PART I – Financial Information [Item 1. Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited consolidated financial statements for Q1 2023, detailing financial position, performance, and accounting policies [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$45.1 billion** by Q1 2023, driven by growth in loans and cash, with deposits and FHLB advances also rising Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$45,119,587** | **$41,970,021** | | Cash and cash equivalents | $2,819,476 | $1,177,382 | | Loans, net | $29,984,030 | $28,740,940 | | Total deposits | $36,178,553 | $34,961,238 | | Federal Home Loan Bank advances | $2,166,508 | $464,436 | | **Total Liabilities** | **$39,435,459** | **$36,450,629** | | **Total Shareholders' Equity** | **$5,684,128** | **$5,519,392** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income available to common shareholders rose to **$133.5 million** in Q1 2023, driven by a **30.4%** increase in net interest income Consolidated Income Statement Highlights (in thousands, except per share data) | Account | Three months ended March 31, 2023 | Three months ended March 31, 2022 | | :--- | :--- | :--- | | Net Interest Income | $312,231 | $239,475 | | Provision for credit losses | $18,767 | $2,720 | | Noninterest Income | $89,529 | $103,496 | | Noninterest Expense | $211,727 | $182,661 | | Net Income | $137,271 | $129,110 | | **Net Income Available to Common Shareholders** | **$133,473** | **$125,312** | | **Diluted Net Income per Common Share** | **$1.76** | **$1.65** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes disclose accounting policies, BHG investment performance, portfolio credit quality, allowance for credit losses, and capital adequacy - Subsequent to quarter-end, the company completed a sale-leaseback of 36 properties for **$127.5 million**, expecting a pre-tax net gain of approximately **$55.4 million** in Q2 2023, with an additional 15 properties under agreement for sale for **$90.5 million**[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - Following the sale-leaseback, the company restructured its bond portfolio, selling **$166.0 million** in available-for-sale securities for a net loss of **$9.2 million** to partially offset the property sale gain[37](index=37&type=chunk) - Income from the **49%** equity method investment in Bankers Healthcare Group (BHG) was **$19.1 million** for Q1 2023, a significant decrease from **$33.7 million** in Q1 2022[20](index=20&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) - As of March 31, 2023, the company had approximately **$280.1 million** in unrealized losses on its available-for-sale securities portfolio, primarily due to interest rate changes[45](index=45&type=chunk) - The allowance for credit losses on loans stood at **$313.8 million**, or **1.04%** of total loans, with a provision for credit losses of **$18.8 million** for the quarter[62](index=62&type=chunk)[209](index=209&type=chunk) - Both Pinnacle Financial and Pinnacle Bank met all capital adequacy requirements to be considered **well-capitalized** under regulatory standards as of March 31, 2023[140](index=140&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q1 2023 financial performance, covering net interest income, credit losses, noninterest income/expense, loan/deposit growth, and liquidity management [Overview](index=37&type=section&id=MD%26A_Overview) Q1 2023 diluted EPS rose to **$1.76**, driven by **30.4%** net interest income growth, despite higher credit provisions and lower noninterest income Q1 2023 Key Performance Metrics (in millions) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Diluted EPS | $1.76 | $1.65 | | Net Interest Income | $312.2M | $239.5M | | Provision for Credit Losses | $18.8M | $2.7M | | Noninterest Income | $89.5M | $103.5M | | Noninterest Expense | $211.7M | $182.7M | - Subsequent to the quarter, the company executed a sale-leaseback of 36 properties for **$127.5 million**, expecting a pre-tax gain of **$55.4 million** in Q2 2023, and sold **$166 million** of AFS securities for a **$9.2 million** loss to partially offset the gain[159](index=159&type=chunk)[160](index=160&type=chunk)[162](index=162&type=chunk) [Results of Operations](index=39&type=section&id=MD%26A_Results_of_Operations) Q1 2023 net interest income increased **30.4%** to **$312.2 million**, with NIM at **3.40%**, while credit provisions and noninterest expenses rose - Net interest margin was **3.40%** for Q1 2023, compared to **2.89%** for Q1 2022 and **3.60%** for Q4 2022, reflecting the rising short-term interest rate environment[169](index=169&type=chunk) - The provision for credit losses increased to **$18.8 million** in Q1 2023 from **$2.7 million** in Q1 2022, primarily due to loan growth and a weaker economic forecast[172](index=172&type=chunk) - Income from the equity-method investment in BHG decreased **43.3%** to **$19.1 million** in Q1 2023 from **$33.7 million** in Q1 2022[174](index=174&type=chunk)[180](index=180&type=chunk) - Salaries and employee benefits expense increased by **$13.9 million** YoY, driven by an increase in full-time equivalent associates to **3,281.5** from **2,988.0** and annual merit increases[187](index=187&type=chunk)[188](index=188&type=chunk) [Financial Condition](index=46&type=section&id=MD%26A_Financial_Condition) Total assets reached **$45.1 billion**, with loans at **$30.3 billion** and deposits at **$36.2 billion**, while credit quality remained stable Loan Portfolio Composition (in thousands) | Loan Category | March 31, 2023 | % of Total | | :--- | :--- | :--- | | Commercial and industrial | $10,723,327 | 35.4% | | Non-owner occupied CRE | $6,887,733 | 22.7% | | Consumer real estate – mortgage | $4,531,285 | 15.0% | | Construction and land development | $3,909,024 | 12.9% | | Owner occupied CRE | $3,686,796 | 12.2% | | Consumer and other | $559,706 | 1.8% | | **Total Loans** | **$30,297,871** | **100.0%** | - Total deposits grew to **$36.2 billion**, with uninsured deposits estimated at **$14.2 billion**, of which **$2.2 billion** were collateralized[219](index=219&type=chunk) - Federal Home Loan Bank (FHLB) advances increased significantly to **$2.2 billion** from **$464.4 million** at year-end 2022 to bolster on-balance sheet liquidity[219](index=219&type=chunk) - Nonperforming assets were **$44.8 million** (**0.10%** of total assets) at March 31, 2023, down from **$46.1 million** at December 31, 2022[208](index=208&type=chunk) [Market and Liquidity Risk Management](index=53&type=section&id=MD%26A_Market%20and%20Liquidity%20Risk%20Management) The company manages interest rate and liquidity risk, showing asset sensitivity with a **2.5%** NII increase in a **+100 bps** rate shock Estimated % Change in Net Interest Income Over 12 Months (Instantaneous Rate Change) | Rate Change | March 31, 2023 | | :--- | :--- | | +300 bps | 6.50% | | +200 bps | 4.90% | | +100 bps | 2.50% | | -100 bps | (2.00)% | | -200 bps | (3.60)% | - The company's percentage of deposits that were both uninsured and uncollateralized was approximately **33%** as of March 31, 2023, which management believes is below peer average[254](index=254&type=chunk) - Available liquidity sources at March 31, 2023, included an estimated **$2.2 billion** in additional FHLB borrowing capacity, **$155.0 million** in correspondent bank lines, and **$5.1 billion** in Federal Reserve discount window and BTFP availability[251](index=251&type=chunk)[252](index=252&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section cross-references market risk disclosures to the detailed analysis provided in Management's Discussion and Analysis - The report directs readers to the Management's Discussion and Analysis (MD&A) section for quantitative and qualitative disclosures about market risk[263](index=263&type=chunk) [Item 4. Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting in Q1 2023 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[263](index=263&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[264](index=264&type=chunk) PART II – Other Information [Item 1. Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material pending legal proceedings against it or its subsidiaries - There are no material pending legal proceedings to which Pinnacle Financial or its subsidiaries are a party[267](index=267&type=chunk) [Item 1A. Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported since the 2022 Form 10-K filing - No material changes to the company's risk factors were reported since the filing of the 2022 Form 10-K[268](index=268&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No share repurchases occurred in Q1 2023, but a new **$125 million** share repurchase program was authorized effective April 1, 2023 - No shares were repurchased under the company's publicly announced plan during the three months ended March 31, 2023[271](index=271&type=chunk) - A new **$125.0 million** share repurchase program was authorized, effective from April 1, 2023, through March 31, 2024[271](index=271&type=chunk) [Item 6. Exhibits](index=61&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including award agreements, incentive plans, and certifications

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Q1 2023 Earnings Conference Call April 18, 2023 9:30 AM ET Company Participants Terry Turner – Chief Executive Officer Harold Carpenter – Chief Financial Officer Conference Call Participants Steven Alexopoulos – JPMorgan Jared Shaw – Wells Fargo Securities Catherine Mealor – KBW Casey Haire – Jefferies Brandon King – Truist Securities Michael Rose – Raymond James Stephen Scouten – Piper Sandler Brett Rabatin – Hovde Group Brody Preston – UBS Brian Martin – Jan ...

Estimated loan subs and prepayments (Note) • Estimate for loan substitutions and prepayments increased to ~5.81% of total loans (loans sold to other banks) driven primarily by a weaker macroeconomic outlook and conservative loss provisioning. • Collectively, a record $528M in on-balance sheet allowance and reserves for estimated substitutions and prepays. Actual loan substitutions and prepay reserves as % of Outstanding Balances 3.79% 2.94% 2.95% 1.83% 2.68% 3.25%2.72% 2.47% 2.87% 2.51% 2.12% 2.52% 0.25% 0. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 000-31225 Pinnacle Financial Partners Inc. , Inc. (Exact name of registrant as specified in charter) Tennessee 62-1812853 (State ...

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Q4 2022 Earnings Conference Call January 18, 2023 9:30 AM ET Company Participants Terry Turner - Chief Executive Officer Harold Carpenter - Chief Financial Officer Conference Call Participants Jared Shaw - Wells Fargo Securities Stephen Scouten - Piper Sandler Steven Alexopoulos - JPMorgan Michael Rose - Raymond James Casey Haire - Jefferies Matt Olney - Stephens Inc. Catherine Mealor - KBW Jennifer Demba - Truist Securities Brian Martin - Janney Montgomery Op ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 000-31225 Pinnacle Financial Partners Inc. , Inc. | (Exact name of registrant as specified in i ...

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Q3 2022 Earnings Conference Call October 19, 2022 9:30 AM ET Company Participants Terry Turner - President and CEO Harold Carpenter - CFO Conference Call Participants Steven Alexopoulos - JPMorgan Stephen Scouten - Sandler O'Neill Michael Rose - Raymond James Jared Shaw - Wells Fargo Securities Catherine Miller - KBW Brian Martin - Janney Montgomery Scott Jennifer Demba - Truist Securities Operator Good morning, everyone, and welcome to the Pinnacle Financial ...

| --- | --- | --- | --- | |---------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | Investor Call | | | | | | | | | | THIRD QUARTER 2022 October 19, 2022 | | | | | Time: 8:30 AM CT Webcast: www.pnfp.com (investor relations) | | | | | M. TERRY TURNER, PRESIDENT AND CEO HAROLD R. CARPENTER, EVP AND CFO | | | | | | | | | Safe Harbor Statements Forward Looking Statements All statements, other than statements of historical fact, included in this present ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 000-31225 Pinnacle Financial Partners Inc. , Inc. | (Exact name of registrant as specified in its ch ...

Financial Data and Key Metrics Changes - The second quarter was highlighted as a strong financial performance period, with significant loan growth of 32% annualized and a notable increase in net interest income due to rising loan yields [33][64][73] - The company reported a tangible book value increase to $42.08 from $41.65 in the previous quarter, reflecting strong financial health [81] Business Line Data and Key Metrics Changes - Loan growth was driven by new markets and the hiring of experienced relationship managers, contributing approximately $530 million in loan growth from new markets and $430 million from new relationship managers [67][70] - Deposit growth slowed in the second quarter but rebounded in the latter half, particularly in noninterest-bearing deposits, which are valuable as rates increase [34][70] Market Data and Key Metrics Changes - The company anticipates continued loan growth in the high teens to low 20s percentage for the full year 2022, with expectations for further increases in loan yields as rate hikes continue [81][82] - The overall economic backdrop is challenging, but the company remains optimistic about its growth trajectory and market position [67][82] Company Strategy and Development Direction - The management emphasized a strong focus on culture and hiring top talent as key drivers for long-term shareholder value, with a 60% increase in revenue producers since 2019 [41][60] - The company aims to continue expanding its market share and enhancing its competitive advantage through strategic hiring and maintaining high asset quality [60][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a potentially difficult credit environment, citing strong asset quality metrics and proactive management of the loan portfolio [18][75] - The outlook for net interest income growth remains positive, with expectations for continued improvement in the second half of the year [73][82] Other Important Information - The company highlighted the unique funding model of BHG, which provides significant hidden equity and flexibility in accessing funding compared to competitors [14][84] - Management noted that the average earnings of BHG borrowers are approximately $287,000 annually, indicating a strong credit profile [90] Q&A Session Summary Question: Deposit growth and its potential for acceleration - Management is optimistic about deposit growth in the second half of the year, traditionally seeing stronger growth during this period, especially from new recruits in new markets [99] Question: Loan-to-deposit ratio and cash levels - Management believes there is room to reduce cash as a percentage of assets and aims to approach historical loan-to-deposit ratios of 95% to 98% [100]