Nashville-based Pinnacle Financial Partners reported third-quarter results late Wednesday topping Wall Street expectations with revenue of $544.8 million.
The banking company earned $2.19 per share, or $2.27 after adjustments, topping the $2.05 average consensus estimate of analysts by Zacks Investment Research.
The quarterly report comes after Pinnacle and Columbus, Ga.-based Synovus Financial Corp. in July announced they would merge in an all-stock transaction valued at $8.6 billion (read here).
Wednesday’s report provided an update on the progress of the merger, noting the necessary regulatory applications were filed on Aug. 25. Relatedly, Pinnacle believes it will receive regulatory approvals in time to close the merger early in the first quarter of 2026.
Synovus Chairman, CEO and President Kevin Blair will serve as president and CEO of Pinnacle following the merger.
Blair and Pinnacle Founder and Chairman Rob McCabe, who will serve the combined company as chief banking officer, have named market-level banking leaders. With McCabe’s new role as CBO for the entire firm, Nashville-based senior lending officer Bryan Bean will move into the leadership role for the Tennessee and Kentucky markets, according to a release.
Upon closing of the merger, Pinnacle President and CEO Terry Turner will become non-executive chairman of the board of directors of Pinnacle with McCabe serving as vice chairman, the company announced previously.
Pinnacle continues to estimate cost savings from the merger of $250 million on a fully phased-in basis.
“Both companies believe the continued strong revenue momentum experienced in the third quarter only increases their confidence that the transaction will produce major revenue gains for the combined firm,” according to the report.
The companies reiterated that earnings projections do not include incremental revenue opportunities but anticipate that future earnings will benefit substantially from realization of these identified revenue initiatives.
Pinnacle’s total assets Sept. 30 were $56.0 billion, according to the company, an increase of approximately $1.2 billion from the Q2 figure and up $5.3 billion from the mark of Q3 2024.
Zacks had estimated Q3 revenue of $520.15 million, with the $544.8 million recorded for the quarter topping the analysts’ projections by 4.74 percent.
“Loan growth was again one of the highlights for the third quarter,” Harold Carpenter, Pinnacle chief financial officer, said in the report.
Carpenter said growth in Pinnacle’s commercial and industrial segment continued to outpace other loan segments and was up 17.9 percent linked-quarter annualized.
Additionally, he said, Pinnacle reengaged with borrowers in the construction and land development segment a few quarters ago, and expects to see net growth in construction lending in the coming quarters, which will also support loan growth as the company heads into 2026.
Pinnacle shares (ticker: PNFP) were valued at $84.50 in late-Thursday trading, down 6.19 percent (the equivalent decrease of $5.57 per share).