$PNFP · Pinnacle Financial Partners, Inc.
Pinnacle Financial Partners reported Q3 2026 results reflecting the first full year post-merger with Synovus (closed January 1, 2026). Net interest income reached $986M (+148% YoY), total revenue hit $1.31B, and GAAP diluted EPS was $2.40. Adjusted diluted EPS of $2.69 excluded $56M in merger-related costs. The balance sheet scaled dramatically: $89.8B in loans and $103.0B in deposits.
- Net interest income surged 148% YoY to $986M, driven by the Synovus merger closing January 1, 2026.
- GAAP diluted EPS fell 10% YoY to $2.40 (from $2.19) despite net income doubling, reflecting ~96% share count increase.
- Adjusted diluted EPS was $2.69 vs. $2.27 a year ago, excluding $56M in merger-related expenses.
- Total loans reached $89.8B, up from $37.9B YoY; total deposits hit $103.0B vs. $45.7B.
- Net interest margin expanded 14 bps YoY to 3.40%, but the efficiency ratio deteriorated to 56.6% from 54.1%.
PNFP is up ~2.9% in the regular session at $104.65, suggesting the market is focusing on the adjusted EPS beat ($2.69) and the scale transformation from the Synovus merger rather than the GAAP dilution.
The Synovus merger transformed PNFP into a $130B-asset super-regional, but the 96% share-count increase means per-share earnings power hinges on extracting the remaining merger cost synergies.
The Synovus-Pinnacle merger creates a $130B-asset Southeastern regional bank, vaulting PNFP into the top tier of super-regionals. The 3.40% NIM and 0.23% net charge-off ratio compare favorably to peers navigating the same rate environment.
Merger integration risk is acute: $382M in merger-related expenses year-to-date (vs. $8M in 2025) and the efficiency ratio jumped to 64.3% for the nine-month period. AOCI swung to -$771M from -$123M at year-end 2025, driven by unrealized AFS securities losses, pressuring tangible book value.