Pinnacle Financial Partners (PNFP) ROTCE + P/TBV + Management Earnings Call Commentary.

 

Kevin Blair, CEO, on Q1 2026 earnings call discussing NDFI loans: “It’s 9% or $7 billion… only about $1.7 billion in private credit or less than 2%.”

 

“The biggest part of that book for us is our structured lending division, which is about $3.4 billion.”

 

“We’ve been operating that for the last seven years, and that group has not produced a single charge-off and hasn’t had an NPA since 2019.”

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“The great thing about this book is… these loans, although they are contained in one bucket, they’re very different. They’re very granular.”