EX-99.1 2 a1q25pnfpearningsrelease.htm EX-99.1 Document

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

PNFP REPORTS 1Q25 DILUTED EPS OF $1.77; ADJUSTED DILUTED EPS OF $1.90
Year-over-year loan growth was 9.0%

NASHVILLE, TN, April 14, 2025 - 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, 2025March 31, 2024
Diluted earnings per common share$1.77 $1.57 
Adjustments, net of tax (1):
Investment losses (gains) on sales of securities, net0.12 — 
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 atYear-over-Year
% Change
(dollars in thousands)March 31, 2025December 31, 2024March 31, 2024
Loans$36,136,746 $35,485,776 7.3%$33,162,873 9.0%
Securities8,718,794 8,381,268 16.1%7,371,847 18.3%
Other interest-earning assets3,776,121 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)20252024 % change
Revenues:
Net interest income$364,428 $318,034 14.6 %
Noninterest income98,426 110,103 (10.6)%
Total revenues462,854 428,137 8.1 %
Noninterest expense275,487 242,365 13.7 %
Pre-tax, pre-provision net revenue 187,367 185,772 0.9 %
Adjustments:
Investment losses (gains) on sales of securities, net12,512 — 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 %

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Three months ended
March 31, 2025March 31, 2024
Net interest margin3.21 %3.04 %
Efficiency ratio59.52 %56.61 %
Return on average assets1.05 %1.00 %
Return on average tangible common equity (TCE)12.51 %12.11 %
Average loan to deposit ratio83.78 %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)20252024
Noninterest income$98,426 $110,103 (10.6)%
Less:
Investment losses (gains) on sales of securities, net12,512 — 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.
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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)20252024
Noninterest expense $275,487 $242,365 13.7 %
Less:
ORE expense58 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
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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, 2025December 31, 2024March 31, 2024
Shareholders' equity to total assets12.1 %12.2 %12.5 %
Tangible common equity to tangible assets8.5 %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.
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5

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.


6

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.

7

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS – UNAUDITED
(dollars in thousands, except for share and per share data)March 31, 2025Dec. 31, 2024March 31, 2024
ASSETS
Cash and noninterest-bearing due from banks$338,603 $320,320 $175,826 
Restricted cash114,234 93,645 58,285 
Interest-bearing due from banks3,425,902 3,021,960 2,472,250 
Cash and cash equivalents3,878,739 3,435,925 2,706,361 
Securities purchased with agreement to resell80,566 66,449 554,022 
Securities available-for-sale, at fair value5,950,177 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-sale143,305 175,627 104,586 
Commercial loans held-for-sale12,114 19,700 6,068 
Loans36,136,746 35,485,776 33,162,873 
Less allowance for credit losses(417,462)(414,494)(371,337)
Loans, net35,719,284 35,071,282 32,791,536 
Premises and equipment, net323,129 311,277 265,579 
Equity method investment432,177 436,707 457,657 
Accrued interest receivable220,614 214,080 219,887 
Goodwill1,849,260 1,849,260 1,846,973 
Core deposits and other intangible assets20,007 21,423 25,881 
Other real estate owned3,638 1,278 2,766 
Other assets2,853,177 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-bearing14,802,202 14,125,194 12,178,471 
Savings and money market accounts16,913,656 16,197,397 14,761,573 
Time4,256,254 4,349,953 4,503,242 
Total deposits44,479,463 42,842,992 39,402,025 
Securities sold under agreements to repurchase263,993 230,244 201,418 
Federal Home Loan Bank advances1,886,011 1,874,134 2,116,417 
Subordinated debt and other borrowings426,042 425,821 425,159 
Accrued interest payable51,318 55,619 58,069 
Other liabilities604,835 728,758 587,257 
Total liabilities47,711,662 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, respectively217,126 217,126 217,126 
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 capital3,120,969 3,129,680 3,100,817 
Retained earnings3,293,559 3,175,777 2,887,804 
Accumulated other comprehensive loss, net of taxes(166,066)(167,944)(179,115)
Total shareholders' equity6,543,142 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.

8

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, 2025Dec. 31, 2024March 31, 2024
Interest income:
Loans, including fees$547,368 $557,716 $541,199 
Securities
Taxable61,853 58,842 44,470 
Tax-exempt25,230 24,947 24,600 
Federal funds sold and other33,709 42,855 40,214 
Total interest income668,160 684,360 650,483 
Interest expense:
Deposits273,393 287,511 300,968 
Securities sold under agreements to repurchase1,026 1,182 1,399 
FHLB advances and other borrowings29,313 31,877 30,082 
Total interest expense303,732 320,570 332,449 
Net interest income364,428 363,790 318,034 
Provision for credit losses16,960 29,652 34,497 
Net interest income after provision for credit losses347,468 334,138 283,537 
Noninterest income:
Service charges on deposit accounts17,028 15,175 13,439 
Investment services18,817 19,233 14,751 
Insurance sales commissions4,674 2,900 3,852 
Gains on mortgage loans sold, net2,507 2,344 2,879 
Investment gains (losses) on sales of securities, net(12,512)249 — 
Trust fees9,340 9,098 7,415 
Income from equity method investment20,405 12,070 16,035 
Gain on sale of fixed assets 210 38 58 
Other noninterest income37,957 50,438 51,674 
Total noninterest income98,426 111,545 110,103 
Noninterest expense:
Salaries and employee benefits172,089 164,670 146,010 
Equipment and occupancy46,180 42,756 39,646 
Other real estate, net58 58 84 
Marketing and other business development8,666 8,168 6,125 
Postage and supplies3,370 3,178 2,771 
Amortization of intangibles1,417 1,544 1,584 
Other noninterest expense43,707 41,523 46,145 
Total noninterest expense275,487 261,897 242,365 
Income before income taxes170,407 183,786 151,275 
Income tax expense 29,999 32,527 27,331 
Net income140,408 151,259 123,944 
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:
Basic76,726,545 76,537,040 76,278,453 
Diluted76,964,625 77,384,742 76,428,885 
This information is preliminary and based on company data available at the time of the presentation.
9

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)

(dollars and shares in thousands)Preferred
Stock
 Amount		Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comp. Income (Loss), netTotal Shareholders' Equity
 SharesAmounts
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 


10

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands)MarchDecemberSeptemberJuneMarchDecember
202520242024202420242023
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 loans4,594,376 4,388,531 4,264,743 4,217,351 4,044,973 4,044,896 
Commercial real estate - investment loans5,977,583 5,931,420 5,919,235 5,998,326 6,138,711 5,929,595 
Commercial real estate - multifamily and other loans2,360,515 2,198,698 2,213,153 2,185,858 1,924,931 1,605,899 
Consumer real estate  - mortgage loans4,977,358 4,914,482 4,907,766 4,874,846 4,828,416 4,851,531 
Construction and land development loans3,525,860 3,699,321 3,486,504 3,621,563 3,818,334 4,041,081 
Consumer and other loans569,742 537,507 530,044 542,584 514,310 536,398 
Total loans36,136,746 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)
Securities8,718,794 8,381,268 8,293,241 7,882,891 7,371,847 7,323,887 
Total assets54,254,804 52,589,449 50,701,888 49,366,969 48,894,196 47,959,883 
Noninterest-bearing deposits8,507,351 8,170,448 8,229,394 7,932,882 7,958,739 7,906,502 
Total deposits44,479,463 42,842,992 40,954,888 39,770,380 39,402,025 38,539,810 
Securities sold under agreements to repurchase263,993 230,244 209,956 220,885 201,418 209,489 
FHLB advances1,886,011 1,874,134 2,146,395 2,110,885 2,116,417 2,138,169 
Subordinated debt and other borrowings426,042 425,821 425,600 425,380 425,159 424,938 
Total shareholders' equity6,543,142 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 
Securities8,679,934 8,268,583 8,176,250 7,322,588 7,307,201 6,967,488 
Federal funds sold and other2,958,593 3,153,751 2,601,267 3,268,307 3,274,062 3,615,908 
Total earning assets47,680,057 46,403,234 44,859,276 44,107,699 43,623,217 42,954,902 
Total assets52,525,831 51,166,643 49,535,543 48,754,091 48,311,260 47,668,519 
Noninterest-bearing deposits8,206,751 8,380,760 8,077,655 8,000,159 7,962,217 8,342,572 
Total deposits43,018,951 41,682,341 40,101,199 39,453,828 38,995,709 38,515,560 
Securities sold under agreements to repurchase230,745 223,162 230,340 213,252 210,888 202,601 
FHLB advances1,877,596 2,006,736 2,128,793 2,106,786 2,214,489 2,112,809 
Subordinated debt and other borrowings427,624 427,503 427,380 427,256 428,281 426,999 
Total shareholders' equity6,515,904 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 expense303,732 320,570 343,361 336,128 332,449 327,544 
Net interest income364,428 363,790 351,504 332,262 318,034 317,252 
Provision for credit losses16,960 29,652 26,281 30,159 34,497 16,314 
Net interest income after provision for credit losses347,468 334,138 325,223 302,103 283,537 300,938 
Noninterest income98,426 111,545 115,242 34,288 110,103 79,088 
Noninterest expense275,487 261,897 259,319 271,389 242,365 251,168 
Income before income taxes170,407 183,786 181,146 65,002 151,275 128,858 
Income tax expense29,999 32,527 34,455 11,840 27,331 33,879 
Net income140,408 151,259 146,691 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.

11

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS-UNAUDITED
(dollars in thousands)Three months endedThree months ended
March 31, 2025March 31, 2024
 Average BalancesInterestRates/ YieldsAverage BalancesInterestRates/ Yields
Interest-earning assets
Loans (1) (2)
$36,041,530 $547,368 6.24 %$33,041,954 $541,199 6.67 %
Securities
Taxable5,432,730 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 banks2,645,347 28,893 4.43 %2,476,800 32,753 5.32 %
Resell agreements58,407 1,635 11.35 %543,788 3,858 2.85 %
Federal funds sold— — — %— — — %
Other254,839 3,181 5.06 %253,474 3,603 5.72 %
Total interest-earning assets47,680,057 $668,160 5.79 %43,623,217 $650,483 6.11 %
Nonearning assets
Intangible assets1,870,164 1,873,871 
Other nonearning assets2,975,610 2,814,172 
Total assets$52,525,831 $48,311,260 
Interest-bearing liabilities
Interest-bearing deposits:
Interest checking14,136,443 111,751 3.21 %11,567,773 112,728 3.92 %
Savings and money market16,345,027 118,842 2.95 %14,608,687 134,752 3.71 %
Time4,330,730 42,800 4.01 %4,857,032 53,488 4.43 %
Total interest-bearing deposits34,812,200 273,393 3.18 %31,033,492 300,968 3.90 %
Securities sold under agreements to repurchase230,745 1,026 1.80 %210,888 1,399 2.67 %
Federal Home Loan Bank advances1,877,596 21,272 4.59 %2,214,489 24,120 4.38 %
Subordinated debt and other borrowings427,624 8,041 7.63 %428,281 5,962 5.60 %
Total interest-bearing liabilities37,348,165 303,732 3.30 %33,887,150 332,449 3.95 %
Noninterest-bearing deposits8,206,751 — — 7,962,217 — — 
Total deposits and interest-bearing liabilities45,554,916 $303,732 2.70 %41,849,367 $332,449 3.20 %
Other liabilities455,011 379,277 
Shareholders' equity 6,515,904 6,082,616 
Total liabilities and shareholders' equity$52,525,831 $48,311,260 
Net  interest  income 
$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.  

12

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands)MarchDecemberSeptemberJuneMarchDecember
202520242024202420242023
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 loans243.3 %280.4 %328.2 %390.8 %342.8 %429.0 %
As a percentage of total loans:
Past due accruing loans over 30 days0.14 %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 NPAs0.48 %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:
Loans6.24 %6.42 %6.75 %6.71 %6.67 %6.62 %
Securities4.30 %4.27 %4.58 %4.43 %4.06 %4.12 %
Total earning assets5.79 %5.97 %6.27 %6.20 %6.11 %6.09 %
Total deposits, including non-interest bearing2.58 %2.74 %3.08 %3.10 %3.10 %3.07 %
Securities sold under agreements to repurchase1.80 %2.11 %2.58 %2.48 %2.67 %2.54 %
FHLB advances4.59 %4.59 %4.66 %4.66 %4.38 %4.26 %
Subordinated debt and other borrowings7.63 %8.11 %5.97 %5.62 %5.60 %5.59 %
Total deposits and interest-bearing liabilities2.70 %2.88 %3.19 %3.20 %3.20 %3.15 %
Capital and other ratios (6):
Pinnacle Financial ratios:
Shareholders' equity to total assets12.1 %12.2 %12.5 %12.5 %12.5 %12.6 %
Common equity Tier one10.7 %10.8 %10.8 %10.7 %10.4 %10.3 %
Tier one risk-based11.2 %11.3 %11.4 %11.2 %10.9 %10.8 %
Total risk-based13.0 %13.1 %13.2 %13.2 %12.9 %12.7 %
Leverage9.5 %9.6 %9.6 %9.5 %9.5 %9.4 %
Tangible common equity to tangible assets8.5 %8.6 %8.7 %8.6 %8.5 %8.6 %
Pinnacle Bank ratios:
Common equity Tier one11.5 %11.6 %11.7 %11.5 %11.3 %11.1 %
Tier one risk-based11.5 %11.6 %11.7 %11.5 %11.3 %11.1 %
Total risk-based12.4 %12.5 %12.6 %12.5 %12.2 %12.0 %
Leverage9.7 %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.

13

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands, except per share data)MarchDecemberSeptemberJuneMarchDecember
202520242024202420242023
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 originated2.58 %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.


14

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)
MarchDecemberMarch
202520242024
Net interest income$364,428363,790318,034
Noninterest income98,426111,545110,103
Total revenues462,854475,335428,137
Less: Investment losses (gains) on sales of securities, net12,512(249)—
Recognition of mortgage servicing asset——(11,812)
Total revenues excluding the impact of adjustments noted above$475,366475,086416,325
Noninterest expense$275,487261,897242,365
Less: ORE expense585884
FDIC special assessment——7,250
Noninterest expense excluding the impact of adjustments noted above$275,429261,839235,031
Pre-tax income$170,407183,786151,275
Provision for credit losses16,96029,65234,497
Pre-tax pre-provision net revenue187,367213,438185,772
Less: Adjustments noted above12,570(191)(4,478)
Adjusted pre-tax pre-provision net revenue (12)
$199,937213,247181,294
Noninterest income$98,426111,545110,103
Less: Adjustments noted above12,512(249)(11,812)
Noninterest income excluding the impact of adjustments noted above$110,938111,29698,291
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$52,525,83151,166,64348,311,260
Noninterest income to average assets (1)
0.76 %0.87 %0.92 %
Less: Adjustments noted above0.10 %— %(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.
15


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)MarchDecemberSeptemberJuneMarchDecember
202520242024202420242023
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, net12,512 (249)— 72,103 — (14)
Loss on BOLI restructuring— — — — — 16,252 
ORE expense58 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, net0.16 (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, net0.16 (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 above0.16 — — 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 investment5,515 4,869 5,762 5,704 5,974 5,803 
Pre-tax impact of BHG14,890 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.

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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)
MarchDecemberMarch
202520242024
Return on average assets (1)
1.05 %1.15 %1.00 %
Adjustments as noted above0.07 %— %(0.03)%
Return on average assets excluding adjustments noted above (1)
1.13 %1.15 %0.97 %
Tangible assets:
Total assets$54,254,80452,589,44948,894,196
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$52,385,53750,718,76647,021,342
Tangible common equity:
Total shareholders' equity$6,543,1426,431,8816,103,851
Less: Preferred shareholders' equity(217,126)(217,126)(217,126)
Total common shareholders' equity6,326,0166,214,7555,886,725
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$4,456,7494,344,0724,013,871
Ratio of tangible common equity to tangible assets8.51 %8.57 %8.54 %
Average tangible assets:
Average assets$52,525,83151,166,64348,311,260
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$50,655,66649,296,59146,437,389
Return on average assets (1)
1.05 %1.15 %1.00 %
Adjustment due to goodwill, core deposit and other intangible assets0.04 %0.04 %0.04 %
Return on average tangible assets (1)
1.09 %1.19 %1.04 %
Adjustments as noted above0.08 %— %(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$6,515,9046,405,8676,082,616
Less: Average preferred equity(217,126)(217,126)(217,126)
Average common equity6,298,7786,188,7415,865,490
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$4,428,6134,318,6893,991,619
Return on average equity (1)
8.50 %9.16 %7.94 %
Adjustment due to average preferred shareholders' equity0.29 %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 assets3.71 %4.10 %3.87 %
Return on average tangible common equity (1)
12.51 %13.58 %12.11 %
Adjustments as noted above0.86 %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.

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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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