Here are 1-3 brief analogies for Pinnacle Financial Partners (PNFP):

• Pinnacle Financial Partners is like a boutique, client-focused Truist.
• Pinnacle Financial Partners is like a regional, relationship-driven JPMorgan Chase.
• Pinnacle Financial Partners is like a growing, relationship-focused U.S. Bancorp for the Southeast.

• Lending Services: Pinnacle Financial Partners offers a variety of loan products, including commercial and industrial loans, real estate loans (residential and commercial mortgages), and consumer loans.
• Deposit Accounts: The company provides a range of deposit products such as checking accounts, savings accounts, money market accounts, and certificates of deposit for both individuals and businesses.
• Treasury Management: For businesses, Pinnacle offers comprehensive treasury management services, including cash management, payment processing, and fraud protection solutions.
• Wealth Management & Trust Services: They provide wealth management services, including investment advisory, financial planning, and trust administration, to assist clients with their financial goals.

1. Businesses: This category includes small to medium-sized businesses, professional practices (such as medical, legal, and accounting firms), and commercial real estate investors and developers. Pinnacle offers these clients services such as commercial loans, lines of credit, treasury management, business deposit accounts, and equipment financing.
2. Affluent Individuals and Families: Pinnacle Financial Partners targets individuals and families with significant financial assets. For this segment, the company provides a comprehensive suite of services including private banking, wealth management, trust services, personal lending, mortgage solutions, and investment advisory.

• Fiserv, Inc. (FI)
• NCR Corporation (NCR)

M. Terry Turner, President and Chief Executive Officer

M. Terry Turner is a co-founder of Pinnacle Financial Partners, established in 2000. Prior to co-founding Pinnacle, Mr. Turner held executive positions at First American Corporation, serving as President of the Investment Services Group from 1998 to 1999 and President of General Bank of First American National Bank from 1994 to 1998. His banking career began in 1979 at Park National Bank in Knoxville, which was subsequently acquired by First American National Bank in 1985. The acquisition of First American by AmSouth Bank in 1999 served as a catalyst for Mr. Turner, along with his colleagues, to form Pinnacle Financial Partners to compete against larger regional banks.

Harold R. Carpenter Jr., Chief Financial Officer

Harold R. Carpenter Jr. has served as the Chief Financial Officer of Pinnacle Financial Partners since 2000. Before joining Pinnacle, Mr. Carpenter worked at AmSouth Bancorporation from 1999 to 2000 and First American Corporation from 1994 to 1999, where he was the lead financial manager for operations across Tennessee, Mississippi, and Louisiana. He joined First American in 1998 during its merger with Deposit Guaranty Corporation, where he had spent four years as chief financial manager of its business units. His earlier experience includes serving as controller for Commerce National Corporation, which was acquired by Deposit Guaranty, and as a senior manager at KPMG Peat Marwick from 1982 to 1994.

Robert A. McCabe, Jr., Chairman

Robert A. McCabe, Jr. is a co-founder of Pinnacle Financial Partners and has served as its Chairman since 2000. Before co-founding Pinnacle, Mr. McCabe was the Vice Chairman of First American Corporation from 1994 to 1999. His roles at First American also included President of Corporate Banking and General Banking divisions from 1991 to 1994, and President and Chief Operating Officer from 1987 to 1991. Mr. McCabe started his banking career in 1976 at Park National Bank in Knoxville. He has served on the boards of six public companies and was Chairman and Director of Goldleaf Financial Solutions, Inc. The merger of First American with AmSouth in 1999 was a significant event that led to the formation of Pinnacle.

Randall L. Withrow, Chief Solutions Officer, Executive Vice President - Bank Operations, Chief Information Officer

Randall L. Withrow holds the titles of Chief Solutions Officer, Chief Information Officer, and Executive Vice President of Bank Operations at Pinnacle Financial Partners. His prior roles at Pinnacle included Information Services Manager. Before joining Pinnacle, he held various positions at First American and, earlier, at First Bank & Trust Company.

Dana M. Sanders, Chief Audit Executive

Dana M. Sanders is a member of Pinnacle Financial Partners' Senior Leadership Team. She is identified as the Chief Audit Executive.

The primary clear emerging threat for Pinnacle Financial Partners is the increasing disintermediation and competition from financial technology (fintech) companies and large technology (Big Tech) firms. These entities leverage advanced digital platforms, data analytics, and often lower overhead to offer more convenient, faster, and sometimes lower-cost alternatives across various banking services, including payments, lending, and wealth management. This trend poses a threat by eroding traditional customer relationships, capturing market share, and raising customer expectations for digital experiences, thereby challenging the competitive advantage of traditional regional banks.

Pinnacle Financial Partners (NASDAQ: PNFP) primarily offers banking, investment, trust, mortgage, and insurance products and services to businesses, their owners, and individuals within the Southeastern and Mid-Atlantic regions of the United States.

The addressable markets for Pinnacle Financial Partners' main products and services are sized for the U.S. market as follows:

• Commercial Banking: The U.S. commercial banking market size is estimated at approximately $732.5 billion in 2025 and is projected to reach $915.45 billion by 2030.
• Retail Banking: The U.S. retail banking market is valued at $0.87 trillion (or $870 billion) in 2025 and is anticipated to grow to $1.08 trillion by 2030.
• Wealth Management: The wealth management market in North America, which includes a significant portion of the U.S., accounted for $937.45 billion in 2023. Globally, the wealth management market was approximately $1,636.83 billion in 2024, with North America contributing about two-thirds of the total market revenue in 2022.
• Mortgage Lending: The U.S. home loan market reached approximately $2.29 trillion in 2025 and is forecasted to grow to $3.02 trillion by 2030.

Pinnacle Financial Partners (PNFP) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Loan and Deposit Growth: The company anticipates continued strong loan growth, specifically highlighting commercial and industrial (C&I) and owner-occupied commercial real estate portfolios. Pinnacle Financial Partners expects an end-of-period loan growth outlook of 9% to 10% for 2025. Additionally, there is a consistent focus on growing core deposits, with core deposits increasing by over $2.0 billion in 2024 and an estimated growth range of 8-10% for 2025.
2. Strategic Market Expansion and Hiring of Revenue Producers: Investments in new markets and successful recruitment and retention of "revenue producers" are identified as crucial building blocks for future growth. This strategy is enabling organic balance sheet growth and is expected to underpin continued momentum.
3. Growth in Wealth Management Revenues: Pinnacle Financial Partners has experienced significant year-over-year increases in wealth management revenues, which include investment, trust, and insurance services. This growth is primarily attributed to increased capacity from more revenue producers and their strategic placement in new markets.
4. Contribution from BHG Financial: The firm's investment in Banker's Healthcare Group (BHG) Financial is a substantial driver of non-interest income. BHG Financial is anticipated to have strong earnings growth in 2025, with estimates ranging from approximately 85% to 90% growth over 2024 results, significantly contributing to Pinnacle's non-interest income.

Share Repurchases

• In January 2025, Pinnacle Financial Partners' board of directors approved a share repurchase program for up to $125.0 million of its common stock, set to expire by March 31, 2026.
• A similar $125.0 million share repurchase program authorized in January 2024, and scheduled to expire on March 31, 2025, did not result in any shares being repurchased during 2024.

Share Issuance

• Pinnacle Financial Partners has entered into an all-stock definitive agreement to merge with Synovus Financial Corp., valued at $8.6 billion. Post-merger, Synovus shareholders will own approximately 48.5% of the new combined company, effectively representing a significant issuance of shares in the context of this strategic combination.
• The number of common shares outstanding increased from 76,107,958 as of July 30, 2021, to 77,366,731 as of February 20, 2025.
• Common stock is issued periodically pursuant to restricted stock unit (RSU) and performance stock unit (PSU) agreements.

Inbound Investments

• The most substantial inbound investment is the proposed all-stock merger with Synovus Financial Corp., valued at $8.6 billion, where Synovus is combining with Pinnacle to create a larger regional bank.
• During the second quarter of 2025, institutional investors such as Campbell & CO Investment Adviser LLC, Ameritas Advisory Services LLC, True Wealth Design LLC, and SVB Wealth LLC acquired new or increased their positions in Pinnacle Financial Partners' shares.
• In the first quarter of 2025, Goldman Sachs increased its stake in PNFP by 6.2%.

Outbound Investments

• The company's primary strategic "outbound investment" is its all-stock merger agreement with Synovus Financial Corp., aiming to create a combined entity with approximately $115 billion in assets.
• PNFP Capital Markets, Inc., a subsidiary, expanded its activities in 2024 to include participation in underwritten public offerings of debt and equity securities.
• Pinnacle actively invests in expanding its presence in high-growth markets across the Southeast by hiring experienced financial professionals and opening new locations, such as a de novo branch in Richmond, VA, in Q2 2025.

Capital Expenditures

• Pinnacle Financial Partners expects approximately $47 million in capital expenditures related to the relocation of its headquarters in early 2025, with $39.9 million already incurred as of December 31, 2024.
• The company's capital expenditures also include investments in expanding its branch and non-branch locations.
• In 2024, the firm provided $301 million in long-term financing through its Solar Capital Advisory unit, directing investments and lending to the solar industry.