Pinnacle Financial Partners, Inc.

AND RESULTS OF OPERATIONS

In this Report, the words “Pinnacle,” “the Company,” “we,” “us,” and “our” refer to Pinnacle Financial Partners, Inc. together with Pinnacle Bank and Pinnacle's other wholly-owned subsidiaries, except where the context requires otherwise.

FORWARD-LOOKING STATEMENTS

Certain statements made or incorporated by reference in this Report which are not statements of historical fact, including those under “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this Report, constitute forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include statements with respect to Pinnacle's beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, many of which are beyond Pinnacle's control and which may cause Pinnacle's actual results, performance or achievements or the financial services industry or economy generally, to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Pinnacle's use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “predicts,” “could,” “should,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential,” and other similar words and expressions of the future or otherwise regarding the outlook for Pinnacle's future business and financial performance and/or the performance of the financial services industry and economy in general. Forward-looking statements are based on the current beliefs and expectations of Pinnacle's management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this document. Many of these factors are beyond Pinnacle's ability to control or predict. These factors include, but are not limited to:

(1)our ability to realize all of the expected benefits of the Merger and our ability to integrate the two companies as expected;

(2)our ability to realize the expected benefits from our strategic initiatives, including the Merger, or other operational and execution goals in the time period expected, which could negatively affect our future profitability;

(3)competition in the financial services industry, including competition from nontraditional banking institutions such as Fintechs and non-bank lenders;

(4)an economic downturn and contraction, including a recession, and the resulting effects on our capital, financial condition, credit quality, results of operations, and future growth, including that the strength of the current economic environment could be further weakened by persistent or rising inflation, interest rate fluctuations, changes in fiscal and monetary policy, and geopolitical uncertainty;

(5)our ability to attract and retain employees, including as a result of the Merger and as part of our hiring strategy, and the impact of senior leadership transitions and recruitment of experienced financial service providers that are key to our strategic initiatives;

(6)the impact of recent or proposed changes in fiscal, monetary and economic policy, laws, and regulations, or the interpretation or application thereof, and the uncertainty of future implementation and enforcement of these policies and regulations, including persistent inflationary pressures, potential interest rate fluctuations, and potential changes to government policies related to immigration, trade, and government spending;

(7)changes in the interest rate environment, including changes to the federal funds rate, and competition in our primary market area may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income;

(8)our strategic implementation of new lines of business, new products and services, and new technologies and the expansion of our existing business opportunities with a renewed focus on innovation;

(9)prolonged periods of inflation and its effects on our business, profitability, and our stock price, as well as the impact on our clients (including the velocity and levels of deposit withdrawals and loan repayment);

(10)changes in BHG's funding model, credit performance, regulatory oversight, auction platform activity, or growth strategy that could reduce and increase volatility in our earnings;

(11)the impact of adverse developments in the banking industry on client confidence, liquidity, and regulatory responses to these developments (including increases in the cost of our deposit insurance assessments and increased regulatory scrutiny), our ability to effectively manage our liquidity risk and any growth plans, and the availability of capital and funding;

(12)we may be exposed to potential losses in the event of fraud and/or theft, or in the event that a third-party vendor, obligor, or business partner fails to pay amounts due to us under that relationship or under any arrangement that we enter into with them;

(13)changes in the cost and availability of funding due to changes in the deposit market and credit market;

(14)restrictions or limitations on access to funds from historical and alternative sources of liquidity could adversely affect our overall liquidity, which could restrict our ability to make payments on our obligations and our ability to support asset growth and sustain our operations and the operations of Pinnacle Bank;

(15)we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services industry;

(16)our current and future information technology system enhancements and operational initiatives, including those related to or involving artificial intelligence, may not be successfully implemented, which could negatively impact our operations;

(17)risks related to the development and use of artificial intelligence in our industry and generally;

(18)our business relationships with, and reliance upon, third parties that have strategic partnerships with us or that provide key components of our business infrastructure, including the costs of services and products provided to us by third parties, and disruptions in service or financial difficulties with a third-party vendor or business relationship;

(19)our enterprise risk management framework, our compliance program, or our corporate governance and supervisory oversight functions may not identify or address risks adequately, which may result in unexpected losses;

(20)our asset quality may deteriorate or our allowance for credit losses may prove to be inadequate or may be negatively affected by credit risk exposures;

(21)the ability of our operational framework to identify and manage risks associated with our business, such as credit risk, compliance risk, reputational risk, cybersecurity risk, and operational risk, including by virtue of our relationships with third-party business partners, as well as our relationships with third-party vendors and other service providers;

(22)if economic conditions worsen or regulatory capital rules are modified, we may be required to undertake initiatives to improve or conserve our capital position;

(23)our ability to identify and address cybersecurity risks such as data security breaches, malware, "denial of service" attacks, "hacking," and identity theft, a failure of which could disrupt our business and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption, or damage of our systems, increased costs, significant losses, or adverse effects to our brand reputation;

(24)the impact on our financial results, brand reputation, and business if we are unable to comply with all applicable federal and state regulations or other supervisory actions or directives and any necessary capital initiatives;

(25)we may not be able to identify suitable bank and non-bank acquisition opportunities as part of our growth strategy and even if we are able to identify attractive acquisition opportunities, we may not be able to complete such transactions on favorable terms or realize the anticipated benefits from such acquisitions;

(26)our ability to receive dividends from our subsidiaries could affect our liquidity, including our ability to pay dividends or take other capital actions;

(27)our corporate responsibility strategies and initiatives, the scope and pace of which could alter our brand reputation and shareholder, employee, client, and third-party relationships;

(28)we could realize losses if we sell assets and the proceeds we receive are lower than the carrying value of such assets;

(29)our ability to obtain regulatory approval to take certain actions, including any dividends on our common or preferred stock, any repurchases of our common or preferred stock, or any other issuance or redemption of any other regulatory capital instruments, as well as any applications in respect to strategic initiatives;

(30)our concentrated operations in the Southeastern U.S. make us vulnerable to local economic conditions, local weather catastrophes, public health issues, and other external events;

(31)the costs and effects of litigation, investigations, or similar matters, or adverse facts and developments related thereto;

(32)the fluctuation in our stock price and general volatility in the stock market;

(33)the effects of any damages to our brand reputation resulting from developments related to any of the items identified above; and

(34)other factors and other information contained in this Report and in other reports and filings that we make with the SEC under the Exchange Act, including, without limitation, those found in "Part II - Item 1A. Risk Factors" of this Report.

For a discussion of these and other risks that may cause actual results to differ from expectations, refer to “Part II - Item 1A. Risk Factors” and other information contained in this Report and our other periodic filings, including quarterly reports on Form 10-Q and current reports on Form 8-K, that we file from time to time with the SEC. All written or oral forward-looking statements that are made by or are attributable to Pinnacle are expressly qualified by this cautionary notice. You should not place undue reliance on any forward-looking statements since those statements speak only as of the date on which the statements are made. Pinnacle undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of new information or unanticipated events, except as may otherwise be required by law.

INTRODUCTION AND CORPORATE PROFILE

Pinnacle Financial Partners, Inc. is a financial services company and registered bank holding company headquartered in Atlanta, Georgia. Through its wholly-owned subsidiary, Pinnacle Bank, a Tennessee state-chartered bank that is a member of the Federal Reserve System, the Company provides commercial and consumer banking in addition to a full suite of specialized products and services, including wealth services, treasury management, mortgage services, premium finance, asset-based lending, structured lending, capital markets, and international banking. Pinnacle also provides financial planning and investment advisory services through certain of its wholly-owned subsidiaries.

On January 1, 2026, the Merger closed and on January 2, 2026, Pinnacle Bank became a member bank of the Federal Reserve System and Synovus Bank, a Georgia-chartered bank and wholly-owned subsidiary of Synovus merged with and into Pinnacle Bank, with Pinnacle Bank continuing as the surviving entity and as a wholly-owned subsidiary of Pinnacle. Pinnacle Bank continues to operate under the name “Pinnacle Bank” and remains headquartered in Nashville, Tennessee.

Pinnacle Bank is positioned in some of the highest growth markets in the Southeast, with 382 branches and 501 ATMs across its footprint as of September 30, 2026.

REGULATORY CAPITAL-RELATED DEVELOPMENTS

On March 19, 2026, the Federal Reserve, the FDIC, and the OCC issued a series of proposed rules to revise the U.S. regulatory capital framework to finalize the post-crisis Basel III reforms. Comments were due by June 18, 2026. As a Category IV banking organization, the Company and the Bank would not be required to adopt the new expanded risk-based approach. However, if implemented as proposed, the rules would impact how the Company and the Bank calculate regulatory capital ratios. Effective dates for the revised rules were not proposed. On September 30, 2026, the Federal Reserve adopted revisions to its stress testing rules effective in 2027 that for a Category IV banking organization, such as Pinnacle, will open the stress test models to public comment and delay revisions to the stress capital buffer to be effective January 1 of the following year rather than October 1 of the current year following receipt of test results. The Company and the Bank will continue to monitor for developments and consider impacts on capital planning.

EXECUTIVE SUMMARY

The following financial review summarizes the significant trends, changes in our business, transactions, and other matters affecting Pinnacle’s results of operations for the three and nine months ended September 30, 2026 compared to the same periods in 2025 and financial condition as of September 30, 2026 compared to December 31, 2025. This discussion supplements, and should be read in conjunction with, the unaudited interim consolidated financial statements and notes thereto contained elsewhere in this Report and the consolidated financial statements of Pinnacle, the notes thereto, and management’s discussion and analysis contained in Pinnacle's 2025 Form 10-K.

Management's Discussion and Analysis of Financial Condition and Results of Operations consists of:

•Discussion of Results of Operations - Reviews Pinnacle's financial performance, as well as selected balance sheet items, items from the statements of income, significant transactions, and certain key ratios that illustrate Pinnacle's performance.

•Credit Quality, Capital Resources and Liquidity - Discusses credit quality, market risk, capital resources, and liquidity, as well as performance trends. It also includes a discussion of liquidity policies, how Pinnacle obtains funding, and related performance.

•Additional Disclosures - Discusses additional important matters, including critical accounting policies and non-GAAP financial measures.

A reading of each section is important to fully understand our financial performance.

DISCUSSION OF RESULTS OF OPERATIONS

(1)Percentage changes are calculated using unrounded amounts and may differ from calculations based on rounded figures.

(2)Annualized

Third Quarter 2026 Overview

As the Merger became effective January 1, 2026, reported results reflect Legacy Pinnacle results prior to the completion of the Merger and results for the combined entity from the Merger closing date forward. As such, comparative data in MD&A as of and for the periods ended December 31, 2025 and September 30, 2025 reflect only Legacy Pinnacle.

Net income available to common shareholders for the third quarter of 2026 was $364 million, or $2.40 per diluted common share, compared to $169 million, or $2.19 per diluted common share, for the third quarter of 2025. Net income available to common shareholders for the nine months ended September 30, 2026 was $812 million, or $5.36 per diluted common share, compared to $461 million, or $5.96 per diluted common share, for the nine months ended September 30, 2025. The increase in net income available to common shareholders for the three and nine months ended September 30, 2026 when compared to the same periods in 2025 is primarily due to the Merger. Other impacts to the comparable periods are noted below and throughout this MD&A.

Net interest income for the third quarter ended September 30, 2026 was $986 million, up $589 million, or 148%, compared to the same period in 2025. Net interest income for the nine months ended September 30, 2026 was $2.9 billion, up $1.7 billion, or 152%, compared to the same period in 2025. Beyond the impact of the Merger, net interest income during the first nine months of 2026 was primarily impacted by loan growth. Net interest income during both the three and nine month periods ended September 30, 2026 was impacted by purchase accounting marks on the Synovus balance sheet and associated accretion, fixed-asset repricing and the repositioning of our securities portfolio. Purchase accounting accretion on loans may fluctuate quarter-to-quarter due to prepayments and/or charge-offs on loans during the respective periods. Net interest margin for the three and nine months ended September 30, 2026 was 3.40% and 3.45%, respectively, compared to Legacy Pinnacle margin of 3.26% and 3.24%, respectively, during the same periods in 2025.

Non-interest revenue for the three and nine months ended September 30, 2026 was $326 million and $857 million, respectively, up $179 million, or 122%, and $488 million, or 132%, respectively, compared to the same periods in 2025. Nearly all non-interest revenue categories were impacted by the Merger. Outside of the impact of the Merger, increases in both the three and nine month periods ended September 30, 2026, when compared to the comparable periods in 2025, are largely the result of growth in core banking fees, wealth management revenues, capital markets income, and an increase in income from our equity method investment in BHG, largely the result of increased loan origination. The three month period ended September 30, 2026 was also positively impacted by a nonrecurring $23 million gain from our equipment leasing business.

Non-interest expense for the three and nine months ended September 30, 2026 was $749 million and $2.4 billion, up $446 million, or 147%, and $1.6 billion, or 180%, respectively, compared to the same periods in 2025. Merger-related expense for the three and nine months ended September 30, 2026 was $56 million and $382 million, respectively. Excluding merger-related expense, non-interest expense during the three and nine months ended September 30, 2026, as compared to the same prior year periods, was impacted by higher employment expenses, largely due to increased headcount and increases in equipment, occupancy and software expense, primarily the result of software-related costs, some of which will be offset as merger-related synergies are realized.

At September 30, 2026, loans, net of deferred fees and costs, of $89.8 billion increased $50.7 billion from December 31, 2025, primarily driven by the Merger. Outside of the impact of the Merger, loan growth experienced during the nine months ended September 30, 2026 has been balanced between our specialty and geographic business units.

Credit metrics at September 30, 2026 included NPAs and NPLs at 50 bps and 48 bps, respectively, and total past due loans at 14 bps as a percentage of total loans. Net charge-offs/average loans for the three and nine months ended September 30, 2026 were in line with our expectations at 23 bps for both the quarter and year-to-date periods annualized. The ACL to loans coverage ratio was 1.19% at September 30, 2026 compared to 1.17% at December 31, 2025. The reserve was largely impacted by loan growth coupled with a more adverse macroeconomic environment and its impact on our forecasted models, offset in part by a decline in reserves for individually analyzed credits. The ACL to NPL coverage ratio was 246% at September 30, 2026, compared to 343% at December 31, 2025.

Total period-end deposits at September 30, 2026 increased $55.6 billion compared to December 31, 2025, primarily driven by the Merger. Excluding the impact of the Merger, the increase is reflective of an increase in interest-bearing and non-interest-bearing demand deposits and money market accounts.

At September 30, 2026, Pinnacle's CET1 ratio was 10.02%. Our intent remains to deploy capital generated through earnings to client growth while building CET1.

More detail on Pinnacle's financial results for the three and nine months ended September 30, 2026 may be found in subsequent sections of "Item 2. – Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Report. See also "Part II – Item 1A. – Risk Factors" of this Report.

2026 Fundamental Guidance

The outlook is unchanged from what was previously noted in January of 2026, reflects our current expectations, and is based on recent trends and client feedback. Underlying our guidance is an expectation of both a stable interest rate and economic environment. Changes to these factors could have a meaningful impact on the guidance provided below:

•end of period loan growth of approximately 9% to 11%, excluding the Day 1 purchase accounting loan mark

•end of period deposit growth of approximately 8% to 10%

•adjusted revenue (TE)(1)of approximately $5.0 billion to $5.2 billion(2)

•adjusted non-interest expense(1) of approximately $2.675 billion to $2.775 billion(3)

•net charge-off ratio of 0.20% to 0.25% year-to-date annualized

•adjusted effective income tax rate of approximately 20% to 21%(4)

(1) Non-GAAP financial measure; see "Table 14 - Reconciliation of Non-GAAP Financial Measures" of this Report for applicable reconciliation to the most comparable GAAP measure.

(2) Assumes net interest margin of 3.44% - 3.46% and minimal expected impact from potential December 2026 FOMC action.

(3) Includes approximately $185 million of estimated intangible amortization in 2026 along with an assumption that 40% of the expected net cost savings from the Merger will be realized in 2026.

(4) Based on earnings adjusted for merger-related costs.

Loans

The following table compares the composition of the loan portfolio at September 30, 2026 and December 31, 2025.

(1) Includes senior housing loans of $4.4 billion and $521 million at September 30, 2026 and December 31, 2025, respectively, which are primarily classified as owner-occupied in accordance with our underwriting process.

At September 30, 2026, loans, net of deferred fees and costs of $89.8 billion increased $50.7 billion, or 129%, from December 31, 2025, primarily as a result of the Merger. C&I loans remain the largest component of our loan portfolio, representing 58.0% of total loans, while CRE and consumer loans represent 26.8% and 15.2%, respectively. Our portfolio composition is guided by our strategic growth plan, in conjunction with risk oversight of portfolio concentrations.

Total commercial loans (which are comprised of C&I and CRE loans) at September 30, 2026 were $76.1 billion, or 84.8% of the total loan portfolio, compared to $33.7 billion, or 85.9%, at December 31, 2025.

Pinnacle actively manages and evaluates credit risk associated with its commercial loans through robust underwriting policies and routine loan monitoring in order to identify and mitigate any weakness as early as possible. Pinnacle's management, along with its Chief Credit Officer and Credit Risk Committee, continually monitors and evaluates commercial concentrations by property class, industry, and relative to regulatory capital. As part of its risk management efforts, Pinnacle monitors its commercial loan portfolio on an ongoing basis to assess credit risks, identify emerging risks, and adjust its lending limits taking into account, among other things, (1) the size, complexity, and level of risk of loans and individual borrowers, (2) changes in the level of credit risk at both the borrower and portfolio level, (3) concentrations of credit risk pertaining to both specific industries and geographies in its loan portfolio, (4) loan structure, collateral location and quality, and project progress, and (5) economic forecasts and industry outlook.

Pinnacle has established recommended credit exposure limits for large C&I commercial lending relationships based on Pinnacle's internal risk ratings for an individual borrower at the time the lending commitment is approved, with the final exposure limit being determined by the appropriate credit approval authority. Limits for large Commercial Real Estate exposures are established at the sponsor level through an annual approval process. Commercial credits are subject to review according to credit risk management monitoring practices as outlined in Pinnacle's loan policy, as well as a sampling process performed by Pinnacle Credit Review to ensure uniform application of policies and procedures and to validate risk rating accuracy. Pinnacle prepares targeted stress tests on a routine basis for its commercial loans. This testing is completed in addition to sensitivity testing completed at the initial extension of credit.

Commercial and Industrial Loans

The C&I loan portfolio represents the largest category of Pinnacle's loan portfolio and is primarily comprised of general middle market and commercial banking clients across a diverse set of industries as well as certain specialized lending verticals. The following table shows the composition of the C&I loan portfolio aggregated by NAICS code. As of September 30, 2026 and December 31, 2025, 92.1% and 89.8%, respectively, of Pinnacle's C&I loans are secured by real estate, business equipment, inventory, and other types of collateral. C&I loans at September 30, 2026 grew $29.8 billion from December 31, 2025, primarily as a result of the Merger. Outside of the impact of the Merger, the growth was diverse by geography and supported by specialty lending.

(1)Loan balance in each category expressed as a percentage of total C&I loans.

(2)Comprised of NAICS industries that are less than 1% of total C&I loans.

At September 30, 2026, $37.5 billion of C&I loans, or 41.7% of the total loan portfolio, represented loans originated for the purpose of financing commercial, financial and agricultural business activities. The primary source of repayment on these loans is revenue generated from products or services offered by the business or organization. The secondary source of repayment is the collateral, which consists primarily of equipment, inventory, accounts receivable, time deposits, cash surrender value of life insurance, and other business assets, or refinance.

At September 30, 2026, $14.6 billion of C&I loans, or 16.3% of the total loan portfolio, represented loans originated for the purpose of financing owner-occupied properties. The financing of owner-occupied facilities is considered a C&I loan even though there is improved real estate as collateral such as senior housing facilities. This treatment is a result of the credit decision process, which focuses on cash flow from operations of the business to repay the debt. The secondary source of repayment on these loans is the underlying real estate. These loans are predominantly secured by owner-occupied and other real estate and, to a lesser extent, other types of collateral.

Commercial Real Estate Loans

CRE consists primarily of income-producing investment properties loans, as well as 1-4 family properties, land and development. Total CRE loans of $24.0 billion increased $12.7 billion from December 31, 2025, largely due to the Merger.

Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, retail, warehouse/industrial and other commercial development properties. Total investment properties loans as of September 30, 2026 were $21.1 billion, or 87.6% of the CRE loan portfolio, and increased $11.6 billion from December 31, 2025 primarily as a result of the Merger.

The following table shows the principal categories of the investment properties loan portfolio at September 30, 2026 and December 31, 2025.

(1) Loan balance in each category expressed as a percentage of total investment properties loans.

1-4 Family Properties Loans

1-4 family properties loans include construction loans to home builders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Pinnacle. At September 30, 2026, 1-4 family properties loans totaled $2.0 billion, or 8.3% of the CRE loan portfolio.

Land and Development Loans

Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Pinnacle, and loan terms generally include personal guarantees from the principals. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s). At September 30, 2026, land and development loans totaled $978 million, or 4.1% of the CRE loan portfolio.

Consumer Loans

The consumer loan portfolio consists of a wide variety of loan products offered through Pinnacle's banking network, including first and second residential mortgages, home equity and consumer credit card loans, as well as both secured and unsecured loans from third-party lending. Consumer loans were $13.7 billion as of September 30, 2026.

Deposits

Deposits provide the most significant funding source for interest earning assets. The following table shows the composition of period-end deposits as of the dates indicated. See Table 11 - Quarter-to-Date Net Interest Income and Table 12 - Year-to-Date Net Interest Income in this Report for information on average deposits including average rates.

(1)Deposits balance in each category expressed as percentage of total deposits.

Total period-end deposits at September 30, 2026 were up $55.6 billion, or 117%, compared to December 31, 2025 primarily as a result of the Merger. Excluding the impact of the Merger, the increase is primarily reflective of a $2.5 billion increase in money market deposits, along with increases of approximately $658 million and $718 million, respectively, in non-interest-bearing and interest-bearing demand deposits. Total average deposit costs were 2.18% in the third quarter of 2026.

Non-interest Revenue

The following table shows the principal components of non-interest revenue.

Three and Nine Months Ended September 30, 2026 compared to September 30, 2025

Non-interest revenue for the three and nine months ended September 30, 2026 was up $179 million, or 122%, and up $488 million, or 132%, respectively, compared to the same periods in 2025. The increases reflect combined operations following the Merger, which is the primary contributor to higher overall non-interest revenue. Excluding the impact of the Merger, the three months ended September 30, 2026 was also impacted by a gain associated with an equipment lease, increased core banking fees, wealth management revenue, and BHG revenue, along with a gain on the disposition of a third party investment. The nine months ended September 30, 2026 benefited from increased core banking fees, wealth management revenue, BHG revenue, capital market income, and a gain on the aforementioned equipment lease payoff, partially offset by decreases in total loan sales and servicing, certain third-party lending relationships, and losses from sales of AFS investment securities as a result of ongoing securities portfolio repositioning.

Core banking fees consists of account analysis fees on deposit accounts, NSF fees, credit and debit card interchange fees, merchant revenue, letter/line of credit fees, rent on safe deposit boxes and all other service charges. These fees were $96 million and $280 million during the three and nine months ended September 30, 2026, respectively. Excluding the impact from the Merger, card fees, service charges on deposit accounts, and line of credit non-usage fees were the primary drivers for the increases during the periods.

Wealth management revenue consists primarily of fees derived from trust income, brokerage revenue, and insurance revenue. Wealth management revenue was $88 million and $257 million for the three and nine months ended September 30, 2026, respectively. Excluding the impact of the Merger, wealth management revenue increased primarily due to increases in overall trust fees and brokerage commissions.

Income from equity method investment is comprised solely of income derived from our 49% equity method investment in BHG. BHG is engaged in facilitating originations of commercial and consumer loans largely to skilled professionals throughout the United States. The loans are originated via various partners and may be funded on BHG's balance sheet or placed with various types of investors, including independent financial institutions and non-bank funding partners. Income from equity method investment increased $8 million, or 19%, during the three months ended September 30, 2026 as compared to the same period in 2025, largely the result of increased loan production, with marginal offsets resulting from an intentional shift in BHG's placement strategy. During the nine months ended September 30, 2026 as compared to the same period in 2025, income from our equity method investment in BHG increased $16 million, or 19%, largely the result of the aforementioned increased loan production, with marginal offsets resulting from the aforementioned intentional shift in BHG's placement strategy.

Earnings from BHG are likely to fluctuate from period-to-period, based on volumes and the distribution of loans across their delivery platforms.

Capital markets income, which primarily includes fee income from client derivative transactions, arranger/syndication fees, debt capital market transactions, M&A advisory fees, foreign exchange, as well as other miscellaneous income from capital market transactions, increased to $17 million and $53 million in the three and nine months ended September 30, 2026, respectively. Outside of the impact of the Merger, capital markets income during the three months ended September 30, 2026, slightly decreased primarily due to lower syndication fees and revenue associated with bond underwriting, partially offset by an increase in foreign exchange related income, while the nine months ended September 30, 2026, was impacted by increases in syndication fees, client derivative transactions, and M&A advisory fees, partially offset by a decrease in revenue associated with bond underwriting compared to the same periods in 2025.

Total loan sales and servicing consisting of net gains on loan origination/sales activities were $8 million and $27 million for the three and nine months ended September 30, 2026, respectively. Excluding the impact of the Merger, total loan sales were negatively impacted by lower mortgage loan origination fees during the three and nine months ended September 30, 2026.

Income from BOLI was $21 million and $60 million for the three and nine months ended September 30, 2026, respectively, and includes increases in the cash surrender value of policies and proceeds from insurance benefits. The increase for the three and nine months ended September 30, 2026 compared to the same periods in 2025 was primarily driven by the impact of the Merger. Outside of the Merger, income from BOLI in the three months ended September 30, 2026, was impacted by lower proceeds from insurance benefits and a decrease in cash surrender value appreciation income, while the nine months ended September 30, 2026 was impacted by lower proceeds from insurance benefits, partially offset by an increase in cash surrender value appreciation income.

The main components of other non-interest revenue are fees for commercial sponsorship income, including transaction and servicing fees associated with certain third-party lending relationships, earnings from other equity investments, earnings from tax credit investments, general processing charges, and other miscellaneous items. Other non-interest revenue for the three and nine months ended September 30, 2026 increased $36 million and $74 million, respectively, compared to the same periods in 2025, largely due to the Merger. Excluding the Merger impact, other non-interest revenue in the three months ended September 30, 2026 increased primarily due to a gain associated with the payoff of an equipment lease, coupled with a gain on the disposition of a third party investment and higher income from tax credit investments, partially offset by a decrease in commercial sponsorship income, while other non-interest income in the nine months ended September 30, 2026 was driven primarily by increases in the same aforementioned revenues along with higher general processing charges, partially offset by a decrease in the aforementioned commercial sponsorship income.

Non-interest Expense

The following table summarizes the components of non-interest expense.

Three and Nine Months Ended September 30, 2026 compared to September 30, 2025

Non-interest expense for the three and nine months ended September 30, 2026 was up $446 million, or 147%, and up $1.6 billion, or 180%, respectively, compared to the same periods in 2025. The increases reflect combined operations following the Merger, which is the primary contributor to higher overall non-interest expense. Merger-related expense for the three months ended September 30, 2026 was $56 million, while the nine months ended September 30, 2026 was $382 million and included merger-related equity acceleration costs. Excluding merger-related expense and additional amortization of intangibles due to the Merger, non-interest expense during the three and nine months ended September 30, 2026 as compared to the same prior year periods was impacted by higher employment expenses, largely due to increased headcount.

Salaries and other personnel expense increased $212 million and $635 million, respectively, for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, primarily due to the impact of the Merger. Outside of the impact of the Merger, salaries and other personnel expenses were impacted by increased headcount. During the quarter ended September 30, 2026, in addition to the impact of the Merger, we added 96 revenue producer hires across the banking footprint.

Also contributing to total salaries and employee benefits in the three and nine months ended September 30, 2026 were cash and equity incentives of $90 million and $240 million, respectively, compared to $50 million and $134 million, respectively, in the comparable prior year periods. We believe that cash and equity incentives are a valuable tool in motivating a team member base that is focused on providing our clients effective financial advice and increasing shareholder value. As a result, and unlike many other financial institutions, the majority of our bank's non-commissioned team members are participants in our annual cash incentive plan in 2026 with a minimum targeted bonus equal to 10% of each team member's annual salary, and nearly all of our bank's team members are participating in our equity compensation plans in 2026. Under the 2026 annual cash incentive plan, the targeted level of incentive payments require achievement of a certain soundness threshold and a targeted level of annual revenue and annual diluted earnings per common share (in each case subject to certain adjustments). To the extent that the soundness threshold is met and revenue and diluted earnings per common share are above or below the targeted amount, the aggregate incentive payments will be increased or decreased. Historically, we have paid between 0% and 125% of our targeted incentives.

Net occupancy, equipment, and software expense was $101 million and $300 million for the three and nine months ended September 30, 2026, respectively. Excluding the impact of the Merger, ongoing investments in technology were the primary contributor to increases in these costs.

Amortization of intangibles for the three and nine months ended September 30, 2026 was $46 million and $140 million, respectively, and included amortization associated with a core deposit intangible and a wealth customer relationship intangible created as a result of the Merger.

FDIC insurance and other regulatory fees were $20 million and $63 million for the three and nine months ended September 30, 2026, respectively. FDIC insurance and other regulatory fees increased largely due to a higher base assessment rate as a result of the Merger.

Merger-related expenses were $56 million and $382 million for the three and nine months ended September 30, 2026, respectively. During the three months ended September 30, 2026, these expenses included $18 million in employee-related costs, $14 million in advisory fees, $9 million in contract negotiation fees, $7 million in expenses related to IT staff augmentation, and $8 million in other costs, while the nine months ended September 30, 2026 included $130 million in advisory fees, $128 million in other employee-related costs, $70 million in equity acceleration expense, $19 million in contract negotiation fees, and $35 million in other costs.

Other operating expense includes advertising, travel, professional, insurance, network and communication, software platform expenses, other taxes, subscriptions and dues, restructuring charges, other loan and ORE expense, postage and freight, training, business development, donations, supplies, and other miscellaneous expense. Other operating expense for the three and nine months ended September 30, 2026 was $128 million and $366 million, respectively. Excluding the impact of the Merger, other operating expense during the three months ended September 30, 2026 was impacted by increases in fraud/operational losses, software platform expense, which includes third-party data processing fees, and business development expense, partially offset by decreases in professional fees and advertising, while the increase during the nine months ended September 30, 2026 was driven by increases in the same aforementioned expenses and higher ORE expense, partially offset by decreases in the same aforementioned expenses and certain franchise tax accruals.

Income Tax Expense

Income tax expense was $98 million and $36 million for the three months ended September 30, 2026 and 2025, respectively, representing effective tax rates of 20.5% and 17.4%, respectively. Income tax expense was $228 million and $102 million for the nine months ended September 30, 2026 and 2025, respectively, representing effective tax rates of 21.0% and 17.8%, respectively. The effective tax rate is calculated using unrounded amounts and may differ from calculations based on rounded figures.

The effective tax rate was higher for the three and nine months ended September 30, 2026, compared to the same periods in the prior year primarily due to certain merger-related expenses which were not deductible for income tax purposes as well as the sale of certain state and municipal securities which decreased the benefit of tax-exempt interest income in the current year. Comparability to the prior period was also affected by varying levels of pre-tax income as well as changes in the timing and mix of discrete tax items, including tax benefits from share-based compensation, the accrual and release of valuation allowances and changes in reserves for uncertain tax positions.

CREDIT QUALITY, CAPITAL RESOURCES AND LIQUIDITY

Credit Quality

Pinnacle diligently monitors the quality of its loan portfolio by industry, property type, and geography through a thorough portfolio review process and our analytical risk management tools. Such credit surveillance efforts are part of a broader credit risk management framework which includes Board oversight, as well as management-level committee oversight at varying levels across the portfolio. This includes an enterprise risk appetite framework, which helps ensure an expansive view across a myriad of credit risks within the portfolio.

At September 30, 2026, credit metrics included NPAs and NPLs at 50 bps and 48 bps, respectively, and total past due loans at 14 bps as a percentage of total loans. Net charge-offs were $50 million, or 23 bps annualized, and $147 million, or 23 bps annualized for the three and nine months ended September 30, 2026.

The table below includes selected credit quality metrics.

(1)Excludes the reversal of a portion of the allowance for HTM investment securities which was $1 million for both the three and nine months ended September 30, 2026, respectively.

(2)Excludes the allowance for HTM investment securities which totaled $1 million as of September 30, 2026 and $2 million for both December 31, 2025 and September 30, 2025.

Non-performing Assets

Total NPAs were $450 million at September 30, 2026. Excluding the increase resulting from the Merger, NPAs increased slightly by $6 million compared to the prior quarter.

Criticized and Classified Loans

Our loan ratings are aligned to federal banking regulators' definitions of pass and criticized categories, which include special mention, substandard, doubtful, and loss. Substandard accruing and non-accruing loans, doubtful, and loss loans are often collectively referred to as classified. Special mention, substandard, doubtful, and loss loans are often collectively referred to as criticized and classified loans. The following table presents a summary of criticized and classified loans. Criticized and classified loans at September 30, 2026 increased $1.2 billion compared to December 31, 2025, due to the impact of the Merger. Outside of the impact of the Merger, criticized and classified loans have decreased during 2026 due to upward migration and the paydown of several commercial credits.

Provision for (Reversal of) Credit Losses and Allowance for Credit Losses

The provision for credit losses was $86 million and $225 million, respectively, for the three and nine months ended September 30, 2026, excluding a $1 million reversal of a portion of the allowance on HTM securities, compared to a provision of $32 million and $73 million for the three and nine months ended September 30, 2025, respectively. The increase was primarily attributable to the impact of the Merger. Excluding the impact of the Merger, provision was primarily driven by net loan growth, partially offset by a reduction in the individually analyzed reserves. Net charge-offs for the three and nine months ended September 30, 2026 were $50 million and $147 million, respectively, as compared to $17 million and $50 million for the three and nine months ended September 30, 2025, respectively.

The ALL of $986 million and the reserve for unfunded commitments of $79 million, which is recorded in other liabilities, comprise the total ACL of $1.1 billion at September 30, 2026. The ACL to loans coverage ratio was 1.19% at September 30, 2026, compared to 1.17% at June 30, 2026, reflecting the impact of net loan growth and a reduction in the individually analyzed reserves. The ACL to NPL coverage ratio was 246% at September 30, 2026 compared to 343% at December 31, 2025, reflecting the increase in nonperforming loan balances following the Merger, partially offset by growth in the ACL balance over the period.

Capital Resources

Pinnacle and Pinnacle Bank are required to comply with capital adequacy standards established by our primary federal regulator, the Federal Reserve. Pinnacle and Pinnacle Bank measure capital adequacy using the standardized approach under Basel III. Beyond adhering to regulatory capital standards, Pinnacle also maintains a rigorous capital management and adequacy framework, which includes oversight by both the ALCO and the Board. This effort involves monitoring and managing our capital position in alignment with our Board’s risk appetite framework and with a Board-approved annual capital plan, with a focus on applicable regulatory capital ratios. Our ALCO serves to provide management level oversight within this framework, which may include establishing target operating ranges for certain capital measures, such as CET1, as a means to provide further clarity over the management of our capital position.

At September 30, 2026, Pinnacle and Pinnacle Bank's capital levels remained strong and exceeded well-capitalized requirements currently in effect. The following table presents certain ratios used to measure Pinnacle and Pinnacle Bank's capitalization.

At September 30, 2026, Pinnacle's CET1 ratio was 10.02%. For additional information on regulatory capital requirements, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 20 - Regulatory Matters" to the consolidated financial statements of Pinnacle's 2025 Form 10-K. Management reviews the Company's capital position on an ongoing basis and believes, based on internal capital analyses and earnings projections, that Pinnacle is well positioned to meet relevant regulatory capital standards.

On January 1, 2026, the Board of Directors approved a capital plan that included an anticipated quarterly common stock dividend of $0.50 per share for 2026 and authorized share repurchases of up to $400 million of common stock. During the three and nine months ended September 30, 2026, Pinnacle did not repurchase shares of common stock.

As Pinnacle is registered as a bank holding company and has elected to be treated as a financial holding company, we are subject to comprehensive supervision and regulation by the Federal Reserve and are subject to its regulatory reporting requirements. The Federal Reserve also requires bank holding companies meeting certain asset size thresholds, such as us, to establish and maintain a risk committee of its board of directors and appoint a chief risk officer, each meeting certain requirements.

Upon completion of the Merger, Pinnacle surpassed the $100 billion threshold and is now designated as a Category IV large financial institution according to U.S. regulatory guidelines. This new classification subjects us to the Federal Reserve's enhanced prudential standards, designed to ensure risk management capabilities grow in line with our systemic footprint including but not limited to additional rigorous capital planning such as stress testing under the CCAR process, liquidity risk management, resolution planning, and additional governance and reporting requirements. Refer to "Part II – Item 1A. Risk Factors," of this Report for further information.

Dividends

Pinnacle has historically paid a quarterly cash dividend to the holders of its common stock. Management and the Board of Directors closely monitor current and projected capital levels, liquidity (including dividends from subsidiaries), financial markets and other economic trends, as well as regulatory requirements regarding the payment of dividends.

Pinnacle's ability to pay dividends on its common stock and preferred stock is primarily dependent upon dividends and distributions that it receives from its bank and non-banking subsidiaries, which are restricted by various regulations administered by federal and state bank regulatory authorities.

Pinnacle declared common stock dividends of $76 million, or $0.50 per common share, and $226 million, or $1.50 per common share, respectively, for the three and nine months ended September 30, 2026, compared to $18 million, or $0.24 per common share, and $57 million, or $0.72 per common share, respectively, for the three and nine months ended September 30, 2025. In addition, Pinnacle declared dividends on its preferred stock of $15 million and $45 million, respectively, for the three and nine months ended September 30, 2026, compared to $4 million and $12 million, respectively, for the three and nine months ended September 30, 2025.

Liquidity

Liquidity represents the extent to which Pinnacle has readily available sources of funding to meet the needs of depositors, borrowers, and creditors; to support asset growth; and to otherwise sustain operations of Pinnacle and its subsidiaries, at a reasonable cost, on a timely basis, and without adverse consequences. ALCO monitors Pinnacle's economic, competitive, and regulatory environment and is responsible for measuring, monitoring, and reporting on liquidity and funding risk.

In accordance with Pinnacle policies and regulatory guidance, ALCO evaluates contractual and anticipated cash flows under normal and stressed conditions to properly manage the Company’s liquidity profile. Pinnacle places an emphasis on maintaining numerous sources of current and contingent liquidity to meet its obligations to depositors, borrowers, and creditors on a timely basis. Liquidity is generated through various sources, including, but not limited to, maturities and repayments of loans by clients, maturities and sales of investment securities, and growth in consumer and commercial deposits.

Pinnacle Bank also generates liquidity through the issuance of brokered certificates of deposit and money market accounts. Pinnacle Bank accesses funds from a broad geographic base to diversify its sources of funding and liquidity. Pinnacle Bank also has the capacity to access funding through its membership in the FHLB system and the Federal Reserve. Management continuously monitors and maintains appropriate levels of liquidity to provide adequate funding sources to manage client deposit withdrawals, loan requests, and other funding demands.

Pinnacle continues to proactively manage its liquidity position and maintain robust contingent liquidity across various forms of funding which include immediately available funds as well as funds we expect to be available within short notice. Liquidity sources include primary sources such as FHLB borrowing capacity, FRB cash reserves, and unencumbered securities, while secondary sources consist of the Federal Reserve discount window, Fed Funds lines, and other sources. At September 30, 2026, contingent sources of liquidity totaled approximately $45.5 billion, and based on currently pledged collateral, Pinnacle Bank had access to FHLB funding of $6.2 billion, subject to FHLB credit policies.

In addition to bank level liquidity management, Pinnacle must manage liquidity at the Parent Company level for various operating needs, including the servicing of debt, the payment of dividends on our common stock and preferred stock, payment of general corporate expense, and potential capital infusions into subsidiaries. The primary source of liquidity for Pinnacle consists of dividends from Pinnacle Bank, which is governed by certain rules and regulations of the TDFI and the Federal Reserve Bank. Pinnacle's ability to receive dividends from Pinnacle Bank in future periods will depend on a number of factors, including, without limitation, Pinnacle Bank's future profits, asset quality, liquidity, and overall condition. In addition, both the TDFI and Federal Reserve Bank may require approval to pay dividends, based on certain regulatory statutes and limitations.

On May 19, 2026, Pinnacle completed the issuance of $750 million aggregate principal amount of its 5.596% Fixed Rate/Floating Rate Senior Notes which mature on May 19, 2032. These notes bear interest from and including May 19, 2026, to, but excluding, May 19, 2031, at a fixed rate of 5.596% per annum. From and including May 19, 2031, to, but excluding May 19, 2032, this note will bear interest at a floating rate per annum equal to Compounded SOFR plus 1.70%. Interest on the notes will be payable quarterly in arrears on August 19, 2031, November 19, 2031, February 19, 2032 and at the stated maturity. The Company may redeem these notes, in whole or in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date. The notes are not redeemable at the option or election of holders. For more information, see Pinnacle's Current Report on Form 8-K dated May 19, 2026.

Pinnacle presently believes that the sources of liquidity discussed above, including existing liquid funds on hand, are sufficient to meet its anticipated funding needs. However, if economic conditions were to significantly deteriorate, regulatory capital requirements for Pinnacle or Pinnacle Bank were to increase as a result of regulatory directives or otherwise, or Pinnacle believes it is prudent to enhance current liquidity levels, then Pinnacle may seek additional liquidity from external sources. Furthermore, Pinnacle may, from time to time, take advantage of attractive market opportunities to refinance, retire, or repurchase its existing debt, redeem or issue its preferred stock, repurchase shares, or strengthen its liquidity or capital position.

Earning Assets and Sources of Funds

Average earning assets were $112.6 billion in the first nine months of 2026. Average earning assets were primarily affected by the Merger. Excluding the impact of the Merger, the increase in average earnings assets was primarily driven by organic loan growth.

Average interest-bearing liabilities were $86.6 billion for the first nine months of 2026. Excluding the effect of the Merger, the increase in average interest-bearing liabilities largely resulted from increases in total average deposits, mainly average money market accounts and average interest-bearing demand deposits, along with increases in short- and long-term borrowings. Average non-interest bearing demand deposits grew modestly during the first nine months of 2026, outside of the impact of the Merger.

Net interest income for the nine months ended September 30, 2026 was $2.9 billion, up $1.7 billion, compared to the same period in 2025. Beyond the impact of the Merger, net interest income during the first nine months of 2026 was primarily impacted by loan growth. Taxable-equivalent net interest margin for the first nine months of 2026 was 3.45% compared to Legacy Pinnacle margin of 3.24% during the comparable period of 2025 reflecting the combined legacy balance sheets and purchase accounting marks on the Synovus balance sheet during the period.

Net Interest Income

The following tables set forth the major components of net interest income and the related annualized yields and rates for the three and nine months ended September 30, 2026 and 2025.

(1)Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: Third Quarter 2026 — $19 million, and Third Quarter 2025 — $11 million.

(2)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and securities to a taxable-equivalent basis.

(3)Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.

(4)Includes loans held for sale, trading account assets, and FHLB and Federal Reserve Bank Stock.

(5)As a result of the Merger, certain immaterial changes were made to integrate the presentation of the legacy banks' yield on investment securities, which included presenting the average balance of unrealized losses on investment securities available for sale of $408 million as a component of other assets for the Third Quarter 2026.

(6)The net interest margin is calculated by dividing annualized net interest income-taxable equivalent (TE) by average total interest earning assets.

Amounts may not total due to rounding and yield/rates are calculated using unrounded amounts and may differ from calculations based on rounded figures.

(1)Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2026 - $56 million, 2025 - $31 million.

(2)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and securities to a taxable-equivalent basis.

(3)Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.

(4)Includes loans held for sale, trading account assets, and FHLB and Federal Reserve Bank stock.

(5)As a result of the Merger, certain immaterial changes were made to integrate the presentation of the legacy banks' yield on investment securities, which included presenting the average balance of unrealized losses on investment securities available for sale of $258 million as a component of other assets during 2026.

(6)The net interest margin is calculated by dividing annualized net interest income (TE) by average total interest earnings assets.

Amounts may not total due to rounding and yield/rates are calculated using unrounded amounts and may differ from calculations based on rounded figures.