$PNFP-PC

Pinnacle Financial Partners, Inc.

CIK:0002082866|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans, including fees	$ 1,310	$ 570	$ 2,570	$ 1,118
Investment securities	208	94	405	181
Other earning assets	50	31	107	66
Total interest income	1,568	695	3,082	1,365
Interest expense:
Deposits	534	285	1,055	558
FHLB advances and other borrowings	77	29	136	59
Federal funds purchased and securities sold under repurchase agreements	1	1	2	2
Total interest expense	612	315	1,193	619
Net interest income	956	380	1,889	746
Provision for credit losses	63	24	139	41
Net interest income after provision for credit losses	893	356	1,750	705
Non-interest revenue:
Core banking fees	93	32	184	64
Wealth management revenue	85	32	169	65
Income from equity method investment	24	26	55	46
Capital markets income	18	4	36	6
Total loan sales and servicing	9	6	19	12
Income from bank-owned life insurance	19	13	39	23
Investment securities gains (losses), net	(29)	0	(26)	(13)
Other non-interest revenue	28	12	55	18
Total non-interest revenue	247	125	531	221
Non-interest expense:
Salaries and other personnel expense	378	180	774	351
Net occupancy, equipment, and software expense	102	44	199	86
Amortization of intangibles	46	1	94	3
FDIC insurance and other regulatory fees	20	8	43	18
Merger-related expense	51	0	326	0
Other operating expense	124	53	237	103
Total non-interest expense	721	286	1,673	561
Income before income taxes	419	195	608	365
Income tax expense	91	36	130	66
Net income	328	159	478	299
Less: Preferred stock dividends	15	4	30	8
Net income available to common shareholders	$ 313	$ 155	$ 448	$ 291
Net income per common share, basic (in dollars per share)	$ 2.07	$ 2.01	$ 2.97	$ 3.79
Net income per common share, diluted (in dollars per share)	$ 2.07	$ 2.00	$ 2.96	$ 3.77
Weighted average common shares outstanding, basic (in shares)	151,104	76,891	151,051	76,809
Weighted average common shares outstanding, diluted (in shares)	151,468	77,277	151,470	77,212

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Operating Activities

Net income

$ 478

$ 299

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation, amortization, and accretion, net

159

Provision for credit losses

139

Investment securities (gains) losses, net

Deferred income tax expense (benefit)

162

(7)

Originations of loans held for sale

(6,408)

(1,592)

Proceeds from sales and payments on loans held for sale

5,946

1,581

Gain on sales of loans held for sale, net

(9)

(5)

Income from equity method investment

(55)

(46)

Dividends received from equity method investment

102

Share-based compensation expense

110

Decrease (increase) in other assets

367

(61)

Increase (decrease) in other liabilities

(176)

Other

(8)

Net cash provided by (used in) operating activities

1,016

239

Investing Activities

Acquisition, net of cash acquired

^[1]

2,538

Proceeds from maturities and principal collections of investment securities held to maturity

129

Proceeds from maturities and principal collections of investment securities available for sale

1,234

302

Proceeds from sales of investment securities available for sale

6,061

188

Purchases of investment securities available for sale

(9,199)

(1,313)

Net proceeds from sales of loans

Net (increase) decrease in loans

(5,024)

(1,672)

Net (purchases) redemptions of Federal Home Loan Bank stock

(264)

Net (purchases) redemptions of Federal Reserve Bank stock

(340)

Net proceeds from settlement (purchases) of bank-owned life insurance policies

(149)

Increase in other investments, net

(110)

(69)

Net increase in premises, equipment and software

(38)

(31)

Other

(61)

Net cash provided by (used in) investing activities

(4,936)

(2,689)

Financing Activities

Net increase (decrease) in deposits

2,193

2,156

Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements

485

Repayments and redemption of FHLB and other borrowings

(7,863)

(116)

Proceeds from FHLB and other borrowings

13,444

Dividends paid to common shareholders

(150)

(38)

Dividends paid to preferred shareholders

(30)

(8)

Issuances, net of taxes paid, under equity compensation plans

(73)

(19)

Net cash provided by (used in) financing activities

8,006

2,003

Increase (decrease) in cash and cash equivalents including restricted cash

4,086

(447)

Cash, cash equivalents, and restricted cash, at beginning of period

3,565

3,436

Cash, cash equivalents, and restricted cash at end of period

7,651

2,989

Supplemental Disclosures:

Income taxes paid, net of refunds

Interest paid

$ 1,182

$ 625

[1]	Cash acquired as part of the Merger with Synovus. Refer to Note 2 - Business Combination in this Report, for more detailed information regarding the Merger.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 648	$ 359
Federal funds sold, securities purchased under resale agreements, and interest earning deposits with banks	7,003	3,206
Total cash, cash equivalents, and restricted cash	7,651	3,565
Investment securities held to maturity, net	2,448	2,591
Investment securities available for sale	18,153	6,567
Loans held for sale (includes $42 million at fair value as of Jun 30, 2026 and none at fair value as of Dec. 31, 2025)	651	97
Loans, net of deferred fees and costs	88,076	39,154
Allowance for loan losses	(956)	(442)
Loans, net	87,120	38,712
Premises, equipment, and software, net	903	352
Cash surrender value of bank-owned life insurance	2,200	1,223
Goodwill	3,479	1,849
Core deposits and other intangible assets, net	1,045	30
Other assets	5,405	2,720
Total assets	129,055	57,706
Deposits:
Non-interest-bearing deposits	20,657	9,051
Interest-bearing deposits	80,241	38,350
Total deposits	100,898	47,401
Federal funds purchased and securities sold under repurchase agreements	850	316
FHLB advances and other borrowings	10,253	2,205
Other liabilities	2,226	740
Total liabilities	114,227	50,662
Shareholders' equity:
Preferred stock — no par value per share, liquidation preference 225 million non-cumulative perpetual preferred stock, Authorized — 110 million shares at Jun 30, 2026 and 10 million shares at Dec 31, 2025, Issued and outstanding — 22 million shares at Jun 30, 2026 and 225,000 shares at Dec 31, 2025	781	217
Common stock — $1.00 par value, Authorized — 360 million shares at Jun 30, 2026 and 180 million shares at Dec. 31, 2025, Issued and outstanding — 151 million shares at June 30, 2025 and 78 million at  Dec. 31, 2025	151	78
Additional paid-in capital	10,120	3,144
Accumulated other comprehensive income (loss), net	(247)	(123)
Retained earnings	4,023	3,728
Total equity	14,828	7,044
Total liabilities and equity	$ 129,055	$ 57,706