Diluted earnings per share of $2.07 versus $2.00 in 2Q25
Adjusted diluted earnings per share of $2.50 versus $2.00 in 2Q25
ATLANTA, July 22, 2026–(BUSINESS WIRE)–Pinnacle Financial Partners, Inc. (NYSE: PNFP) today reported financial results for the quarter ended June 30, 2026. Net income available to common shareholders was $313 million, or $2.07 per diluted share in second quarter 2026. Excluding merger-related expenses, investment securities losses and certain other items, adjusted net income available to common shareholders was $379 million, or $2.50 per diluted share.
“The Pinnacle model is working. Our second quarter results prove it scales with discipline intact, delivering outsized growth in loans and earnings per share without compromising the culture and client connections that set this firm apart. One year since our merger announcement, we’re picking up speed, attracting top talent and deepening our client relationships. The team is executing, and with meaningful work still ahead, I am confident our strategy will continue to deliver, today, next quarter and over the long term,” said Pinnacle President and CEO Kevin Blair.
Second 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 second quarter 2026 and first quarter 2026 and legacy Pinnacle in prior periods, unless stated otherwise. Year-over-year comparisons are significantly impacted by the merger given the magnitude of the acquired balance sheet and the effect of purchase accounting. Prior periods’ consolidated financial statements are reclassified whenever necessary to conform to the current periods’ presentation.
Our hiring efforts remain very successful and consistent. Pinnacle added 74 experienced revenue producers during the second quarter, compared to 50 in first quarter 2026 and a combined 65 in the prior-year period.
Period-end loans were $88.1 billion at June 30, 2026 up $2.9 billion or 3% 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 $100.9 billion, up $795 million or 1% from the prior quarter. Second quarter deposit growth reflects Pinnacle’s historical seasonal growth pattern.
Net interest income grew 2% to $956 million in second quarter 2026. On a linked-quarter basis, the net margin declined 9 basis points to 3.44%, driven primarily by first quarter non-recurring items, modest pressure from lower SOFR rates on loan yields, and incremental wholesale funding reliance due to deposit seasonality.
Non-interest revenue was $247 million in second quarter 2026. Excluding investment securities losses and certain other items, adjusted non-interest revenue was $270 million. Linked-quarter adjusted non-interest revenue declined $12 million from the first quarter, driven by a decrease in income from our equity-method investment in BHG which was the result of an intentional shift in placement strategy by BHG during the quarter.
Non-interest expense was $721 million in second quarter 2026. Excluding merger-related expense and certain other items, adjusted non-interest expense was $662 million, down 2% on a linked-quarter basis, as realized merger synergies and lower personnel costs more than offset continued investments in revenue producers and technology. The efficiency ratio-TE was 59.4% in second quarter 2026, while the adjusted tangible efficiency ratio was 49.8%.
Credit performance remained strong. The non-performing asset ratio was 0.50% at period-end compared to 0.58% in the prior quarter. The second quarter 2026 net charge-off ratio was 0.22%, which was in line with expectations and compares to 0.23% in first quarter 2026. Provision for credit losses was $63 million in second quarter 2026. The allowance for credit losses ratio (to loans) was 1.17%, while the allowance coverage of non-performing loans was 248.18%. The change in the allowance quarter-over-quarter was driven largely by loan growth offset in part by a decline in reserves for individually analyzed credits.
The preliminary Common Equity Tier 1 (CET1) ratio ended second quarter 2026 at 9.93%, up from 9.81% in the first quarter.
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Second Quarter 2026 Summary |
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|
Reported |
Adjusted |
||||||||||||||||||||||
|
(dollars in millions) |
2Q26 |
1Q26 |
2Q25 |
2Q26 |
1Q26 |
2Q25 |
|||||||||||||||||
|
Net income available to common shareholders |
$ |
313 |
$ |
135 |
$ |
155 |
$ |
379 |
$ |
363 |
$ |
155 |
|||||||||||
|
Diluted earnings per share |
2.07 |
0.89 |
2.00 |
2.50 |
2.39 |
2.00 |
|||||||||||||||||
|
Total revenue |
1,203 |
1,217 |
505 |
1,238 |
1,229 |
518 |
|||||||||||||||||
|
Total loans |
88,076 |
85,197 |
37,105 |
NA |
NA |
NA |
|||||||||||||||||
|
Total deposits |
100,898 |
100,103 |
45,022 |
NA |
NA |
NA |
|||||||||||||||||
|
Return on avg assets(1) |
1.06 |
% |
0.50 |
% |
1.18 |
% |
1.27 |
% |
1.26 |
% |
1.18 |
% |
|||||||||||
|
Return on avg common equity(1) |
9.01 |
3.96 |
9.72 |
10.90 |
10.65 |
9.72 |
|||||||||||||||||
|
Return on avg tangible common equity(1) |
14.89 |
7.58 |
13.84 |
17.70 |
17.69 |
13.84 |
|||||||||||||||||
|
Net interest margin(2) |
3.44 |
3.53 |
3.23 |
NA |
NA |
NA |
|||||||||||||||||
|
Efficiency ratio-TE(2)(3) |
59.4 |
77.4 |
55.2 |
49.8 |
51.3 |
54.9 |
|||||||||||||||||
|
NCO ratio-QTD |
0.22 |
0.23 |
0.20 |
NA |
NA |
NA |
|||||||||||||||||
|
NPA ratio |
0.50 |
0.58 |
0.44 |
NA |
NA |
NA |
|||||||||||||||||
|
CET1 ratio(4) |
9.93 |
9.81 |
10.70 |
NA |
NA |
NA |
|||||||||||||||||
|
(1) Annualized |
|||||||||||||||||||||||
|
(2) Taxable equivalent |
|||||||||||||||||||||||
|
(3) Adjusted tangible efficiency ratio |
|||||||||||||||||||||||
|
(4) Current period ratio preliminary |
|||||||||||||||||||||||
|
NA – not applicable |
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Second Quarter 2026 Summary
Net income available to common shareholders
Diluted earnings per share
Return on avg common equity(1)
Return on avg tangible common equity(1)
(3) Adjusted tangible efficiency ratio
(4) Current period ratio preliminary
|
Balance Sheet |
||||||||||||
|
Loans* |
||||||||||||
|
(dollars in millions) |
2Q26 |
1Q26 |
Linked |
Linked |
||||||||
|
Commercial & industrial |
$ |
51,115 |
$ |
48,197 |
$ |
2,918 |
6 |
% |
||||
|
Commercial real estate |
23,595 |
23,760 |
(165 |
) |
(1 |
) |
||||||
|
Consumer |
13,366 |
13,240 |
126 |
1 |
||||||||
|
Total loans |
$ |
88,076 |
$ |
85,197 |
$ |
2,879 |
3 |
% |
||||
|
*Amounts may not total due to rounding. |
||||||||||||
*Amounts may not total due to rounding.
|
Deposits* |
|||||||||||||||||||||
|
(dollars in millions) |
2Q26 |
1Q26 |
Linked Quarter Change |
Linked |
2Q25 |
Year/Year Change |
Year/Year |
||||||||||||||
|
Non-interest-bearing DDA |
$ |
20,657 |
$ |
20,388 |
$ |
269 |
1 |
% |
$ |
8,663 |
$ |
11,994 |
138 |
% |
|||||||
|
Interest-bearing DDA |
28,708 |
30,666 |
(1,958 |
) |
(6 |
) |
14,301 |
14,407 |
101 |
||||||||||||
|
Money market |
36,343 |
34,008 |
2,335 |
7 |
16,329 |
20,014 |
123 |
||||||||||||||
|
Savings |
1,784 |
1,865 |
(81 |
) |
(4 |
) |
788 |
996 |
126 |
||||||||||||
|
Time deposits |
13,406 |
13,176 |
230 |
2 |
4,941 |
8,465 |
171 |
||||||||||||||
|
Total deposits |
$ |
100,898 |
$ |
100,103 |
$ |
795 |
1 |
% |
$ |
45,022 |
$ |
55,876 |
124 |
% |
|||||||
|
*Amounts may not total due to rounding and prior periods’ consolidated financial statements are reclassified whenever necessary to conform to the current periods’ presentation. |
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*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** |
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|
(in millions, except per share data, share count in thousands) |
2Q26 |
1Q26 |
Linked Quarter Change |
Linked |
2Q25 |
Year/Year Change |
Year/Year |
|||||||||||||||||
|
Net interest income |
$ |
956 |
$ |
933 |
$ |
23 |
2 |
% |
$ |
380 |
$ |
575 |
151 |
% |
||||||||||
|
Non-interest revenue |
247 |
284 |
(37 |
) |
(13 |
) |
125 |
122 |
97 |
|||||||||||||||
|
Non-interest expense |
721 |
952 |
(231 |
) |
(24 |
) |
286 |
435 |
152 |
|||||||||||||||
|
Provision for (reversal of) credit losses |
63 |
76 |
(13 |
) |
(17 |
) |
24 |
39 |
160 |
|||||||||||||||
|
Income before taxes |
$ |
419 |
$ |
189 |
$ |
230 |
121 |
$ |
195 |
$ |
223 |
114 |
||||||||||||
|
Income tax expense (benefit) |
91 |
39 |
52 |
133 |
36 |
56 |
156 |
|||||||||||||||||
|
Net income |
328 |
150 |
177 |
118 |
159 |
167 |
104 |
|||||||||||||||||
|
Less: Preferred stock dividends |
15 |
15 |
— |
(1 |
) |
4 |
11 |
290 |
||||||||||||||||
|
Net income available to common shareholders |
$ |
313 |
$ |
135 |
$ |
178 |
131 |
% |
$ |
155 |
$ |
157 |
101 |
% |
||||||||||
|
Weighted average common shares outstanding, diluted |
151,468 |
151,471 |
(3 |
) |
— |
77,277 |
74,191 |
96 |
% |
|||||||||||||||
|
Diluted earnings per share |
$ |
2.07 |
$ |
0.89 |
$ |
1.18 |
133 |
$ |
2.00 |
$ |
0.07 |
4 |
||||||||||||
|
Adjusted diluted earnings per share |
2.50 |
2.39 |
0.11 |
5 |
2.00 |
0.50 |
25 |
|||||||||||||||||
|
Effective tax rate |
21.7 |
% |
20.6 |
% |
18.5 |
% |
||||||||||||||||||
|
** 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. |
||||||||||||||||||||||||
Income Statement Summary**
(in millions, except per share data, share count in thousands)
Provision for (reversal of) credit losses
Income tax expense (benefit)
Less: Preferred stock dividends
Net income available to common shareholders
Weighted average common shares outstanding, diluted
Diluted earnings per share
Adjusted diluted earnings per share
** 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.
Second Quarter 2026 Earnings Webcast and Conference Call
Pinnacle will host a conference call and webcast to discuss second quarter 2026 earnings results with an accompanying slide presentation at 8 a.m. ET on July 23, 2026. Shareholders and other interested parties may listen to this conference call via simultaneous internet broadcast at investors.pnfp.com/events-presentations. Participants may also access the conference call at 888-506-0062 using the code 175220. The replay will be archived for at least 12 months and will be available approximately one hour after the call.
Pinnacle Financial Partners, Inc. (“Pinnacle”) is a $129.1 billion asset regional bank which provides a full range of banking, investment, trust, mortgage and insurance products and services for commercial and consumer clients who want a comprehensive relationship with their financial institution. The firm joined forces with Synovus on Jan. 1, 2026, bringing together more than 160 years of combined banking service. Pinnacle is the largest bank headquartered in Tennessee and the largest bank holding company headquartered in Georgia. The firm is No. 1 in deposit market share in the Nashville MSA and No. 4 in the Atlanta MSA with offices in Tennessee, Georgia, Florida, North Carolina, South Carolina, Alabama, Kentucky, Virginia and Maryland (based on June 30, 2025 FDIC market share data).
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.
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PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES |
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|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED |
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|
INCOME STATEMENT DATA |
||||||||||
|
Six Months Ended June 30, |
||||||||||
|
(In millions, except per share data, share count in thousands) |
2026 |
2025 |
’26 vs ’25 |
|||||||
|
% Change |
||||||||||
|
Interest income |
$ |
3,082 |
$ |
1,365 |
126 |
% |
||||
|
Interest expense |
1,193 |
619 |
93 |
|||||||
|
Net interest income |
1,889 |
746 |
153 |
|||||||
|
Provision for (reversal of) credit losses |
139 |
41 |
237 |
|||||||
|
Net interest income after provision for credit losses |
1,750 |
705 |
148 |
|||||||
|
Non-interest revenue: |
||||||||||
|
Core banking fees |
184 |
64 |
186 |
|||||||
|
Wealth management revenue |
169 |
65 |
160 |
|||||||
|
Income from equity method investment |
55 |
46 |
18 |
|||||||
|
Capital markets income |
36 |
6 |
482 |
|||||||
|
Income from bank-owned life insurance |
39 |
23 |
70 |
|||||||
|
Investment securities gains (losses), net |
(26 |
) |
(13 |
) |
109 |
|||||
|
Total loan sales and servicing |
19 |
12 |
59 |
|||||||
|
Other non-interest revenue |
55 |
18 |
206 |
|||||||
|
Total non-interest revenue |
531 |
221 |
139 |
|||||||
|
Non-interest expense: |
||||||||||
|
Salaries and other personnel expense |
774 |
351 |
120 |
|||||||
|
Net occupancy, equipment, and software expense |
199 |
86 |
130 |
|||||||
|
Amortization of intangibles |
94 |
3 |
nm |
|||||||
|
FDIC insurance and other regulatory fees |
43 |
18 |
133 |
|||||||
|
Merger-related expense |
326 |
— |
nm |
|||||||
|
Other operating expenses |
237 |
103 |
131 |
|||||||
|
Total non-interest expense |
1,673 |
561 |
198 |
|||||||
|
Income before income taxes |
608 |
365 |
66 |
|||||||
|
Income tax expense |
130 |
66 |
97 |
|||||||
|
Net income |
478 |
299 |
59 |
|||||||
|
Less: Preferred stock dividends |
30 |
8 |
291 |
|||||||
|
Net income available to common shareholders |
$ |
448 |
$ |
291 |
53 |
% |
||||
|
Net income per common share, basic |
$ |
2.97 |
$ |
3.79 |
(22 |
)% |
||||
|
Net income per common share, diluted |
2.96 |
3.77 |
(21 |
) |
||||||
|
Cash dividends declared per common share |
1.00 |
0.48 |
108 |
|||||||
|
Return on average assets * |
0.79 |
% |
1.13 |
% |
(34) |
bps |
||||
|
Return on average common equity * |
6.51 |
9.26 |
nm |
|||||||
|
Weighted average common shares outstanding, basic |
151,051 |
… |
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PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
(In millions, except per share data, share count in thousands)
Provision for (reversal of) credit losses
Net interest income after provision for credit losses
Income from equity method investment
Income from bank-owned life insurance
Investment securities gains (losses), net
Total loan sales and servicing
Other non-interest revenue
Total non-interest revenue
Salaries and other personnel expense
Net occupancy, equipment, and software expense
Amortization of intangibles
FDIC insurance and other regulatory fees
Total non-interest expense
Income before income taxes
Less: Preferred stock dividends
Net income available to common shareholders
Net income per common share, basic
Net income per common share, diluted
Cash dividends declared per common share
Return on average assets *
Return on average common equity *
Weighted average common shares outstanding, basic