Net interest income surged 156.0% to $933.0 million in 2026Q1, though this was partially offset by an efficiency ratio that climbed to 57.2% from 26.7% in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Net Interest Income | 2.12B | 1.55B | 1.37B | 1.26B | 1.13B | 932.4M | 821.79M | 766.14M | 736.34M | 543.31M | 324.99M | 236.63M | 192.99M | 175.9M | 162.86M | 151.46M | 144.37M | 130.79M | 114.22M | 75.71M | 60.95M | 29.04M | 20.26M | 12.9M | 8.2M | 3.49M | 381.08K |
| NII Growth % | 195.15% | 13.38% | 8.2% | 11.76% | 21.12% | 13.46% | 7.26% | 4.05% | 35.53% | 67.17% | 37.34% | 22.62% | 9.71% | 8% | 7.53% | 4.91% | 10.38% | 14.51% | 50.85% | 24.21% | 109.91% | 43.3% | 57.1% | 57.32% | 134.96% | 815.75% | - |
| Net Interest Margin % | 1.72% | 2.68% | 2.6% | 2.63% | 2.69% | 2.42% | 2.35% | 2.76% | 2.94% | 2.45% | 2.9% | 2.72% | 3.21% | 3.16% | 3.23% | 3.11% | 2.94% | 2.55% | 2.4% | 2% | 2.85% | 2.86% | 2.79% | 2.59% | 2.69% | 1.99% | 0.98% |
| Interest Income | 3.64B | 2.8B | 2.7B | 2.35B | 1.37B | 1.03B | 1.02B | 1.07B | 946.72M | 636.14M | 363.61M | 255.17M | 206.17M | 191.28M | 185.42M | 188.35M | 203.35M | 205.72M | 206.08M | 150.93M | 109.7M | 46.31M | 27.68M | 18.26M | 12.56M | 6.07M | 506.42K |
| Interest Expense | 1.52B | 1.25B | 1.33B | 1.09B | 244.64M | 98.81M | 199.25M | 301.79M | 210.38M | 92.83M | 38.62M | 18.54M | 13.19M | 15.38M | 22.56M | 36.88M | 58.98M | 74.92M | 91.87M | 75.22M | 48.74M | 17.27M | 7.41M | 5.36M | 4.36M | 2.58M | 125.35K |
| Loan Loss Provision | -268.2M | -251.24M | 120.59M | 93.6M | 67.92M | 16.13M | 203.81M | 27.28M | 34.38M | 23.66M | 18.33M | 9.19M | 3.63M | 7.86M | 5.57M | 21.8M | 53.7M | 116.76M | 11.21M | 4.72M | 3.73M | 2.15M | 2.95M | 1.16M | 938K | 1.67M | 162.38K |
| Non-Interest Income | 367.78M | 126.75M | 155.67M | 121.27M | 175.36M | 184.81M | 178.08M | 127.35M | 102.82M | 78.81M | 67.5M | 52.2M | 42.97M | 38.79M | 34.16M | 26.25M | 36.31M | 39.65M | 34.72M | 22.52M | 15.79M | 5.39M | 4.98M | 3.29M | 1.73M | 1.34M | 114.98K |
| Non-Interest Income % | 9.17% | 4.34% | 5.45% | 4.9% | 11.32% | 15.2% | 14.85% | 10.65% | 9.8% | 11.02% | 15.66% | 16.98% | 17.25% | 16.86% | 15.56% | 12.23% | 15.15% | 16.16% | 14.42% | 12.98% | 12.58% | 10.43% | 15.24% | 15.26% | 12.12% | 18.1% | 18.5% |
| Total Revenue | 4.01B | 2.92B | 2.85B | 2.47B | 1.55B | 1.22B | 1.2B | 1.2B | 1.05B | 714.95M | 431.11M | 307.37M | 249.14M | 230.07M | 219.58M | 214.6M | 239.66M | 245.37M | 240.8M | 173.45M | 125.48M | 51.7M | 32.66M | 21.55M | 14.29M | 7.41M | 621.4K |
| Revenue Growth % | 164.37% | 2.4% | 15.32% | 59.73% | 27.41% | 1.41% | 0.32% | 13.89% | 46.8% | 65.84% | 40.26% | 23.37% | 8.29% | 4.78% | 2.32% | -10.46% | -2.33% | 1.9% | 38.83% | 38.23% | 142.71% | 58.31% | 51.55% | 50.77% | 92.87% | 1092.54% | - |
| Non-Interest Expense | 1.95B | 1.15B | 819.46M | 575.79M | 539.23M | 449.18M | 424.7M | 368.67M | 354.83M | 300.46M | 182.78M | 136.55M | 126.67M | 120.95M | 128.93M | 127.42M | 146.88M | 118.58M | 94.48M | 60.48M | 46.62M | 21.03M | 14.8M | 11.05M | 7.99M | 3.16M | 333.68K |
| Efficiency Ratio | 48.75% | 39.23% | 28.72% | 23.27% | 34.81% | 36.94% | 35.42% | 30.84% | 33.81% | 42.03% | 42.4% | 44.42% | 50.84% | 52.57% | 58.71% | 59.38% | 61.29% | 48.33% | 39.24% | 34.87% | 37.16% | 40.68% | 45.33% | 51.27% | 55.9% | 42.66% | 53.7% |
| Operating Income | 798.47M | 779.88M | 581.21M | 714.01M | 697.49M | 651.9M | 371.36M | 497.54M | 449.95M | 297.99M | 191.38M | 143.1M | 105.65M | 85.88M | 62.53M | 28.5M | -19.89M | -64.89M | 43.24M | 33.03M | 26.38M | 11.25M | 7.49M | 3.98M | 1M | 0 | 0 |
| Operating Margin % | 19.92% | 26.69% | 20.37% | 28.85% | 45.02% | 53.61% | 30.97% | 41.62% | 42.87% | 41.68% | 44.39% | 46.56% | 42.41% | 37.33% | 28.48% | 13.28% | -8.3% | -26.45% | 17.96% | 19.05% | 21.03% | 21.76% | 22.94% | 18.47% | 7.03% | 0% | 0% |
| Operating Income Growth % | - | 34.18% | -18.6% | 2.37% | 6.99% | 75.55% | -25.36% | 10.58% | 51% | 55.7% | 33.74% | 35.44% | 23.02% | 37.36% | 119.39% | 243.29% | 69.35% | -250.07% | 30.9% | 25.21% | 134.56% | 50.14% | 88.2% | 296.38% | - | - | - |
| Pretax Income | 798.47M | 779.88M | 581.21M | 714.01M | 697.49M | 651.9M | 371.36M | 497.54M | 449.95M | 297.99M | 191.38M | 143.1M | 105.65M | 85.88M | 62.53M | 28.5M | -19.89M | -64.89M | 43.24M | 33.03M | 26.38M | 11.25M | 7.49M | 3.98M | 1M | 0 | 0 |
| Pretax Margin % | 19.92% | 26.69% | 20.37% | 28.85% | 45.02% | 53.61% | 30.97% | 41.62% | 42.87% | 41.68% | 44.39% | 46.56% | 42.41% | 37.33% | 28.48% | 13.28% | -8.3% | -26.45% | 17.96% | 19.05% | 21.03% | 21.76% | 22.94% | 18.47% | 7.03% | 0% | 0% |
| Income Tax | 146.78M | 137.78M | 106.15M | 151.85M | 136.75M | 124.58M | 59.04M | 96.66M | 90.51M | 124.01M | 64.16M | 47.59M | 35.18M | 28.16M | 20.64M | -15.24M | 4.41M | -29.39M | 12.37M | 9.99M | 8.46M | 3.19M | 2.17M | 1.43M | 356.12K | 2.58M | 125.35K |
| Effective Tax Rate % | 18.38% | 17.67% | 18.26% | 21.27% | 19.61% | 19.11% | 15.9% | 19.43% | 20.12% | 41.62% | 33.52% | 33.26% | 33.3% | 32.79% | 33.02% | -53.47% | -22.17% | 45.29% | 28.6% | 30.25% | 32.05% | 28.38% | 29% | 35.82% | 35.46% | - | - |
| Net Income | 651.69M | 642.1M | 475.06M | 562.15M | 560.74M | 527.32M | 312.32M | 400.88M | 359.44M | 173.98M | 127.22M | 95.51M | 70.47M | 57.73M | 41.88M | 43.74M | -24.3M | -35.5M | 30.87M | 23.04M | 17.93M | 8.06M | 5.32M | 2.55M | 648.06K | -1.14M | -2.26M |
| Net Margin % | 16.25% | 21.97% | 16.65% | 22.72% | 36.19% | 43.36% | 26.05% | 33.54% | 34.25% | 24.33% | 29.51% | 31.07% | 28.29% | 25.09% | 19.07% | 20.38% | -10.14% | -14.47% | 12.82% | 13.28% | 14.29% | 15.58% | 16.29% | 11.85% | 4.53% | -15.34% | -362.92% |
| Net Income Growth % | 32.59% | 35.16% | -15.49% | 0.25% | 6.34% | 68.84% | -22.09% | 11.53% | 106.6% | 36.75% | 33.21% | 35.53% | 22.08% | 37.82% | -4.24% | 279.99% | 31.55% | -214.98% | 34% | 28.53% | 122.55% | 51.45% | 108.21% | 294.2% | 157.01% | 49.6% | - |
| Net Income (Continuing) | 651.69M | 642.1M | 475.06M | 562.15M | 560.74M | 527.32M | 312.32M | 400.88M | 359.44M | 173.98M | 127.22M | 95.51M | 70.47M | 57.73M | 41.88M | 43.74M | -24.3M | -35.5M | 30.87M | 23.04M | 17.93M | 8.06M | 5.32M | 2.55M | 648.06K | -1.14M | -2.26M |
| EPS (Diluted) | 8.38 | 8.09 | 5.96 | 7.14 | 7.17 | 6.75 | 4.03 | 5.22 | 4.64 | 2.70 | 2.91 | 2.52 | 2.01 | 1.67 | 1.10 | 1.09 | -0.93 | -1.46 | 1.27 | 1.34 | 1.18 | 0.85 | 0.61 | 0.32 | 0.11 | -0.28 | -0.59 |
| EPS Growth % | 30.42% | 35.74% | -16.53% | -0.42% | 6.22% | 67.49% | -22.8% | 12.5% | 71.85% | -7.22% | 15.48% | 25.37% | 20.36% | 51.82% | 0.92% | 217.2% | 36.3% | -214.96% | -5.22% | 13.56% | 38.82% | 39.34% | 90.63% | 190.91% | 139.29% | 52.54% | - |
| EPS (Basic) | - | 8.15 | 6.01 | 7.20 | 7.20 | 6.79 | 4.04 | 5.25 | 4.66 | 2.73 | 2.96 | 2.58 | 2.03 | 1.69 | 1.12 | 1.11 | -0.93 | -1.46 | 1.34 | 1.43 | 1.28 | 0.96 | 0.69 | 0.35 | 0.11 | -0.28 | -0.59 |
| Diluted Shares Outstanding | 77.75M | 77.75M | 77.13M | 76.65M | 76.13M | 75.93M | 75.65M | 76.76M | 77.45M | 64.33M | 43.73M | 37.97M | 35.13M | 34.51M | 34.49M | 34.06M | 32.79M | 28.4M | 24.05M | 17.26M | 15.16M | 9.46M | 8.7M | 7.88M | 6.24M | 3.96M | 3.81M |
BHG investment earnings volatility
As reported in recent financial statements, PNFP experienced a significant NII expansion to $933.0 million in 2026Q1, representing a 156.0% growth rate that suggests a substantial shift in the bank's interest-earning asset base or a major repricing event within its commercial loan portfolio.
The dramatic spike in NII warrants further investigation into whether this reflects organic loan growth or a one-time accounting adjustment. Investors should monitor if this trajectory is sustainable or if it masks underlying pressure on funding costs as the bank scales its commercial operations.
Based on the provided quarterly data, PNFP's efficiency ratio fluctuated significantly, reaching 57.2% in 2026Q1 compared to 26.7% in 2024Q3, which suggests that the bank's aggressive talent acquisition strategy may be creating temporary overhead burdens that outpace the immediate revenue generation from new relationship manager teams.
The sharp increase in the efficiency ratio indicates that the bank's operating leverage is currently strained by its high-cost personnel model. This trend suggests that the bank must achieve higher productivity from its recent hires to return to the sub-30% efficiency levels observed in previous periods.
According to the income statement data, non-interest income has shown extreme volatility, including a negative $176.4 million contribution in 2025Q3, which highlights the bank's significant dependency on the Bankers Healthcare Group investment and the inherent risks of its equity-method accounting treatment for non-core earnings.
The erratic nature of fee income suggests that the bank's bottom line is highly sensitive to the performance of its specialty finance investments. This volatility may obscure the core banking franchise's performance and requires investors to adjust for these non-recurring or market-sensitive items when evaluating profitability.
As indicated by the quarterly filings, PNFP reported a $292.4 million provision credit in 2025Q3, a stark departure from the typical provision expense observed in other periods, which may indicate a significant reversal of previous credit loss estimates or a unique adjustment to the loan loss reserve.
The absence of consistent provision expense patterns suggests that the bank's credit cost modeling is subject to large, non-linear adjustments. Analysts should monitor whether this reflects a genuine improvement in asset quality or if it is a byproduct of the bank's complex accounting for its commercial loan book.
Quick answers to the most common questions about buying PNFP stock.
Pinnacle Financial Partners, Inc. (PNFP) is profitable, generating $642.1M in net income for the fiscal year ending 2025 with a net profit margin of 22.0%.
Pinnacle Financial Partners, Inc. (PNFP) reported an operating income of $779.9M, resulting in an operating profit margin of 26.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Pinnacle Financial Partners, Inc. (PNFP) generated $1.93B in gross profit for the year, representing a gross profit margin of 65.9%. This demonstrates the company's core pricing power and production efficiency.