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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

______________________


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 18, 2023

PINNACLE FINANCIAL PARTNERS, INC.
(Exact name of registrant as specified in charter)
Tennessee000-3122562-1812853
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
 Identification No.)
150 Third Avenue South, Suite 900, Nashville, Tennessee 37201
(Address of principal executive offices) (Zip Code)


Registrant's telephone number, including area code:   (615) 744-3700
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of Each ClassTrading SymbolName of Exchange on which Registered
Common Stock par value $1.00PNFPThe Nasdaq Stock Market LLC
Depositary Shares (each representing a 1/40th interest in a share of 6.75% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series B)PNFPPThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition.

      This Current Report on Form 8-K is being furnished to disclose the press release issued by Pinnacle Financial Partners, Inc., a Tennessee corporation (the "Company"), on July 18, 2023. The press release, which is furnished as Exhibit 99.1 hereto pursuant to Item 2.02 of Form 8-K, announced the Company's results of operations for the three and six months ended June 30, 2023.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PINNACLE FINANCIAL PARTNERS, INC.
 By:/s/Harold R. Carpenter
 Name:Harold R. Carpenter
 Title:Executive Vice President and
  Chief Financial Officer

Date: July 18, 2023



image2a.jpg
FOR IMMEDIATE RELEASE
MEDIA CONTACT:Joe Bass, 615-743-8219
FINANCIAL CONTACT:Harold Carpenter, 615-744-3742
WEBSITE: www.pnfp.com

PNFP REPORTS DILUTED EPS OF $2.54, ROAA OF 1.71% AND ROATCE OF 21.06% FOR 2Q23
2Q23 annualized linked-quarter, end-of-period loans grew 11.3%, while deposits grew 17.1%

NASHVILLE, TN, July 18, 2023 - Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income per diluted common share of $2.54 for the quarter ended June 30, 2023, compared to net income per diluted common share of $1.86 for the quarter ended June 30, 2022, an increase of 36.6 percent. Net income per diluted common share was $4.30 for the six months ended June 30, 2023, compared to $3.51 for the six months ended June 30, 2022, an increase of approximately 22.5 percent.
Excluding losses on the sale of investment securities, other real estate (ORE) expense and gains on the sale of fixed assets associated with the firm's sale-leaseback transaction for the three months ended June 30, 2023 and 2022, net income per diluted common share was $1.79 for the three months ended June 30, 2023, compared to $1.86 for the three months ended June 30, 2022, a decrease of 3.8 percent. Excluding losses on the sale of investment securities, other real estate (ORE) expense and gains on the sale of fixed assets associated with our sale-leaseback transaction for the six months ended June 30, 2023 and 2022, net income per diluted common share was $3.55 for the six months ended June 30, 2023, compared to $3.51 for the six months ended June 30, 2022, an increase of 1.1 percent.
"This proved to be another sound operating quarter especially given the results of several critical performance metrics such as asset quality, net interest income growth and tangible book value accretion," said M. Terry Turner, Pinnacle's president and chief executive officer. "Second quarter results continue to reflect our longstanding and ongoing ability to leverage our award-winning work environment and market-leading net promoter scores to take market share from our large national and regional competitors. The second quarter of 2023 also saw us increase our thrust and focus on gathering client funding, which is the 'raw material' that we need to support our outsized loan and earnings growth over time. Consequently, our relationship managers attracted client funding from across our footprint, which resulted in deposit growth of over $1.5 billion this quarter. Loan growth during the second quarter of 2023 was $855 million, or 11.3% linked-quarter annualized. This amount is consistent with the outlook we provided in connection with our first quarter results and is reflective of our deliberate efforts to moderate loan growth by constraining certain asset classes and elevating loan pricing.
"We also added 20 revenue producers during the quarter. Despite all the uncertainty plaguing the industry, we continue to invest in our proven relationship banking model and believe, even during times such as these, that a consistent focus on attracting and retaining highly successful revenue producers and their clients will enable us to continue compounding earnings and accreting tangible book value more reliably than peers.
"Our second quarter diluted earnings per share includes the positive impact of $0.84 per diluted common share from a sale-leaseback transaction that was executed during the second quarter. The gain from the sale-leaseback transaction was partially offset by the realized net loss of approximately $0.10 per diluted common share from the sale of approximately $174.0 million in available-for-sale investment securities."
.

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BALANCE SHEET GROWTH:

Total assets at June 30, 2023 were $46.9 billion, an increase of approximately $6.8 billion from June 30, 2022 and $1.8 billion from March 31, 2023, reflecting a year-over-year increase of 16.8 percent and a linked-quarter annualized increase of 15.6 percent, respectively. A further analysis of select balance sheet trends follows:
Balances at Linked-Quarter
Annualized
% Change		Balances atYear-over-Year
% Change
(dollars in thousands)June 30, 2023March 31, 2023June 30, 2022
Loans$31,153,290 $30,297,871 11.3%$26,333,096 18.3%
Less: PPP loans4,6506,382NM51,100(90.9)%
Loans excluding PPP loans31,148,64030,291,48911.3%26,281,99618.5%
Securities and other interest-earning assets10,625,30110,080,76921.6%9,342,54313.7%
Total interest-earning assets excluding PPP loans$41,773,941 $40,372,258 13.9%$35,624,539 17.3%
Core deposits:
Noninterest-bearing deposits$8,436,799 $9,018,439 (25.8)%$11,058,198 (23.7)%
Interest-bearing core deposits(1)
24,343,96823,035,67222.7%18,953,246 28.4%
Noncore deposits and other funding(2)
7,731,0826,865,00350.5%4,496,117 72.0%
Total funding $40,511,849 $38,919,114 16.4%$34,507,561 17.4%
(1): Interest-bearing core deposits are interest-bearing deposits, money market accounts, time deposits less than $250,000 including certain reciprocating time and money market deposits issued through the IntraFi Network.
(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.

"End-of-period loans grew by $855.4 million over last quarter, and end-of-period deposits grew by $1.5 billion over the same period, reflecting an annualized linked-quarter growth rate of 11.3 percent and 17.1 percent, respectfully," Turner said. "We continued to experience a mix shift in our deposits as more deposits moved from noninterest-bearing accounts to interest-bearing accounts, albeit at a lesser pace than the previous quarters. We anticipate that the reduction in noninterest bearing balances will slow from the pace of previous quarters this year.
"Our cumulative deposit beta at June 30, 2023 increased to 48.0 percent, which is consistent with our expectations. We believe with more rate hikes in the forecast for 2023, our funding costs will increase just not at the same rate as the second quarter increase. Furthermore, we anticipate that the impact of our hiring and usual seasonal growth will enable us to continue to grow our deposits for the remainder of the year at levels that should support our current outlook of high single-digit percentage deposit growth for 2023 over 2022."


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

Pre-tax, pre-provision net revenues (PPNR) for the three and six months ended June 30, 2023 were $277.6 million and $467.6 million, respectively, inclusive of $85.7 million of gain on the sale of fixed assets as a result of the sale-leaseback transaction completed in the three months ended June 30, 2023, an increase of 43.1 percent and 32.0 percent, respectively, from the $194.0 million and $354.3 million, respectively, recognized in the three and six months ended June 30, 2022.
Three months ended Six months ended
June 30,June 30,
(dollars in thousands)20232022 % change20232022% change
Revenues:
Net interest income$315,393 $264,574 19.2 %$627,624 $504,049 24.5 %
Noninterest income173,839 125,502 38.5 %263,368 228,998 15.0 %
Total revenues489,232 390,076 25.4 %890,992 733,047 21.5 %
Noninterest expense211,641 196,038 8.0 %423,368 378,699 11.8 %
Pre-tax, pre-provision net revenue (PPNR)277,591 194,038 43.1 %467,624 354,348 32.0 %
Adjustments:
Investment losses on sales of securities, net9,961 — NM9,961 61 NM
Gain on the sale of fixed assets as a result of sale leaseback(85,692)— NM(85,692)— NM
ORE expense 58 86 (32.6)%157 191 (17.8)%
Adjusted PPNR$201,918 $194,124 4.0 %$392,050 $354,600 10.6 %

•Revenue per fully diluted common share was $6.43 for the second quarter of 2023, compared to $5.28 for the first quarter of 2023 and $5.14 for the second quarter of 2022, a 25.1 percent year-over-year growth rate. Excluding net losses on sales of investment securities, gain on the sale of fixed assets as a result of the sale-leaseback transaction and ORE expense, revenue per fully diluted share for the second quarter of 2023 was $5.43.
•Net interest income for the quarter ended June 30, 2023 was $315.4 million, compared to $312.2 million for the first quarter of 2023 and $264.6 million for the second quarter of 2022, a year-over-year growth rate of 19.2 percent.
◦Revenues from PPP loans approximated $34,000 in the second quarter of 2023, compared to $20,000 in the first quarter of 2023 and $4.1 million in the second quarter of 2022. At June 30, 2023, remaining unamortized fees for PPP loans were approximately $192,000.
◦Included in net interest income for the second quarter of 2023 was $776,000 of discount accretion associated with fair value adjustments, compared to $852,000 of discount accretion recognized in the first quarter of 2023 and $1.6 million in the second quarter of 2022. There remains $1.9 million of purchase accounting discount accretion as of June 30, 2023.
•Noninterest income for the quarter ended June 30, 2023 was $173.8 million, compared to $89.5 million for the first quarter of 2023 and $125.5 million for the second quarter of 2022, a year-over-year increase of 38.5 percent.
◦Gain on the sale of fixed assets was $85.7 million for the quarter ended June 30, 2023, compared to $135,000 and $65,000, respectively, for the quarters ended March 31, 2023 and June 30, 2022. The quarter ended June 30, 2023 included a gain on the sale of fixed assets as a result of the sale-leaseback transaction completed in the second quarter of 2023 of $85.7 million.
◦Net losses on the sale of investment securities were $10.0 million for the quarter ended June 30, 2023, compared to no gains or losses for the quarters ended March 31, 2023 and June 30, 2022.
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◦Wealth management revenues, which include investment, trust and insurance services, were $24.1 million for the second quarter of 2023, compared to $22.5 million for the first quarter of 2023 and $21.8 million for the second quarter of 2022, a year-over-year increase of 10.2 percent.
◦During the second quarter of 2023, mortgage loans sold resulted in a $1.6 million net gain, compared to a $2.1 million net gain in the first quarter of 2023 and a $2.2 million net gain in the second quarter of 2022.
◦Income from the firm's investment in BHG was $26.9 million for the second quarter 2023, compared to $19.1 million for the first quarter of 2023 and $49.5 million for the second quarter of 2022, a year-over-year decline of 45.6 percent.
▪Loan originations increased to $1.1 billion in the second quarter of 2023 compared to $1.0 billion in the first quarter of 2023 and $1.1 billion in the second quarter of 2022.
▪Loans sold to BHG's community bank partners were approximately $523 million in the second quarter of 2023 compared to approximately $704 million in the first quarter of 2023 and $658 million in the second quarter of 2022. BHG also sold $557 million in loans to private investors during the second quarter of 2022.
▪BHG increased its reserves for on-balance sheet loan losses to $196 million, or 5.99 percent of loans held for investment at June 30, 2023, compared to 5.19 percent at March 31, 2023. BHG also increased its accrual for losses attributable to loan substitutions and prepayments for loans previously sold through its community bank auction platform to $369 million, or 5.87 percent of the loans that have been previously sold and were unpaid, at June 30, 2023 compared to 5.81 percent at March 31, 2023.
•Noninterest expense for the quarter ended June 30, 2023 was $211.6 million, compared to $211.7 million in the first quarter of 2023 and $196.0 million in the second quarter of 2022, reflecting a year-over-year increase of 8.0 percent.
◦Salaries and employee benefits were $132.4 million in the second quarter of 2023, compared to $135.7 million in the first quarter of 2023 and $126.6 million in the second quarter of 2022, reflecting a year-over-year increase of 4.6 percent.
▪Costs related to the firm's cash and equity incentive plans were $23.2 million in the second quarter of 2023, compared to $22.5 million in the first quarter of 2023 and $31.1 million in the second quarter of 2022.
▪The reduction in salaries and employee benefits expense was primarily due to the year-over-year decrease in the costs related to the firm's annual cash and equity incentive plans. Offsetting this decrease in part was the impact of full-time equivalent associates increasing to 3,309.0 at June 30, 2023, from 3,074.0 at June 30, 2022, a year-over-year increase in headcount of 7.6 percent.
◦Noninterest expense categories, other than salaries and employee benefits, were $79.2 million in the second quarter of 2023, compared to $76.0 million in the first quarter of 2023 and $69.4 million in the second quarter of 2022, reflecting a year-over-year increase of 14.1 percent.

"Our sale-leaseback transaction resulted in an $85.7 million gain on the sale of fixed assets during the second quarter of 2023," said Harold R. Carpenter, Pinnacle's chief financial officer. "We have reviewed the potential for a sale-leaseback transaction on several occasions over the years. In the fourth quarter of last year, as rates were increasing, it became much more opportunistic. After much diligence, we elected to execute the transaction during the second quarter of 2023.
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"As to revenues for the second quarter, our net interest income for the second quarter was up by $3.2 million from the first quarter. Our current outlook is that growth in net interest income for fiscal year 2023 over 2022 should approximate a low-teens percentage increase. Net growth in fee income in the second quarter of 2023 compared to the first quarter was largely attributable to the gain on sale of fixed assets recognized in connection with the sale-leaseback transaction, offset by $10.0 million in net losses from the sale of investment securities. The second quarter sale of investment securities provided us the opportunity to increase our net interest income as the proceeds of the sale are now achieving a higher yield and thus serve to minimize the financial impact of higher lease occupancy costs from the sale-leaseback transaction. BHG revenues also increased $7.8 million from the first to the second quarter of 2023.
"Expenses were essentially flat when comparing second quarter to first quarter of 2023. Salaries and employee benefits expense decreased on a linked-quarter basis, as employee benefits were seasonally lower in the second quarter of 2023 from the first quarter. Occupancy expense increased this quarter as a result of the sale-leaseback transaction. We anticipate a similar dollar increase in occupancy costs next quarter given the sale-leaseback transaction was consummated in multiple transactions that occurred throughout the second quarter and thus will be fully integrated into our results in the third quarter. We will continue to monitor our expense burden in light of our anticipated revenue growth and adjust incentives and/or reduce other expenses through either reduced hiring, deferral of anticipated projects or implementation of other cost-saving measures as required."

PROFITABILITY, LIQUIDITY AND SOUNDNESS:
Three months endedSix months ended
June 30, 2023March 31, 2023June 30, 2022June 30, 2023June 30, 2022
Net interest margin3.20 %3.40 %3.17 %3.30 %3.03 %
Efficiency ratio43.26 %52.70 %50.26 %47.52 %51.66 %
Return on average assets1.71 %1.26 %1.46 %1.49 %1.39 %
Return on average tangible common equity (TCE)21.06 %15.43 %17.62 %18.33 %16.63 %
As of
June 30, 2023March 31, 2023June 30, 2022
Shareholders' equity to total assets12.5 %12.6 %13.2 %
Average loan to deposit ratio84.94 %83.97 %80.67 %
Uninsured/uncollateralized deposits to total deposits28.31 %33.23 %41.38 %
Tangible common equity to tangible assets8.3 %8.3 %8.4 %
Book value per common share$73.32 $71.24 $66.74 
Tangible book value per common share$48.85 $46.75 $42.08 
Annualized net loan charge-offs to avg. loans (1)
0.13 %0.10 %0.01 %
Nonperforming assets to total loans, ORE and other nonperforming assets (NPAs)0.15 %0.15 %0.09 %
Classified asset ratio (Pinnacle Bank) (2)
3.30 %2.70 %2.90 %
Allowance for credit losses (ACL) to total loans 1.08 %1.04 %1.03 %
(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.

•Net interest margin was 3.20 percent for the second quarter of 2023, compared to 3.40 percent for the first quarter of 2023 and 3.17 percent for the second quarter of 2022.
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•Provision for credit losses was $31.7 million in the second quarter of 2023, compared to $18.8 million in the first quarter of 2023 and $12.9 million in the second quarter of 2022. Net charge-offs were $9.8 million for the quarter ended June 30, 2023, compared to $7.3 million for the quarter ended March 31, 2023 and $877,000 for the quarter ended June 30, 2022. Annualized net charge-offs for the second quarter of 2023 were 0.13 percent.
•Nonperforming assets were $47.4 million at June 30, 2023, compared to $44.8 million at March 31, 2023 and $23.7 million at June 30, 2022, up 100.0 percent over the same quarter last year. The ratio of the allowance for credit losses to nonperforming loans at June 30, 2023 was 762.0 percent, compared to 848.5 percent at March 31, 2023 and 1,762.6 percent at June 30, 2022.
•Classified assets were $153.9 million at June 30, 2023, compared to $120.3 million at March 31, 2023 and $112.5 at June 30, 2022, up 36.8 percent over the same quarter last year.
"Our net interest margin declined on a linked-quarter basis by approximately 20 basis points," Carpenter said. "Increased deposit pricing and the continued reduction in our noninterest-bearing deposit account balances as a result of a shift in deposit mix were the primary contributors to our decreased net interest margin. Also contributing to the reduced net interest margin was an elevated level of on-balance sheet liquidity, which, as we noted last quarter, we acquired during mid-March given the heightened levels of uncertainty in the broader banking industry. The impact of this elevated liquidity should decrease over the remainder of 2023 as we seek to deploy some of this excess into both loan growth and the reduction of wholesale funding.
"We continue to experience reductions in our uninsured deposit base, as approximately $1.9 billion in deposits were added to a reciprocal deposit insurance funding network during the second quarter, contributing to a reduction in our uninsured/uncollateralized deposit base from approximately 33.2 percent at the end of the first quarter of 2023 to approximately 28.3 percent at the end of the second quarter of 2023.
"Our investment securities portfolio, including both the held-to-maturity and available-for-sale portfolios, continues to perform well for us though the value of these securities decreased by approximately $255.4 million in the second quarter from the first quarter, largely as a result of our decision to sell approximately $174.0 million in securities in the second quarter of 2023. Our tangible book value per share also increased to $48.85 at June 30, 2023 from $46.75 at March 31, 2023.
"Lastly, credit metrics have been largely consistent for an extended period of time, and we expect those metrics to remain consistent for the remainder of this year. We did record an increased provision this quarter in comparison to last quarter and, thus, increased the ratio of our allowance for credit losses to total loans to 1.08 percent."

BOARD OF DIRECTORS DECLARES DIVIDENDS

On July 18, 2023, Pinnacle Financial's Board of Directors approved a quarterly cash dividend of $0.22 per common share to be paid on Aug. 25, 2023 to common shareholders of record as of the close of business on Aug. 4, 2023. Additionally, the Board of Directors approved a quarterly cash dividend of approximately $3.8 million, or $16.88 per share (or $0.422 per depositary share), on Pinnacle Financial's 6.75 percent Series B Non-Cumulative Perpetual Preferred Stock payable on Sept. 1, 2023 to shareholders of record at the close of business on Aug. 17, 2023. 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. CDT on July 19, 2023, to discuss second quarter 2023 results and other matters. To access the call for audio only, please call 1-877-209-7255. For the presentation and streaming audio, please access the webcast on the investor relations page of Pinnacle's website at www.pnfp.com.
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For those unable to participate in the webcast, it will be archived on the investor relations page of Pinnacle's website at www.pnfp.com for 90 days following the presentation.
Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA according to 2022 deposit data from the FDIC, is listed by Forbes among the top 25 banks in the nation and earned a spot on the 2022 list of 100 Best Companies to Work For® in the U.S., its sixth consecutive appearance. Pinnacle was also listed in Fortune magazine as the second best company to work for in the U.S. for women. American Banker recognized Pinnacle as one of America’s Best Banks to Work For nine years in a row and No. 1 among banks with more than $11 billion in assets in 2021.
Pinnacle owns a 49 percent interest in Bankers Healthcare Group (BHG), which provides innovative, hassle-free financial solutions to healthcare practitioners and other professionals. Great Place to Work and FORTUNE ranked BHG No. 4 on its 2021 list of Best Workplaces in New York State in the small/medium business category.
The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $46.9 billion in assets as of June 30, 2023. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 17 primarily urban markets and their surrounding communities.
Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.
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Forward-Looking Statements
All statements, other than statements of historical fact, included in this press release, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "expect," "anticipate," "intend," "may," "should," "plan," "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 the negative impact of inflationary pressures on our and BHG's customers and their businesses, resulting in significant increases in loan losses and provisions for those losses and, in the case of BHG, substitutions; (ii) fluctuations or differences in interest rates on loans or deposits from those that Pinnacle Financial is modeling or anticipating, including as a result of Pinnacle Bank's inability to better match deposit rates with the changes in the short-term rate environment, or that affect the yield curve; (iii) the sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs; (iv) adverse conditions in the national or local economies including in Pinnacle Financial's markets throughout Tennessee, North Carolina, South Carolina, Georgia, Alabama, Virginia and Kentucky, particularly in commercial and residential real estate markets; (v) the inability of Pinnacle Financial, or entities in which it has significant investments, like BHG, to maintain the long-term historical growth rate of its, or such entities', loan portfolio; (vi) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits, including during times when Pinnacle Bank is seeking to limit the rates it pays on deposits or uncertainty exists in the financial services sector; (vii) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (viii) effectiveness of Pinnacle Financial's asset management activities in improving, resolving or liquidating lower-quality assets; (ix) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on Pinnacle Financial’s results, including as a result of the negative impact to net interest margin from rising deposit and other funding costs; (x) the results of regulatory examinations; (xi) Pinnacle Financial's ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions; (xii) difficulties and delays in integrating acquired businesses or fully realizing costs savings and other benefits from acquisitions; (xiii) BHG's ability to profitably grow its business and successfully execute on its business plans; (xiv) risks of expansion into new geographic or product markets; (xv) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including goodwill or other intangible assets; (xvi) the ineffectiveness of Pinnacle Bank's hedging strategies, or the unexpected counterparty failure or hedge failure of the underlying hedges; (xvii) 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; (xviii) deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xix) inability to comply with regulatory
7

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; (xx) approval of the declaration of any dividend by Pinnacle Financial's board of directors; (xxi) 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 attacks, human error, natural disasters, power loss and other security breaches; (xxii) 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; (xxiii) the risks associated with Pinnacle Bank being a minority investor in BHG, including the risk that the owners of a majority of the equity interests in BHG decide to sell the company or all or a portion of their ownership interests in BHG (triggering a similar sale by Pinnacle Bank); (xxiv) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (xxv) fluctuations in the valuations of Pinnacle Financial's equity investments and the ultimate success of such investments; (xxvi) the availability of and access to capital; (xxvii) adverse results (including costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions; and (xxviii) general competitive, economic, political and market conditions. Additional factors which could affect the forward looking statements can be found in Pinnacle Financial's Annual Report on Form 10-K for the year ended December 31, 2022, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC and available on the SEC's website at http://www.sec.gov. Pinnacle Financial disclaims any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Matters
This release contains certain non-GAAP financial measures, including, without limitation, total revenues, net income to common shareholders, earnings per diluted common share, revenue per diluted common share, PPNR, efficiency ratio, noninterest expense, noninterest income and the ratio of noninterest expense to average assets, excluding in certain instances the impact of expenses related to other real estate owned, gains or losses on sale of investment securities, gains associated with the sale-leaseback transaction completed in the second quarter of 2023 and other matters for the accounting periods presented. This release also includes non-GAAP financial measures which exclude the impact of loans originated and forgiven and repaid under the PPP. 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 2023 versus certain periods in 2022 and to internally prepared projections.

8

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS – UNAUDITED
(dollars in thousands, except for share and per share data)June 30, 2023December 31, 2022June 30, 2022
ASSETS
Cash and noninterest-bearing due from banks$447,216 $268,649 $265,507 
Restricted cash22,567 31,447 29,739 
Interest-bearing due from banks3,363,348 877,286 1,336,667 
Cash and cash equivalents3,833,131 1,177,382 1,631,913 
Securities purchased with agreement to resell507,235 513,276 1,328,876 
Securities available-for-sale, at fair value3,591,280 3,558,870 3,809,338 
Securities held-to-maturity (fair value of $2.7 billion, $2.7 billion, and $2.5 billion, net of allowance for credit losses of $1.7 million, $1.6 million, and $1.2 million at June 30, 2023, Dec. 31, 2022, and June 30, 2022, respectively)3,032,177 3,079,050 2,744,555 
Consumer loans held-for-sale85,981 42,237 67,467 
Commercial loans held-for-sale22,713 21,093 25,901 
Loans31,153,290 29,041,605 26,333,096 
Less allowance for credit losses(337,459)(300,665)(272,483)
Loans, net30,815,831 28,740,940 26,060,613 
Premises and equipment, net244,853 327,885 302,389 
Equity method investment461,596 443,185 403,191 
Accrued interest receivable164,854 161,182 116,038 
Goodwill1,846,973 1,846,973 1,846,466 
Core deposits and other intangible assets30,981 34,555 37,617 
Other real estate owned2,555 7,952 8,237 
Other assets2,235,822 2,015,441 1,738,691 
Total assets$46,875,982 $41,970,021 $40,121,292 
LIABILITIES AND SHAREHOLDERS' EQUITY 
Deposits: 
Noninterest-bearing$8,436,799 $9,812,744 $11,058,198 
Interest-bearing10,433,361 7,884,605 6,617,324 
Savings and money market accounts13,645,849 13,774,534 12,492,329 
Time5,206,652 3,489,355 2,427,452 
Total deposits37,722,661 34,961,238 32,595,303 
Securities sold under agreements to repurchase163,774 194,910 199,585 
Federal Home Loan Bank advances2,200,917 464,436 1,289,059 
Subordinated debt and other borrowings424,497 424,055 423,614 
Accrued interest payable53,854 19,478 13,551 
Other liabilities466,520 386,512 284,941 
Total liabilities41,032,223 36,450,629 34,806,053 
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, 2023, Dec. 31, 2022, and June 30, 2022, respectively217,126 217,126 217,126 
Common stock, par value $1.00; 180.0 million shares authorized; 76.7 million, 76.5 million and 76.4 million shares issued and outstanding at June 30, 2023, Dec. 31, 2022, and June 30, 2022, respectively76,740 76,454 76,385 
Additional paid-in capital3,087,967 3,074,867 3,056,228 
Retained earnings2,634,315 2,341,706 2,096,950 
Accumulated other comprehensive loss, net of taxes(172,389)(190,761)(131,450)
Total shareholders' equity5,843,759 5,519,392 5,315,239 
Total liabilities and shareholders' equity$46,875,982 $41,970,021 $40,121,292 
This information is preliminary and based on company data available at the time of the presentation.
9

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
(dollars in thousands, except for share and per share data)Three months endedSix months ended
 June 30, 2023March 31, 2023June 30, 2022June 30, 2023June 30, 2022
Interest income:
Loans, including fees$478,896 $431,902 $252,182 $910,798 $479,229 
Securities
Taxable31,967 29,358 12,725 61,325 23,773 
Tax-exempt24,603 23,802 19,898 48,405 37,344 
Federal funds sold and other39,773 20,977 7,571 60,750 10,647 
Total interest income575,239 506,039 292,376 1,081,278 550,993 
Interest expense:
Deposits228,668 176,589 18,181 405,257 28,431 
Securities sold under agreements to repurchase783 595 82 1,378 138 
FHLB advances and other borrowings30,395 16,624 9,539 47,019 18,375 
Total interest expense259,846 193,808 27,802 453,654 46,944 
Net interest income315,393 312,231 264,574 627,624 504,049 
Provision for credit losses31,689 18,767 12,907 50,456 15,627 
Net interest income after provision for credit losses283,704 293,464 251,667 577,168 488,422 
Noninterest income:
Service charges on deposit accounts12,180 11,718 11,616 23,898 22,646 
Investment services14,174 11,595 13,205 25,769 23,896 
Insurance sales commissions3,252 4,464 2,554 7,716 6,590 
Gains on mortgage loans sold, net1,567 2,053 2,150 3,620 6,216 
Investment losses on sales, net(9,961)— — (9,961)(61)
Trust fees6,627 6,429 6,065 13,056 12,038 
Income from equity method investment26,924 19,079 49,465 46,003 83,120 
Gain on sale of fixed assets 85,724 135 65 85,859 198 
Other noninterest income33,352 34,056 40,382 67,408 74,355 
Total noninterest income173,839 89,529 125,502 263,368 228,998 
Noninterest expense:
Salaries and employee benefits132,443 135,708 126,611 268,151 248,463 
Equipment and occupancy33,706 30,353 26,921 64,059 52,457 
Other real estate, net58 99 86 157 191 
Marketing and other business development5,664 5,942 4,759 11,606 8,536 
Postage and supplies2,863 2,819 2,320 5,682 4,691 
Amortization of intangibles1,780 1,794 2,051 3,574 3,922 
Other noninterest expense35,127 35,012 33,290 70,139 60,439 
Total noninterest expense211,641 211,727 196,038 423,368 378,699 
Income before income taxes245,902 171,266 181,131 417,168 338,721 
Income tax expense 48,603 33,995 36,004 82,598 64,484 
Net income197,299 137,271 145,127 334,570 274,237 
Preferred stock dividends(3,798)(3,798)(3,798)(7,596)(7,596)
Net income available to common shareholders$193,501 $133,473 $141,329 $326,974 $266,641 
Per share information:
Basic net income per common share$2.55 $1.76 $1.87 $4.30 $3.52 
Diluted net income per common share$2.54 $1.76 $1.86 $4.30 $3.51 
Weighted average common shares outstanding:
Basic76,030,081 75,921,282 75,751,296 75,975,982 75,703,407 
Diluted76,090,321 76,042,328 75,940,500 76,061,883 75,934,025 
This information is preliminary and based on company data available at the time of the presentation.
10

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

(dollars and shares in thousands)Preferred
Stock
 Amount		Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comp. Income (Loss), netTotal Shareholders' Equity
 SharesAmounts
Balance at December 31, 2021$217,126 76,143 $76,143 $3,045,802 $1,864,350 $107,186 $5,310,607 
Exercise of employee common stock options & related tax benefits— 14 14 309 — — 323 
Preferred dividends paid ($33.76 per share)— — — — (7,596)— (7,596)
Common dividends paid ($0.44 per share)— — — — (34,041)(34,041)
Issuance of restricted common shares, net of forfeitures— 166 166 (166)— — — 
Restricted shares withheld for taxes & related tax benefits— (43)(43)(4,359)— — (4,402)
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— 105 105 (5,566)— — (5,461)
Compensation expense for restricted shares & performance stock units— — — 20,208 — — 20,208 
Net income— — — — 274,237 — 274,237 
Other comprehensive loss— — — — — (238,636)(238,636)
Balance at June 30, 2022$217,126 76,385 $76,385 $3,056,228 $2,096,950 $(131,450)$5,315,239 
Balance at December 31, 2022$217,126 76,454 $76,454 $3,074,867 $2,341,706 $(190,761)$5,519,392 
Exercise of employee common stock options & related tax benefits— 40 40 931 — — 971 
Preferred dividends paid ($33.76 per share)— — — — (7,596)— (7,596)
Common dividends paid ($0.44 per share)— — — — (34,365)— (34,365)
Issuance of restricted common shares, net of forfeitures— 200 200 (200)— — — 
Restricted shares withheld for taxes & related tax benefits— (47)(47)(3,345)— — (3,392)
Issuance of common stock pursuant to RSU and PSU agreements, net of shares withheld for taxes & related tax benefits— 93 93 (3,738)— — (3,645)
Compensation expense for restricted shares & performance stock units— — — 19,452 — — 19,452 
Net income— — — — 334,570 — 334,570 
Other comprehensive gain— — — — — 18,372 18,372 
Balance at June 30, 2023$217,126 76,740 $76,740 $3,087,967 $2,634,315 $(172,389)$5,843,759 


11

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands)JuneMarchDecemberSeptemberJuneMarch
202320232022202220222022
Balance sheet data, at quarter end:
Commercial and industrial loans$10,979,261 10,716,945 10,233,395 9,738,271 9,244,708 8,213,204 
Commercial real estate - owner occupied loans3,845,359 3,686,796 3,587,257 3,426,271 3,243,018 3,124,275 
Commercial real estate - investment loans5,682,652 5,556,484 5,277,454 5,122,127 4,909,598 4,707,761 
Commercial real estate - multifamily and other loans1,488,236 1,331,249 1,265,165 1,042,854 951,998 718,822 
Consumer real estate  - mortgage loans4,692,673 4,531,285 4,435,046 4,271,913 4,047,051 3,813,252 
Construction and land development loans3,904,774 3,909,024 3,679,498 3,548,970 3,386,866 3,277,029 
Consumer and other loans555,685 559,706 555,823 550,565 498,757 487,499 
Paycheck protection program loans4,650 6,382 7,967 10,723 51,100 157,180 
Total loans31,153,290 30,297,871 29,041,605 27,711,694 26,333,096 24,499,022 
Allowance for credit losses(337,459)(313,841)(300,665)(288,088)(272,483)(261,618)
Securities6,623,457 6,878,831 6,637,920 6,481,018 6,553,893 6,136,109 
Total assets46,875,982 45,119,587 41,970,021 41,000,118 40,121,292 39,400,378 
Noninterest-bearing deposits8,436,799 9,018,439 9,812,744 10,567,873 11,058,198 10,986,194 
Total deposits37,722,661 36,178,553 34,961,238 33,690,049 32,595,303 32,295,814 
Securities sold under agreements to repurchase163,774 149,777 194,910 190,554 199,585 219,530 
FHLB advances2,200,917 2,166,508 464,436 889,248 1,289,059 888,870 
Subordinated debt and other borrowings424,497 424,276 424,055 423,834 423,614 423,319 
Total shareholders' equity5,843,759 5,684,128 5,519,392 5,342,112 5,315,239 5,280,950 
Balance sheet data, quarterly averages:
Total loans$30,882,205 29,633,640 28,402,197 27,021,031 25,397,389 23,848,533 
Securities6,722,247 6,765,126 6,537,262 6,542,026 6,446,774 6,143,664 
Federal funds sold and other3,350,705 2,100,757 1,828,588 2,600,978 2,837,679 4,799,946 
Total earning assets40,955,157 38,499,523 36,768,047 36,164,035 34,681,842 34,792,143 
Total assets45,411,961 42,983,854 41,324,251 40,464,649 38,780,786 38,637,221 
Noninterest-bearing deposits8,599,781 9,332,317 10,486,233 10,926,069 10,803,439 10,478,403 
Total deposits36,355,859 35,291,775 34,177,281 33,108,415 31,484,100 31,538,985 
Securities sold under agreements to repurchase162,429 219,082 199,610 215,646 216,846 179,869 
FHLB advances2,352,045 1,130,356 701,813 1,010,865 1,095,531 888,746 
Subordinated debt and other borrowings426,712 426,564 427,503 426,267 427,191 441,755 
Total shareholders' equity5,782,239 5,605,604 5,433,274 5,403,244 5,316,219 5,331,405 
Statement of operations data, for the three months ended:
Interest income$575,239 506,039 451,178 371,764 292,376 258,617 
Interest expense259,846 193,808 131,718 65,980 27,802 19,142 
Net interest income315,393 312,231 319,460 305,784 264,574 239,475 
Provision for credit losses31,689 18,767 24,805 27,493 12,907 2,720 
Net interest income after provision for credit losses283,704 293,464 294,655 278,291 251,667 236,755 
Noninterest income173,839 89,529 82,321 104,805 125,502 103,496 
Noninterest expense211,641 211,727 202,047 199,253 196,038 182,661 
Income before income taxes245,902 171,266 174,929 183,843 181,131 157,590 
Income tax expense48,603 33,995 37,082 35,185 36,004 28,480 
Net income197,299 137,271 137,847 148,658 145,127 129,110 
Preferred stock dividends(3,798)(3,798)(3,798)(3,798)(3,798)(3,798)
Net income available to common shareholders$193,501 133,473 134,049 144,860 141,329 125,312 
Profitability and other ratios:
Return on avg. assets (1)
1.71 %1.26 %1.29 %1.42 %1.46 %1.32 %
Return on avg. equity (1)
13.42 %9.66 %9.79 %10.64 %10.66 %9.53 %
 Return on avg. common equity (1)
13.95 %10.05 %10.20 %11.08 %11.12 %9.94 %
Return on avg. tangible common equity (1)
21.06 %15.43 %15.95 %17.40 %17.62 %15.63 %
Common stock dividend payout ratio (14)
11.04 %12.07 %12.26 %12.34 %12.63 %12.94 %
Net interest margin (2)
3.20 %3.40 %3.60 %3.47 %3.17 %2.89 %
Noninterest income to total revenue (3)
35.53 %22.28 %20.49 %25.53 %32.17 %30.18 %
Noninterest income to avg. assets (1)
1.54 %0.84 %0.79 %1.03 %1.30 %1.09 %
Noninterest exp. to avg. assets (1)
1.87 %2.00 %1.94 %1.95 %2.03 %1.92 %
Efficiency ratio (4)
43.26 %52.70 %50.29 %48.53 %50.26 %53.26 %
Avg. loans to avg. deposits
84.94 %83.97 %83.10 %81.61 %80.67 %75.62 %
Securities to total assets
14.13 %15.25 %15.82 %15.81 %16.34 %15.57 %
This information is preliminary and based on company data available at the time of the presentation.

12

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS-UNAUDITED
(dollars in thousands)Three months endedThree months ended
June 30, 2023June 30, 2022
 Average BalancesInterestRates/ YieldsAverage BalancesInterestRates/ Yields
Interest-earning assets
Loans (1) (2)
$30,882,205 $478,896 6.30 %$25,397,389 $252,182 4.07 %
Securities
Taxable3,394,507 31,967 3.78 %3,420,950 12,725 1.49 %
Tax-exempt (2)
3,327,740 24,603 3.54 %3,025,824 19,898 3.19 %
Interest-bearing due from banks2,597,020 33,234 5.13 %1,332,463 2,611 0.79 %
Resell agreements509,694 3,374 2.65 %1,326,790 3,844 1.16 %
Federal funds sold— — — %— — — %
Other243,991 3,165 5.20 %178,426 1,116 2.51 %
Total interest-earning assets40,955,157 $575,239 5.74 %34,681,842 $292,376 3.49 %
Nonearning assets
Intangible assets1,879,108 1,882,546 
Other nonearning assets2,577,696 2,216,398 
Total assets$45,411,961 $38,780,786 
Interest-bearing liabilities
Interest-bearing deposits:
Interest checking9,361,316 75,815 3.25 %6,520,804 6,134 0.38 %
Savings and money market13,684,536 110,024 3.22 %12,084,911 9,071 0.30 %
Time4,710,226 42,829 3.65 %2,074,946 2,976 0.58 %
Total interest-bearing deposits27,756,078 228,668 3.30 %20,680,661 18,181 0.35 %
Securities sold under agreements to repurchase162,429 783 1.93 %216,846 82 0.15 %
Federal Home Loan Bank advances2,352,045 24,603 4.20 %1,095,531 5,231 1.92 %
Subordinated debt and other borrowings426,712 5,792 5.44 %427,191 4,308 4.04 %
Total interest-bearing liabilities30,697,264 259,846 3.40 %22,420,229 27,802 0.50 %
Noninterest-bearing deposits8,599,781 — — 10,803,439 — — 
Total deposits and interest-bearing liabilities39,297,045 $259,846 2.65 %33,223,668 $27,802 0.34 %
Other liabilities332,677 240,899 
Shareholders' equity 5,782,239 5,316,219 
Total liabilities and shareholders' equity$45,411,961 $38,780,786 
Net  interest  income 
$315,393 $264,574 
Net interest spread (3)
2.35 %2.99 %
Net interest margin (4)
3.20 %3.17 %
(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 $11.2 million of taxable equivalent income for the three months ended June 30, 2023 compared to $9.6 million for the three months ended June 30, 2022. 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, 2023 would have been 3.09% compared to a net interest spread of 3.16% for the three months ended June 30, 2022.
(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.  

13

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS-UNAUDITED
(dollars in thousands)Six months endedSix months ended
June 30, 2023June 30, 2022
 Average BalancesInterestRates/ YieldsAverage BalancesInterestRates/ Yields
Interest-earning assets
Loans (1) (2)
$30,261,372 $910,798 6.15 %$24,627,240 $479,229 4.01 %
Securities
Taxable3,451,410 61,325 3.58 %3,381,538 23,773 1.42 %
Tax-exempt (2)
3,292,158 48,405 3.54 %2,914,519 37,344 3.12 %
Interest-bearing due from banks1,998,083 49,166 4.96 %2,334,566 3,914 0.34 %
Resell agreements511,169 6,703 2.64 %1,304,392 5,058 0.78 %
Federal funds sold— — — %— — — %
Other 219,932 4,881 4.48 %174,434 1,675 1.94 %
Total interest-earning assets39,734,124 $1,081,278 5.60 %34,736,689 $550,993 3.30 %
Nonearning assets
Intangible assets1,879,994 1,873,190 
Other nonearning assets2,590,548 2,099,522 
Total assets$44,204,666 $38,709,401 
Interest-bearing liabilities
Interest-bearing deposits:
Interest checking8,581,899 128,289 3.01 %6,456,418 8,733 0.27 %
Savings and money market14,029,351 207,543 2.98 %12,334,678 14,195 0.23 %
Time4,251,481 69,425 3.29 %2,078,477 5,503 0.53 %
Total interest-bearing deposits26,862,731 405,257 3.04 %20,869,573 28,431 0.27 %
Securities sold under agreements to repurchase190,599 1,378 1.46 %198,459 138 0.14 %
Federal Home Loan Bank advances1,744,575 35,574 4.11 %992,710 9,705 1.97 %
Subordinated debt and other borrowings426,638 11,445 5.41 %434,433 8,670 4.02 %
Total interest-bearing liabilities29,224,543 453,654 3.13 %22,495,175 46,944 0.42 %
Noninterest-bearing deposits8,964,026 — — 10,641,819 — — 
Total deposits and interest-bearing liabilities38,188,569 $453,654 2.40 %33,136,994 $46,944 0.29 %
Other liabilities321,637 248,637 
Shareholders' equity 5,694,460 5,323,770 
Total liabilities and shareholders' equity$44,204,666 $38,709,401 
Net  interest  income 
$627,624 $504,049 
Net interest spread (3)
2.47 %2.88 %
Net interest margin (4)
3.30 %3.03 %
(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 $22.1 million of taxable equivalent income for the six months ended June 30, 2023 compared to $18.1 million for the six months ended June 30, 2022. 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, 2023 would have been 3.20% compared to a net interest spread of 3.02% for the six months ended June 30, 2022.
(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.

14

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands)JuneMarchDecemberSeptemberJuneMarch
202320232022202220222022
Asset quality information and ratios:
Nonperforming assets:
Nonaccrual loans$44,289 36,988 38,116 34,115 15,459 26,616 
ORE and other nonperforming assets (NPAs)
3,105 7,802 7,952 7,787 8,237 8,437 
Total nonperforming assets$47,394 44,790 46,068 41,902 23,696 35,053 
Past due loans over 90 days and still accruing interest$5,257 5,284 4,406 6,757 3,840 1,605 
Accruing purchase credit deteriorated loans$7,415 7,684 8,060 8,759 9,194 12,661 
Net loan charge-offs$9,771 7,291 11,729 10,983 877 2,958 
Allowance for credit losses to nonaccrual loans762.0 %848.5 %788.8 %844.5 %1,762.6 %982.9 %
As a percentage of total loans:
Past due accruing loans over 30 days0.14 %0.14 %0.15 %0.13 %0.11 %0.11 %
Potential problem loans
0.32 %0.22 %0.19 %0.21 %0.32 %0.41 %
Allowance for credit losses 1.08 %1.04 %1.04 %1.04 %1.03 %1.07 %
Nonperforming assets to total loans, ORE and other NPAs0.15 %0.15 %0.16 %0.15 %0.09 %0.14 %
    Classified asset ratio (Pinnacle Bank) (6)
3.3 %2.7 %2.4 %2.6 %2.9 %3.6 %
Annualized net loan charge-offs to avg. loans (5)
0.13 %0.10 %0.17 %0.16 %0.01 %0.05 %
Interest rates and yields:
Loans6.30 %6.00 %5.54 %4.73 %4.07 %3.94 %
Securities3.66 %3.47 %3.19 %2.66 %2.29 %2.12 %
Total earning assets5.74 %5.45 %5.02 %4.20 %3.49 %3.11 %
Total deposits, including non-interest bearing2.52 %2.03 %1.40 %0.66 %0.23 %0.13 %
Securities sold under agreements to repurchase1.93 %1.10 %0.94 %0.34 %0.15 %0.13 %
FHLB advances4.20 %3.94 %3.04 %2.26 %1.92 %2.04 %
Subordinated debt and other borrowings5.44 %5.38 %4.98 %4.51 %4.04 %4.00 %
Total deposits and interest-bearing liabilities2.65 %2.12 %1.47 %0.75 %0.34 %0.23 %
Capital and other ratios (6):
Pinnacle Financial ratios:
Shareholders' equity to total assets12.5 %12.6 %13.2 %13.0 %13.2 %13.4 %
Common equity Tier one10.2 %9.9 %10.0 %10.0 %10.2 %10.5 %
Tier one risk-based10.8 %10.5 %10.5 %10.7 %10.9 %11.2 %
Total risk-based12.7 %12.4 %12.4 %12.6 %12.9 %13.3 %
Leverage9.5 %9.6 %9.7 %9.7 %9.8 %9.5 %
Tangible common equity to tangible assets8.3 %8.3 %8.5 %8.3 %8.4 %8.5 %
Pinnacle Bank ratios:
Common equity Tier one11.1 %10.8 %10.9 %11.1 %11.0 %11.4 %
Tier one risk-based11.1 %10.8 %10.9 %11.1 %11.0 %11.4 %
Total risk-based11.9 %11.6 %11.6 %11.8 %11.7 %12.1 %
Leverage9.8 %9.9 %10.1 %10.1 %9.9 %9.6 %
Construction and land development loans
as a percentage of total capital (17)
84.5 %88.5 %85.9 %85.4 %87.4 %87.4 %
Non-owner occupied commercial real estate and
multi-family as a percentage of total capital (17)
256.7 %261.1 %249.6 %244.0 %250.2 %243.7 %
This information is preliminary and based on company data available at the time of the presentation.

15

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
(dollars in thousands, except per share data)JuneMarchDecemberSeptemberJuneMarch
202320232022202220222022
Per share data:
Earnings per common share – basic$2.55 1.76 1.77 1.91 1.87 1.66 
Earnings per common share - basic, excluding non-GAAP adjustments$1.80 1.76 1.77 1.91 1.87 1.66 
Earnings per common share – diluted$2.54 1.76 1.76 1.91 1.86 1.65 
Earnings per common share - diluted, excluding non-GAAP adjustments$1.79 1.76 1.76 1.91 1.86 1.65 
Common dividends per share$0.22 0.22 0.22 0.22 0.22 0.22 
Book value per common share at quarter end (7)
$73.32 71.24 69.35 67.07 66.74 66.30 
Tangible book value per common share at quarter end (7)
$48.85 46.75 44.74 42.44 42.08 41.65 
Revenue per diluted common share$6.43 5.28 5.27 5.40 5.14 4.52 
Revenue per diluted common share, excluding non-GAAP adjustments$5.43 5.28 5.27 5.40 5.14 4.52 
Investor information:
Closing sales price of common stock on last trading day of quarter$56.65 55.16 73.40 81.10 72.31 92.08 
High closing sales price of common stock during quarter$57.93 82.79 87.81 87.66 91.42 110.41 
Low closing sales price of common stock during quarter$46.17 52.51 70.74 68.68 68.56 90.46 
Closing sales price of depositary shares on last trading day of quarter$23.75 24.15 25.35 25.33 25.19 26.72 
High closing sales price of depositary shares during quarter$24.90 25.71 25.60 26.23 26.44 28.53 
Low closing sales price of depositary shares during quarter$19.95 20.77 23.11 24.76 24.75 25.63 
Other information:
Residential mortgage loan sales:
Gross loans sold$192,948 120,146 134,514 181,139 239,736 270,793 
Gross fees (8)
$4,133 2,795 3,149 3,189 6,523 5,700 
Gross fees as a percentage of loans originated2.14 %2.33 %2.34 %1.76 %2.72 %2.11 %
Net gain (loss) on residential mortgage loans sold$1,567 2,053 (65)1,117 2,150 4,066 
Investment gains (losses) on sales of securities, net (13)
$(9,961)— — 217 — (61)
Brokerage account assets, at quarter end (9)
$9,007,230 8,634,339 8,049,125 7,220,405 6,761,480 7,158,939 
Trust account managed assets, at quarter end$5,084,592 4,855,951 4,560,752 4,162,639 4,207,406 4,499,911 
Core deposits (10)
$32,780,767 32,054,111 31,301,077 30,748,817 30,011,444 30,398,683 
Core deposits to total funding (10)
80.9 %82.4 %86.8 %87.4 %87.0 %89.9 %
Risk-weighted assets$38,853,588 38,117,659 36,216,901 35,281,315 33,366,074 31,170,258 
Number of offices 127 126 123 120 119 119 
Total core deposits per office$258,116 254,398 254,480 256,240 252,197 255,451 
Total assets per full-time equivalent employee$14,166 13,750 12,948 12,875 13,052 13,186 
Annualized revenues per full-time equivalent employee$593.0 496.5 491.8 511.5 509.0 465.5 
Annualized expenses per full-time equivalent employee$256.5 261.7 247.3 248.2 255.8 247.9 
Number of employees (full-time equivalent)3,309.0 3,281.5 3,241.5 3,184.5 3,074.0 2,988.0 
Associate retention rate (11)
94.1 %93.8 %93.8 %93.6 %93.3 %93.1 %
This information is preliminary and based on company data available at the time of the presentation.


16

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)
JuneMarchJuneJuneJune
20232023202220232022
Net interest income$315,393312,231264,574627,624504,049
Noninterest income173,83989,529125,502263,368228,998
Total revenues489,232401,760390,076890,992733,047
Less: Investment losses on sales of securities, net9,961——9,96161
Gain on sale of fixed assets as a result of sale-leaseback transaction(85,692)——(85,692)—
Total revenues excluding the impact of adjustments noted above$413,501401,760390,076815,261733,108
Noninterest expense$211,641211,727196,038423,368378,699
Less: ORE expense 589986157191
Noninterest expense excluding the impact of adjustments noted above$211,583211,628195,952423,211378,508
Pre-tax income$245,902171,266181,131417,168338,721
Provision for credit losses31,68918,76712,90750,45615,627
Pre-tax pre-provision net revenue277,591190,033194,038467,624354,348
Less: Adjustments noted above(75,673)9986(75,574)252
Adjusted pre-tax pre-provision net revenue (12)
$201,918190,132194,124392,050354,600
Noninterest income$173,83989,529125,502263,368228,998
Less: Adjustments noted above(75,731)——(75,731)61
Noninterest income excluding the impact of adjustments noted above$98,10889,529125,502187,637229,059
Efficiency ratio (4)
43.26 %52.70 %50.26 %47.52 %51.66 %
Adjustments noted above7.91 %(0.02)%(0.03)%4.39 %(0.03)%
Efficiency ratio excluding adjustments noted above (4)
51.17 %52.68 %50.23 %51.91 %51.63 %
Total average assets$45,411,96142,983,85438,780,78644,204,66638,709,401
Noninterest income to average assets (1)
1.54 %0.84 %1.30 %1.20 %1.19 %
Less: Adjustments noted above(0.67)%— %— %(0.34)%— %
Noninterest income (excluding adjustments noted above) to average assets (1)
0.87 %0.84 %1.30 %0.86 %1.19 %
Noninterest expense to average assets (1)
1.87 %2.00 %2.03 %1.93 %1.97 %
Adjustments as noted above— %— %— %— %— %
Noninterest expense (excluding adjustments noted above) to average assets (1)
1.87 %2.00 %2.03 %1.93 %1.97 %
This information is preliminary and based on company data available at the time of the presentation.
17



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)JuneMarchDecemberSeptemberJuneMarch
202320232022202220222022
Net income available to common shareholders$193,501 133,473 134,049 144,860 141,329 125,312 
Investment (gains) losses on sales of securities, net9,961 — — (217)— 61 
Gain on sale of fixed assets as a result of sale-leaseback transaction(85,692)— — — — — 
ORE expense (benefit)58 99 179 (90)86 105 
Tax effect on adjustments noted above (16)
18,918 (25)(47)80 (22)(43)
Net income available to common shareholders excluding adjustments noted above $136,746 133,547 134,181 144,633 141,393 125,435 
Basic earnings per common share$2.55 1.76 1.77 1.91 1.87 1.66 
Adjustment due to investment (gains) losses on sales of securities, net0.13 — — — — — 
Adjustment due to gain on sale of fixed assets as a result of sale-leaseback transaction(1.13)— — — — — 
Adjustment due to ORE expense (benefit)— — — — — — 
Adjustment due to tax effect on adjustments noted above (16)
0.25 — — — — — 
Basic earnings per common share excluding adjustments noted above$1.80 1.76 1.77 1.91 1.87 1.66 
Diluted earnings per common share$2.54 1.76 1.76 1.91 1.86 1.65 
Adjustment due to investment (gains) losses on sales of securities, net0.13 — — — — — 
Adjustment due to gain on sale of fixed assets as a result of sale-leaseback transaction(1.13)— — — — — 
Adjustment due to ORE expense (benefit)— — — — — — 
Adjustment due to tax effect on adjustments noted above (16)
0.25 — — — — — 
Diluted earnings per common share excluding the adjustments noted above$1.79 1.76 1.76 1.91 1.86 1.65 
Revenue per diluted common share$6.43 5.28 5.27 5.40 5.14 4.52 
Adjustments due to revenue-impacting items as noted above(1.00)— — — — — 
Revenue per diluted common share excluding adjustments due to revenue-impacting items as noted above$5.43 5.28 5.27 5.40 5.14 4.52 
Book value per common share at quarter end (7)
$73.32 71.24 69.35 67.07 66.74 66.30 
Adjustment due to goodwill, core deposit and other intangible assets(24.47)(24.49)(24.61)(24.63)(24.66)(24.65)
Tangible book value per common share at quarter end (7)
$48.85 46.75 44.74 42.44 42.08 41.65 
Equity method investment (15)
Fee income from BHG, net of amortization$26,924 19,079 21,005 41,341 49,465 33,655 
Funding cost to support investment5,995 5,093 4,586 3,891 1,998 666 
Pre-tax impact of BHG20,929 13,986 16,419 37,450 47,467 32,989 
Income tax expense at statutory rates (16)
5,232 3,497 4,292 9,789 12,408 8,623 
Earnings attributable to BHG$15,697 10,489 12,127 27,661 35,059 24,366 
Basic earnings per common share attributable to BHG$0.21 0.14 0.16 0.37 0.46 0.32 
Diluted earnings per common share attributable to BHG$0.21 0.14 0.16 0.36 0.46 0.32 
This information is preliminary and based on company data available at the time of the presentation.


18

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,
20232022
Net income available to common shareholders$326,974 266,641 
Investment losses on sales of securities, net9,961 61 
Gain on sale of fixed assets as a result of sale-leaseback transaction(85,692)— 
ORE expense 157 191 
Tax effect on adjustments noted above (16)
18,894 (66)
Net income available to common shareholders excluding adjustments noted above $270,294 266,827 
Basic earnings per common share$4.30 3.52 
Adjustment due to investment losses on sales of securities, net0.13 — 
Adjustment due to gain on sale of fixed assets as a result of sale-leaseback transaction(1.13)— 
Adjustment due to ORE expense — — 
Adjustment due to tax effect on adjustments noted above (16)
0.25 — 
Basic earnings per common share excluding adjustments noted above$3.55 3.52 
Diluted earnings per common share4.30 3.51 
Adjustment due to investment losses on sales of securities, net0.13 — 
Adjustment due to gain on sale of fixed assets as a result of sale-leaseback transaction(1.13)— 
Adjustment due to ORE expense — — 
Adjustment due to tax effect on adjustments noted above (16)
0.25 — 
Diluted earnings per common share excluding the adjustments noted above$3.55 3.51 
Revenue per diluted common share$11.71 9.65 
Adjustments due to revenue-impacting items as noted above(0.99)— 
Revenue per diluted common share excluding adjustments due to revenue-impacting items noted above$10.72 9.65 
Equity method investment (15)
Fee income from BHG, net of amortization$46,003 83,120 
Funding cost to support investment11,088 2,664 
Pre-tax impact of BHG34,915 80,456 
Income tax expense at statutory rates (16)
8,729 21,031 
Earnings attributable to BHG$26,186 59,425 
Basic earnings per common share attributable to BHG$0.34 0.78 
Diluted earnings per common share attributable to BHG$0.34 0.78 
This information is preliminary and based on company data available at the time of the presentation.

19

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)
JuneMarchJuneJuneJune
20232023202220232022
Return on average assets (1)
1.71 %1.26 %1.46 %1.49 %1.39 %
Adjustments as noted above(0.50)%— %— %(0.26)%— %
Return on average assets excluding adjustments noted above (1)
1.21 %1.26 %1.46 %1.23 %1.39 %
Tangible assets:
Total assets$46,875,98245,119,58740,121,292$46,875,98240,121,292
Less:   Goodwill(1,846,973)(1,846,973)(1,846,466)(1,846,973)(1,846,466)
Core deposit and other intangible assets(30,981)(32,761)(37,617)(30,981)(37,617)
Net tangible assets$44,998,02843,239,85338,237,209$44,998,02838,237,209
Tangible common equity:
Total shareholders' equity$5,843,7595,684,1285,315,239$5,843,7595,315,239
Less: Preferred shareholders' equity(217,126)(217,126)(217,126)(217,126)(217,126)
Total common shareholders' equity5,626,6335,467,0025,098,1135,626,6335,098,113
Less: Goodwill(1,846,973)(1,846,973)(1,846,466)(1,846,973)(1,846,466)
Core deposit and other intangible assets(30,981)(32,761)(37,617)(30,981)(37,617)
Net tangible common equity$3,748,6793,587,2683,214,030$3,748,6793,214,030
Ratio of tangible common equity to tangible assets8.33 %8.30 %8.41 %8.33 %8.41 %
Average tangible assets:
Average assets$45,411,96142,983,85438,780,786$44,204,66638,709,401
Less: Average goodwill(1,846,973)(1,846,973)(1,851,137)(1,846,973)(1,840,902)
Average core deposit and other intangible assets(32,135)(33,917)(31,409)(33,021)(32,288)
Net average tangible assets$43,532,85341,102,96436,898,240$42,324,67236,836,211
Return on average assets (1)
1.71 %1.26 %1.46 %1.49 %1.39 %
Adjustment due to goodwill, core deposit and other intangible assets0.07 %0.06 %0.08 %0.07 %0.07 %
Return on average tangible assets (1)
1.78 %1.32 %1.54 %1.56 %1.46 %
Adjustments as noted above(0.52)%— %— %(0.27)%— %
Return on average tangible assets excluding adjustments noted above (1)
1.26 %1.32 %1.54 %1.29 %1.46 %
Average tangible common equity:
Average shareholders' equity$5,782,2395,605,6045,316,219$5,694,4605,323,770
Less: Average preferred equity(217,126)(217,126)(217,126)(217,126)(217,126)
Average common equity5,565,1135,388,4785,099,0935,477,3345,106,644
Less:   Average goodwill(1,846,973)(1,846,973)(1,851,137)(1,846,973)(1,840,902)
Average core deposit and other intangible assets(32,135)(33,917)(31,409)(33,021)(32,288)
Net average tangible common equity$3,686,0053,507,5883,216,547$3,597,3403,233,454
Return on average equity (1)
13.42 %9.66 %10.66 %11.58 %10.10 %
Adjustment due to average preferred shareholders' equity0.53 %0.39 %0.46 %0.46 %0.43 %
Return on average common equity (1)
13.95 %10.05 %11.12 %12.04 %10.53 %
Adjustment due to goodwill, core deposit and other intangible assets7.11 %5.38 %6.50 %6.29 %6.10 %
Return on average tangible common equity (1)
21.06 %15.43 %17.62 %18.33 %16.63 %
Adjustments as noted above(6.18)%0.01 %0.01 %(3.18)%0.01 %
Return on average tangible common equity excluding adjustments noted above (1)
14.88 %15.44 %17.63 %15.15 %16.64 %
This information is preliminary and based on company data available at the time of the presentation.

20

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 operations 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. Associate retention rate does not include associates at acquired institutions displaced by merger.
12. Adjusted pre-tax, pre-provision net revenue excludes the impact of ORE expenses and income, investment gains and losses on sales of securities and gain on sale of fixed assets as a result of the sale-leaseback transaction.
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 issuance of subordinated debt as well as the funding costs of the overall franchise. Income tax expense is calculated using statutory tax rates.
16. Tax effect calculated using the blended statutory rate of 25.00 percent for 2023. For periods prior to 2023, tax effect calculated using the blended statutory rate of 26.14 percent.
17. Calculated using the same guidelines as are used in the Federal Financial Institutions Examination Council's Uniform Bank Performance Report.

21
v3.23.2
Cover
Jul. 18, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 18, 2023
Entity Address, Address Line One 150 Third Avenue South
Entity Address, Address Line Two Suite 900
Entity Address, City or Town Nashville
Entity Address, State or Province TN
Entity Address, Postal Zip Code 37201
City Area Code (615)
Local Phone Number 744-3700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Tax Identification Number 62-1812853
Entity File Number 000-31225
Entity Incorporation, State or Country Code TN
Entity Registrant Name PINNACLE FINANCIAL PARTNERS, INC.
Entity Central Index Key 0001115055
Amendment Flag false
Common Class A [Member]  
Cover [Abstract]  
Title of 12(b) Security Common Stock par value $1.00
Trading Symbol PNFP
Security Exchange Name NASDAQ
Document Information [Line Items]  
Title of 12(b) Security Common Stock par value $1.00
Trading Symbol PNFP
Security Exchange Name NASDAQ
Noncumulative Preferred Stock [Member]  
Cover [Abstract]  
Title of 12(b) Security Depositary Shares (each representing a 1/40th interest in a share of 6.75% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series B)
Trading Symbol PNFPP
Security Exchange Name NASDAQ
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares (each representing a 1/40th interest in a share of 6.75% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series B)
Trading Symbol PNFPP
Security Exchange Name NASDAQ
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