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Apimeds Expands Leadership Team with Dr. Susan Kramer to Lead Product Development and Brian Peters to Lead its ai² Division

MATAWAN, N.J.–(BUSINESS WIRE)–
Apimeds Pharmaceuticals US, Inc. (NYSE American: APUS) (“Apimeds” or the “Company”), a clinical-stage biopharmaceutical company developing Apitox, an intradermally administered, bee venom-based therapeutic, today announced two key additions to its executive leadership team. Susan Kramer, DrPH, has been appointed Senior Vice President of Development, and Brian Peters has joined as Head of the Company’s proprietary ai²™ division.

Dr. Kramer brings more than 30 years of experience in biopharmaceutical research and development, including 18 years at Genentech. She most recently served as Executive Vice President of Development at Concentric Analgesics. Mr. Peters, previously Chief Strategy & Insights Officer at Heller Agency, has a proven track record in healthcare innovation, strategic communications, and KOL engagement.

In their new roles, Dr. Kramer will oversee all product development activities at Apimeds, while Mr. Peters will lead the strategy, positioning, and launch of the Company’s ai²™ platform.

“We’re thrilled to welcome Susan and Brian to the Apimeds leadership team,” said Erik Emerson, Chief Executive Officer of Apimeds. “Strengthening our operational leadership has been a priority since our IPO. Susan enhances our clinical development capabilities at a pivotal time for Apitox, while Brian brings vision, energy, and deep strategic expertise as we build and scale our ai²™ platform.”

“Apitox is an incredibly exciting program,” said Dr. Kramer. “Having worked with Erik in the past, I know the caliber of his leadership. The scientific potential of purified bee venom and the company’s mission made this an easy decision. I’m eager to explore the range of indications where Apitox may bring meaningful therapeutic benefits.”

“Joining Apimeds at this inflection point is an amazing opportunity,” added Mr. Peters. “The chance to shape and launch ai²™—our internal innovation engine—is compelling in its own right, but combining it with a pipeline as novel as Apitox makes this a truly unique moment.”

Dr. Kramer is a co-founder of Corthera, Inc. (acquired by Novartis), and has held senior roles at XOMA, Anesiva, and Annexon Biosciences. She has led global development teams for both biologics and small molecules. She holds a BA from the College of St. Scholastica, an MA in Education from Central Michigan University, and both an MPH and DrPH in Biomedical Sciences (Virology) from the University of California, Berkeley. She has served on numerous boards and scientific advisory committees.

Mr. Peters previously served as VP of Sales & Marketing and as a member of the corporate leadership team at Medexus Pharma from 2013 to 2024. Earlier in his career, he held senior leadership positions at Gilead Sciences, Accera, Chiesi, and G.D. Searle. He earned a BA in Communications from Indiana University.

About Apimeds Pharmaceuticals US, Inc.

Apimeds is a clinical-stage biopharmaceutical company developing Apitox, an intradermally administered honeybee venom-based toxin. Apimeds is currently developing Apitox as a potential treatment for osteoarthritis knee pain in patients who fail to respond adequately to conservative non-pharmacologic therapy and common analgesics. For more information, please visit www.apimedsus.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated use of the net proceeds from the offering. No assurance can be given that the net proceeds of the Offering will be used as indicated. All statements other than statements of historical facts are forward-looking statements. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company has based these forward-looking statements largely on its current expectations and projections about future events that it believes may affect its financial condition, results of operations, business strategy and financial needs. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These risks and uncertainties include forward-looking statements include, but are not limited to, the risks and uncertainties described in “Special Note Regarding Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the documents that referred to in the prospectus filed with the SEC with the understanding that the Company’s future results may be materially different from and worse than what we expect. Copies are available on the SEC’s website, www.sec.gov. Other sections of the prospectus include additional factors which could adversely impact the Company’s business and financial performance. Moreover, the Company operates in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for the Company’s management to predict all risk factors and uncertainties, nor can the Company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company and the underwriters qualify all of the forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the prospectus relate only to events or information as of the date on which the statements are made in the prospectus. Neither the Company nor the underwriters undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read the prospectus and the documents that we refer to in the prospectus and have filed as exhibits to the registration statement, of which the prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250715831888/en/

Erik Emerson

Apimeds Pharmaceuticals US, Inc.

(808) 209-7887

[email protected]

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS: Health Clinical Trials Research Pharmaceutical Science Biotechnology

MEDIA:

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PNFP Reports 2Q25 Diluted EPS of $2.00

Linked-quarter annualized growth for loans was 10.7%; Net interest margin increased to 3.23% in 2Q25

NASHVILLE, Tenn.–(BUSINESS WIRE)–
Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income per diluted common share of $2.00 for the quarter ended June 30, 2025, compared to net income per diluted common share of $0.64 for the quarter ended June 30, 2024, an increase of approximately 212.5 percent. Net income per diluted common share was $3.77 for the six months ended June 30, 2025, compared to net income per diluted common share of $2.21 for the six months ended June 30, 2024, an increase of approximately 70.6 percent.

After considering the adjustments noted in the table below, net income per diluted common share was $2.00 for the three months ended June 30, 2025, compared to $1.63 for the three months ended June 30, 2024, an increase of 22.7 percent. Net income per diluted common share, adjusted for the items noted in the table below, was $3.90 for the six months ended June 30, 2025, compared to net income per diluted common share of $3.16 for the six months ended June 30, 2024, an increase of approximately 23.4 percent.

	Three months ended							Six Months Ended
	June 30, 2025		March 31, 2025		June 30, 2024			June 30, 2025		June 30, 2024
Diluted earnings per common share	$	2.00	$	1.77	$	0.64		$	3.77	$	2.21
Adjustments, net of tax (1):
Investment losses on sales of securities, net		—		0.12		0.71			0.12		0.71
Recognition of mortgage servicing asset		—		—		—			—		(0.12	)
FDIC special assessment		—		—		—			—		0.08
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives		—		—		0.28			—		0.28
Diluted earnings per common share after adjustments	$	2.00	$	1.90	$	1.63		$	3.90	$	3.16

	Numbers may not foot due to rounding.
(1):	Adjustments include tax effect calculated using a marginal tax rate of 25.00 percent for all periods presented.

“Second quarter results demonstrate again the reliability of our differentiated model to produce outsized revenue, earnings per share and loan growth regardless of the operating environment,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “Our second quarter revenues increased by approximately 36.4 percent linked-quarter annualized over the first quarter of 2025 and 21.8 percent over the same quarter last year. Fully diluted earnings per share after adjustments were up 21.1 percent linked-quarter annualized over the first quarter of 2025 and 22.7 percent over the same quarter last year. Also, loan growth for the second quarter was approximately 10.7 percent linked-quarter annualized in comparison to the first quarter of 2025.

“During the second quarter, we continued to be very active on the recruiting front, attracting 38 revenue producers as we continue to invest in the future growth of our firm. Thus far this year, we have hired 71 revenue producers which puts us on pace to have another very strong recruiting year for our firm. During the second quarter, we announced an expansion into Richmond, VA, another outstanding banking market in the Southeast. We entered Richmond with a de novo start by hiring six local bankers with an average experience level of approximately 28 years. We are very excited to welcome these banking professionals to the Pinnacle family.”

BALANCE SHEET GROWTH AND LIQUIDITY:

Total assets at June 30, 2025, were $54.8 billion, an increase of approximately $546.6 million from March 31, 2025, and $5.4 billion from June 30, 2024, reflecting a linked-quarter annualized increase of 4.0 percent and a year-over-year increase of 11.0 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)	June 30, 2025		March 31, 2025			June 30, 2024
Loans	$	37,105,164	$	36,136,746	10.7%	$	33,769,150	9.9%
Securities		9,066,651		8,718,794	16.0%		7,882,891	15.0%
Other interest-earning assets		2,923,964		3,776,121	(90.3)%		2,433,910	20.1%
Total interest-earning assets	$	49,095,779	$	48,631,661	3.8%	$	44,085,951	11.4%
Core deposits:
Noninterest-bearing deposits	$	8,640,759	$	8,507,351	6.3%	$	7,932,882	8.9%
Interest-bearing core deposits(1)	$	31,120,278	$	31,505,648	(4.9)%	$	27,024,945	15.2%
Noncore deposits and other funding(2)	$	7,698,394	$	7,042,510	37.3%	$	7,569,703	1.7%
Total funding	$	47,459,431	$	47,055,509	3.4%	$	42,527,530	11.6%

(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.

“Loan growth was one of our highlights for the second quarter,” said Harold R. Carpenter, Pinnacle’s chief financial officer. “Our commercial and industrial (C&I) loan segment continued to show strong growth as these loans increased 21.9 percent linked quarter annualized in the second quarter. Our other loans, including commercial real estate loans, increased linked-quarter at an annualized rate of approximately 3.5 percent between the first and second quarters. We expect growth rates for other loan segments to increase primarily because our appetite for sound commercial real estate projects has increased because of essentially achieving our lower concentration limits for commercial real estate lending. We have been below our construction lending concentration limit for several quarters and are now just slightly above our limit for the broader commercial real estate lending concentration limit.

“We will continue to rely on our recent hires, newer markets and specialty areas to fuel our loan growth as they move clients from competitors to our firm in an outsized way. As to deposit growth, our deposits increased by $519.8 million in the second quarter from the first quarter. Perhaps most important is that our noninterest bearing deposits, which are primarily composed of client operating accounts, increased by $133.4 million in the second quarter, and are now up by $470.3 million year-to date, or about 11.5 percent annualized.”

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

Pre-tax, pre-provision net revenues (PPNR) for the three and six months ended June 30, 2025 were $218.5 million and $405.9 million, respectively, compared to $95.2 million and $280.9 million, respectively, recognized in the three and six months ended June 30, 2024. As noted in the table below, adjusted PPNR for the three and six months ended June 30, 2025 were $218.7 million and $418.6 million, respectively, compared to $195.7 million and $377.0 million, respectively, recognized in the three and six months ended June 30, 2024, an increase of 11.8 percent and 11.0 percent, respectively.

	Three months ended						Six months ended
	June 30,						June 30,
(dollars in thousands)	2025		2024		% change		2025		2024			% change
Revenues:
Net interest income	$	379,533	$	332,262	14.2	%	$	743,961	$	650,296		14.4	%
Noninterest income		125,457		34,288	>100.0	%		223,883		144,391		55.1	%
Total revenues		504,990		366,550	37.8	%		967,844		794,687		21.8	%
Noninterest expense		286,446		271,389	5.5	%		561,933		513,754		9.4	%
Pre-tax, pre-provision net revenue		218,544		95,161	>100.0	%		405,911		280,933		44.5	%
Adjustments:
Investment losses on sales of securities, net		—		72,103	(100.0	)%		12,512		72,103		>(100.0	)%
Recognition of mortgage servicing asset		—		—	NM			—		(11,812	)	(100.0	)%
ORE expense		137		22	>100.0	%		195		106		84.0	%
FDIC special assessment		—		—	NM			—		7,250		(100.0	)%
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives		—		28,400	(100.0	)%		—		28,400		(100.0	)%
Adjusted pre-tax pre-provision net revenue	$	218,681	$	195,686	11.8	%	$	418,618	$	376,980		11.0	%

	Three months ended							Six months ended
	June 30, 2025		March 31, 2025		June 30, 2024			June 30, 2025		June 30, 2024
Net interest margin	3.23	%	3.21	%	3.14	%		3.22	%	3.09	%
Efficiency ratio	56.72	%	59.52	%	74.04	%		58.06	%	64.65	%
Return on average assets	1.15	%	1.05	%	0.41	%		1.10	%	0.70	%
Return on average tangible common equity (TCE)	13.75	%	12.51	%	4.90	%		13.14	%	8.48	%
Average loan to deposit ratio	83.57	%	83.78	%	84.95	%		83.68	%	84.84	%

Net interest income for the second quarter of 2025 was $379.5 million, compared to $332.3 million for the second quarter of 2024, a year-over-year growth rate of 14.2 percent. Net interest margin was 3.23 percent for the second quarter of 2025, compared to 3.14 percent for the second quarter of 2024.

Total revenues for the second quarter of 2025 were $505.0 million, compared to $366.6 million for the second quarter of 2024. As noted in the table below, adjusted total revenues for the second quarter of 2025 were $505.0 million, compared to $438.7 million for the second quarter of 2024, a year-over-year increase of 15.1 percent.

	Three months ended				Linked-quarter Annualized % Change		Three months ended		Yr-over-Yr % Change
(dollars in thousands)	June 30, 2025		March 31, 2025				June 30, 2024
Net interest income	$	379,533	$	364,428	16.6	%	$	332,262	14.2	%
Noninterest income		125,457		98,426	>100.0	%		34,288	>100.0	%
Total revenues		504,990		462,854	36.4	%		366,550	37.8	%
Adjustments:
Investment losses on sales of securities, net		—		12,512	(100.0	)%		72,103	(100.0	)%
Adjusted total revenues	$	504,990	$	475,366	24.9	%	$	438,653	15.1	%

• Wealth management revenues, which include investment, trust and insurance services, were $32.3 million for the second quarter of 2025, compared to $27.8 million for the second quarter of 2024, a year-over-year increase of 16.4 percent. The increase in wealth management revenues continues to be primarily attributable to an increase in capacity as we hire more revenue producers across the firm, but particularly in the areas of the firm’s most recent market extensions.

• Income from the firm’s investment in Banker’s Healthcare Group (BHG) was $26.0 million for the second quarter of 2025, compared to $18.7 million for the second quarter of 2024, a year-over-year increase of 39.3 percent.
  • BHG’s loan originations were $1.5 billion in the second quarter of 2025, compared to $1.2 billion in the first quarter of 2025 and $871 million in the second quarter of 2024.

  • Loans sold to BHG’s community bank partners were approximately $614 million in the second quarter of 2025, compared to $605 million in the first quarter of 2025 and $467 million in the second quarter of 2024.

  • BHG reserves for on-balance sheet loan losses were $279.1 million, or 10.5 percent of loans held for investment at June 30, 2025, compared to 9.2 percent at March 31, 2025, and 9.9 percent at June 30, 2024.

  • At June 30, 2025, BHG increased its accrual for estimated losses attributable to loan substitutions and prepayments to $624.4 million, or 7.8 percent of the unpaid balances on loans that were previously purchased by BHG’s community bank network, compared to 7.5 percent at March 31, 2025 and 5.9 percent at June 30, 2024.

• Other noninterest income was $47.9 million for the quarter ended June 30, 2025, an increase of $6.1 million from the second quarter of 2024. Contributing to the increase in other noninterest income during the second quarter of 2025 was approximately $3.2 million in revenues due to the increase in fair value of other equity investments.

Noninterest expense for the second quarter of 2025 was $286.4 million, compared to $271.4 million for the second quarter of 2024. As noted in the table below, adjusted noninterest expense for the second quarter of 2025 was $286.3 million, compared to $243.0 million for the second quarter of 2024.

	Three months ended				Linked-quarter Annualized % Change		Three months ended		Yr-over-yr % Change
(dollars in thousands)	June 30, 2025		March 31, 2025				June 30, 2024
Noninterest expense	$	286,446	$	275,487	15.9	%	$	271,389	5.5	%
Less:
ORE expense		137		58	>100.0	%		22	>100.0	%
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives		—		—	N/A			28,400	100.0	%
Adjusted noninterest expense	$	286,309	$	275,429	15.8	%	$	242,967	17.8	%

• Salaries and employee benefits were $181.2 million in the second quarter of 2025, compared to $150.1 million in the second quarter of 2024, reflecting a year-over-year increase of 20.7 percent.
  • Cash incentive costs in the second quarter of 2025 totaling $33.5 million were approximately $16.0 million higher than the second quarter of 2024. The increase in cash incentive costs was due to increases in headcount, annual merit raises and other base salary adjustments for participants in the Company’s annual cash incentive plan and, importantly, an increase in the estimated payout for anticipated incentive award payouts. The second quarter 2024 accrual assumed an approximate 80 percent of target payout for 2024 compared to a second quarter 2025 accrual that assumes an approximate 115 percent of target payout for 2025.

• Equipment and occupancy costs were $48.0 million in the second quarter of 2025, compared to $41.0 million in the second quarter of 2024, resulting in a year-over-year increase of 17.1 percent. This increase was primarily attributable to the opening of nine new full-service locations throughout the Company’s footprint since January 1, 2024 and the relocation of the Company’s corporate headquarters to a new location in downtown Nashville during the first quarter of 2025.

• Marketing and other business development costs were $8.8 million in the second quarter of 2025, compared to $6.8 million in the second quarter of 2024, resulting in a year-over-year increase of 29.5 percent. The primary drivers of the increases in marketing and business development costs were the Company’s partnership with The Pinnacle, Nashville’s newest live music venue, which opened in March 2025, and other factors including increases in both client and associate engagement expenses due to our increased headcount and market extensions.

• Noninterest expense categories, other than those specifically noted above, were $48.4 million in the second quarter of 2025, compared to $73.5 million in the second quarter of 2024, resulting in a year-over-year decrease of 34.1 percent. Primarily impacting the changes in other noninterest expense between the second quarter of 2025 and the comparable period in 2024 was the impact of the $28.4 million in fees paid in the second quarter of 2024 to terminate the resell agreement and professional fees incurred in connection with the capital optimization initiatives completed in the second quarter of 2024.

“Revenue growth has been a focus for us since our founding almost 25 years ago,” Carpenter said. “Second quarter revenues amounted to approximately $505.0 million, which was a 37.8 percent increase over the same period last year. Loan growth was the driver for net interest income growth as second quarter net interest income was 14.2 percent greater in the second quarter of 2025 than the same quarter last year. As anticipated, we did experience some margin expansion in the second quarter from the first quarter and expect continued expansion into the third quarter. We attribute margin expansion, in part, to our deliberate focus on prudently managing our funding costs in spite of meaningful growth in our interest earning asset base.

“Noninterest income growth was another highlight for the quarter,” Carpenter said. “Excluding the impact of a bond restructuring trade during the first quarter of 2025, we continued to see quarter-over-quarter growth in nearly every core banking fee category. We are particularly pleased with our efforts in commercial analysis and wealth management as we continue to experience strong growth in these strategically important areas. BHG had another sound quarter, providing $26.0 million in fee revenues to our firm in the second quarter of 2025, which was approximately $5.6 million higher than the first quarter of 2025 and $7.3 million higher than the second quarter of 2024.”

CAPITAL AND SOUNDNESS:
	As of
	June 30, 2025			December 31, 2024			June 30, 2024
Shareholders’ equity to total assets		12.1	%		12.2	%		12.5	%
Tangible common equity to tangible assets		8.6	%		8.6	%		8.6	%
Book value per common share	$	82.79		$	80.46		$	77.15
Tangible book value per common share	$	58.70		$	56.24		$	52.92
Annualized net loan charge-offs to avg. loans (1)		0.20	%		0.24	%		0.27	%
Nonperforming assets to total loans, ORE and other nonperforming assets (NPAs)		0.44	%		0.42	%		0.30	%
Classified asset ratio (Pinnacle Bank) (2)		3.90	%		3.79	%		3.99	%
Construction and land development loans as a percentage of total capital (3)		61.80	%		70.50	%		72.90	%
Construction and land development, non-owner occupied commercial real estate and multi-family loans as a percentage of total capital (3)		228.60	%		242.20	%		254.00	%
Allowance for credit losses (ACL) to total loans		1.14	%		1.17	%		1.13	%

(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.

“We continue to be pleased with the overall soundness of our firm,” Carpenter said. “Our capital ratios remain strong, and we have successfully reduced our concentration levels in commercial real estate. All the while, our tangible book value per share, which we believe is a key metric to creating shareholder value, continues to grow in an outsized way. All things considered, despite economic uncertainties and based on our differentiated model, we remain optimistic regarding our performance for the remainder of 2025.”

BOARD OF DIRECTORS DECLARES COMMON DIVIDENDS

On July 15, 2025, Pinnacle Financial’s Board of Directors approved a quarterly cash dividend of $0.24 per common share to be paid on Aug. 29, 2025 to common shareholders of record as of the close of business on Aug. 1, 2025. Additionally, Pinnacle’s 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 Sept. 1, 2025 to shareholders of record at the close of business on Aug. 17, 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 July 16, 2025, to discuss second quarter 2025 results and other matters. To access the call for audio only, please call 1-877-209-7255. For the presentation and streaming audio, please access the webcast on the investor relations page of Pinnacle’s website at investors.pnfp.com.

Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2024 deposit data from the FDIC. Pinnacle is No. 9 on FORTUNE magazine’s 2025 list of 100 Best Companies to Work For® in the U.S., its ninth consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 12 years in a row and No. 1 among banks with more than $10 billion in assets in 2024.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $54.8 billion in assets as of June 30, 2025. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in several primarily urban markets across the Southeast.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.

Forward-Looking Statements

All statements, other than statements of historical fact, included in this press release, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “expect,” “aim,” “anticipate,” “intend,” “may,” “should,” “plan,” “looking for,” “believe,” “seek,” “estimate” and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to: (i) deterioration in the financial condition of borrowers of Pinnacle Bank and its subsidiaries or BHG, including as a result of persistent elevated interest rates, the negative impact of inflationary pressures and challenging and uncertain economic conditions on our and BHG’s customers and their businesses, resulting in significant increases in loan losses and provisions for those losses and, in the case of BHG, substitutions; (ii) fluctuations or differences in interest rates on loans or deposits from those that Pinnacle Financial is modeling or anticipating, including as a result of Pinnacle Bank’s inability to better match deposit rates with the changes in the short-term rate environment, or that affect the yield curve; (iii) the impact of U.S. and global economic conditions, trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, and geopolitical instability; (iv) the sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs; (v) adverse conditions in the national or local economies including in Pinnacle Financial’s markets throughout the Southeast region of the United States, particularly in commercial and residential real estate markets; (vi) the inability of Pinnacle Financial, or entities in which it has significant investments, like BHG, to maintain the long-term historical growth rate of its, or such entities’, loan portfolio; (vii) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits, including during times when Pinnacle Bank is seeking to limit the rates it pays on deposits or uncertainty exists in the financial services sector; (viii) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (ix) effectiveness of Pinnacle Financial’s asset management activities in improving, resolving or liquidating lower-quality assets; (x) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on Pinnacle Financial’s results, including as a result of the negative impact to net interest margin from elevated deposit and other funding costs; (xi) the results of regulatory examinations of Pinnacle Financial, Pinnacle Bank or BHG, or companies with whom they do business; (xii) BHG’s ability to profitably grow its business and successfully execute on its business plans; (xiii) risks of expansion into new geographic or product markets; (xiv) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including goodwill or other intangible assets; (xv) the ineffectiveness of Pinnacle Bank’s hedging strategies, or the unexpected counterparty failure or hedge failure of the underlying hedges; (xvi) reduced ability to attract additional financial advisors (or failure of such advisors to cause their clients to switch to Pinnacle Bank), to retain financial advisors (including as a result of the competitive environment for associates) or otherwise to attract customers from other financial institutions; (xvii) deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xviii) inability to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies, required capital maintenance levels or regulatory requests or directives, particularly if Pinnacle Bank’s level of applicable commercial real estate loans were to exceed percentage levels of total capital in guidelines recommended by its regulators; (xix) approval of the declaration of any dividend by Pinnacle Financial’s board of directors; (xx) the vulnerability of Pinnacle Bank’s network and online banking portals, and the systems of parties with whom Pinnacle Bank contracts, to unauthorized access, computer viruses, phishing schemes, spam or ransomware attacks, human error, natural disasters, power loss and other security breaches; (xxi) the possibility of increased compliance and operational costs as a result of increased regulatory oversight (including by the Consumer Financial Protection Bureau), including oversight of companies in which Pinnacle Financial or Pinnacle Bank have significant investments, like BHG, and the development of additional banking products for Pinnacle Bank’s corporate and consumer clients; (xxii) Pinnacle Financial’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions; (xxiii) difficulties and delays in integrating acquired businesses or fully realizing costs savings and other benefits from acquisitions; (xxiv) the risks associated with Pinnacle Bank being a minority investor in BHG, including the risk that the owners of a majority of the equity interests in BHG decide to sell the company or all or a portion of their ownership interests in BHG (triggering a similar sale by Pinnacle Bank); (xxv) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (xxvi) fluctuations in the valuations of Pinnacle Financial’s equity investments and the ultimate success of such investments; (xxvii) the availability of and access to capital; (xxviii) adverse results (including costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions involving Pinnacle Financial, Pinnacle Bank or BHG; and (xxix) general competitive, economic, political and market conditions.

Throughout this document, numbers may not foot due to rounding. Additional factors which could affect the forward looking statements can be found in Pinnacle Financial’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website at http://www.sec.gov. Pinnacle Financial disclaims any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Matters

This release contains certain non-GAAP financial measures, including, without limitation, total revenues, net income to common shareholders, earnings per diluted common share, revenue per diluted common share, PPNR, efficiency ratio, noninterest expense, noninterest income and the ratio of noninterest expense to average assets, excluding in certain instances the impact of expenses related to other real estate owned, gains or losses on sale of investment securities, charges related to the FDIC special assessment, income associated with the recognition of a mortgage servicing asset in the first quarter of 2024, fees related to terminating an agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives in the second quarter of 2024 and other matters for the accounting periods presented. This release may also contain certain other non-GAAP capital ratios and performance measures that exclude the impact of goodwill and core deposit intangibles associated with Pinnacle Financial’s acquisitions of BNC, Avenue Bank, Magna Bank, CapitalMark Bank & Trust, Mid-America Bancshares, Inc., Cavalry Bancorp, Inc. and other acquisitions which collectively are less material to the non-GAAP measure as well as the impact of Pinnacle Financial’s Series B Preferred Stock. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Because non-GAAP financial measures presented in this release are not measurements determined in accordance with GAAP and are susceptible to varying calculations, these non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures presented by other companies.

Pinnacle Financial believes that these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of its operating performance. In addition, because intangible assets such as goodwill and the core deposit intangible, and the other items excluded each vary extensively from company to company, Pinnacle Financial believes that the presentation of this information allows investors to more easily compare Pinnacle Financial’s results to the results of other companies. Pinnacle Financial’s management utilizes this non-GAAP financial information to compare Pinnacle Financial’s operating performance for 2025 versus certain periods in 2024 and to internally prepared projections.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS – UNAUDITED
(dollars in thousands, except for share and per share data)	June 30, 2025			Dec. 31, 2024			June 30, 2024
ASSETS
Cash and noninterest-bearing due from banks	$	370,926		$	320,320		$	219,110
Restricted cash		112,547			93,645			50,924
Interest-bearing due from banks		2,506,531			3,021,960			2,107,883
Cash and cash equivalents		2,990,004			3,435,925			2,377,917
Securities purchased with agreement to resell		93,293			66,449			71,903
Securities available-for-sale, at fair value		6,378,688			5,582,369			4,908,967
Securities held-to-maturity (fair value of $2.4 billion, $2.6 billion and $2.7 billion, net of allowance for credit losses of $1.7 million, $1.7 million, and $1.7 million at June 30, 2025, Dec. 31, 2024, and June 30, 2024, respectively)		2,687,963			2,798,899			2,973,924
Consumer loans held-for-sale		201,342			175,627			187,154
Commercial loans held-for-sale		10,251			19,700			16,046
Loans		37,105,164			35,485,776			33,769,150
Less allowance for credit losses		(422,125	)		(414,494	)		(381,601	)
Loans, net		36,683,039			35,071,282			33,387,549
Premises and equipment, net		321,062			311,277			282,775
Equity method investment		380,982			436,707			433,073
Accrued interest receivable		219,395			214,080			220,232
Goodwill		1,848,904			1,849,260			1,846,973
Core deposits and other intangible assets		19,506			21,423			24,313
Other real estate owned		4,835			1,278			2,636
Other assets		2,962,187			2,605,173			2,633,507
Total assets	$	54,801,451		$	52,589,449		$	49,366,969
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing	$	8,640,759		$	8,170,448		$	7,932,882
Interest-bearing		14,301,168			14,125,194			12,600,723
Savings and money market accounts		17,116,882			16,197,397			14,437,407
Time		4,940,435			4,349,953			4,799,368
Total deposits		44,999,244			42,842,992			39,770,380
Securities sold under agreements to repurchase		258,454			230,244			220,885
Federal Home Loan Bank advances		1,775,470			1,874,134			2,110,885
Subordinated debt and other borrowings		426,263			425,821			425,380
Accrued interest payable		49,181			55,619			58,881
Other liabilities		655,602			728,758			605,890
Total liabilities		48,164,214			46,157,568			43,192,301
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 June 30, 2025, Dec. 31, 2024, and June 30, 2024, respectively		217,126			217,126			217,126
Common stock, par value $1.00; 180.0 million shares authorized; 77.5 million, 77.2 million and 77.2 million shares issued and outstanding at June 30, 2025, Dec. 31, 2024, and June 30, 2024, respectively		77,548			77,242			77,217
Additional paid-in capital		3,131,498			3,129,680			3,110,993
Retained earnings		3,429,363			3,175,777			2,919,923
Accumulated other comprehensive loss, net of taxes		(218,298	)		(167,944	)		(150,591	)
Total shareholders’ equity		6,637,237			6,431,881			6,174,668
Total liabilities and shareholders’ equity	$	54,801,451		$	52,589,449		$	49,366,969
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									Six months ended
	June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Interest income:
Loans, including fees	$	568,857		$	547,368		$	551,659		$	1,116,225		$	1,092,858
Securities
Taxable		66,989			61,853			51,578			128,842			96,048
Tax-exempt		27,104			25,230			24,372			52,334			48,972
Federal funds sold and other		31,820			33,709			40,781			65,529			80,995
Total interest income		694,770			668,160			668,390			1,362,930			1,318,873
Interest expense:
Deposits		284,614			273,393			304,449			558,007			605,417
Securities sold under agreements to repurchase		1,222			1,026			1,316			2,248			2,715
FHLB advances and other borrowings		29,401			29,313			30,363			58,714			60,445
Total interest expense		315,237			303,732			336,128			618,969			668,577
Net interest income		379,533			364,428			332,262			743,961			650,296
Provision for credit losses		24,245			16,960			30,159			41,205			64,656
Net interest income after provision for credit losses		355,288			347,468			302,103			702,756			585,640
Noninterest income:
Service charges on deposit accounts		17,092			17,028			14,563			34,120			28,002
Investment services		19,324			18,817			15,720			38,141			30,471
Insurance sales commissions		3,693			4,674			3,715			8,367			7,567
Gains on mortgage loans sold, net		1,965			2,507			3,270			4,472			6,149
Investment losses on sales of securities, net		—			(12,512	)		(72,103	)		(12,512	)		(72,103	)
Trust fees		9,280			9,340			8,323			18,620			15,738
Income from equity method investment		26,027			20,405			18,688			46,432			34,723
Gain on sale of fixed assets		202			210			325			412			383
Other noninterest income		47,874			37,957			41,787			85,831			93,461
Total noninterest income		125,457			98,426			34,288			223,883			144,391
Noninterest expense:
Salaries and employee benefits		181,246			172,089			150,117			353,335			296,127
Equipment and occupancy		48,043			46,180			41,036			94,223			80,682
Other real estate, net		137			58			22			195			106
Marketing and other business development		8,772			8,666			6,776			17,438			12,901
Postage and supplies		3,192			3,370			3,135			6,562			5,906
Amortization of intangibles		1,400			1,417			1,568			2,817			3,152
Other noninterest expense		43,656			43,707			68,735			87,363			114,880
Total noninterest expense		286,446			275,487			271,389			561,933			513,754
Income before income taxes		194,299			170,407			65,002			364,706			216,277
Income tax expense		35,759			29,999			11,840			65,758			39,171
Net income		158,540			140,408			53,162			298,948			177,106
Preferred stock dividends		(3,798	)		(3,798	)		(3,798	)		(7,596	)		(7,596	)
Net income available to common shareholders	$	154,742		$	136,610		$	49,364		$	291,352		$	169,510
Per share information:
Basic net income per common share	$	2.01		$	1.78		$	0.65		$	3.79		$	2.22
Diluted net income per common share	$	2.00		$	1.77		$	0.64		$	3.77		$	2.21
Weighted average common shares outstanding:
Basic		76,891,035			76,726,545			76,506,121			76,809,244			76,392,287
Diluted		77,277,054			76,964,625			76,644,227			77,212,262			76,531,419
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, 2023	$	217,126	76,767		$	76,767		$	3,109,493		$	2,784,927		$	(152,525	)	$	6,035,788
Preferred dividends paid ($33.76 per share)		—	—			—			—			(7,596	)		—			(7,596	)
Common dividends paid ($0.44 per share)		—	—			—			—			(34,514	)		—			(34,514	)
Issuance of restricted common shares		—	212			212			(212	)		—			—			—
Forfeiture of restricted common shares		—	(18	)		(18	)		18			—			—			—
Restricted shares withheld for taxes & related tax benefits		—	(55	)		(55	)		(4,529	)		—			—			(4,584	)
Issuance of common stock pursuant to restricted stock unit (RSU) and performance stock unit (PSU) agreements, net of shares withheld for taxes & related tax benefits		—	311			311			(14,739	)		—			—			(14,428	)
Compensation expense for restricted shares, RSUs and PSUs		—	—			—			20,962			—			—			20,962
Net income		—	—			—			—			177,106			—			177,106
Other comprehensive gain		—	—			—			—			—			1,934			1,934
Balance at June 30, 2024	$	217,126	77,217		$	77,217		$	3,110,993		$	2,919,923		$	(150,591	)	$	6,174,668
Balance at December 31, 2024	$	217,126	77,242		$	77,242		$	3,129,680		$	3,175,777		$	(167,944	)	$	6,431,881
Preferred dividends paid ($33.76 per share)		—	—			—			—			(7,596	)		—			(7,596	)
Common dividends paid ($0.48 per share)		—	—			—			—			(37,766	)		—			(37,766	)
Issuance of restricted common shares		—	162			162			(162	)		—			—			—
Forfeiture of restricted common shares		—	(21	)		(21	)		21			—			—			—
Restricted shares withheld for taxes & related tax benefits		—	(55	)		(55	)		(6,211	)		—			—			(6,266	)
Issuance of common stock pursuant to RSU and PSU agreements, net of shares withheld for taxes & related tax benefits		—	220			220			(13,409	)		—			—			(13,189	)
Compensation expense for restricted shares, RSUs and PSUs		—	—			—			21,579			—			—			21,579
Net income		—	—			—			—			298,948			—			298,948
Other comprehensive loss		—	—			—			—			—			(50,354	)		(50,354	)
Balance at June 30, 2025	$	217,126	77,548		$	77,548		$	3,131,498		$	3,429,363		$	(218,298	)	$	6,637,237

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands)	June			March		December		September		June		March
	2025			2025		2024		2024		2024		2024
Balance sheet data, at quarter end:
Commercial and industrial loans	$	14,905,306		14,131,312		13,815,817		12,986,865		12,328,622		11,893,198
Commercial real estate – owner occupied loans		4,744,806		4,594,376		4,388,531		4,264,743		4,217,351		4,044,973
Commercial real estate – investment loans		5,891,694		5,977,583		5,931,420		5,919,235		5,998,326		6,138,711
Commercial real estate – multifamily and other loans		2,393,696		2,360,515		2,198,698		2,213,153		2,185,858		1,924,931
Consumer real estate – mortgage loans		5,163,761		4,977,358		4,914,482		4,907,766		4,874,846		4,828,416
Construction and land development loans		3,412,060		3,525,860		3,699,321		3,486,504		3,621,563		3,818,334
Consumer and other loans		593,841		569,742		537,507		530,044		542,584		514,310
Total loans		37,105,164		36,136,746		35,485,776		34,308,310		33,769,150		33,162,873
Allowance for credit losses		(422,125	)	(417,462	)	(414,494	)	(391,534	)	(381,601	)	(371,337	)
Securities		9,066,651		8,718,794		8,381,268		8,293,241		7,882,891		7,371,847
Total assets		54,801,451		54,254,804		52,589,449		50,701,888		49,366,969		48,894,196
Noninterest-bearing deposits		8,640,759		8,507,351		8,170,448		8,229,394		7,932,882		7,958,739
Total deposits		44,999,244		44,479,463		42,842,992		40,954,888		39,770,380		39,402,025
Securities sold under agreements to repurchase		258,454		263,993		230,244		209,956		220,885		201,418
FHLB advances		1,775,470		1,886,011		1,874,134		2,146,395		2,110,885		2,116,417
Subordinated debt and other borrowings		426,263		426,042		425,821		425,600		425,380		425,159
Total shareholders’ equity		6,637,237		6,543,142		6,431,881		6,344,258		6,174,668		6,103,851
Balance sheet data, quarterly averages:
Total loans	$	36,967,754		36,041,530		34,980,900		34,081,759		33,516,804		33,041,954
Securities		8,986,542		8,679,934		8,268,583		8,176,250		7,322,588		7,307,201
Federal funds sold and other		2,854,113		2,958,593		3,153,751		2,601,267		3,268,307		3,274,062
Total earning assets		48,808,409		47,680,057		46,403,234		44,859,276		44,107,699		43,623,217
Total assets		53,824,500		52,525,831		51,166,643		49,535,543		48,754,091		48,311,260
Noninterest-bearing deposits		8,486,681		8,206,751		8,380,760		8,077,655		8,000,159		7,962,217
Total deposits		44,233,628		43,018,951		41,682,341		40,101,199		39,453,828		38,995,709
Securities sold under agreements to repurchase		255,662		230,745		223,162		230,340		213,252		210,888
FHLB advances		1,838,449		1,877,596		2,006,736		2,128,793		2,106,786		2,214,489
Subordinated debt and other borrowings		427,805		427,624		427,503		427,380		427,256		428,281
Total shareholders’ equity		6,601,662		6,515,904		6,405,867		6,265,710		6,138,722		6,082,616
Statement of operations data, for the three months ended:
Interest income	$	694,770		668,160		684,360		694,865		668,390		650,483
Interest expense		315,237		303,732		320,570		343,361		336,128		332,449
Net interest income		379,533		364,428		363,790		351,504		332,262		318,034
Provision for credit losses		24,245		16,960		29,652		26,281		30,159		34,497
Net interest income after provision for credit losses		355,288		347,468		334,138		325,223		302,103		283,537
Noninterest income		125,457		98,426		111,545		115,242		34,288		110,103
Noninterest expense		286,446		275,487		261,897		259,319		271,389		242,365
Income before income taxes		194,299		170,407		183,786		181,146		65,002		151,275
Income tax expense		35,759		29,999		32,527		34,455		11,840		27,331
Net income		158,540		140,408		151,259		146,691		53,162		123,944
Preferred stock dividends		(3,798	)	(3,798	)	(3,798	)	(3,798	)	(3,798	)	(3,798	)
Net income available to common shareholders	$	154,742		136,610		147,461		142,893		49,364		120,146
Profitability and other ratios:
Return on avg. assets (1)		1.15	%	1.05	%	1.15	%	1.15	%	0.41	%	1.00	%
Return on avg. equity (1)		9.40	%	8.50	%	9.16	%	9.07	%	3.23	%	7.94	%
Return on avg. common equity (1)		9.72	%	8.80	%	9.48	%	9.40	%	3.35	%	8.24	%
Return on avg. tangible common equity (1)		13.75	%	12.51	%	13.58	%	13.61	%	4.90	%	12.11	%
Common stock dividend payout ratio (14)		12.73	%	15.53	%	14.72	%	16.73	%	17.29	%	12.59	%
Net interest margin (2)		3.23	%	3.21	%	3.22	%	3.22	%	3.14	%	3.04	%
Noninterest income to total revenue (3)		24.84	%	21.27	%	23.47	%	24.69	%	9.35	%	25.72	%
Noninterest income to avg. assets (1)		0.93	%	0.76	%	0.87	%	0.93	%	0.28	%	0.92	%
Noninterest exp. to avg. assets (1)		2.13	%	2.13	%	2.04	%	2.08	%	2.24	%	2.02	%
Efficiency ratio (4)		56.72	%	59.52	%	55.10	%	55.56	%	74.04	%	56.61	%
Avg. loans to avg. deposits		83.57	%	83.78	%	83.92	%	84.99	%	84.95	%	84.73	%
Securities to total assets		16.54	%	16.07	%	15.94	%	16.36	%	15.97	%	15.08	%
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
	June 30, 2025							June 30, 2024
	Average Balances		Interest		Rates/ Yields			Average Balances		Interest		Rates/ Yields
Interest-earning assets
Loans (1) (2)	$	36,967,754	$	568,857	6.26	%		$	33,516,804	$	551,659	6.71	%
Securities
Taxable		5,625,309		66,989	4.78	%			4,085,859		51,578	5.08	%
Tax-exempt (2)		3,361,233		27,104	3.87	%			3,236,729		24,372	3.61	%
Interest-bearing due from banks		2,523,742		26,449	4.20	%			2,541,394		33,607	5.32	%
Resell agreements		77,378		2,116	10.97	%			476,435		3,641	3.07	%
Federal funds sold		—		—	—	%			—		—	—	%
Other		252,993		3,255	5.16	%			250,478		3,533	5.67	%
Total interest-earning assets		48,808,409	$	694,770	5.82	%			44,107,699	$	668,390	6.20	%
Nonearning assets
Intangible assets		1,869,405							1,872,282
Other nonearning assets		3,146,686							2,774,110
Total assets	$	53,824,500						$	48,754,091
Interest-bearing liabilities
Interest-bearing deposits:
Interest checking		14,220,572		114,693	3.23	%			12,118,160		118,785	3.94	%
Savings and money market		16,816,295		124,409	2.97	%			14,659,713		134,399	3.69	%
Time		4,710,080		45,512	3.88	%			4,675,796		51,265	4.41	%
Total interest-bearing deposits		35,746,947		284,614	3.19	%			31,453,669		304,449	3.89	%
Securities sold under agreements to repurchase		255,662		1,222	1.92	%			213,252		1,316	2.48	%
Federal Home Loan Bank advances		1,838,449		21,325	4.65	%			2,106,786		24,395	4.66	%
Subordinated debt and other borrowings		427,805		8,076	7.57	%			427,256		5,968	5.62	%
Total interest-bearing liabilities		38,268,863		315,237	3.30	%			34,200,963		336,128	3.95	%
Noninterest-bearing deposits		8,486,681		—	—				8,000,159		—	—
Total deposits and interest-bearing liabilities		46,755,544	$	315,237	2.70	%			42,201,122	$	336,128	3.20	%
Other liabilities		467,294							414,247
Shareholders’ equity		6,601,662							6,138,722
Total liabilities and shareholders’ equity	$	53,824,500						$	48,754,091
Netinterestincome			$	379,533						$	332,262
Net interest spread (3)					2.52	%						2.25	%
Net interest margin (4)					3.23	%						3.14	%
(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 $13.8 million of taxable equivalent income for the three months ended June 30, 2025 compared to $11.9 million for the three months ended June 30, 2024. The tax-exempt benefit has been reduced by the projected impact of tax-exempt income that will be disallowed pursuant to IRS Regulations as of and for the then current period presented.
(3) Yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. The net interest spread calculation excludes the impact of demand deposits. Had the impact of demand deposits been included, the net interest spread for the three months ended June 30, 2025 would have been 3.12% compared to a net interest spread of 3.00% for the three months ended June 30, 2024.
(4) Net interest margin is the result of annualized net interest income calculated on a tax equivalent basis divided by average interest-earning assets for the period.
This information is preliminary and based on company data available at the time of the presentation.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS-UNAUDITED
(dollars in thousands)	Six months ended							Six months ended
	June 30, 2025							June 30, 2024
	Average Balances		Interest		Rates/ Yields			Average Balances		Interest		Rates/ Yields
Interest-earning assets
Loans (1) (2)	$	36,507,201	$	1,116,225	6.25	%		$	33,279,379	$	1,092,858	6.69	%
Securities
Taxable		5,529,552		128,842	4.70	%			4,002,696		96,048	4.83	%
Tax-exempt (2)		3,304,533		52,334	3.82	%			3,312,198		48,972	3.54	%
Interest-bearing due from banks		2,584,209		55,342	4.32	%			2,509,097		66,359	5.32	%
Resell agreements		67,945		3,751	11.13	%			510,111		7,499	2.96	%
Federal funds sold		—		—	—	%			—		—	—	%
Other		253,890		6,436	5.11	%			251,976		7,137	5.70	%
Total interest-earning assets		48,247,330	$	1,362,930	5.81	%			43,865,457	$	1,318,873	6.15	%
Nonearning assets
Intangible assets		1,869,783							1,873,076
Other nonearning assets		3,061,641							2,794,141
Total assets	$	53,178,754						$	48,532,674
Interest-bearing liabilities
Interest-bearing deposits:
Interest checking		14,178,740		226,444	3.22	%			11,842,966		231,513	3.93	%
Savings and money market		16,581,963		243,251	2.96	%			14,634,200		269,151	3.70	%
Time		4,521,453		88,312	3.94	%			4,766,414		104,753	4.42	%
Total interest-bearing deposits		35,282,156		558,007	3.19	%			31,243,580		605,417	3.90	%
Securities sold under agreements to repurchase		243,273		2,248	1.86	%			212,070		2,715	2.57	%
Federal Home Loan Bank advances		1,857,914		42,596	4.62	%			2,160,637		48,515	4.52	%
Subordinated debt and other borrowings		427,715		16,118	7.60	%			427,768		11,930	5.61	%
Total interest-bearing liabilities		37,811,058		618,969	3.30	%			34,044,055		668,577	3.95	%
Noninterest-bearing deposits		8,347,489		—	—				7,981,188		—	—
Total deposits and interest-bearing liabilities		46,158,547	$	618,969	2.70	%			42,025,243	$	668,577	3.20	%
Other liabilities		461,187							396,762
Shareholders’ equity		6,559,020							6,110,669
Total liabilities and shareholders’ equity	$	53,178,754						$	48,532,674
Netinterestincome			$	743,961						$	650,296
Net interest spread (3)					2.51	%						2.21	%
Net interest margin (4)					3.22	%						3.09	%
(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 $26.3 million of taxable equivalent income for the six months ended June 30, 2025 compared to $23.7 million for the six months ended June 30, 2024. The tax-exempt benefit has been reduced by the projected impact of tax-exempt income that will be disallowed pursuant to IRS Regulations as of and for the then current period presented.
(3) Yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. The net interest spread calculation excludes the impact of demand deposits. Had the impact of demand deposits been included, the net interest spread for the six months ended June 30, 2025 would have been 3.10% compared to a net interest spread of 2.96% for the six months ended June 30, 2024.
(4) Net interest margin is the result of annualized net interest income calculated on a tax equivalent basis divided by average interest-earning assets for the period.
This information is preliminary and based on company data available at the time of the presentation.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands)	June			March		December		September		June		March
	2025			2025		2024		2024		2024		2024
Asset quality information and ratios:
Nonperforming assets:
Nonaccrual loans	$	157,170		171,570		147,825		119,293		97,649		108,325
ORE and other nonperforming assets (NPAs)		4,835		3,656		1,280		823		2,760		2,766
Total nonperforming assets	$	162,005		175,226		149,105		120,116		100,409		111,091
Past due loans over 90 days and still accruing interest	$	4,652		4,337		3,515		3,611		4,057		5,273
Accruing purchase credit deteriorated loans	$	10,344		12,215		13,877		5,715		6,021		6,222
Net loan charge-offs	$	18,737		13,992		20,807		18,348		22,895		16,215
Allowance for credit losses to nonaccrual loans		268.6	%	243.3	%	280.4	%	328.2	%	390.8	%	342.8	%
As a percentage of total loans:
Past due accruing loans over 30 days		0.14	%	0.14	%	0.15	%	0.16	%	0.16	%	0.17	%
Potential problem loans		0.12	%	0.15	%	0.13	%	0.14	%	0.18	%	0.28	%
Allowance for credit losses		1.14	%	1.16	%	1.17	%	1.14	%	1.13	%	1.12	%
Nonperforming assets to total loans, ORE and other NPAs		0.44	%	0.48	%	0.42	%	0.35	%	0.30	%	0.33	%
Classified asset ratio (Pinnacle Bank) (6)		3.9	%	4.4	%	3.8	%	3.9	%	4.0	%	4.9	%
Annualized net loan charge-offs to avg. loans (5)		0.20	%	0.16	%	0.24	%	0.21	%	0.27	%	0.20	%
Interest rates and yields:
Loans		6.26	%	6.24	%	6.42	%	6.75	%	6.71	%	6.67	%
Securities		4.44	%	4.30	%	4.27	%	4.58	%	4.43	%	4.06	%
Total earning assets		5.82	%	5.79	%	5.97	%	6.27	%	6.20	%	6.11	%
Total deposits, including non-interest bearing		2.58	%	2.58	%	2.74	%	3.08	%	3.10	%	3.10	%
Securities sold under agreements to repurchase		1.92	%	1.80	%	2.11	%	2.58	%	2.48	%	2.67	%
FHLB advances		4.65	%	4.59	%	4.59	%	4.66	%	4.66	%	4.38	%
Subordinated debt and other borrowings		7.57	%	7.63	%	8.11	%	5.97	%	5.62	%	5.60	%
Total deposits and interest-bearing liabilities		2.70	%	2.70	%	2.88	%	3.19	%	3.20	%	3.20	%
Capital and other ratios (6):
Pinnacle Financial ratios:
Shareholders’ equity to total assets		12.1	%	12.1	%	12.2	%	12.5	%	12.5	%	12.5	%
Common equity Tier one		10.7	%	10.7	%	10.8	%	10.8	%	10.7	%	10.4	%
Tier one risk-based		11.2	%	11.2	%	11.3	%	11.4	%	11.2	%	10.9	%
Total risk-based		13.0	%	13.0	%	13.1	%	13.2	%	13.2	%	12.9	%
Leverage		9.5	%	9.5	%	9.6	%	9.6	%	9.5	%	9.5	%
Tangible common equity to tangible assets		8.6	%	8.5	%	8.6	%	8.7	%	8.6	%	8.5	%
Pinnacle Bank ratios:
Common equity Tier one		11.5	%	11.5	%	11.6	%	11.7	%	11.5	%	11.3	%
Tier one risk-based		11.5	%	11.5	%	11.6	%	11.7	%	11.5	%	11.3	%
Total risk-based		12.4	%	12.4	%	12.5	%	12.6	%	12.5	%	12.2	%
Leverage		9.7	%	9.7	%	9.8	%	9.8	%	9.7	%	9.7	%
Construction and land development loans as a percentage of total capital (17)		61.8	%	65.6	%	70.5	%	68.2	%	72.9	%	77.5	%
Non-owner occupied commercial real estate and multi-family as a percentage of total capital (17)		228.6	%	236.4	%	242.2	%	243.3	%	254.0	%	258.0	%
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)	June			March		December		September		June		March
	2025			2025		2024		2024		2024		2024
Per share data:
Earnings per common share – basic	$	2.01		1.78		1.93		1.87		0.65		1.58
Earnings per common share – basic, excluding non-GAAP adjustments	$	2.01		1.90		1.92		1.87		1.63		1.54
Earnings per common share – diluted	$	2.00		1.77		1.91		1.86		0.64		1.57
Earnings per common share – diluted, excluding non-GAAP adjustments	$	2.00		1.90		1.90		1.86		1.63		1.53
Common dividends per share	$	0.24		0.24		0.22		0.22		0.22		0.22
Book value per common share at quarter end (7)	$	82.79		81.57		80.46		79.33		77.15		76.23
Tangible book value per common share at quarter end (7)	$	58.70		57.47		56.24		55.12		52.92		51.98
Revenue per diluted common share	$	6.53		6.01		6.14		6.08		4.78		5.60
Revenue per diluted common share, excluding non-GAAP adjustments	$	6.53		6.18		6.14		6.08		5.72		5.45
Investor information:
Closing sales price of common stock on last trading day of quarter	$	110.41		106.04		114.39		97.97		80.04		85.88
High closing sales price of common stock during quarter	$	111.51		126.15		129.87		100.56		84.70		91.82
Low closing sales price of common stock during quarter	$	87.19		99.42		92.95		76.97		74.62		79.26
Closing sales price of depositary shares on last trading day of quarter	$	23.91		24.10		24.23		24.39		23.25		23.62
High closing sales price of depositary shares during quarter	$	24.56		25.25		25.02		24.50		23.85		24.44
Low closing sales price of depositary shares during quarter	$	23.76		24.10		24.23		23.25		22.93		22.71
Other information:
Residential mortgage loan sales:
Gross loans sold	$	192,859		145,645		185,707		209,144		217,080		148,576
Gross fees (8)	$	4,068		3,761		4,360		4,974		5,368		3,540
Gross fees as a percentage of loans originated		2.11	%	2.58	%	2.35	%	2.38	%	2.47	%	2.38	%
Net gain on residential mortgage loans sold	$	1,965		2,507		2,344		2,643		3,270		2,879
Investment gains (losses) on sales of securities, net (13)	$	—		(12,512	)	249		—		(72,103	)	—
Brokerage account assets, at quarter end (9)	$	14,665,349		13,324,592		13,086,359		12,791,337		11,917,578		10,756,108
Trust account managed assets, at quarter end	$	7,664,867		7,293,630		7,061,868		6,830,323		6,443,916		6,297,887
Core deposits (10)	$	39,761,037		40,012,999		38,046,904		35,764,640		34,957,827		34,638,610
Core deposits to total funding (10)		83.8	%	85.0	%	83.9	%	81.8	%	82.2	%	82.2	%
Risk-weighted assets	$	44,413,507		43,210,918		41,976,450		40,530,585		39,983,191		40,531,311
Number of offices		137		136		137		136		135		128
Total core deposits per office	$	290,227		294,213		277,715		262,975		258,947		270,614
Total assets per full-time equivalent employee	$	15,109		15,092		14,750		14,418		14,231		14,438
Annualized revenues per full-time equivalent employee	$	558.5		522.2		530.4		528.0		425.0		508.5
Annualized expenses per full-time equivalent employee	$	316.8		310.8		292.2		293.4		314.6		287.8
Number of employees (full-time equivalent)		3,627.0		3,595.0		3,565.5		3,516.5		3,469.0		3,386.5
Associate retention rate (11)		93.4	%	94.3	%	94.5	%	94.6	%	94.4	%	94.2	%
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								Six months ended
(dollars in thousands, except per share data)	June			March		June			June		June
	2025			2025		2024			2025		2024
Net interest income	$	379,533		364,428		332,262			743,961		650,296
Noninterest income		125,457		98,426		34,288			223,883		144,391
Total revenues		504,990		462,854		366,550			967,844		794,687
Less: Investment losses on sales of securities, net		—		12,512		72,103			12,512		72,103
Recognition of mortgage servicing asset		—		—		—			—		(11,812	)
Total revenues excluding the impact of adjustments noted above	$	504,990		475,366		438,653			980,356		854,978
Noninterest expense	$	286,446		275,487		271,389			561,933		513,754
Less: ORE expense		137		58		22			195		106
FDIC special assessment		—		—		—			—		7,250
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives		—		—		28,400			—		28,400
Noninterest expense excluding the impact of adjustments noted above	$	286,309		275,429		242,967			561,738		477,998
Pre-tax income	$	194,299		170,407		65,002			364,706		216,277
Provision for credit losses		24,245		16,960		30,159			41,205		64,656
Pre-tax pre-provision net revenue		218,544		187,367		95,161			405,911		280,933
Less: Adjustments noted above		137		12,570		100,525			12,707		96,047
Adjusted pre-tax pre-provision net revenue (12)	$	218,681		199,937		195,686			418,618		376,980
Noninterest income	$	125,457		98,426		34,288			223,883		144,391
Less: Adjustments noted above		—		12,512		72,103			12,512		60,291
Noninterest income excluding the impact of adjustments noted above	$	125,457		110,938		106,391			236,395		204,682
Efficiency ratio (4)		56.72	%	59.52	%	74.04	%		58.06	%	64.65	%
Less: Adjustments noted above		(0.03	)%	(1.58	)%	(18.65	)%		(0.76	)%	(8.74	)%
Efficiency ratio excluding adjustments noted above (4)		56.70	%	57.94	%	55.39	%		57.30	%	55.91	%
Total average assets	$	53,824,500		52,525,831		48,754,091			53,178,754		48,532,674
Noninterest income to average assets (1)		0.93	%	0.76	%	0.28	%		0.85	%	0.60	%
Less: Adjustments noted above		—	%	0.10	%	0.60	%		0.05	%	0.25	%
Noninterest income (excluding adjustments noted above) to average assets (1)		0.93	%	0.86	%	0.88	%		0.90	%	0.85	%
Noninterest expense to average assets (1)		2.13	%	2.13	%	2.24	%		2.13	%	2.13	%
Less: Adjustments as noted above		—	%	—	%	(0.24	)%		—	%	(0.15	)%
Noninterest expense (excluding adjustments noted above) to average assets (1)		2.13	%	2.13	%	2.00	%		2.13	%	1.98	%
This information is preliminary and based on company data available at the time of the presentation. Numbers may not foot due to rounding.

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)	June			March		December		September		June		March
	2025			2025		2024		2024		2024		2024
Net income available to common shareholders	$	154,742		136,610		147,461		142,893		49,364		120,146
Investment (gains) losses on sales of securities, net		—		12,512		(249	)	—		72,103		—
Loss on BOLI restructuring		—		—		—		—		—		—
ORE expense		137		58		58		56		22		84
FDIC special assessment		—		—		—		—		—		7,250
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)		(34	)	(3,143	)	48		(14	)	(25,131	)	1,120
Net income available to common shareholders excluding adjustments noted above	$	154,844		146,037		147,318		142,935		124,758		116,788
Basic earnings per common share	$	2.01		1.78		1.93		1.87		0.65		1.58
Less:
Investment (gains) losses on sales of securities, net		—		0.16		(0.01	)	—		0.94		—
ORE expense		—		—		—		—		—		—
FDIC special assessment		—		—		—		—		—		0.10
Recognition of mortgage servicing asset		—		—		—		—		—		(0.15	)
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives		—		—		—		—		0.37		—
Tax effect on above noted adjustments (16)		—		(0.04	)	—		—		(0.33	)	0.01
Basic earnings per common share excluding adjustments noted above	$	2.01		1.90		1.92		1.87		1.63		1.54
Diluted earnings per common share	$	2.00		1.77		1.91		1.86		0.64		1.57
Less:
Investment (gains) losses on sales of securities, net		—		0.16		(0.01	)	—		0.94		—
ORE expense		—		—		—		—		—		—
FDIC special assessment		—		—		—		—		—		0.10
Recognition of mortgage servicing asset		—		—		—		—		—		(0.15	)
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives		—		—		—		—		0.37		—
Tax effect on above noted adjustments (16)		—		(0.04	)	—				(0.32	)	0.01
Diluted earnings per common share excluding the adjustments noted above	$	2.00		1.90		1.90		1.86		1.63		1.53
Revenue per diluted common share	$	6.53		6.01		6.14		6.08		4.78		5.60
Adjustments due to revenue-impacting items as noted above		—		0.16		—		—		0.94		(0.15	)
Revenue per diluted common share excluding adjustments due to revenue-impacting items as noted above	$	6.53		6.18		6.14		6.08		5.72		5.45
Book value per common share at quarter end (7)	$	82.79		81.57		80.46		79.33		77.15		76.23
Adjustment due to goodwill, core deposit and other intangible assets		(24.09	)	(24.10	)	(24.22	)	(24.21	)	(24.23	)	(24.25	)
Tangible book value per common share at quarter end (7)	$	58.70		57.47		56.24		55.12		52.92		51.98
Equity method investment (15)
Fee income from BHG, net of amortization	$	26,027		20,405		12,070		16,379		18,688		16,035
Funding cost to support investment		5,205		5,515		4,869		5,762		5,704		5,974
Pre-tax impact of BHG		20,822		14,890		7,201		10,617		12,984		10,061
Income tax expense at statutory rates (16)		5,206		3,723		1,800		2,654		3,246		2,515
Earnings attributable to BHG	$	15,617		11,168		5,401		7,963		9,738		7,546
Basic earnings per common share attributable to BHG	$	0.20		0.15		0.07		0.10		0.13		0.10
Diluted earnings per common share attributable to BHG	$	0.20		0.15		0.07		0.10		0.13		0.10
This information is preliminary and based on company data available at the time of the presentation. Numbers may not foot due to rounding.

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
		Six months ended
(dollars in thousands, except per share data)		June 30,
		2025			2024
Net income available to common shareholders		$	291,352		169,510
Investment losses on sales of securities, net			12,512		72,103
ORE expense			195		106
FDIC special assessment			—		7,250
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)			(3,177	)	(24,012	)
Net income available to common shareholders excluding adjustments noted above		$	300,882		241,545
Basic earnings per common share		$	3.79		2.22
Less:
Investment losses on sales of securities, net			0.16		0.94
ORE expense			—		—
FDIC special assessment			—		0.09
Recognition of mortgage servicing asset			—		(0.15	)
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives			—		0.37
Tax effect on above noted adjustments (16)			(0.04	)	(0.31	)
Basic earnings per common share excluding adjustments noted above		$	3.92		3.16
Diluted earnings per common share			3.77		2.21
Less:
Investment losses on sales of securities, net			0.16		0.94
ORE expense			—		—
FDIC special assessment			—		0.09
Recognition of mortgage servicing asset			—		(0.15	)
Fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives			—		0.37
Tax effect on above noted adjustments (16)			(0.04	)	(0.31	)
Diluted earnings per common share excluding the adjustments noted above		$	3.90		3.16
Revenue per diluted common share		$	12.53		10.38
Adjustments due to revenue-impacting items as noted above			0.16		0.79
Revenue per diluted common share excluding adjustments due to revenue-impacting items noted above		$	12.70		11.17
Equity method investment (15)
Fee income from BHG, net of amortization		$	46,432		34,723
Funding cost to support investment			10,720		11,584
Pre-tax impact of BHG			35,712		23,139
Income tax expense at statutory rates (16)			8,928		5,785
Earnings attributable to BHG		$	26,784		17,354
Basic earnings per common share attributable to BHG		$	0.35		0.23
Diluted earnings per common share attributable to BHG		$	0.35		0.23
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								Six months ended
(dollars in thousands, except per share data)	June			March		June			June			June
	2025			2025		2024			2025			2024
Return on average assets (1)		1.15	%	1.05	%	0.41	%			1.10	%	0.70	%
Adjustments as noted above		—	%	0.07	%	0.62	%			0.04	%	0.30	%
Return on average assets excluding adjustments noted above (1)		1.15	%	1.13	%	1.03	%			1.14	%	1.00	%
Tangible assets:
Total assets	$	54,801,451		54,254,804		49,366,969			$	54,801,451		49,366,969
Less: Goodwill		(1,848,904	)	(1,849,260	)	(1,846,973	)			(1,848,904	)	(1,846,973	)
Core deposit and other intangible assets		(19,506	)	(20,007	)	(24,313	)			(19,506	)	(24,313	)
Net tangible assets	$	52,933,041		52,385,537		47,495,683			$	52,933,041		47,495,683
Tangible common equity:
Total shareholders’ equity	$	6,637,237		6,543,142		6,174,668			$	6,637,237		6,174,668
Less: Preferred shareholders’ equity		(217,126	)	(217,126	)	(217,126	)			(217,126	)	(217,126	)
Total common shareholders’ equity		6,420,111		6,326,016		5,957,542				6,420,111		5,957,542
Less: Goodwill		(1,848,904	)	(1,849,260	)	(1,846,973	)			(1,848,904	)	(1,846,973	)
Core deposit and other intangible assets		(19,506	)	(20,007	)	(24,313	)			(19,506	)	(24,313	)
Net tangible common equity	$	4,551,701		4,456,749		4,086,256			$	4,551,701		4,086,256
Ratio of tangible common equity to tangible assets		8.60	%	8.51	%	8.60	%			8.60	%	8.60	%
Average tangible assets:
Average assets	$	53,824,500		52,525,831		48,754,091			$	53,178,754		48,532,674
Less: Average goodwill		(1,849,255	)	(1,849,260	)	(1,846,973	)			(1,849,258	)	(1,846,973	)
Average core deposit and other intangible assets		(20,150	)	(20,905	)	(25,309	)			(20,525	)	(26,103	)
Net average tangible assets	$	51,955,095		50,655,666		46,881,809			$	51,308,971		46,659,598
Return on average assets (1)		1.15	%	1.05	%	0.41	%			1.10	%	0.70	%
Adjustment due to goodwill, core deposit and other intangible assets		0.04	%	0.04	%	0.01	%			0.04	%	0.03	%
Return on average tangible assets (1)		1.19	%	1.09	%	0.42	%			1.15	%	0.73	%
Adjustments as noted above		—	%	0.08	%	0.65	%			0.04	%	0.31	%
Return on average tangible assets excluding adjustments noted above (1)		1.20	%	1.17	%	1.07	%			1.18	%	1.04	%
Average tangible common equity:
Average shareholders’ equity	$	6,601,662		6,515,904		6,138,722			$	6,559,020		6,110,669
Less: Average preferred equity		(217,126	)	(217,126	)	(217,126	)			(217,126	)	(217,126	)
Average common equity		6,384,536		6,298,778		5,921,596				6,341,894		5,893,543
Less: Average goodwill		(1,849,255	)	(1,849,260	)	(1,846,973	)			(1,849,258	)	(1,846,973	)
Average core deposit and other intangible assets		(20,150	)	(20,905	)	(25,309	)			(20,525	)	(26,103	)
Net average tangible common equity	$	4,515,131		4,428,613		4,049,314			$	4,472,111		4,020,467
Return on average equity (1)		9.40	%	8.50	%	3.23	%			8.96	%	5.58	%
Adjustment due to average preferred shareholders’ equity		0.32	%	0.29	%	0.12	%			0.31	%	0.20	%
Return on average common equity (1)		9.72	%	8.80	%	3.35	%			9.26	%	5.78	%
Adjustment due to goodwill, core deposit and other intangible assets		4.02	%	3.71	%	1.55	%			3.87	%	2.70	%
Return on average tangible common equity (1)		13.75	%	12.51	%	4.90	%			13.14	%	8.48	%
Adjustments as noted above		0.01	%	0.86	%	7.49	%			0.43	%	3.60	%
Return on average tangible common equity excluding adjustments noted above (1)		13.76	%	13.37	%	12.39	%			13.57	%	12.08	%
This information is preliminary and based on company data available at the time of the presentation. Numbers may not foot due to rounding.

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 the FDIC special assessment, the recognition of the mortgage servicing asset and fees related to terminating agreement to resell securities previously purchased and professional fees associated with capital optimization initiatives.

13. Represents investment gains (losses) on sales and impairments, net occurring as a result of gains or losses incurred as the result of a change in management’s intention to sell a bond prior to the recovery of its amortized cost basis.

14. The dividend payout ratio is calculated as the sum of the annualized dividend rate for dividends paid on common shares divided by the trailing 12-months fully diluted earnings per common share as of the dividend declaration date.

15. Earnings from equity method investment includes the impact of the funding costs of the overall franchise calculated using the firm’s subordinated and other borrowing rates. Income tax expense is calculated using statutory tax rates.

16. Tax effect calculated using the blended statutory rate of 25.00 percent for all periods.

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

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View source version on businesswire.com: https://www.businesswire.com/news/home/20250715202865/en/

MEDIA CONTACT: Joe Bass, 615-743-8219

FINANCIAL CONTACT: Harold Carpenter, 615-744-3742

WEBSITE: www.pnfp.com

KEYWORDS: United States North America Tennessee

INDUSTRY KEYWORDS: Banking Other Professional Services Professional Services Finance

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