Question-and-Answer SessionEbrahim PoonawalaBofA Securities, Research Division And obviously, I mean, I think everything about Pinnacle over the last 6 to 9 months has been the merger announcement, getting the merger closed and just how investors have digested what the transaction means. But maybe, Kevin, just like you spent a lot of time talking to Pinnacle employees being in town halls. And I think the 1 thing that you hear, I hear often is, can they keep the Pinnacle model intact when we think about gro ...

Pinnacle Financial Partners Conference Call Summary Company Overview - **Company**: Pinnacle Financial Partners (NasdaqGS:PNFP) - **Event**: 2026 Conference Call - **Date**: February 11, 2026 Key Points Merger and Cultural Integration - The merger with Legacy Synovus has been a focal point over the past 6-9 months, with emphasis on maintaining the Pinnacle model and integrating cultures [3][4] - Pinnacle received 50 Greenwich Awards for client satisfaction, ranking number 1 and number 6 in the country, indicating strong client loyalty despite merger uncertainties [4][5] - Team member engagement is high, with Pinnacle at 93% and Legacy Synovus at 89%, reflecting a positive work environment [4] Incentive Structure - The merger will maintain a geographically based model with a company performance-based incentive plan, which is different from individual incentive plans [6][7] - All team members, approximately 8,500, will receive equity annually and be on the same incentive plan, which was rolled out in Q4 2025 [11][12] - The acceleration of incentive plan costs will result in an additional $30 million expense in 2026, impacting cost synergies [12] Loan Growth Outlook - Loan growth is projected at 9%-11% for 2026, primarily driven by bankers already hired, with a strong performance in Q4 2025 showing 10% loan and deposit growth [24][26] - Legacy Pinnacle achieved 12% loan growth, while Legacy Synovus achieved 8%, indicating a solid foundation for future growth [26][27] - The company is confident in maintaining momentum, with expectations for good loan growth in Q1 2026 [28] Deposit Strategy - Deposit growth will be driven by new bankers bringing over relationships, with a focus on balanced growth [36][38] - The company has capabilities to increase deposits but aims to do so at a manageable cost to maintain net interest margin (NIM) [40] Expense Management and Synergies - The company is targeting $250 million in net synergies from the merger, with a focus on team and client treatment before achieving cost efficiencies [43][44] - There are opportunities for further efficiency improvements beyond the immediate merger synergies, particularly in back-office operations [44][46] Banker Retention and Hiring - Banker retention is a key metric, with a voluntary turnover goal of 7%, which is competitive compared to industry standards [48][49] - The merger has not resulted in significant unexpected attrition, and the company continues to attract new talent due to its positive work environment [50][53] Technology and AI Integration - The company is leveraging AI to improve productivity and reduce manual tasks, with a focus on enhancing banker capabilities [62][63] - AI tools have been deployed for fraud detection and client insights, contributing to a reduction in fraud incidents [64][65] Credit Quality and Market Conditions - Credit quality remains stable, with no systemic issues identified, and expectations for a benign credit environment in 2026 [68] - The company is monitoring commercial real estate (CRE) conditions, anticipating potential growth as the market stabilizes [69] Capital Management - The company has a $400 million capital authorization in place, with plans to accrete capital gradually while assessing economic conditions [70][71] - Current CET1 is estimated at about 10%, with a goal to reach a range of 10.25%-10.75% [71] Conclusion Pinnacle Financial Partners is navigating its merger with Legacy Synovus while maintaining a strong focus on cultural integration, client satisfaction, and growth strategies. The company is optimistic about loan growth, efficient expense management, and leveraging technology to enhance operations. The outlook for credit quality remains stable, and capital management strategies are in place to support future growth.

ATLANTA & NASHVILLE, Tenn.--(BUSINESS WIRE)---- $PNFP--Pinnacle Financial Partners (NYSE: PNFP) earned a combined 50 Coalition Greenwich 2026 Best Bank Awards for service provided in 2025: 32 earned by legacy Pinnacle and 18 by legacy Synovus. Legacy Pinnacle earned more Coalition Greenwich 2026 Best Bank Awards than any other bank in the country, while legacy Synovus ranked No. 6 in the highest number of awards nationwide. These awards are given on a national and regional basis for service to small busi. ...

Over the past year, regional bank stocks have generally been trending higher. That hasn't been the case, however, for Tennessee-based Pinnacle Financial Partners (NYSE: PNFP). A key reason for Pinnacle's 20% decline has been the market's reaction to a now-completed merger with one of its competitors. Namely, investors were concerned about how this deal would dilute Pinnacle's tangible book value, as well as execution risks related to this deal. Where to invest $1,000 right now? Our analyst team just reve ...

ATLANTA--(BUSINESS WIRE)--The board of directors ofPinnacle Financial Partners, Inc. (NYSE: PNFP) approved the following three preferred stock dividends for shareholders: *As of June 30, 2025, according to FDIC data. $0.45617 per share on the firm's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on March 23, 2026, to shareholders of record as of March 15, 2026. $0.52481 per share on the firm's Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, payable on ...

Core Viewpoint - Pinnacle Financial Partners (NASDAQ: PNFP) is positioned for growth with a price target of $122 set by Piper Sandler, indicating a potential upside of 28.02% from its current price of $95.30, alongside a commitment to returning value to shareholders through a common dividend announcement [2][5]. Company Overview - Pinnacle Financial Partners is a financial services company providing a range of banking and financial services, known for its customer service and strong presence in the southeastern United States [1]. - The company competes with other regional banks and financial institutions, aiming to offer competitive products and services [1]. Stock Performance - PNFP's stock price has decreased slightly by 0.6%, or $0.60, to $95.30, with fluctuations noted between a daily low of $95.15 and a high of $97.04 [3]. - Over the past year, the stock has shown volatility, reaching a high of $127.85 and a low of $81.57 [3][5]. Market Capitalization and Trading Activity - Pinnacle's market capitalization is approximately $7.32 billion, indicating its size and influence in the financial sector [4]. - The company's trading volume on the NASDAQ exchange is 1,454,474 shares, reflecting active investor interest and close monitoring of the stock [4].

Company Overview - Pinnacle Financial Partners, Inc. is a regional bank with assets totaling $119.1 billion, offering a comprehensive range of banking, investment, trust, mortgage, and insurance products and services for both commercial and consumer clients [2] - The firm is the largest bank headquartered in Tennessee and the largest bank holding company in Georgia, with a significant presence in multiple states including Florida, North Carolina, South Carolina, Alabama, Kentucky, Virginia, and Maryland [2] - Pinnacle holds the No. 1 position in deposit market share in the Nashville MSA and ranks No. 4 in the Atlanta MSA as of June 30, 2025, according to FDIC data [2] Recent Developments - The Board of Directors of Pinnacle Financial Partners has approved a cash dividend of $0.50 per share, which is set to be paid on February 27, 2026, to shareholders of record as of the close of business on February 6, 2026 [1] Recognition and Workplace Culture - Pinnacle is recognized as an employer of choice, ranking No. 9 in FORTUNE magazine's 2025 list of 100 Best Companies to Work For in the U.S., marking its ninth consecutive appearance on the list [3] - The firm was also acknowledged by American Banker as No. 4 among America's Best Banks to Work For in 2025, achieving this recognition for the 13th consecutive year, and is ranked No. 1 among banks with more than $10 billion in assets [3]

Core Insights - Pinnacle Financial Partners is aggressively hiring, planning to add 225 to 250 revenue-producing bankers in 2026 and 250 to 275 in 2027 [2][11] - The bank's hiring targets for 2026 represent a potential increase of 15% at the high end compared to the previous year, where a combined total of 217 bankers were hired [3][4] - The merger with Synovus Financial has created a combined entity with approximately $117 billion in assets, nearly double the size of each bank prior to the merger [5] Hiring Strategy - The bank is focusing on recruiting experienced bankers in the Southeast, leveraging market disruptions caused by mergers and acquisitions [2][5] - CEO Kevin Blair emphasized a direct approach to hiring, avoiding traditional recruitment methods and instead targeting top bankers in each market [5][6] Market Position and Growth - The combined bank operates in nine states, including Tennessee, North Carolina, and Florida, which are seen as having strong growth potential [7] - Loan growth is projected to be 9% to 11% higher by the end of 2026, with contributions expected from newly hired relationship managers and specialty businesses [9] Financial Outlook - Deposits are anticipated to reach between $106.5 billion and $108.5 billion by year-end, up from a combined total of $98.7 billion at the end of last year [10] - The bank expects to achieve $100 million in annualized merger-related expense savings this year, with a systems conversion planned for March 2027 [12]

Core Insights - Pinnacle Financial Partners discussed the merger with Synovus during the fourth-quarter 2025 earnings call, highlighting integration progress and future expectations for the combined entity [2][3] Merger Close and Integration - The merger between Pinnacle and Synovus was completed 160 days after the announcement, with management emphasizing rapid integration milestones achieved [3] - The combined organization has started implementing Pinnacle's operating model, including integrating legacy Synovus team members into Pinnacle's sales and service meetings [3] - Legacy platforms will remain operational until a systems conversion is scheduled for the first quarter of 2027, with future capabilities expected to enhance business origination and revenue synergies [4] Legacy Performance - CFO Jamie Gregory reported strong fourth-quarter results for both legacy Pinnacle and Synovus, despite the ongoing merger integration [5] - Pinnacle's adjusted EPS for Q4 was $2.24, reflecting an 18% year-over-year increase, with net interest income up 12% and period-end loans rising 10% [5] - Synovus reported an adjusted EPS of $1.45, a 16% year-over-year increase, with a CET1 ratio of 11.28% [5] 2026 Targets - For 2026, the company targets period-end loans of $91–93 billion (up 9–11%), deposits of $106.5–108.5 billion (up 8–10%), and adjusted revenue of $5.0–5.2 billion [5] - The net interest margin (NIM) is expected to be around 3.45–3.55%, with adjusted non-interest expenses projected at $2.7–2.8 billion [5] - The company anticipates $450–500 million in merger-related costs for 2026, a CET1 target of 10.25–10.75%, and a quarterly dividend of $0.50 [5] - A $400 million buyback has been authorized, although early repurchases are unlikely as capital will be prioritized for loan growth [5]

Financial Data and Key Metrics Changes - Pinnacle reported fourth quarter adjusted EPS of $2.24, stable quarter over quarter and up 18% year over year [10] - Net interest income increased 3% from the third quarter and 12% year over year [10] - Period-end loans grew at a strong 3% from the prior quarter and 10% year over year [10] - Core deposit growth was healthy at 3% quarter over quarter and 10% year over year [10] - Synovus reported strong fourth quarter adjusted diluted EPS of $1.45, stable quarter over quarter and increased 16% year over year [11] Business Line Data and Key Metrics Changes - Pinnacle's adjusted non-interest revenue declined 6% from the third quarter but jumped 25% year over year, driven by higher service charges and wealth management revenue [10][11] - Synovus generated healthy growth in adjusted non-interest revenue, which grew 6% from the prior quarter and 16% year over year to $144 million [12] Market Data and Key Metrics Changes - The merger between Pinnacle and Synovus was completed on January 1st, demonstrating effective integration within 160 days [8] - Legacy Pinnacle achieved a number one Net Promoter Score ranking, while legacy Synovus ranked third among top market share banks [7] Company Strategy and Development Direction - The company aims to produce strong, above-peer revenue, earnings per share, and tangible book value growth, focusing on exceptional client service and industry-leading loyalty [5][6] - The goal for 2026 includes hiring 250 total revenue producers, with expectations for period-end loans to grow to $91-$93 billion, representing a 9%-11% increase [17][18] - The company anticipates adjusted revenue of $5-$5.2 billion in 2026, with a net interest margin estimated in the $345-$355 range [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving loan growth targets despite competitive pressures, citing a positive client sentiment and a strong hiring model [44][46] - The company expects to realize 40% of its annualized merger-related expense savings in 2026, with a target CET1 ratio of 10.25%-10.75% [20] Other Important Information - The company retired $200 million of subordinated Tier 2 notes in October before issuing $500 million in December [14] - A $400 million common share repurchase program was authorized to manage capital in multiple growth scenarios [21] Q&A Session Summary Question: What can the combined bank not do today that it will be able to do a year from now post-conversion? - The combined bank will move to an in-state platform that takes the best of both organizations, allowing for new capabilities and products [33] Question: When do you think you would actually initiate buybacks? - The company is likely to accrete capital for a time period and reassess buybacks later in the year, with no purchases expected in the first quarter [38] Question: Can you walk us through your confidence in achieving loan growth targets? - The company generated 10% loan growth in the fourth quarter and expects growth from existing team members and recent hires [44][46] Question: What is the outlook for fee income guidance for the capital markets business? - The capital markets business is expected to show strong growth, with over 15% growth in swap fees and opportunities for revenue synergies [54] Question: How do you plan to handle higher hold limits? - The company plans to increase hold limits slightly, allowing for larger loan sizes while continuing to manage risk through syndication [80]