PNFP Reports 4Q24 Diluted EPS of $1.91; Net Interest Margin Held at 3.22 Percent

Rhea-AI Summary

Pinnacle Financial Partners (PNFP) reported Q4 2024 diluted earnings per share of $1.91, a 60.5% increase from $1.19 in Q4 2023. The company's net interest margin held steady at 3.22%, with net interest income growing 14.0% on a linked-quarter annualized basis.

Notable Q4 2024 achievements include remarkable balance sheet growth, with loan growth of 13.7% and deposit growth of 18.4% linked-quarter annualized. Total assets reached $52.6 billion, up 9.7% year-over-year. The company recruited 161 revenue producers in 2024, a 50.5% increase from 2023.

The company successfully managed its interest rate environment by lowering average deposit costs by 34 basis points during Q4, offsetting a 33 basis point decline in average loan yields. The Board of Directors increased the quarterly cash dividend to $0.24 per common share.

Positive

• Diluted EPS increased 60.5% YoY to $1.91 in Q4 2024
• Strong balance sheet growth with 13.7% loan growth and 18.4% deposit growth
• Net interest income up 14.0% linked-quarter annualized
• Total assets increased 9.7% YoY to $52.6 billion
• Successful management of interest margins in declining rate environment

Negative

• Full-year 2024 diluted EPS decreased 16.5% to $5.96 from $7.14 in 2023
• BHG income declined 16.4% YoY to $12.1 million in Q4 2024
• Nonperforming assets to total loans increased to 0.42% from 0.27% YoY

Insights

Financial Analyst

PNFP delivered an impressive Q4 2024 performance, demonstrating strong execution in a challenging rate environment. Net income per diluted share reached $1.91, marking a substantial 60.5% increase year-over-year. The standout achievement was maintaining the net interest margin at 3.22% despite rate pressures, accomplished through skillful deposit cost management with a 34 basis point reduction in deposit costs offsetting declining loan yields.

The bank's growth engine continues to fire on all cylinders, with loans expanding at a 13.7% annualized rate and deposits growing even faster at 18.4%. This growth trajectory outpaces most regional bank peers and reflects successful execution of PNFP's market expansion strategy. The recruitment of 161 revenue producers in 2024 (up 50.5% from 2023) positions the bank for sustained growth momentum.

Credit quality metrics showed some deterioration, with nonperforming assets to total loans increasing to 0.42% from 0.35% in Q3, though the classified asset ratio improved to 3.79% from 5.22% year-over-year. The allowance for credit losses increased to 1.17% of total loans, providing additional cushion against potential credit stress.

Revenue diversification remains strong with wealth management revenues up 33.1% year-over-year to $31.2 million, though income from BHG declined 16.4% to $12.1 million. The dividend increase to $0.24 per share reflects management's confidence in sustainable earnings growth.

Net interest income up 14.0 percent linked-quarter annualized; Quarterly common dividend increased to $0.24 per share

NASHVILLE, Tenn.--(BUSINESS WIRE)-- Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income per diluted common share of $1.91 for the quarter ended Dec. 31, 2024, compared to net income per diluted common share of $1.19 for the quarter ended Dec. 31, 2023, an increase of approximately 60.5 percent. Net income per diluted common share was $5.96 for the year ended Dec. 31, 2024, compared to $7.14 for the year ended Dec. 31, 2023, a decrease of approximately 16.5 percent.

After considering the adjustments noted in the table below, net income per diluted common share was $1.90 for the three months ended Dec. 31, 2024, compared to $1.68 for the three months ended Dec. 31, 2023, an increase of 13.1 percent, and compared to $1.86 for the three months ended Sept. 30, 2024, an annualized linked-quarter growth rate of 8.6 percent. Net income per diluted common share adjusted for the items noted in the table below was $6.89 for the year ended Dec. 31, 2024, compared to $6.99 for the year ended Dec. 31, 2023.

	Three months ended								Year ended
	Dec. 31, 2024			Sept. 30, 2024		Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023
Diluted earnings per common share	$	1.91		$	1.86	$	1.19		$	5.96		$	7.14
Adjustments, net of tax (1):
Investment losses (gains) on sales of securities, net		(0.01	)		—		—			0.70			0.20
Gain on sale of fixed assets as a result of sale-leaseback transaction		—			—		—			—			(0.84	)
Loss on BOLI restructuring		—			—		0.21			—			0.21
Recognition of mortgage servicing asset		—			—		—			(0.12	)		—
FDIC special assessment		—			—		0.28			0.07			0.28
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives		—			—		—			0.28			—
Diluted earnings per common share after adjustments	$	1.90		$	1.86	$	1.68		$	6.89		$	6.99
(1): Adjustments include tax effect calculated using a marginal tax rate of 25.00 percent for all periods presented.

"Balance sheet growth during the fourth quarter was remarkable, with loan growth of 13.7 percent and deposit growth of 18.4 percent, linked-quarter annualized," said M. Terry Turner, Pinnacle's president and chief executive officer. "Additionally, our focus on being a great place to work continues to benefit our firm and shareholders in terms of our unique ability to attract talent. Our fourth quarter recruiting was again extremely robust, with 35 new revenue producers added, for the purpose of fueling our ongoing growth. In total, we recruited 161 revenue producers during 2024 compared to 107 in 2023, a 50.5 percent increase. We are looking for similar results in 2025.

"We are also pleased to report diluted earnings per share of $1.91 for the fourth quarter. In this declining rate environment, we successfully lowered our average cost of deposits by 34 basis points during the fourth quarter, offsetting the 33 basis point decline in average loan yields. Consequently, we were able to maintain our net interest margin quarter over quarter and grow net interest income by $12.3 million, a 14.0 percent linked-quarter annualized growth rate.

"So not only do we continue to produce outsized growth in the current cycle, but we also continue making significant investments in people and market extensions that we expect to benefit our shareholders well into the future."

BALANCE SHEET GROWTH AND LIQUIDITY:

Total assets at Dec. 31, 2024, were $52.6 billion, an increase of approximately $1.9 billion from Sept. 30, 2024, and $4.6 billion from Dec. 31, 2023, reflecting a linked-quarter annualized increase of 14.9 percent and a year-over-year increase of 9.7 percent. A further analysis of select balance sheet trends follows:

	Balances at				Linked- Quarter Annualized % Change		Balances at		Year-over-Year % Change
(dollars in thousands)	Dec. 31, 2024		Sept. 30, 2024				Dec. 31, 2023
Loans	$	35,485,776	$	34,308,310	13.7	%	$	32,676,091	8.6	%
Securities		8,381,268		8,293,241	4.2	%		7,323,887	14.4	%
Other interest-earning assets		3,377,381		2,810,283	80.7	%		2,673,235	26.3	%
Total interest-earning assets	$	47,244,425	$	45,411,834	16.1	%	$	42,673,213	10.7	%
Core deposits:
Noninterest-bearing deposits	$	8,170,448	$	8,229,394	(2.9	)%	$	7,906,502	3.3	%
Interest-bearing core deposits(1)		29,876,456		27,535,246	34.0	%		25,832,415	15.7	%
Noncore deposits and other funding(2)		7,326,287		7,972,199	(32.4	)%		7,573,489	(3.3	)%
Total funding	$	45,373,191	$	43,736,839	15.0	%	$	41,312,406	9.8	%

(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.

"As we noted in our third quarter earnings release, we were optimistic loan growth would accelerate during the fourth quarter," Turner said. "Ultimately, the fourth quarter was one of our strongest quarters ever for loan and deposit growth, with loan growth of $1.2 billion and deposit growth of $1.9 billion.

"For most of our history, we have been viewed as one of the strongest organic loan growers among small and mid-cap banks. And now, our ongoing investments in organic deposit growth strategies like adding new branch locations and extending into new markets, building new industry verticals for segments that are typically net providers of funds, and hiring bankers that have strong depositor followings are yielding outsized deposit growth as well."

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

Pre-tax, pre-provision net revenues (PPNR) for the three months and year ended Dec. 31, 2024, were $213.4 million and $701.8 million, respectively, compared to $145.2 million and $807.6 million recognized in the three months and year ended Dec. 31, 2023, respectively.

	Three months ended								Year ended
	Dec. 31,								Dec. 31,
(dollars in thousands)		2024			2023		% change			2024			2023		% change
Revenues:
Net interest income	$	363,790		$	317,252		14.7	%	$	1,365,590		$	1,262,118		8.2	%
Noninterest income		111,545			79,088		41.0	%		371,178			433,253		(14.3	)%
Total revenues		475,335			396,340		19.9	%		1,736,768			1,695,371		2.4	%
Noninterest expense		261,897			251,168		4.3	%		1,034,970			887,769		16.6	%
Pre-tax, pre-provision net revenue (PPNR)		213,438			145,172		47.0	%		701,798			807,602		(13.1	)%
Adjustments:
Investment losses (gains) on sales of securities, net		(249	)		(14	)	>100.0	%		71,854			19,674		>100	%
Gain on the sale of fixed assets as a result of sale leaseback		—			—		NM			—			(85,692	)	(100.0	)%
Loss on BOLI restructuring		—			7,166		(100.0	)%		—			7,166		(100.0	)%
Recognition of mortgage servicing asset		—			—		NM			(11,812	)		—		100.0	%
ORE expense		58			125		(53.6	)%		220			315		(30.2	)%
FDIC special assessment		—			29,000		(100.0	)%		7,250			29,000		(>100.0	%)
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives		—			—		NM			28,400			—		100.0	%
Adjusted PPNR	$	213,247		$	181,449		17.5	%	$	797,710		$	778,065		2.5	%

	Three months ended							Year ended
	Dec. 31, 2024		Sept. 30, 2024		Dec. 31, 2023			Dec. 31, 2024		Dec. 31, 2023
Net interest margin	3.22	%	3.22	%	3.06	%		3.16	%	3.18	%
Efficiency ratio	55.10	%	55.56	%	63.37	%		59.59	%	52.36	%
Return on average assets	1.15	%	1.15	%	0.76	%		0.93	%	1.19	%
Return on average tangible common equity (TCE)	13.58	%	13.61	%	9.53	%		11.12	%	14.78	%
Average loan to deposit ratio	83.92	%	84.99	%	84.05	%		84.64	%	83.93	%

Net interest income for the fourth quarter of 2024 was $363.8 million, compared to $351.5 million for the third quarter of 2024 and $317.3 million for the fourth quarter of 2023, a year-over-year growth rate of 14.7 percent. Net interest margin was 3.22 percent for the fourth quarter of 2024, compared to 3.22 percent for the third quarter of 2024 and 3.06 percent for the fourth quarter of 2023.

Noninterest income for the fourth quarter of 2024 was $111.5 million, compared to $115.2 million for the third quarter of 2024 and $79.1 million for the fourth quarter of 2023.

	Three months ended					Linked-quarter Annualized % Change		Three months ended			Yr-over-Yr % Change
(dollars in thousands)	Dec. 31, 2024			Sept. 30, 2024				Dec. 31, 2023
Noninterest income	$	111,545		$	115,242	(12.8	)%	$	79,088		41.0	%
Less:
Investment losses (gains) on sales of securities, net		(249	)		—	100.0	%		(14	)	>100.0	%
Loss on BOLI restructuring		—			—	NM			7,166		(100.0	)%
Adjusted noninterest income	$	111,296		$	115,242	(13.7	)%	$	86,240		29.1	%

• Wealth management revenues, which include investment, trust and insurance services, were $31.2 million for the fourth quarter of 2024, compared to $29.5 million for the third quarter of 2024 and $23.5 million for the fourth quarter of 2023, a year-over-year increase of 33.1 percent. The increase in wealth management revenues was attributable to several factors but primarily is the result of an increase in capacity, with more revenue producers across the firm, but particularly in the areas of the firm's most recent strategic market expansions.
• Income from the firm's investment in Banker's Healthcare Group (BHG) was $12.1 million for the fourth quarter of 2024, compared to $16.4 million for the third quarter of 2024 and $14.4 million for the fourth quarter of 2023, a year-over-year decline of 16.4 percent.
  • BHG's loan originations were $1.2 billion in the fourth quarter of 2024, compared to $989 million in the third quarter of 2024 and $786 million in the fourth quarter of 2023.
  • Loans sold to BHG's community bank partners were approximately $505 million in the fourth quarter of 2024, compared to approximately $521 million in the third quarter of 2024 and $446 million in the fourth quarter of 2023.
  • BHG reserves for on-balance sheet loan losses were $240 million, or 9.3 percent of loans held for investment at Dec. 31, 2024, compared to 9.1 percent at Sept. 30, 2024, and 9.3 percent at Dec. 31, 2023.
  • At Dec. 31, 2024, BHG increased its accrual for estimated losses attributable to loan substitutions and prepayments to $531 million, or 7.1 percent of the unpaid balances on loans that were previously purchased by BHG's community bank network, compared to 6.2 percent at Sept. 30, 2024 and 5.4 percent at Dec. 31, 2023.
• Other noninterest income was $50.4 million for the quarter ended Dec. 31, 2024, an increase of $1.8 million from the third quarter of 2024 and $22.9 million from the fourth quarter of 2023. Fourth quarter 2024 other noninterest income was positively impacted by gains on leases, fair value adjustment to our mortgage servicing asset and customer swap revenues when compared to third quarter 2024.

Noninterest expense for the fourth quarter of 2024 was $261.9 million, compared to $259.3 million for the third quarter of 2024 and $251.2 million for the fourth quarter of 2023.

	Three months ended				Linked-quarter Annualized % Change		Three months ended		Yr-over-Yr % Change
(dollars in thousands)	Dec. 31, 2024		Sept. 30, 2024				Dec. 31, 2023
Noninterest expense	$	261,897	$	259,319	4.0	%	$	251,168	4.3	%
Less:
ORE expense		58		56	14.3	%		125	(53.6	)%
FDIC special assessment		—		—	NM			29,000	(100.0	)%
Adjusted noninterest expense	$	261,839	$	259,263	4.0	%	$	222,043	17.9	%

• Salaries and employee benefits were $164.7 million in the fourth quarter of 2024, compared to $160.2 million in the third quarter of 2024 and $133.3 million in the fourth quarter of 2023, reflecting a year-over-year increase of 23.5 percent.
  • Full-time equivalent associates increased to 3,565.5 at Dec. 31, 2024 from 3,516.5 at Sept. 30, 2024 and 3,357.0 at Dec. 31, 2023, a year-over-year increase of 6.2 percent.
  • Cash incentive costs in the fourth quarter of 2024 were approximately $3.1 million higher than the third quarter of 2024 due to increasing the accrual for the annual cash incentive plan to a higher payout percentage than was anticipated at Sept. 30, 2024, and $14.7 million higher than the amounts recorded in the fourth quarter of 2023. An increased number of personnel and an elevated payout percentage for 2024 compared to 2023 were the primary reasons for the year-over-year increase.
• Equipment and occupancy costs were $42.8 million in the fourth quarter of 2024, compared to $42.6 million in the third quarter of 2024, reflecting an increase of 0.5 percent. Those costs were $38.0 million in the fourth quarter of 2023, resulting in a year-over-year increase of 12.5 percent.
• Marketing and other business development costs were $8.2 million in the fourth quarter of 2024, compared to $5.6 million in the third quarter of 2024, reflecting an increase of 45.9 percent. Those costs were $6.8 million in the fourth quarter of 2023, resulting in a year-over-year increase of 19.6 percent. Comparing the fourth quarter of 2024 to the third quarter of 2024 and the fourth quarter of 2023, several factors contributed to the increase of marketing and business development costs, including increases in both client and associate engagement expenses, primarily as a result of our increased headcount and market expansion.
• Noninterest expense categories, other than those specifically noted above, were $46.3 million in the fourth quarter of 2024, compared to $50.9 million in the third quarter of 2024, reflecting a decrease of 9.1 percent. Those costs were $73.0 million in the fourth quarter of 2023, resulting in a year-over-year decrease of 36.6 percent. Several factors contributed to the decrease in other noninterest expense in the fourth quarter of 2024 compared to both the third quarter of 2024 and fourth quarter of 2023, including lower accruals relating to both state tax obligations and other professional fees.

"One of our goals for 2024 was to advance our total revenue performance with balance sheet growth and robust fee initiatives," said Harold R. Carpenter, Pinnacle’s chief financial officer. "We are reporting $475.3 million in total revenues for the fourth quarter of 2024, compared to $396.4 in total revenues for the fourth quarter of 2023, an increase of approximately 19.9 percent. As we look to 2025, we are optimistic that the effects of a steeper yield curve should positively impact our results. We also have increasing confidence that our experienced bankers and advantaged markets will continue to allow us to attract clients to our firm at an accelerated pace. Both bode well for our ability to continue the rapid growth of our revenue base in 2025. We are also keenly focused on loan and deposit pricing as we enter 2025. Since the last Fed rate cut in September 2024, through January 16, 2025, our loan beta performance is approximately 45 percent which is being outpaced by our deposit beta performance of approximately 58 percent. This is outstanding work by our relationship managers, in my opinion.

"As to expenses, total expenses for 2024 were approximately $1.0 billion, or $999.1 million after excluding adjustments noted elsewhere in this release, which is consistent with our outlook as of the end of last quarter. Contributing to our increased expense levels for the fourth quarter was an increased accrual at a higher payout percentage for our cash incentive plan, which stands at an approximate payout of 98.0 percent of target awards."

CAPITAL, SOUNDNESS AND TAXES:

	As of
	Dec. 31, 2024			Sept. 30, 2024			Dec. 31, 2023
Shareholders' equity to total assets		12.2	%		12.5	%		12.6	%
Tangible common equity to tangible assets		8.6	%		8.7	%		8.6	%
Book value per common share	$	80.46		$	79.33		$	75.80
Tangible book value per common share	$	56.24		$	55.12		$	51.38
Annualized net loan charge-offs to avg. loans (1)		0.24	%		0.21	%		0.17	%
Nonperforming assets to total loans, ORE and other nonperforming assets (NPAs)		0.42	%		0.35	%		0.27	%
Classified asset ratio (Pinnacle Bank) (2)		3.79	%		3.92	%		5.22	%
Construction and land development loans as a percentage of total capital (3)		70.50	%		68.20	%		84.20	%
Construction and land development, non-owner occupied commercial real estate and multi-family loans as a percentage of total capital (3)		242.20	%		243.30	%		259.00	%
Allowance for credit losses (ACL) to total loans		1.17	%		1.14	%		1.08	%

(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.

During the fourth quarter of 2024, and to facilitate the orderly transition of BHG’s decision to exit its Small Business Administration (SBA) loan program, Pinnacle Bank acquired approximately $24.0 million in SBA loans from BHG for $10.0 million. Pinnacle assigned $14.1 million in reserves for these loans in its allowance for credit losses. Approximately $13.6 million of these loans are on nonaccrual status as of Dec. 31, 2024. The transaction increased Pinnacle’s ratio of allowance for credit losses to total loans by approximately 0.04 basis points and the ratio of nonaccrual loans to total loans by approximately 0.04 basis points during the fourth quarter.

Additionally, the effective tax rate for the fourth quarter of 2024 decreased to 17.7 percent. This was primarily the result of reductions in tax reserves for uncertain tax positions that have been resolved.

BOARD OF DIRECTORS INCREASES COMMON DIVIDENDS

On Jan. 21, 2025, Pinnacle Financial's Board of Directors increased its quarterly cash dividend to $0.24 per common share to be paid on Feb. 28, 2025 to common shareholders of record as of the close of business on Feb. 7, 2025. Additionally, the Board of Directors approved a quarterly cash dividend of approximately $3.8 million, or $16.88 per share (or $0.422 per depositary share), on Pinnacle Financial's 6.75 percent Series B Non-Cumulative Perpetual Preferred Stock payable on March 1, 2025 to shareholders of record at the close of business on Feb. 14, 2025. The amount and timing of any future dividend payments to both preferred and common shareholders will be subject to the approval of Pinnacle's Board of Directors.

WEBCAST AND CONFERENCE CALL INFORMATION

Pinnacle will host a webcast and conference call at 8:30 a.m. CT on Jan. 22, 2025, to discuss fourth quarter 2024 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.

For those unable to participate in the webcast, it will be archived on the investor relations page of Pinnacle's website at www.pnfp.com for 90 days following the presentation.

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 and fastest growing bank in the Nashville-Murfreesboro-Franklin MSA, according to June 30, 2024 deposit data from the FDIC. Pinnacle is No. 11 on the 2024 list of 100 Best Companies to Work For® in the U.S., its eighth consecutive appearance and was recognized by American Banker as one of America's Best Banks to Work For 11 years in a row and No. 1 among banks with more than $10 billion in assets in 2023.

Pinnacle Bank owns a 49 percent interest in Bankers Healthcare Group (BHG), which provides innovative, hassle-free financial solutions to healthcare practitioners and other professionals. Great Place to Work and FORTUNE ranked BHG No. 4 on its 2021 list of Best Workplaces in New York State in the small/medium business category.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $52.6 billion in assets as of Dec. 31, 2024. As the second-largest bank holding company 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," "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 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; (iv) 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; (v) 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; (vi) 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; (vii) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (viii) effectiveness of Pinnacle Financial's asset management activities in improving, resolving or liquidating lower-quality assets; (ix) 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; (x) the results of regulatory examinations of Pinnacle Financial, Pinnacle Bank or BHG, or companies with whom they do business; (xi) BHG's ability to profitably grow its business and successfully execute on its business plans; (xii) risks of expansion into new geographic or product markets; (xiii) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including goodwill or other intangible assets; (xiv) the ineffectiveness of Pinnacle Bank's hedging strategies, or the unexpected counterparty failure or hedge failure of the underlying hedges; (xv) 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; (xvi) deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xvii) 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; (xviii) approval of the declaration of any dividend by Pinnacle Financial's board of directors; (xix) 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; (xx) 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; (xxi) Pinnacle Financial's ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions; (xxii) difficulties and delays in integrating acquired businesses or fully realizing costs savings and other benefits from acquisitions; (xxiii) 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); (xxiv) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (xxv) fluctuations in the valuations of Pinnacle Financial's equity investments and the ultimate success of such investments; (xxvi) the availability of and access to capital; (xxvii) 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 (xxviii) general competitive, economic, political and market conditions. 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, 2023, 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, gains associated with the sale-leaseback transaction completed in the second quarter of 2023, losses on the restructuring of certain bank owned life insurance (BOLI) contracts, 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 2024 versus certain periods in 2023 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)	Dec. 31, 2024			Sept. 30, 2024			Dec. 31, 2023
ASSETS
Cash and noninterest-bearing due from banks	$	320,320		$	276,578		$	228,620
Restricted cash		93,645			193,758			86,873
Interest-bearing due from banks		3,021,960			2,362,828			1,914,856
Cash and cash equivalents		3,435,925			2,833,164			2,230,349
Securities purchased with agreement to resell		66,449			66,480			558,009
Securities available-for-sale, at fair value		5,582,369			5,390,988			4,317,530
Securities held-to-maturity (fair value of $2.6 billion, $2.7 billion and $2.8 billion, net of allowance for credit losses of $1.7 million, $1.7 million, and $1.7 million at Dec. 31, 2024, Sept. 30, 2024 and Dec. 31, 2023, respectively)		2,798,899			2,902,253			3,006,357
Consumer loans held-for-sale		175,627			178,600			104,217
Commercial loans held-for-sale		19,700			8,617			9,280
Loans		35,485,776			34,308,310			32,676,091
Less allowance for credit losses		(414,494	)		(391,534	)		(353,055	)
Loans, net		35,071,282			33,916,776			32,323,036
Premises and equipment, net		311,277			295,348			256,877
Equity method investment		436,707			424,637			445,223
Accrued interest receivable		214,080			226,178			217,491
Goodwill		1,849,260			1,846,973			1,846,973
Core deposits and other intangible assets		21,423			22,755			27,465
Other real estate owned		1,278			750			3,937
Other assets		2,605,173			2,588,369			2,613,139
Total assets	$	52,589,449		$	50,701,888		$	47,959,883
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing	$	8,170,448		$	8,229,394		$	7,906,502
Interest-bearing		14,125,194			12,615,993			11,365,349
Savings and money market accounts		16,197,397			15,188,270			14,427,206
Time		4,349,953			4,921,231			4,840,753
Total deposits		42,842,992			40,954,888			38,539,810
Securities sold under agreements to repurchase		230,244			209,956			209,489
Federal Home Loan Bank advances		1,874,134			2,146,395			2,138,169
Subordinated debt and other borrowings		425,821			425,600			424,938
Accrued interest payable		55,619			59,285			66,967
Other liabilities		728,758			561,506			544,722
Total liabilities		46,157,568			44,357,630			41,924,095
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 Dec. 31, 2024, Sept. 30, 2024 and Dec. 31, 2023, respectively		217,126			217,126			217,126
Common stock, par value $1.00; 180.0 million shares authorized; 77.2 million, 77.2 million and 76.8 million shares issued and outstanding at Dec. 31, 2024, Sept. 30, 2024 and Dec. 31, 2023, respectively.		77,242			77,232			76,767
Additional paid-in capital		3,129,680			3,120,842			3,109,493
Retained earnings		3,175,777			3,045,571			2,784,927
Accumulated other comprehensive loss, net of taxes		(167,944	)		(116,513	)		(152,525	)
Total shareholders' equity		6,431,881			6,344,258			6,035,788
Total liabilities and shareholders' equity	$	52,589,449		$	50,701,888		$	47,959,883
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									Year ended
	Dec. 31, 2024			Sept. 30, 2024			Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023
Interest income:
Loans, including fees	$	557,716		$	570,489		$	530,604		$	2,221,063		$	1,950,365
Securities
Taxable		58,842			65,776			42,458			220,666			140,308
Tax-exempt		24,947			23,860			25,035			97,779			97,625
Federal funds sold and other		42,855			34,740			46,699			158,590			165,070
Total interest income		684,360			694,865			644,796			2,698,098			2,353,368
Interest expense:
Deposits		287,511			310,527			297,556			1,203,455			983,118
Securities sold under agreements to repurchase		1,182			1,495			1,295			5,392			3,744
FHLB advances and other borrowings		31,877			31,339			28,693			123,661			104,388
Total interest expense		320,570			343,361			327,544			1,332,508			1,091,250
Net interest income		363,790			351,504			317,252			1,365,590			1,262,118
Provision for credit losses		29,652			26,281			16,314			120,589			93,596
Net interest income after provision for credit losses		334,138			325,223			300,938			1,245,001			1,168,522
Noninterest income:
Service charges on deposit accounts		15,175			16,217			12,660			59,394			49,223
Investment services		19,233			17,868			13,410			67,572			52,432
Insurance sales commissions		2,900			3,286			3,072			13,753			13,670
Gains on mortgage loans sold, net		2,344			2,643			879			11,136			6,511
Investment gains (losses) on sales of securities, net		249			—			14			(71,854	)		(19,674	)
Trust fees		9,098			8,383			6,987			33,219			26,683
Income from equity method investment		12,070			16,379			14,432			63,172			85,402
Gain on sale of fixed assets		38			1,837			102			2,258			86,048
Other noninterest income		50,438			48,629			27,532			192,528			132,958
Total noninterest income		111,545			115,242			79,088			371,178			433,253
Noninterest expense:
Salaries and employee benefits		164,670			160,234			133,333			621,031			531,828
Equipment and occupancy		42,756			42,564			38,021			166,002			138,980
Other real estate, net		58			56			125			220			315
Marketing and other business development		8,168			5,599			6,829			26,668			23,914
Postage and supplies		3,178			2,965			2,840			12,049			11,143
Amortization of intangibles		1,544			1,558			1,751			6,254			7,090
Other noninterest expense		41,523			46,343			68,269			202,746			174,499
Total noninterest expense		261,897			259,319			251,168			1,034,970			887,769
Income before income taxes		183,786			181,146			128,858			581,209			714,006
Income tax expense		32,527			34,455			33,879			106,153			151,854
Net income		151,259			146,691			94,979			475,056			562,152
Preferred stock dividends		(3,798	)		(3,798	)		(3,798	)		(15,192	)		(15,192	)
Net income available to common shareholders	$	147,461		$	142,893		$	91,181		$	459,864		$	546,960
Per share information:
Basic net income per common share	$	1.93		$	1.87		$	1.20		$	6.01		$	7.20
Diluted net income per common share	$	1.91		$	1.86		$	1.19		$	5.96		$	7.14
Weighted average common shares outstanding:
Basic		76,537,040			76,520,599			76,068,016			76,460,926			76,016,370
Diluted		77,384,742			76,765,586			76,823,991			77,131,330			76,647,543
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, 2022	$	217,126	76,454		$	76,454		$	3,074,867		$	2,341,706		$	(190,761	)	$	5,519,392
Cumulative change due to accounting pronouncement		—	—			—			—			(35,002	)		—			(35,002	)
Exercise of employee common stock options & related tax benefits		—	40			40			931			—			—			971
Preferred dividends paid ($67.52 per share)		—	—			—			—			(15,192	)		—			(15,192	)
Common dividends paid ($0.88 per share)		—	—			—			—			(68,737	)					(68,737	)
Issuance of restricted common shares		—	269			269			(269	)		—			—			—
Forfeiture of restricted common shares		—	(34	)		(34	)		34			—			—			—
Restricted shares withheld for taxes & related tax benefits		—	(59	)		(59	)		(4,127	)		—			—			(4,186	)
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		—	97			97			(3,822	)		—			—			(3,725	)
Compensation expense for restricted shares & performance stock units		—	—			—			41,879			—			—			41,879
Net income		—	—			—			—			562,152			—			562,152
Other comprehensive gain		—	—			—			—			—			38,236			38,236
Balance at December 31, 2023	$	217,126	76,767		$	76,767		$	3,109,493		$	2,784,927		$	(152,525	)	$	6,035,788
Balance at December 31, 2023	$	217,126	76,767		$	76,767		$	3,109,493		$	2,784,927		$	(152,525	)	$	6,035,788
Preferred dividends paid ($67.52 per share)		—	—			—			—			(15,192	)		—			(15,192	)
Common dividends paid ($0.88 per share)		—	—			—			—			(69,014	)		—			(69,014	)
Issuance of restricted common shares		—	262			262			(262	)		—			—			—
Forfeiture of restricted common shares		—	(30	)		(30	)		30			—			—			—
Restricted shares withheld for taxes & related tax benefits		—	(68	)		(68	)		(5,774	)		—			—			(5,842	)
Issuance of common stock pursuant to RSU and PSU agreements, net of shares withheld for taxes & related tax benefits		—	311			311			(14,741	)		—			—			(14,430	)
Compensation expense for restricted shares & performance stock units		—	—			—			40,934			—			—			40,934
Net income		—	—			—			—			475,056			—			475,056
Other comprehensive loss		—	—			—			—			—			(15,419	)		(15,419	)
Balance at December 31, 2024	$	217,126	77,242		$	77,242		$	3,129,680		$	3,175,777		$	(167,944	)	$	6,431,881

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands)	December			September		June		March		December		September
	2024			2024		2024		2024		2023		2023
Balance sheet data, at quarter end:
Commercial and industrial loans	$	13,815,817		12,986,865		12,328,622		11,893,198		11,666,691		11,307,611
Commercial real estate - owner occupied loans		4,388,531		4,264,743		4,217,351		4,044,973		4,044,896		3,944,616
Commercial real estate - investment loans		5,931,420		5,919,235		5,998,326		6,138,711		5,929,595		5,957,426
Commercial real estate - multifamily and other loans		2,198,698		2,213,153		2,185,858		1,924,931		1,605,899		1,490,184
Consumer real estate - mortgage loans		4,914,482		4,907,766		4,874,846		4,828,416		4,851,531		4,768,780
Construction and land development loans		3,699,321		3,486,504		3,621,563		3,818,334		4,041,081		3,942,143
Consumer and other loans		537,507		530,044		542,584		514,310		536,398		532,524
Total loans		35,485,776		34,308,310		33,769,150		33,162,873		32,676,091		31,943,284
Allowance for credit losses		(414,494	)	(391,534	)	(381,601	)	(371,337	)	(353,055	)	(346,192	)
Securities		8,381,268		8,293,241		7,882,891		7,371,847		7,323,887		6,882,276
Total assets		52,589,449		50,701,888		49,366,969		48,894,196		47,959,883		47,523,790
Noninterest-bearing deposits		8,170,448		8,229,394		7,932,882		7,958,739		7,906,502		8,324,325
Total deposits		42,842,992		40,954,888		39,770,380		39,402,025		38,539,810		38,295,809
Securities sold under agreements to repurchase		230,244		209,956		220,885		201,418		209,489		195,999
FHLB advances		1,874,134		2,146,395		2,110,885		2,116,417		2,138,169		2,110,598
Subordinated debt and other borrowings		425,821		425,600		425,380		425,159		424,938		424,718
Total shareholders' equity		6,431,881		6,344,258		6,174,668		6,103,851		6,035,788		5,837,641
Balance sheet data, quarterly averages:
Total loans	$	34,980,900		34,081,759		33,516,804		33,041,954		32,371,506		31,529,854
Securities		8,268,583		8,176,250		7,322,588		7,307,201		6,967,488		6,801,285
Federal funds sold and other		3,153,751		2,601,267		3,268,307		3,274,062		3,615,908		4,292,956
Total earning assets		46,403,234		44,859,276		44,107,699		43,623,217		42,954,902		42,624,095
Total assets		51,166,643		49,535,543		48,754,091		48,311,260		47,668,519		47,266,199
Noninterest-bearing deposits		8,380,760		8,077,655		8,000,159		7,962,217		8,342,572		8,515,733
Total deposits		41,682,341		40,101,199		39,453,828		38,995,709		38,515,560		38,078,665
Securities sold under agreements to repurchase		223,162		230,340		213,252		210,888		202,601		184,681
FHLB advances		2,006,736		2,128,793		2,106,786		2,214,489		2,112,809		2,132,638
Subordinated debt and other borrowings		427,503		427,380		427,256		428,281		426,999		426,855
Total shareholders' equity		6,405,867		6,265,710		6,138,722		6,082,616		5,889,075		5,898,196
Statement of operations data, for the three months ended:
Interest income	$	684,360		694,865		668,390		650,483		644,796		627,294
Interest expense		320,570		343,361		336,128		332,449		327,544		310,052
Net interest income		363,790		351,504		332,262		318,034		317,252		317,242
Provision for credit losses		29,652		26,281		30,159		34,497		16,314		26,826
Net interest income after provision for credit losses		334,138		325,223		302,103		283,537		300,938		290,416
Noninterest income		111,545		115,242		34,288		110,103		79,088		90,797
Noninterest expense		261,897		259,319		271,389		242,365		251,168		213,233
Income before income taxes		183,786		181,146		65,002		151,275		128,858		167,980
Income tax expense		32,527		34,455		11,840		27,331		33,879		35,377
Net income		151,259		146,691		53,162		123,944		94,979		132,603
Preferred stock dividends		(3,798	)	(3,798	)	(3,798	)	(3,798	)	(3,798	)	(3,798	)
Net income available to common shareholders	$	147,461		142,893		49,364		120,146		91,181		128,805
Profitability and other ratios:
Return on avg. assets (1)		1.15	%	1.15	%	0.41	%	1.00	%	0.76	%	1.08	%
Return on avg. equity (1)		9.16	%	9.07	%	3.23	%	7.94	%	6.14	%	8.66	%
Return on avg. common equity (1)		9.48	%	9.40	%	3.35	%	8.24	%	6.38	%	9.00	%
Return on avg. tangible common equity (1)		13.58	%	13.61	%	4.90	%	12.11	%	9.53	%	13.43	%
Common stock dividend payout ratio (14)		14.72	%	16.73	%	17.29	%	12.59	%	12.26	%	11.35	%
Net interest margin (2)		3.22	%	3.22	%	3.14	%	3.04	%	3.06	%	3.06	%
Noninterest income to total revenue (3)		23.47	%	24.69	%	9.35	%	25.72	%	19.95	%	22.25	%
Noninterest income to avg. assets (1)		0.87	%	0.93	%	0.28	%	0.92	%	0.66	%	0.76	%
Noninterest exp. to avg. assets (1)		2.04	%	2.08	%	2.24	%	2.02	%	2.09	%	1.79	%
Efficiency ratio (4)		55.10	%	55.56	%	74.04	%	56.61	%	63.37	%	52.26	%
Avg. loans to avg. deposits		83.92	%	84.99	%	84.95	%	84.73	%	84.05	%	82.80	%
Securities to total assets		15.94	%	16.36	%	15.97	%	15.08	%	15.27	%	14.48	%
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
	December 31, 2024							December 31, 2023
	Average Balances		Interest		Rates/ Yields			Average Balances		Interest		Rates/ Yields
Interest-earning assets
Loans (1) (2)	$	34,980,900	$	557,716	6.42	%		$	32,371,506	$	530,604	6.62	%
Securities
Taxable		4,953,134		58,842	4.73	%			3,801,278		42,458	4.43	%
Tax-exempt (2)		3,315,449		24,947	3.58	%			3,166,210		25,035	3.74	%
Interest-bearing due from banks		2,819,891		36,135	5.10	%			2,876,213		39,761	5.48	%
Resell agreements		75,583		1,697	8.93	%			507,368		3,216	2.51	%
Federal funds sold		—		—	—	%			—		—	—	%
Other		258,277		5,023	7.74	%			232,327		3,722	6.36	%
Total interest-earning assets		46,403,234	$	684,360	5.97	%			42,954,902	$	644,796	6.09	%
Nonearning assets
Intangible assets		1,870,051							1,875,546
Other nonearning assets		2,893,358							2,838,071
Total assets	$	51,166,643						$	47,668,519
Interest-bearing liabilities
Interest-bearing deposits:
Interest checking		13,162,542		113,704	3.44	%			10,821,528		106,368	3.90	%
Savings and money market		15,654,866		125,760	3.20	%			14,455,770		137,330	3.77	%
Time		4,484,173		48,047	4.26	%			4,895,690		53,858	4.36	%
Total interest-bearing deposits		33,301,581		287,511	3.43	%			30,172,988		297,556	3.91	%
Securities sold under agreements to repurchase		223,162		1,182	2.11	%			202,601		1,295	2.54	%
Federal Home Loan Bank advances		2,006,736		23,159	4.59	%			2,112,809		22,674	4.26	%
Subordinated debt and other borrowings		427,503		8,718	8.11	%			426,999		6,019	5.59	%
Total interest-bearing liabilities		35,958,982		320,570	3.55	%			32,915,397		327,544	3.95	%
Noninterest-bearing deposits		8,380,760		—	—				8,342,572		—	—
Total deposits and interest-bearing liabilities		44,339,742	$	320,570	2.88	%			41,257,969	$	327,544	3.15	%
Other liabilities		421,034							521,475
Shareholders' equity		6,405,867							5,889,075
Total liabilities and shareholders' equity	$	51,166,643						$	47,668,519
Net interest income			$	363,790						$	317,252
Net interest spread (3)					2.42	%						2.14	%
Net interest margin (4)					3.22	%						3.06	%
(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 $12.1 million of taxable equivalent income for the three months ended Dec. 31, 2024 compared to $14.5 million for the three months ended Dec. 31, 2023. 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 Dec. 31, 2024 would have been 3.09% compared to a net interest spread of 2.94% for the three months ended Dec. 31, 2023.
(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
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS-UNAUDITED
(dollars in thousands)	Year ended							Year ended
	December 31, 2024							December 31, 2023
	Average Balances		Interest		Rates/ Yields			Average Balances		Interest		Rates/ Yields
Interest-earning assets
Loans (1) (2)	$	33,908,775	$	2,221,063	6.64	%		$	31,112,968	$	1,950,365	6.36	%
Securities
Taxable		4,487,037		220,666	4.92	%			3,562,527		140,308	3.94	%
Tax-exempt (2)		3,284,099		97,779	3.55	%			3,252,030		97,625	3.58	%
Interest-bearing due from banks		2,533,184		132,199	5.22	%			2,611,506		140,036	5.36	%
Resell agreements		285,356		10,669	3.74	%			508,190		13,176	2.59	%
Federal funds sold		—		—	—	%			—		—	—	%
Other		254,731		15,722	6.17	%			227,147		11,858	5.22	%
Total interest-earning assets		44,753,182	$	2,698,098	6.14	%			41,274,368	$	2,353,368	5.82	%
Nonearning assets
Intangible assets		1,871,723							1,878,204
Other nonearning assets		2,821,948							2,696,900
Total assets	$	49,446,853						$	45,849,472
Interest-bearing liabilities
Interest-bearing deposits:
Interest checking		12,309,946		465,862	3.78	%			9,565,965		333,631	3.49	%
Savings and money market		14,928,631		530,100	3.55	%			14,162,523		473,327	3.34	%
Time		4,720,595		207,493	4.40	%			4,606,756		176,160	3.82	%
Total interest-bearing deposits		31,959,172		1,203,455	3.77	%			28,335,244		983,118	3.47	%
Securities sold under agreements to repurchase		219,451		5,392	2.46	%			192,132		3,744	1.95	%
Federal Home Loan Bank advances		2,113,947		96,602	4.57	%			1,935,204		80,958	4.18	%
Subordinated debt and other borrowings		427,604		27,059	6.33	%			426,784		23,430	5.49	%
Total interest-bearing liabilities		34,720,174		1,332,508	3.84	%			30,889,364		1,091,250	3.53	%
Noninterest-bearing deposits		8,103,652		—	—				8,736,843		—	—
Total deposits and interest-bearing liabilities		42,823,826	$	1,332,508	3.11	%			39,626,207	$	1,091,250	2.75	%
Other liabilities		399,183							428,348
Shareholders' equity		6,223,844							5,794,917
Total liabilities and shareholders' equity	$	49,446,853						$	45,849,472
Net interest income			$	1,365,590						$	1,262,118
Net interest spread (3)					2.30	%						2.29	%
Net interest margin (4)					3.16	%						3.18	%
(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 $47.7 million of taxable equivalent income for the year ended Dec. 31, 2024 compared to $48.5 million for the year ended Dec. 31, 2023. 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 year ended Dec. 31, 2024 would have been 3.02% compared to a net interest spread of 3.07% for the year ended Dec. 31, 2023.
(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)	December			September		June		March		December		September
	2024			2024		2024		2024		2023		2023
Asset quality information and ratios:
Nonperforming assets:
Nonaccrual loans	$	147,825		119,293		97,649		108,325		82,288		42,950
ORE and other nonperforming assets (NPAs)		1,280		823		2,760		2,766		4,347		3,019
Total nonperforming assets	$	149,105		120,116		100,409		111,091		86,635		45,969
Past due loans over 90 days and still accruing interest	$	3,515		3,611		4,057		5,273		6,004		4,969
Accruing purchase credit deteriorated loans	$	13,877		5,715		6,021		6,222		6,501		7,010
Net loan charge-offs	$	20,807		18,348		22,895		16,215		13,451		18,093
Allowance for credit losses to nonaccrual loans		280.4	%	328.2	%	390.8	%	342.8	%	429.0	%	806.0	%
As a percentage of total loans:
Past due accruing loans over 30 days		0.15	%	0.16	%	0.16	%	0.17	%	0.23	%	0.16	%
Potential problem loans		0.13	%	0.14	%	0.18	%	0.28	%	0.39	%	0.42	%
Allowance for credit losses		1.17	%	1.14	%	1.13	%	1.12	%	1.08	%	1.08	%
Nonperforming assets to total loans, ORE and other NPAs		0.42	%	0.35	%	0.30	%	0.33	%	0.27	%	0.14	%
Classified asset ratio (Pinnacle Bank) (6)		3.8	%	3.9	%	4.0	%	4.9	%	5.2	%	4.6	%
Annualized net loan charge-offs to avg. loans (5)		0.24	%	0.21	%	0.27	%	0.20	%	0.17	%	0.23	%
Interest rates and yields:
Loans		6.42	%	6.75	%	6.71	%	6.67	%	6.62	%	6.50	%
Securities		4.27	%	4.58	%	4.43	%	4.06	%	4.12	%	3.81	%
Total earning assets		5.97	%	6.27	%	6.20	%	6.11	%	6.09	%	5.95	%
Total deposits, including non-interest bearing		2.74	%	3.08	%	3.10	%	3.10	%	3.07	%	2.92	%
Securities sold under agreements to repurchase		2.11	%	2.58	%	2.48	%	2.67	%	2.54	%	2.30	%
FHLB advances		4.59	%	4.66	%	4.66	%	4.38	%	4.26	%	4.22	%
Subordinated debt and other borrowings		8.11	%	5.97	%	5.62	%	5.60	%	5.59	%	5.54	%
Total deposits and interest-bearing liabilities		2.88	%	3.19	%	3.20	%	3.20	%	3.15	%	3.01	%
Capital and other ratios (6):
Pinnacle Financial ratios:
Shareholders' equity to total assets		12.2	%	12.5	%	12.5	%	12.5	%	12.6	%	12.3	%
Common equity Tier one		10.8	%	10.8	%	10.7	%	10.4	%	10.3	%	10.3	%
Tier one risk-based		11.3	%	11.4	%	11.2	%	10.9	%	10.8	%	10.9	%
Total risk-based		13.1	%	13.2	%	13.2	%	12.9	%	12.7	%	12.8	%
Leverage		9.6	%	9.6	%	9.5	%	9.5	%	9.4	%	9.4	%
Tangible common equity to tangible assets		8.6	%	8.7	%	8.6	%	8.5	%	8.6	%	8.2	%
Pinnacle Bank ratios:
Common equity Tier one		11.6	%	11.7	%	11.5	%	11.3	%	11.1	%	11.2	%
Tier one risk-based		11.6	%	11.7	%	11.5	%	11.3	%	11.1	%	11.2	%
Total risk-based		12.5	%	12.6	%	12.5	%	12.2	%	12.0	%	12.0	%
Leverage		9.8	%	9.8	%	9.7	%	9.7	%	9.7	%	9.7	%
Construction and land development loans as a percentage of total capital (17)		70.5	%	68.2	%	72.9	%	77.5	%	84.2	%	83.1	%
Non-owner occupied commercial real estate and multi-family as a percentage of total capital (17)		242.2	%	243.3	%	254.0	%	258.0	%	259.0	%	256.4	%
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)	December			September		June		March		December		September
	2024			2024		2024		2024		2023		2023
Per share data:
Earnings per common share – basic	$	1.93		1.87		0.65		1.58		1.20		1.69
Earnings per common share - basic, excluding non-GAAP adjustments	$	1.92		1.87		1.63		1.54		1.70		1.79
Earnings per common share – diluted	$	1.91		1.86		0.64		1.57		1.19		1.69
Earnings per common share - diluted, excluding non-GAAP adjustments	$	1.90		1.86		1.63		1.53		1.68		1.79
Common dividends per share	$	0.22		0.22		0.22		0.22		0.22		0.22
Book value per common share at quarter end (7)	$	80.46		79.33		77.15		76.23		75.80		73.23
Tangible book value per common share at quarter end (7)	$	56.24		55.12		52.92		51.98		51.38		48.78
Revenue per diluted common share	$	6.14		6.08		4.78		5.60		5.16		5.35
Revenue per diluted common share, excluding non-GAAP adjustments	$	6.14		6.08		5.72		5.45		5.25		5.48
Investor information:
Closing sales price of common stock on last trading day of quarter	$	114.39		97.97		80.04		85.88		87.22		67.04
High closing sales price of common stock during quarter	$	129.87		100.56		84.70		91.82		89.34		75.95
Low closing sales price of common stock during quarter	$	92.95		76.97		74.62		79.26		60.77		56.41
Closing sales price of depositary shares on last trading day of quarter	$	24.23		24.39		23.25		23.62		22.60		22.70
High closing sales price of depositary shares during quarter	$	25.02		24.50		23.85		24.44		23.65		23.85
Low closing sales price of depositary shares during quarter	$	24.23		23.25		22.93		22.71		21.00		21.54
Other information:
Residential mortgage loan sales:
Gross loans sold	$	185,707		209,144		217,080		148,576		142,556		198,247
Gross fees (8)	$	4,360		4,974		5,368		3,540		3,191		4,350
Gross fees as a percentage of loans originated		2.35	%	2.38	%	2.47	%	2.38	%	2.24	%	2.19	%
Net gain on residential mortgage loans sold	$	2,344		2,643		3,270		2,879		879		2,012
Investment gains (losses) on sales of securities, net (13)	$	249		—		(72,103	)	—		14		(9,727	)
Brokerage account assets, at quarter end (9)	$	13,086,359		12,791,337		11,917,578		10,756,108		9,810,457		9,041,716
Trust account managed assets, at quarter end	$	7,061,868		6,830,323		6,443,916		6,297,887		5,530,495		5,047,128
Core deposits (10)	$	38,046,904		35,764,640		34,957,827		34,638,610		33,738,917		33,606,783
Core deposits to total funding (10)		83.9	%	81.8	%	82.2	%	82.2	%	81.7	%	81.9	%
Risk-weighted assets	$	41,976,450		40,530,585		39,983,191		40,531,311		40,205,295		39,527,086
Number of offices		137		136		135		128		128		128
Total core deposits per office	$	277,715		262,975		258,947		270,614		263,585		262,553
Total assets per full-time equivalent employee	$	14,750		14,418		14,231		14,438		14,287		14,274
Annualized revenues per full-time equivalent employee	$	530.4		528.0		425.0		508.5		468.4		486.2
Annualized expenses per full-time equivalent employee	$	292.2		293.4		314.6		287.8		296.8		254.1
Number of employees (full-time equivalent)		3,565.5		3,516.5		3,469.0		3,386.5		3,357.0		3,329.5
Associate retention rate (11)		94.5	%	94.6	%	94.4	%	94.2	%	94.2	%	93.6	%
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								Year ended
(dollars in thousands, except per share data)	December			September		December			December		December
	2024			2024		2023			2024		2023
Net interest income	$	363,790		351,504		317,252			1,365,590		1,262,118
Noninterest income		111,545		115,242		79,088			371,178		433,253
Total revenues		475,335		466,746		396,340			1,736,768		1,695,371
Less: Investment losses (gains) on sales of securities, net		(249	)	—		(14	)		71,854		19,674
Gain on sale of fixed assets as a result of sale-leaseback transaction		—		—		—			—		(85,692	)
Loss on BOLI restructuring		—		—		7,166			—		7,166
Recognition of mortgage servicing asset		—		—		—			(11,812	)	—
Total revenues excluding the impact of adjustments noted above	$	475,086		466,746		403,492			1,796,810		1,636,519
Noninterest expense	$	261,897		259,319		251,168			1,034,970		887,769
Less: ORE expense		58		56		125			220		315
FDIC special assessment		—		—		29,000			7,250		29,000
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives		—		—		—			28,400		—
Noninterest expense excluding the impact of adjustments noted above	$	261,839		259,263		222,043			999,100		858,454
Pre-tax income	$	183,786		181,146		128,858			581,209		714,006
Provision for credit losses		29,652		26,281		16,314			120,589		93,596
Pre-tax pre-provision net revenue		213,438		207,427		145,172			701,798		807,602
Less: Adjustments noted above		(191	)	56		36,277			95,912		(29,537	)
Adjusted pre-tax pre-provision net revenue (12)	$	213,247		207,483		181,449			797,710		778,065
Noninterest income	$	111,545		115,242		79,088			371,178		433,253
Less: Adjustments noted above		(249	)	—		7,152			60,042		(58,852	)
Noninterest income excluding the impact of adjustments noted above	$	111,296		115,242		86,240			431,220		374,401
Efficiency ratio (4)		55.10	%	55.56	%	63.37	%		59.59	%	52.36	%
Adjustments noted above		0.01	%	(0.01	)%	(8.34	)%		(3.99	)%	0.10	%
Efficiency ratio excluding adjustments noted above (4)		55.11	%	55.55	%	55.03	%		55.60	%	52.46	%
Total average assets	$	51,166,643		49,535,543		47,668,519			49,446,853		45,849,472
Noninterest income to average assets (1)		0.87	%	0.93	%	0.66	%		0.75	%	0.94	%
Less: Adjustments noted above		—	%	—	%	0.06	%		0.12	%	(0.12	)%
Noninterest income (excluding adjustments noted above) to average assets (1)		0.87	%	0.93	%	0.72	%		0.87	%	0.82	%
Noninterest expense to average assets (1)		2.04	%	2.08	%	2.09	%		2.09	%	1.94	%
Adjustments as noted above		—	%	—	%	(0.24	)%		(0.07	)%	(0.07	)%
Noninterest expense (excluding adjustments noted above) to average assets (1)		2.04	%	2.08	%	1.85	%		2.02	%	1.87	%
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)	December			September		June		March		December		September
	2024			2024		2024		2024		2023		2023
Net income available to common shareholders	$	147,461		142,893		49,364		120,146		91,181		128,805
Investment (gains) losses on sales of securities, net		(249	)	—		72,103		—		(14	)	9,727
Loss on BOLI restructuring		—		—		—		—		16,252		—
ORE expense		58		56		22		84		125		33
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)		48		(14	)	(25,131	)	1,120		(7,278	)	(2,440	)
Net income available to common shareholders excluding adjustments noted above	$	147,318		142,935		124,758		116,788		129,266		136,125
Basic earnings per common share	$	1.93		1.87		0.65		1.58		1.20		1.69
Less:
Investment (gains) losses on sales of securities, net		(0.01	)	—		0.94		—		—		0.13
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)		—		—		(0.33	)	0.01		(0.10	)	(0.03	)
Basic earnings per common share excluding adjustments noted above	$	1.92		1.87		1.63		1.54		1.70		1.79
Diluted earnings per common share	$	1.91		1.86		0.64		1.57		1.19		1.69
Less:
Investment (gains) losses on sales of securities, net		(0.01	)	—		0.94		—		—		0.13
Gain on sale of fixed assets as a result of sale-leaseback transaction		—		—		—		—		—		—
Loss on BOLI restructuring		—		—		—		0.10		0.21		—
ORE expense		—		—		—		—		—		—
FDIC special assessment		—		—		—		—		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)						(0.32	)	0.01		(0.09	)	(0.03	)
Diluted earnings per common share excluding the adjustments noted above	$	1.90		1.86		1.63		1.53		1.68		1.79
Revenue per diluted common share	$	6.14		6.08		4.78		5.60		5.16		5.35
Adjustments due to revenue-impacting items as noted above		—		—		0.94		(0.15	)	0.09		0.13
Revenue per diluted common share excluding adjustments due to revenue-impacting items as noted above	$	6.14		6.08		5.72		5.45		5.25		5.48
Book value per common share at quarter end (7)	$	80.46		79.33		77.15		76.23		75.80		73.23
Adjustment due to goodwill, core deposit and other intangible assets		(24.22	)	(24.21	)	(24.23	)	(24.25	)	(24.42	)	(24.45	)
Tangible book value per common share at quarter end (7)	$	56.24		55.12		52.92		51.98		51.38		48.78
Equity method investment (15)
Fee income from BHG, net of amortization	$	12,070		16,379		18,688		16,035		14,432		24,967
Funding cost to support investment		4,869		5,762		5,704		5,974		5,803		6,546
Pre-tax impact of BHG		7,201		10,617		12,984		10,061		8,629		18,421
Income tax expense at statutory rates (16)		1,800		2,654		3,246		2,515		2,157		4,605
Earnings attributable to BHG	$	5,401		7,963		9,738		7,546		6,472		13,816
Basic earnings per common share attributable to BHG	$	0.07		0.10		0.13		0.10		0.09		0.18
Diluted earnings per common share attributable to BHG	$	0.07		0.10		0.13		0.10		0.08		0.18
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
		Year ended
(dollars in thousands, except per share data)		December 31,
		2024			2023
Net income available to common shareholders		$	459,864		546,960
Investment losses on sales of securities, net			71,854		19,674
Gain on sale of fixed assets as a result of sale-leaseback transaction			—		(85,692	)
Loss on BOLI restructuring			—		16,252
ORE expense			220		315
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 adjustments noted above (16)			(23,978	)	9,176
Net income available to common shareholders excluding adjustments noted above		$	531,798		535,685
Basic earnings per common share		$	6.01		7.20
Less:
Investment losses on sales of securities, net			0.94		0.26
Gain on sale of fixed assets as a result of sale-leaseback transaction			—		(1.12	)
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)			(0.31	)	0.12
Basic earnings per common share excluding adjustments noted above		$	6.96		7.05
Diluted earnings per common share			5.96		7.14
Less:
Investment losses on sales of securities, net			0.93		0.26
Gain on sale of fixed assets as a result of sale-leaseback transaction			—		(1.12	)
Loss on BOLI restructuring			—		0.21
ORE expense			—		—
FDIC special assessment			0.09		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)			(0.31	)	0.12
Diluted earnings per common share excluding the adjustments noted above		$	6.89		6.99
Revenue per diluted common share		$	22.52		22.12
Adjustments due to revenue-impacting items as noted above			0.78		(0.77	)
Revenue per diluted common share excluding adjustments due to revenue-impacting items noted above		$	23.30		21.35
Equity method investment (15)
Fee income from BHG, net of amortization		$	63,172		85,402
Funding cost to support investment			19,777		23,430
Pre-tax impact of BHG			43,395		61,972
Income tax expense at statutory rates (16)			10,849		15,493
Earnings attributable to BHG		$	32,546		46,479
Basic earnings per common share attributable to BHG		$	0.43		0.61
Diluted earnings per common share attributable to BHG		$	0.42		0.61
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								Year ended
(dollars in thousands, except per share data)	December			September		December			December			December
	2024			2024		2023			2024			2023
Return on average assets (1)		1.15	%	1.15	%	0.76	%			0.93	%	1.19	%
Adjustments as noted above		—	%	—	%	0.32	%			0.15	%	(0.02	)%
Return on average assets excluding adjustments noted above (1)		1.15	%	1.15	%	1.08	%			1.08	%	1.17	%
Tangible assets:
Total assets	$	52,589,449		50,701,888		47,959,883			$	52,589,449		47,959,883
Less: Goodwill		(1,849,260	)	(1,846,973	)	(1,846,973	)			(1,849,260	)	(1,846,973	)
Core deposit and other intangible assets		(21,423	)	(22,755	)	(27,465	)			(21,423	)	(27,465	)
Net tangible assets	$	50,718,766		48,832,160		46,085,445			$	50,718,766		46,085,445
Tangible common equity:
Total shareholders' equity	$	6,431,881		6,344,258		6,035,788			$	6,431,881		6,035,788
Less: Preferred shareholders' equity		(217,126	)	(217,126	)	(217,126	)			(217,126	)	(217,126	)
Total common shareholders' equity		6,214,755		6,127,132		5,818,662				6,214,755		5,818,662
Less: Goodwill		(1,849,260	)	(1,846,973	)	(1,846,973	)			(1,849,260	)	(1,846,973	)
Core deposit and other intangible assets		(21,423	)	(22,755	)	(27,465	)			(21,423	)	(27,465	)
Net tangible common equity	$	4,344,072		4,257,404		3,944,224			$	4,344,072		3,944,224
Ratio of tangible common equity to tangible assets		8.57	%	8.72	%	8.56	%			8.57	%	8.56	%
Average tangible assets:
Average assets	$	51,166,643		49,535,543		47,668,519			$	49,446,853		45,849,472
Less: Average goodwill		(1,846,998	)	(1,846,973	)	(1,846,973	)			(1,846,979	)	(1,846,973	)
Average core deposit and other intangible assets		(23,054	)	(23,746	)	(28,573	)			(24,744	)	(31,231	)
Net average tangible assets	$	49,296,591		47,664,824		45,792,973			$	47,575,130		43,971,268
Return on average assets (1)		1.15	%	1.15	%	0.76	%			0.93	%	1.19	%
Adjustment due to goodwill, core deposit and other intangible assets		0.04	%	0.04	%	0.03	%			0.04	%	0.05	%
Return on average tangible assets (1)		1.19	%	1.19	%	0.79	%			0.97	%	1.24	%
Adjustments as noted above		—	%	—	%	0.33	%			0.15	%	(0.02	)%
Return on average tangible assets excluding adjustments noted above (1)		1.19	%	1.19	%	1.12	%			1.12	%	1.22	%
Average tangible common equity:
Average shareholders' equity	$	6,405,867		6,265,710		5,889,075			$	6,223,844		5,794,917
Less: Average preferred equity		(217,126	)	(217,126	)	(217,126	)			(217,126	)	(217,126	)
Average common equity		6,188,741		6,048,584		5,671,949				6,006,718		5,577,791
Less: Average goodwill		(1,846,998	)	(1,846,973	)	(1,846,973	)			(1,846,979	)	(1,846,973	)
Average core deposit and other intangible assets		(23,054	)	(23,746	)	(28,573	)			(24,744	)	(31,231	)
Net average tangible common equity	$	4,318,689		4,177,865		3,796,403			$	4,134,995		3,699,587
Return on average equity (1)		9.16	%	9.07	%	6.14	%			7.39	%	9.44	%
Adjustment due to average preferred shareholders' equity		0.32	%	0.33	%	0.24	%			0.27	%	0.37	%
Return on average common equity (1)		9.48	%	9.40	%	6.38	%			7.66	%	9.81	%
Adjustment due to goodwill, core deposit and other intangible assets		4.10	%	4.21	%	3.15	%			3.46	%	4.97	%
Return on average tangible common equity (1)		13.58	%	13.61	%	9.53	%			11.12	%	14.78	%
Adjustments as noted above		(0.01	)%	—	%	3.98	%			1.74	%	(0.30	)%
Return on average tangible common equity excluding adjustments noted above (1)		13.57	%	13.61	%	13.51	%			12.86	%	14.48	%
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

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 in 2024 and 2023.

17. Calculated using the same guidelines as are used in the Federal Financial Institutions Examination Council's Uniform Bank Performance Report.

pnfp-earnings

View source version on businesswire.com: https://www.businesswire.com/news/home/20250121429450/en/

MEDIA CONTACT: Joe Bass, 615-743-8219

FINANCIAL CONTACT: Harold Carpenter, 615-744-3742

WEBSITE: www.pnfp.com

Source: Pinnacle Financial Partners, Inc.

FAQ

What was PNFP's earnings per share for Q4 2024?

Pinnacle Financial Partners reported diluted earnings per share of $1.91 for Q4 2024, a 60.5% increase from $1.19 in Q4 2023.

How much did PNFP's deposits grow in Q4 2024?

PNFP's deposits grew by 18.4% on a linked-quarter annualized basis in Q4 2024.

What is PNFP's new quarterly dividend amount for 2025?

PNFP's Board of Directors increased the quarterly cash dividend to $0.24 per common share, to be paid on February 28, 2025.

How many revenue producers did PNFP hire in 2024?

PNFP recruited 161 revenue producers during 2024, a 50.5% increase from 107 in 2023.

What was PNFP's net interest margin in Q4 2024?

PNFP maintained a net interest margin of 3.22% in Q4 2024, unchanged from Q3 2024.