 ) Common dividends paid ($0.24 per share)  — —   —   —   (18,828 )  —   (18,828 ) Issuance of restricted common shares  — 153   153   (153 )  —   —   —  Forfeiture of restricted common shares  — (10 )  (10 )  10   —   —   —  Restricted shares withheld for taxes & related tax benefits  — (51 )  (51 )  (5,735 )  —   —   (5,786 ) Issuance of common stock pursuant to RSU and PSU agreements, net of shares withheld for taxes & related tax benefits  — 220   220   (13,394 )  —   —   (13,174 ) Compensation expense for restricted shares, RSUs and PSUs  — —   —   10,561   —   —   10,561  Net income  — —   —   —   140,408   —   140,408  Other comprehensive gain  — —   —   —    1,878   1,878  Balance at March 31, 2025 $ 217,126 77,554  $ 77,554  $ 3,120,969  $ 3,293,559  $ (166,066 ) $ 6,543,142

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED  (dollars in thousands) March December September June March December 2025 2024 2024 2024 2024 2023 Balance sheet data, at quarter end:  Commercial and industrial loans $ 14,131,312  13,815,817  12,986,865  12,328,622  11,893,198  11,666,691  Commercial real estate - owner occupied loans  4,594,376  4,388,531  4,264,743  4,217,351  4,044,973  4,044,896  Commercial real estate - investment loans  5,977,583  5,931,420  5,919,235  5,998,326  6,138,711  5,929,595  Commercial real estate - multifamily and other loans  2,360,515  2,198,698  2,213,153  2,185,858  1,924,931  1,605,899  Consumer real estate - mortgage loans  4,977,358  4,914,482  4,907,766  4,874,846  4,828,416  4,851,531  Construction and land development loans  3,525,860  3,699,321  3,486,504  3,621,563  3,818,334  4,041,081  Consumer and other loans  569,742  537,507  530,044  542,584  514,310  536,398  Total loans  36,136,746  35,485,776  34,308,310  33,769,150  33,162,873  32,676,091  Allowance for credit losses  (417,462 ) (414,494 ) (391,534 ) (381,601 ) (371,337 ) (353,055 ) Securities  8,718,794  8,381,268  8,293,241  7,882,891  7,371,847  7,323,887  Total assets  54,254,804  52,589,449  50,701,888  49,366,969  48,894,196  47,959,883  Noninterest-bearing deposits  8,507,351  8,170,448  8,229,394  7,932,882  7,958,739  7,906,502  Total deposits  44,479,463  42,842,992  40,954,888  39,770,380  39,402,025  38,539,810  Securities sold under agreements to repurchase  263,993  230,244  209,956  220,885  201,418  209,489  FHLB advances  1,886,011  1,874,134  2,146,395  2,110,885  2,116,417  2,138,169  Subordinated debt and other borrowings  426,042  425,821  425,600  425,380  425,159  424,938  Total shareholders' equity  6,543,142  6,431,881  6,344,258  6,174,668  6,103,851  6,035,788  Balance sheet data, quarterly averages:  Total loans $ 36,041,530  34,980,900  34,081,759  33,516,804  33,041,954  32,371,506  Securities  8,679,934  8,268,583  8,176,250  7,322,588  7,307,201  6,967,488  Federal funds sold and other  2,958,593  3,153,751  2,601,267  3,268,307  3,274,062  3,615,908  Total earning assets  47,680,057  46,403,234  44,859,276  44,107,699  43,623,217  42,954,902  Total assets  52,525,831  51,166,643  49,535,543  48,754,091  48,311,260  47,668,519  Noninterest-bearing deposits  8,206,751  8,380,760  8,077,655  8,000,159  7,962,217  8,342,572  Total deposits  43,018,951  41,682,341  40,101,199  39,453,828  38,995,709  38,515,560  Securities sold under agreements to repurchase  230,745  223,162  230,340  213,252  210,888  202,601  FHLB advances  1,877,596  2,006,736  2,128,793  2,106,786  2,214,489  2,112,809  Subordinated debt and other borrowings  427,624  427,503  427,380  427,256  428,281  426,999  Total shareholders' equity  6,515,904  6,405,867  6,265,710  6,138,722  6,082,616  5,889,075  Statement of operations data, for the three months ended: Interest income $ 668,160  684,360  694,865  668,390  650,483  644,796  Interest expense  303,732  320,570  343,361  336,128  332,449  327,544  Net interest income  364,428  363,790  351,504  332,262  318,034  317,252  Provision for credit losses  16,960  29,652  26,281  30,159  34,497  16,314  Net interest income after provision for credit losses  347,468  334,138  325,223  302,103  283,537  300,938  Noninterest income  98,426  111,545  115,242  34,288  110,103  79,088  Noninterest expense  275,487  261,897  259,319  271,389  242,365  251,168  Income before income taxes  170,407  183,786  181,146  65,002  151,275  128,858  Income tax expense  29,999  32,527  34,455  11,840  27,331  33,879  Net income  140,408  151,259  146,691  53,162  123,944  94,979  Preferred stock dividends  (3,798 ) (3,798 ) (3,798 ) (3,798 ) (3,798 ) (3,798 ) Net income available to common shareholders $ 136,610  147,461  142,893  49,364  120,146  91,181  Profitability and other ratios:  Return on avg. assets (1)  1.05 % 1.15 % 1.15 % 0.41 % 1.00 % 0.76 % Return on avg. equity (1)  8.50 % 9.16 % 9.07 % 3.23 % 7.94 % 6.14 % Return on avg. common equity (1)  8.80 % 9.48 % 9.40 % 3.35 % 8.24 % 6.38 % Return on avg. tangible common equity (1)  12.51 % 13.58 % 13.61 % 4.90 % 12.11 % 9.53 % Common stock dividend payout ratio (14)  15.53 % 14.72 % 16.73 % 17.29 % 12.59 % 12.26 % Net interest margin (2)  3.21 % 3.22 % 3.22 % 3.14 % 3.04 % 3.06 % Noninterest income to total revenue (3)  21.27 % 23.47 % 24.69 % 9.35 % 25.72 % 19.95 % Noninterest income to avg. assets (1)  0.76 % 0.87 % 0.93 % 0.28 % 0.92 % 0.66 % Noninterest exp. to avg. assets (1)  2.13 % 2.04 % 2.08 % 2.24 % 2.02 % 2.09 % Efficiency ratio (4)  59.52 % 55.10 % 55.56 % 74.04 % 56.61 % 63.37 % Avg. loans to avg. deposits  83.78 % 83.92 % 84.99 % 84.95 % 84.73 % 84.05 % Securities to total assets  16.07 % 15.94 % 16.36 % 15.97 % 15.08 % 15.27 %  This information is preliminary and based on company data available at the time of the presentation.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS-UNAUDITED  (dollars in thousands) Three months ended  Three months ended March 31, 2025  March 31, 2024 Average

Balances Interest Rates/

Yields  Average

Balances Interest Rates/

Yields Interest-earning assets  Loans (1) (2) $ 36,041,530 $ 547,368 6.24 %  $ 33,041,954 $ 541,199 6.67 % Securities  Taxable  5,432,730  61,853 4.62 %   3,919,534  44,470 4.56 % Tax-exempt (2)  3,247,204  25,230 3.76 %   3,387,667  24,600 3.48 % Interest-bearing due from banks  2,645,347  28,893 4.43 %   2,476,800  32,753 5.32 % Resell agreements  58,407  1,635 11.35 %   543,788  3,858 2.85 % Federal funds sold  —  — — %   —  — — % Other  254,839  3,181 5.06 %   253,474  3,603 5.72 % Total interest-earning assets  47,680,057 $ 668,160 5.79 %   43,623,217 $ 650,483 6.11 % Nonearning assets  Intangible assets  1,870,164     1,873,871  Other nonearning assets  2,975,610     2,814,172  Total assets $ 52,525,831    $ 48,311,260   Interest-bearing liabilities  Interest-bearing deposits:  Interest checking  14,136,443  111,751 3.21 %   11,567,773  112,728 3.92 % Savings and money market  16,345,027  118,842 2.95 %   14,608,687  134,752 3.71 % Time  4,330,730  42,800 4.01 %   4,857,032  53,488 4.43 % Total interest-bearing deposits  34,812,200  273,393 3.18 %   31,033,492  300,968 3.90 % Securities sold under agreements to repurchase  230,745  1,026 1.80 %   210,888  1,399 2.67 % Federal Home Loan Bank advances  1,877,596  21,272 4.59 %   2,214,489  24,120 4.38 % Subordinated debt and other borrowings  427,624  8,041 7.63 %   428,281  5,962 5.60 % Total interest-bearing liabilities  37,348,165  303,732 3.30 %   33,887,150  332,449 3.95 % Noninterest-bearing deposits  8,206,751  — —    7,962,217  — —  Total deposits and interest-bearing liabilities  45,554,916 $ 303,732 2.70 %   41,849,367 $ 332,449 3.20 % Other liabilities  455,011     379,277  Shareholders' equity  6,515,904     6,082,616  Total liabilities and shareholders' equity $ 52,525,831    $ 48,311,260  Netinterestincome  $ 364,428    $ 318,034  Net interest spread (3)   2.49 %    2.16 % Net interest margin (4)   3.21 %    3.04 %  (1) Average balances of nonperforming loans are included in the above amounts. (2) Yields computed on tax-exempt instruments on a tax equivalent basis and included $12.5 million of taxable equivalent income for the three months ended March 31, 2025 compared to $11.8 million for the three months ended March 31, 2024. The tax-exempt benefit has been reduced by the projected impact of tax-exempt income that will be disallowed pursuant to IRS Regulations as of and for the then current period presented. (3) Yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. The net interest spread calculation excludes the impact of demand deposits. Had the impact of demand deposits been included, the net interest spread for the three months ended March 31, 2025 would have been 3.09% compared to a net interest spread of 2.91% for the three months ended March 31, 2024. (4) Net interest margin is the result of annualized net interest income calculated on a tax equivalent basis divided by average interest-earning assets for the period.  This information is preliminary and based on company data available at the time of the presentation.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED  (dollars in thousands) March December September June March December 2025 2024 2024 2024 2024 2023 Asset quality information and ratios:  Nonperforming assets:  Nonaccrual loans $ 171,570  147,825  119,293  97,649  108,325  82,288  ORE and other nonperforming assets (NPAs)  3,656  1,280  823  2,760  2,766  4,347  Total nonperforming assets $ 175,226  149,105  120,116  100,409  111,091  86,635  Past due loans over 90 days and still accruing interest $ 4,337  3,515  3,611  4,057  5,273  6,004  Accruing purchase credit deteriorated loans $ 12,215  13,877  5,715  6,021  6,222  6,501  Net loan charge-offs $ 13,992  20,807  18,348  22,895  16,215  13,451  Allowance for credit losses to nonaccrual loans  243.3 % 280.4 % 328.2 % 390.8 % 342.8 % 429.0 % As a percentage of total loans:  Past due accruing loans over 30 days  0.14 % 0.15 % 0.16 % 0.16 % 0.17 % 0.23 % Potential problem loans  0.15 % 0.13 % 0.14 % 0.18 % 0.28 % 0.39 % Allowance for credit losses  1.16 % 1.17 % 1.14 % 1.13 % 1.12 % 1.08 % Nonperforming assets to total loans, ORE and other NPAs  0.48 % 0.42 % 0.35 % 0.30 % 0.33 % 0.27 % Classified asset ratio (Pinnacle Bank) (6)  4.4 % 3.8 % 3.9 % 4.0 % 4.9 % 5.2 % Annualized net loan charge-offs to avg. loans (5)  0.16 % 0.24 % 0.21 % 0.27 % 0.20 % 0.17 %  Interest rates and yields:  Loans  6.24 % 6.42 % 6.75 % 6.71 % 6.67 % 6.62 % Securities  4.30 % 4.27 % 4.58 % 4.43 % 4.06 % 4.12 % Total earning assets  5.79 % 5.97 % 6.27 % 6.20 % 6.11 % 6.09 % Total deposits, including non-interest bearing  2.58 % 2.74 % 3.08 % 3.10 % 3.10 % 3.07 % Securities sold under agreements to repurchase  1.80 % 2.11 % 2.58 % 2.48 % 2.67 % 2.54 % FHLB advances  4.59 % 4.59 % 4.66 % 4.66 % 4.38 % 4.26 % Subordinated debt and other borrowings  7.63 % 8.11 % 5.97 % 5.62 % 5.60 % 5.59 % Total deposits and interest-bearing liabilities  2.70 % 2.88 % 3.19 % 3.20 % 3.20 % 3.15 %  Capital and other ratios (6):  Pinnacle Financial ratios:  Shareholders' equity to total assets  12.1 % 12.2 % 12.5 % 12.5 % 12.5 % 12.6 % Common equity Tier one  10.7 % 10.8 % 10.8 % 10.7 % 10.4 % 10.3 % Tier one risk-based  11.2 % 11.3 % 11.4 % 11.2 % 10.9 % 10.8 % Total risk-based  13.0 % 13.1 % 13.2 % 13.2 % 12.9 % 12.7 % Leverage  9.5 % 9.6 % 9.6 % 9.5 % 9.5 % 9.4 % Tangible common equity to tangible assets  8.5 % 8.6 % 8.7 % 8.6 % 8.5 % 8.6 % Pinnacle Bank ratios:  Common equity Tier one  11.5 % 11.6 % 11.7 % 11.5 % 11.3 % 11.1 % Tier one risk-based  11.5 % 11.6 % 11.7 % 11.5 % 11.3 % 11.1 % Total risk-based  12.4 % 12.5 % 12.6 % 12.5 % 12.2 % 12.0 % Leverage  9.7 % 9.8 % 9.8 % 9.7 % 9.7 % 9.7 % Construction and land development loans as a percentage of total capital (17)  65.6 % 70.5 % 68.2 % 72.9 % 77.5 % 84.2 % Non-owner occupied commercial real estate and multi-family as a percentage of total capital (17)  236.4 % 242.2 % 243.3 % 254.0 % 258.0 % 259.0 %  This information is preliminary and based on company data available at the time of the presentation.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED  (dollars in thousands, except per share data) March December September June March December 2025 2024 2024 2024 2024 2023  Per share data:  Earnings per common share – basic $ 1.78  1.93  1.87  0.65  1.58  1.20  Earnings per common share - basic, excluding non-GAAP adjustments $ 1.90  1.92  1.87  1.63  1.54  1.70  Earnings per common share – diluted $ 1.77  1.91  1.86  0.64  1.57  1.19  Earnings per common share - diluted, excluding non-GAAP adjustments $ 1.90  1.90  1.86  1.63  1.53  1.68  Common dividends per share $ 0.24  0.22  0.22  0.22  0.22  0.22  Book value per common share at quarter end (7) $ 81.57  80.46  79.33  77.15  76.23  75.80  Tangible book value per common share at quarter end (7) $ 57.47  56.24  55.12  52.92  51.98  51.38  Revenue per diluted common share $ 6.01  6.14  6.08  4.78  5.60  5.16  Revenue per diluted common share, excluding non-GAAP adjustments $ 6.18  6.14  6.08  5.72  5.45  5.25   Investor information:  Closing sales price of common stock on last trading day of quarter $ 106.04  114.39  97.97  80.04  85.88  87.22  High closing sales price of common stock during quarter $ 126.15  129.87  100.56  84.70  91.82  89.34  Low closing sales price of common stock during quarter $ 99.42  92.95  76.97  74.62  79.26  60.77   Closing sales price of depositary shares on last trading day of quarter $ 24.10  24.23  24.39  23.25  23.62  22.60  High closing sales price of depositary shares during quarter $ 25.25  25.02  24.50  23.85  24.44  23.65  Low closing sales price of depositary shares during quarter $ 24.10  24.23  23.25  22.93  22.71  21.00   Other information:  Residential mortgage loan sales:  Gross loans sold $ 145,645  185,707  209,144  217,080  148,576  142,556  Gross fees (8) $ 3,761  4,360  4,974  5,368  3,540  3,191  Gross fees as a percentage of loans originated  2.58 % 2.35 % 2.38 % 2.47 % 2.38 % 2.24 % Net gain on residential mortgage loans sold $ 2,507  2,344  2,643  3,270  2,879  879  Investment gains (losses) on sales of securities, net (13) $ (12,512 ) 249  —  (72,103 ) —  14  Brokerage account assets, at quarter end (9) $ 13,324,592  13,086,359  12,791,337  11,917,578  10,756,108  9,810,457  Trust account managed assets, at quarter end $ 7,293,630  7,061,868  6,830,323  6,443,916  6,297,887  5,530,495  Core deposits (10) $ 40,012,999  38,046,904  35,764,640  34,957,827  34,638,610  33,738,917  Core deposits to total funding (10)  85.0 % 83.9 % 81.8 % 82.2 % 82.2 % 81.7 % Risk-weighted assets $ 43,210,918  41,976,450  40,530,585  39,983,191  40,531,311  40,205,295  Number of offices  136  137  136  135  128  128  Total core deposits per office $ 294,213  277,715  262,975  258,947  270,614  263,585  Total assets per full-time equivalent employee $ 15,092  14,750  14,418  14,231  14,438  14,287  Annualized revenues per full-time equivalent employee $ 522.2  530.4  528.0  425.0  508.5  468.4  Annualized expenses per full-time equivalent employee $ 310.8  292.2  293.4  314.6  287.8  296.8  Number of employees (full-time equivalent)  3,595.0  3,565.5  3,516.5  3,469.0  3,386.5  3,357.0  Associate retention rate (11)  94.3 % 94.5 % 94.6 % 94.4 % 94.2 % 94.2 %  This information is preliminary and based on company data available at the time of the presentation.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED Three months ended (dollars in thousands, except per share data) March December March 2025 2024 2024  Net interest income $ 364,428  363,790  318,034   Noninterest income  98,426  111,545  110,103  Total revenues  462,854  475,335  428,137  Less: Investment losses (gains) on sales of securities, net  12,512  (249 ) —  Recognition of mortgage servicing asset  —  —  (11,812 ) Total revenues excluding the impact of adjustments noted above $ 475,366  475,086  416,325   Noninterest expense $ 275,487  261,897  242,365  Less: ORE expense  58  58  84  FDIC special assessment  —  —  7,250  Noninterest expense excluding the impact of adjustments noted above $ 275,429  261,839  235,031   Pre-tax income $ 170,407  183,786  151,275  Provision for credit losses  16,960  29,652  34,497  Pre-tax pre-provision net revenue  187,367  213,438  185,772  Less: Adjustments noted above  12,570  (191 ) (4,478 ) Adjusted pre-tax pre-provision net revenue (12) $ 199,937  213,247  181,294   Noninterest income $ 98,426  111,545  110,103  Less: Adjustments noted above  12,512  (249 ) (11,812 ) Noninterest income excluding the impact of adjustments noted above $ 110,938  111,296  98,291   Efficiency ratio (4)  59.52 % 55.10 % 56.61 % Less: Adjustments noted above  (1.58 )% 0.01 % (0.16 )% Efficiency ratio excluding adjustments noted above (4)  57.94 % 55.11 % 56.45 %  Total average assets $ 52,525,831  51,166,643  48,311,260   Noninterest income to average assets (1)  0.76 % 0.87 % 0.92 % Less: Adjustments noted above  0.10 % — % (0.10 )% Noninterest income (excluding adjustments noted above) to average assets (1)  0.86 % 0.87 % 0.82 %  Noninterest expense to average assets (1)  2.13 % 2.04 % 2.02 % Less: Adjustments as noted above  — % — % (0.06 )% Noninterest expense (excluding adjustments noted above) to average assets (1)  2.13 % 2.04 % 1.96 %  This information is preliminary and based on company data available at the time of the presentation. Numbers may not foot due to rounding.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED Three months ended (dollars in thousands, except per share data) March December September June March December 2025 2024 2024 2024 2024 2023 Net income available to common shareholders $ 136,610  147,461  142,893  49,364  120,146  91,181  Investment (gains) losses on sales of securities, net  12,512  (249 ) —  72,103  —  (14 ) Loss on BOLI restructuring  —  —  —  —  —  16,252  ORE expense  58  58  56  22  84  125  FDIC special assessment  —  —  —  —  7,250  29,000  Recognition of mortgage servicing asset  —  —  —  —  (11,812 ) —  Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives  —  —  —  28,400  —  —  Tax effect on above noted adjustments (16)  (3,143 ) 48  (14 ) (25,131 ) 1,120  (7,278 ) Net income available to common shareholders excluding adjustments noted above $ 146,037  147,318  142,935  124,758  116,788  129,266   Basic earnings per common share $ 1.78  1.93  1.87  0.65  1.58  1.20  Less:  Investment (gains) losses on sales of securities, net  0.16  (0.01 ) —  0.94  —  —  Loss on BOLI restructuring  —  —  —  —  —  0.21  ORE expense  —  —  —  —  —  —  FDIC special assessment  —  —  —  —  0.10  0.38  Recognition of mortgage servicing asset  —  —  —  —  (0.15 ) —  Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives  —  —  —  0.37  —  —  Tax effect on above noted adjustments (16)  (0.04 ) —  —  (0.33 ) 0.01  (0.10 ) Basic earnings per common share excluding adjustments noted above $ 1.90  1.92  1.87  1.63  1.54  1.70   Diluted earnings per common share $ 1.77  1.91  1.86  0.64  1.57  1.19  Less:  Investment (gains) losses on sales of securities, net  0.16  (0.01 ) —  0.94  —  —  Gain on sale of fixed assets as a result of sale-leaseback transaction  —  —  —  —  —  —  Loss on BOLI restructuring  —  —  —  —  —  0.21  ORE expense  —  —  —  —  —  —  FDIC special assessment  —  —  —  —  0.10  0.38  Recognition of mortgage servicing asset  —  —  —  —  (0.15 ) —  Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives  —  —  —  0.37  —  —  Tax effect on above noted adjustments (16)  (0.04 ) —   (0.32 ) 0.01  (0.09 ) Diluted earnings per common share excluding the adjustments noted above $ 1.90  1.90  1.86  1.63  1.53  1.68   Revenue per diluted common share $ 6.01  6.14  6.08  4.78  5.60  5.16  Adjustments due to revenue-impacting items as noted above  0.16  —  —  0.94  (0.15 ) 0.09  Revenue per diluted common share excluding adjustments due to revenue-impacting items as noted above $ 6.18  6.14  6.08  5.72  5.45  5.25   Book value per common share at quarter end (7) $ 81.57  80.46  79.33  77.15  76.23  75.80  Adjustment due to goodwill, core deposit and other intangible assets  (24.10 ) (24.22 ) (24.21 ) (24.23 ) (24.25 ) (24.42 ) Tangible book value per common share at quarter end (7) $ 57.47  56.24  55.12  52.92  51.98  51.38   Equity method investment (15)  Fee income from BHG, net of amortization $ 20,405  12,070  16,379  18,688  16,035  14,432  Funding cost to support investment  5,515  4,869  5,762  5,704  5,974  5,803  Pre-tax impact of BHG  14,890  7,201  10,617  12,984  10,061  8,629  Income tax expense at statutory rates (16)  3,723  1,800  2,654  3,246  2,515  2,157  Earnings attributable to BHG $ 11,168  5,401  7,963  9,738  7,546  6,472  Basic earnings per common share attributable to BHG $ 0.15  0.07  0.10  0.13  0.10  0.09  Diluted earnings per common share attributable to BHG $ 0.15  0.07  0.10  0.13  0.10  0.08   This information is preliminary and based on company data available at the time of the presentation. Numbers may not foot due to rounding.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED Three months ended (dollars in thousands, except per share data) March December March 2025 2024 2024  Return on average assets (1)  1.05 % 1.15 % 1.00 % Adjustments as noted above  0.07 % — % (0.03 )% Return on average assets excluding adjustments noted above (1)  1.13 % 1.15 % 0.97 %  Tangible assets:  Total assets $ 54,254,804  52,589,449  48,894,196  Less: Goodwill  (1,849,260 ) (1,849,260 ) (1,846,973 ) Core deposit and other intangible assets  (20,007 ) (21,423 ) (25,881 ) Net tangible assets $ 52,385,537  50,718,766  47,021,342   Tangible common equity:  Total shareholders' equity $ 6,543,142  6,431,881  6,103,851  Less: Preferred shareholders' equity  (217,126 ) (217,126 ) (217,126 ) Total common shareholders' equity  6,326,016  6,214,755  5,886,725  Less: Goodwill  (1,849,260 ) (1,849,260 ) (1,846,973 ) Core deposit and other intangible assets  (20,007 ) (21,423 ) (25,881 ) Net tangible common equity $ 4,456,749  4,344,072  4,013,871   Ratio of tangible common equity to tangible assets  8.51 % 8.57 % 8.54 %  Average tangible assets:  Average assets $ 52,525,831  51,166,643  48,311,260  Less: Average goodwill  (1,849,260 ) (1,846,998 ) (1,846,973 ) Average core deposit and other intangible assets  (20,905 ) (23,054 ) (26,898 ) Net average tangible assets $ 50,655,666  49,296,591  46,437,389   Return on average assets (1)  1.05 % 1.15 % 1.00 % Adjustment due to goodwill, core deposit and other intangible assets  0.04 % 0.04 % 0.04 % Return on average tangible assets (1)  1.09 % 1.19 % 1.04 % Adjustments as noted above  0.08 % — % (0.03 )% Return on average tangible assets excluding adjustments noted above (1)  1.17 % 1.19 % 1.01 %  Average tangible common equity:  Average shareholders' equity $ 6,515,904  6,405,867  6,082,616  Less: Average preferred equity  (217,126 ) (217,126 ) (217,126 ) Average common equity  6,298,778  6,188,741  5,865,490  Less: Average goodwill  (1,849,260 ) (1,846,998 ) (1,846,973 ) Average core deposit and other intangible assets  (20,905 ) (23,054 ) (26,898 ) Net average tangible common equity $ 4,428,613  4,318,689  3,991,619   Return on average equity (1)  8.50 % 9.16 % 7.94 % Adjustment due to average preferred shareholders' equity  0.29 % 0.32 % 0.30 % Return on average common equity (1)  8.80 % 9.48 % 8.24 % Adjustment due to goodwill, core deposit and other intangible assets  3.71 % 4.10 % 3.87 % Return on average tangible common equity (1)  12.51 % 13.58 % 12.11 % Adjustments as noted above  0.86 % 0.01 % (0.34 )% Return on average tangible common equity excluding adjustments noted above (1)  13.37 % 13.57 % 11.77 %  This information is preliminary and based on company data available at the time of the presentation. Numbers may not foot due to rounding.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED  1. Ratios are presented on an annualized basis. 2. Net interest margin is the result of net interest income on a tax equivalent basis divided by average interest earning assets. 3. Total revenue is equal to the sum of net interest income and noninterest income. 4. Efficiency ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income. 5. Annualized net loan charge-offs to average loans ratios are computed by annualizing quarter-to-date net loan charge-offs and dividing the result by average loans for the quarter-to-date period. 6. Capital ratios are calculated using regulatory reporting regulations enacted for such period and are defined as follows: Equity to total assets – End of period total shareholders' equity as a percentage of end of period assets. Tangible common equity to tangible assets - End of period total shareholders' equity less end of period preferred stock, goodwill, core deposit and other intangibles as a percentage of end of period assets less end of period goodwill, core deposit and other intangibles. Leverage – Tier I capital (pursuant to risk-based capital guidelines) as a percentage of adjusted average assets. Tier I risk-based – Tier I capital (pursuant to risk-based capital guidelines) as a percentage of total risk-weighted assets. Total risk-based – Total capital (pursuant to risk-based capital guidelines) as a percentage of total risk-weighted assets. Classified asset – Classified assets as a percentage of Tier 1 capital plus allowance for credit losses. Tier I common equity to risk weighted assets – Tier 1 capital (pursuant to risk-based capital guidelines) less the amount of any preferred stock or subordinated indebtedness that is considered as a component of Tier 1 capital as a percentage of total risk-weighted assets. 7. Book value per common share computed by dividing total common shareholders' equity by common shares outstanding. Tangible book value per common share computed by dividing total common shareholders' equity, less goodwill, core deposit and other intangibles, by common shares outstanding. 8. Amounts are included in the statement of income in "Gains on mortgage loans sold, net", net of commissions paid on such amounts. 9. At fair value, based on information obtained from Pinnacle's third party broker/dealer for non-FDIC insured financial products and services. 10. Core deposits include all transaction deposit accounts, money market and savings accounts and all certificates of deposit issued in a denomination of less than $250,000. The ratio noted above represents total core deposits divided by total funding, which includes total deposits, FHLB advances, securities sold under agreements to repurchase, subordinated indebtedness and all other interest-bearing liabilities. 11. Associate retention rate is computed by dividing the number of associates employed at quarter end less the number of associates that have resigned in the last 12 months by the number of associates employed at quarter end. 12. Adjusted pre-tax, pre-provision net revenue excludes the impact of ORE expenses and income, investment gains and losses on sales of securities, the impact of BOLI restructuring, the impact of the FDIC special assessment, the recognition of the mortgage servicing asset and fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives. 13. Represents investment gains (losses) on sales and impairments, net occurring as a result of gains or losses incurred as the result of a change in management's intention to sell a bond prior to the recovery of its amortized cost basis. 14. The dividend payout ratio is calculated as the sum of the annualized dividend rate for dividends paid on common shares divided by the trailing 12-months fully diluted earnings per common share as of the dividend declaration date. 15. Earnings from equity method investment includes the impact of the funding costs of the overall franchise calculated using the firm's subordinated and other borrowing rates. Income tax expense is calculated using statutory tax rates. 16. Tax effect calculated using the blended statutory rate of 25.00 percent for all periods. 17. Calculated using the same guidelines as are used in the Federal Financial Institutions Examination Council's Uniform Bank Performance Report.

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Contacts

MEDIA CONTACT: Joe Bass, 615-743-8219
FINANCIAL CONTACT: Harold Carpenter, 615-744-3742  WEBSITE: www.pnfp.com

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