Pinnacle’s first post-Synovus earnings beat forecasts. What fueled the success?
The first earnings report from Pinnacle Financial Partners after its merger with Columbus-based Synovus Financial Corp, surpassed analysts’ expectations.
The merged bank, based in Nashville, Tennessee, reported a net income of $134.7 million for the first quarter of 2026. The total revenue was reported at $1.22 billion, exceeding analysts’ estimate of $1.21 billion.
The company’s revenue has grown 149% compared to the same period last year.
Their reported earnings per share for this quarter were $2.39, compared with $1.90 in the first quarter of 2025. Analysts estimated it to be $2.23.
“We set out to scale with a soul, and our first quarter results prove that we’re doing it,” Kevin Blair, CEO of Pinnacle Financial Partners, said in a news release. “One quarter in, with much more to prove and deliver, we are confident in the talent, culture and momentum we are building together. The best is still ahead for Pinnacle.”
Company leaders told analysts during the quarterly earnings conference call the growth could be attributed to multiple factors, including new hires and a more diverse range of deposit specialties.
“That’s what gives me confidence,” Blair told analysts in the earnings review conference call. “It’s coming from the new hires. It’s coming from some of our deposit specialties. And, again, it’s fairly broad-based. And that, again, gives us confidence that we reiterated the guidance for the year.”
Pinnacle’s earnings report mirrors other regional banks nationwide, showing a solid start to the year despite ongoing economic uncertainty and interest rate pressures. National bank company leaders cautioned that the impact of higher gas prices and geopolitical uncertainty might negatively affect economic growth down the line.
Pinnacle Financial Partners did not mention these as caution points in their earnings call.
Company leaders say they will focus on sustaining their loan and deposit growth, continuing to invest in new talent and technology, and maintaining a constructive credit outlook.
About the Pinnacle Financial Partners and Synovus Bank Merger
On Jan. 1, Synovus completed its merger with Pinnacle. The company confirmed the merger in a news release July 24. The brand conversion is on track to be completed in early 2027, according to the news release.
The merger was an $8.6 billion all-stock transaction. The combined company operates under the names Pinnacle Financial Partners and Pinnacle Bank.
The firm now operates more than 400 locations in nine states throughout the Southeast and Atlantic Coast, along with multiple banking specialties nationwide, according to the company’s news release.
The agreement was unanimously approved by both companies’ boards of directors.
Blair, former CEO of Synovus, is Pinnacle’s president and CEO. Former Pinnacle CEO Terry Turner is chairman of the board.
This merger created the largest bank in Tennessee and the largest bank-holding company in Georgia, according to the news release.