Pinnacle Financial Partners, Inc. (PNFP): Business Model Canvas [Dec-2025 Updated]

You're digging into how a relationship-driven bank scales successfully, especially after a huge event like the Synovus merger. Honestly, the core of Pinnacle Financial Partners, Inc.'s model is a relentless focus on talent: they aggressively hire experienced revenue producers to fuel high-touch commercial lending, pushing assets to about $56.0 billion by Q3 2025 and generating $396.9 million in Net Interest Income that same quarter. I've mapped out their entire nine-block Business Model Canvas below, showing precisely how this talent-first strategy, combined with strategic growth into new urban markets, underpins their entire operation. See the details that drive their performance.

Pinnacle Financial Partners, Inc. (PNFP) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Pinnacle Financial Partners, Inc. (PNFP) relies on to execute its strategy, especially as it prepares for a major consolidation. These partnerships are critical for scale, specialized market access, and community impact.

The most significant near-term partnership is the definitive agreement to combine with Synovus Financial Corp. (SNV). This all-stock transaction, valued at $8.6 billion based on closing prices as of July 21, 2025, is designed to create a regional banking leader in the Southeast. The combined entity is projected to have $116 billion in assets. Here are the key financial terms of that planned combination:

Another vital partnership involves the specialized lending subsidiary, Bankers Healthcare Group (BHG). This relationship provides high-margin fee income and access to the healthcare professional market. As of Q2 2025, BHG's performance was strong:

• BHG Q2 2025 Revenue: $26 million, representing a 39.3% year-over-year increase.
• BHG Q2 2025 Loan Originations: $1.5 billion, a 72% jump from 2024.
• Contribution to PNFP Total Revenue: Over 12%.

Pinnacle Financial Partners, Inc. maintains a significant interest in BHG, having completed a purchase of an additional 19 percent interest in 2016 for $114 million, resulting in a total ownership of 49 percent.

Community Development Financial Institutions (CDFIs) partnerships anchor the commitment to local community investment. The collaboration with Pathway Lending is active in preserving affordable housing in Tennessee. Pinnacle Financial Partners, Inc. has committed capital to the Pathway Housing Fund, which launched with $30 million in committed capital to acquire and preserve Naturally Occurring Affordable Housing (NOAH) properties.

The bank also partners with other financial institutions in these efforts. For instance, in the Knoxville region, Pinnacle Financial Partners, Inc. previously collaborated with Pathway Lending, First Horizon, and Regions Bank to recapitalize the $6 million 865 Opportunity Fund, which provided loans between $5,000 and $50,000 to eligible small businesses.

In terms of capital markets partnerships, institutional investors are key holders of Pinnacle Financial Partners, Inc. stock. As of Q2 2025, institutional investors owned roughly 87.4% of the stock. Specifically, Norges Bank made a notable move:

• Norges Bank acquired 1,027,636 shares in Q2 2025.
• The investment value was approximately $113.46 million.
• This brought Norges Bank's total stake to about 1.32%.

For core operations, Pinnacle Financial Partners, Inc. relies on technology vendors to support its digital offerings. The bank provides clients with digital options to minimize environmental impact, including eStatements, online banking, and remote deposit capture services. During 2024, the company provided $301 million in long-term financing, supported by these digital capabilities.

Finance: draft 13-week cash view by Friday.

Pinnacle Financial Partners, Inc. (PNFP) - Canvas Business Model: Key Activities

You're focused on the engine driving Pinnacle Financial Partners, Inc.'s growth-the daily, deliberate actions that translate strategy into financial results. This is where the rubber meets the road, especially as the firm navigates its aggressive expansion and the pending combination with Synovus Financial Corp.

The core activity remains the relentless pursuit of top-tier revenue producers. This is the scalable engine for origination growth. By the end of Q2 2025, Pinnacle Financial Partners, Inc. had added 71 new bankers year-to-date, with 38 new bankers hired in Q2 alone. These revenue producers are experienced, with an average of 18 years of experience cited as a focus for these hires. This talent acquisition underpins the relationship-driven commercial and industrial (C&I) loan origination strategy.

The success of this hiring strategy is visible in the loan book. In Q2 2025, Pinnacle Financial Partners, Inc. achieved a 10.7% linked-quarter annualized loan growth. A significant driver was the Commercial & Industrial (C&I) segment, which saw a 21.9% surge. This focus on high-quality lending contributed to the bank's total assets reaching $54.8 billion as of June 30, 2025.

Geographic expansion is a constant key activity, building out the Southeastern footprint. The firm operates in 17 primarily urban markets across the Southeast. The expansion into Richmond, VA, is showing early promise, with management noting the potential to build a $1 billion to $1.5 billion asset size in the coming years in that market. New market entries, like Jacksonville, FL, launched in 2024, already boasted $138.9 million in loans and $37 million in deposits by early 2025.

Delivering comprehensive wealth management and trust services is a critical non-interest income driver. This activity is paying off handsomely; Noninterest Income surged by over 100% year-over-year in Q2 2025, directly attributed to strong performance in wealth management and investment services. Furthermore, banking fees and wealth management are forecasted to see growth between 12% and 15% for the full year 2025.

Finally, a major activity in late 2025 is the integration planning following the July 24, 2025, announcement of the definitive agreement to combine with Synovus Financial Corp. This all-stock transaction was valued at $8.6 billion based on July 21, 2025, prices. While the transaction is subject to regulatory approvals and expected to close in the first quarter of 2026, the executive leadership team for the combined company was named in August 2025, signaling active integration work is underway to align the two organizations.

Here's a look at the performance metrics tied to these key activities through Q2 2025:

The focus on talent and targeted lending is clearly translating into tangible results, even as the firm prepares for the structural change of the Synovus combination. The key activities are designed to maintain momentum until the expected closing in early 2026.

• Continuous recruitment of experienced revenue producers.
• Driving relationship-based C&I loan origination.
• Executing strategic market expansion (e.g., Richmond, VA).
• Growing asset-light fee income streams like wealth management.
• Planning for the integration of Synovus operations.

The integration planning involves aligning leadership for revenue-producing units, where Rob McCabe will lead, overseeing areas including wealth management, trust, and mortgage solutions. Finance: review the pro-forma capital impact of the $8.6 billion Synovus transaction by next Tuesday.

Pinnacle Financial Partners, Inc. (PNFP) - Canvas Business Model: Key Resources

You're looking at the tangible and human capital that drives Pinnacle Financial Partners, Inc.'s strategy. These aren't just line items; they are the engines for their market share takeaway model.

The core talent acquisition model focuses on attracting highly experienced, relationship-focused bankers. This is defintely visible in their aggressive hiring pace and the quality of the teams they build in new and existing markets.

• Added 38 bankers in Q2 2025, bringing year-to-date hires to 71.
• New de novo branch in Richmond, VA, staffed with six seasoned bankers averaging 28 years of experience.
• Wealth management revenues for Q3 2025 reached $38.2 million, a year-over-year increase of 29.5%.
• Banker's Healthcare Group (BHG) provided fee revenues of over $26 million in Q2 2025.

The balance sheet strength provides the foundation for this relationship-driven growth, supported by a low-cost funding base.

Pinnacle Financial Partners, Inc. also deploys a proprietary technology platform designed to ensure seamless service delivery whether a client is engaging digitally or in person. This infrastructure supports the high-touch service model.

The recognized brand as a top workplace is a critical non-financial resource, acting as a magnet for the relationship bankers they seek. This reputation is consistently validated by external rankings.

• Ranked No. 9 on FORTUNE's 2025 list of 100 Best Companies to Work For in the U.S..
• Ranked No. 3 on FORTUNE's 2025 Best Workplaces in Financial Services and Insurance.
• Ranked No. 4 on FORTUNE magazine's 2025 list of the Best Workplaces for Women.

Pinnacle Financial Partners, Inc. (PNFP) - Canvas Business Model: Value Propositions

You're looking at a business model that banks on personal connection over pure scale, which is a tough act to pull off in modern finance. Pinnacle Financial Partners, Inc. (PNFP) delivers its value by focusing intensely on the client relationship, especially for businesses and their owners.

High-touch, personalized, relationship-driven banking for businesses and owners

The core value proposition here is the service level. Pinnacle Financial Partners, Inc. is built on a people-centric approach, which means you get access to decision-makers fast. This commitment to its associates is recognized; for instance, the firm ranked No. 9 on Fortune's 2025 list of '100 Best Companies to Work For'. The client satisfaction backs this up, with a Net Promoter Score (NPS) of 83 reported in 2024. This relationship focus is what drives their growth strategy in their primarily urban Southeastern markets.

Full suite of financial services: commercial, wealth, mortgage, and insurance under one roof

Pinnacle Financial Partners, Inc. aims to be the single financial partner you need. They offer a full line of services, including commercial banking, personal banking, wealth management, mortgage, trust, and insurance products. This breadth allows them to serve a client's entire financial life cycle. The performance in these ancillary services shows the depth of this offering:

• Wealth management revenues reached $38.2 million in Q3 2025.
• Income from their investment in Banker's Healthcare Group (BHG) hit $40.6 million in Q3 2025.
• Wealth management revenues showed a year-over-year increase of 29.5 percent in Q3 2025.
• BHG income saw a massive increase of 148.0 percent from Q3 2024 to Q3 2025.

Experienced bankers providing sophisticated advice typically found at larger institutions

You get the attention of a community bank but the expertise of a much larger firm. Pinnacle Financial Partners, Inc. focuses on hiring and retaining highly experienced professionals. They specifically focus on hiring revenue producers who average 18 years of experience. This strategy is designed to deliver sophisticated advice while maintaining local decision-making, which is key to their value proposition.

Reliable, high-quality loan growth, even during economic downturns

The relationship model translates directly into consistent loan generation. Even with broader market concerns, Pinnacle Financial Partners, Inc. has shown strong lending activity. For example, in Q2 2025, total loans grew by 10.7% linked-quarter annualized. The growth is particularly strong in their core area:

This growth is supported by an increase in noninterest-bearing deposits of $133 million in Q2 2025, showing stable funding.

Net Interest Margin (NIM) of 3.23% in Q2 2025, reflecting efficient operations

The efficiency in operations is visible in the margin performance. The Net Interest Margin (NIM) for the second quarter of 2025 was 3.23%. This compares favorably to the 3.14% NIM reported in Q2 2024. Furthermore, the efficiency ratio improved significantly, moving to 56.7% in Q2 2025 from 74.0% in Q2 2024. This operational leverage helped drive adjusted PPNR (pre-provision net revenue) up 12% year-over-year in Q2 2025. Here's the quick math on the recent financial results that underpin this value delivery:

Finance: draft the Q3 2025 efficiency ratio comparison by next Tuesday.

Pinnacle Financial Partners, Inc. (PNFP) - Canvas Business Model: Customer Relationships

You're building a bank based on relationships, not just transactions. That means every number you look at here reflects the success of that core philosophy. Pinnacle Financial Partners, Inc. focuses intensely on the human element, which they believe drives loyalty and sustainable wins.

Dedicated Relationship Managers (RMs) serving as the single point of contact

The structure relies on experienced professionals acting as the client's main contact. They hire revenue producers with an average of 18 years of experience, which helps them move their book of business quickly upon joining. In 2024 alone, Pinnacle successfully recruited 161 revenue-producing associates, a 50 percent increase over 2023, which directly feeds the relationship pipeline. The firm's commitment to its people is reflected in its 94 percent associate retention rate in 2024, a figure that is unheard of for banks of their size, which helps maintain continuity for clients.

High-touch, long-term advisory model, not transactional

Pinnacle Financial Partners, Inc. explicitly focuses on businesses and consumers who want a deep relationship with their financial partner, not just a place to park money. This advisory approach is validated by client feedback. For instance, in 2024, 90% of clients agreed that Pinnacle Values Long-term Relationships, beating their closest competitor by 11 percentage points (who scored 79%). Furthermore, the firm earned the Best Bank award for Values Long-Term Relationships from Crisil Coalition Greenwich.

The performance metrics for the Relationship Managers in 2024 clearly show the advisory focus:

This focus on high-quality interaction translates to market-leading overall client perception. Pinnacle achieved an 83 Net Promoter Score (NPS) in 2024, which was 24 points higher than their nearest competitor's score of 59.

Community engagement and charitable giving

Community investment is baked into the firm's mission to make a significant positive impact. The giving strategy is to back causes important to their associates, rather than writing one large check. The financial commitment in 2024 totaled $8.0 million in contributions to community causes and nonprofits. This is supported by associate action, as in 2024, associates volunteered over 27,357 hours across 8,784 service opportunities.

The firm's commitment to community development is substantial, with $1.0 billion in investments committed as of December 31, 2024, which represented 1.93% of total assets then. A key area of focus is affordable housing, where this commitment included $415 million earmarked to create 5,026 units of affordable rental housing across the footprint. More recently, in September 2025, Pinnacle Financial Partners, Inc. announced a $5 million investment in City First Enterprises (CFE) to bolster mission-driven projects in the DC region.

The key areas of financial support include:

• Education.
• Health and human services.
• Economic development.
• The arts.

Continuous service improvement based on client feedback and relationship depth

Service improvement is measured by industry recognition and direct client feedback. In 2024, Pinnacle Financial Partners, Inc. earned 30 Crisil Coalition Greenwich Best Bank Awards, more than any other bank in the nation. Key drivers of client satisfaction in 2024 showed high marks, such as 95% Overall Satisfaction, compared to the closest competitor's 89%. Also, 88% of clients found the Ease of Doing Business simple, against a competitor's 76%.

The firm's strategy is to use its people-centric approach-which includes 100 percent of associates going through a three-day orientation on mission, vision, and values-to continually refine service delivery. The goal is to provide distinctive service and effective advice, which is why they track metrics like 79% satisfaction for Proactive Advice and Innovative Ideas from their RMs, showing where they can push for more depth in advisory services.

Pinnacle Financial Partners, Inc. (PNFP) - Canvas Business Model: Channels

You're looking at how Pinnacle Financial Partners, Inc. gets its value proposition-that high-touch, relationship-driven banking-out to its clients across the Southeast. It's a multi-pronged approach, blending physical presence with digital tools and specialized teams.

Physical network of full-service offices across 12 Southeastern states

Pinnacle Financial Partners maintains a physical footprint that, as of late 2025, spans operations in Tennessee, North Carolina, South Carolina, Virginia, Georgia, and Alabama, with recent activity signaling expansion into a 12th state, including new hires in Richmond and Lexington. The core delivery mechanism remains the full-service office, designed to facilitate the relationship banking model. While the exact total number of offices as of late 2025 isn't explicitly stated in the latest reports, the focus is clearly on strategic, high-growth urban markets. For instance, as of June 30, 2025, Pinnacle Financial Partners held the No. 1 position in the Nashville-Murfreesboro-Franklin MSA by deposits, with $21.34 billion in local deposits, representing 21.72% of the total market.

The success of this physical channel is evident in market penetration across their footprint:

• No. 1 bank in Nashville MSA by deposits for eight consecutive years.
• No. 2 largest bank in Chattanooga MSA by deposits, with $2.35 billion.
• No. 3 largest bank in Knoxville MSA by deposits, with $3.36 billion.
• Ranked in the Top 20 by Deposits in Washington, D.C. MSA, with deposits reaching $2.19 billion as of June 30, 2025.

Digital banking platforms (online and mobile banking) for consumer and commercial clients

To complement the in-person service, Pinnacle Financial Partners uses digital channels for client convenience. These platforms are designed to support the comprehensive relationship, not replace it. The offerings include 24-hour telephone and online banking, mobile banking, and mobile deposit options. This digital layer helps manage the day-to-day transactions, freeing up relationship bankers for higher-value interactions. Core deposits, a key funding source, grew at an 11.5% annualized rate in Q2 2025, with noninterest-bearing deposits expanding alongside.

Direct access through dedicated Relationship Managers (RMs)

The Relationship Manager (RM) is the primary conduit for the value proposition. The strategy heavily relies on aggressive recruitment to staff these roles. In Q2 2025 alone, the bank added 38 new revenue producers, bringing the year-to-date total to 71 new bankers. This focus on talent acquisition is central to their growth channel, supported by a high associate retention rate of 94 percent. These seasoned bankers are expected to drive organic growth by bringing in clients from larger, less agile competitors.

Specialized lending channels via Bankers Healthcare Group (BHG)

The Bankers Healthcare Group (BHG) subsidiary acts as a specialized, national distribution channel for lending, particularly in healthcare finance. This channel is a significant source of noninterest income. For the first quarter of 2025, income from the BHG investment was $20.4 million, marking a 27.3% increase from the prior year. Management raised the 2025 estimate for BHG earnings growth to approximately 40% over 2024 levels, citing better production flow and credit performance. BHG sources its loan originations and primarily sells them through an online auction process to a network of approximately 400 community banks nationwide.

De novo branch expansion in high-growth urban markets

De novo expansion is a deliberate channel for market penetration, often involving the hiring of established teams. The new de novo branch in Richmond, VA, is a prime example, staffed with six bankers who average 28 years of experience. This strategy has been used to enter markets like Atlanta, Huntsville, Birmingham, Jacksonville, Louisville, and Washington, D.C. metro areas. The growth achieved through these channels is substantial; for instance, total deposits in the Washington, D.C. MSA increased by 120.2 percent year-over-year to reach $2.19 billion as of June 30, 2025.

Here's a look at some of the market share results from these expansion channels as of June 30, 2025:

Finance: draft the Q3 2025 channel effectiveness report by end of next week.

Pinnacle Financial Partners, Inc. (PNFP) - Canvas Business Model: Customer Segments

You're looking at the core groups Pinnacle Financial Partners, Inc. (PNFP) targets to drive its relationship-focused growth strategy. This isn't about abstract customer types; it's about where the dollars and loan growth are coming from as of late 2025.

Businesses and their owners (Commercial & Industrial lending is a key focus)

The engine here is the Commercial & Industrial (C&I) segment. This group is key because the lending is based on business cash flows, not just real estate value. C&I loans showed incredible momentum, surging 21.9% quarterly annualized in the second quarter of 2025. By September 30, 2025, C&I loans stood at $15,570,921 thousand. This focus on business lending is supported by aggressive talent acquisition; PNFP added 38 new revenue-producing bankers in Q2 2025 alone to fuel origination capacity.

Here's a look at the loan portfolio composition as of September 30, 2025, showing where the business focus sits:

At the end of 2024, C&I loans made up 38.9% of the total loan book, at $13,815,817 thousand. The bank also focuses on owner-occupied commercial real estate, which acts similarly to C&I lending by focusing on business cash flows.

Professional entities (e.g., medical, legal) targeted by BHG and core banking

The partnership with Bankers Healthcare Group (BHG) directly targets professionals, especially in healthcare. Pinnacle Bank holds a 49% interest in BHG. This segment is a high-margin contributor. Income from the BHG investment hit $26.0 million in the second quarter of 2025, marking a 39.3% increase year-over-year. BHG's loan originations reached $1.5 billion in Q2 2025. The core bank also provides personalized service and sophisticated products, like treasury management, to these entities across its urban markets.

Affluent individuals and high-net-worth clients seeking wealth management

PNFP serves affluent clients through its wealth management services, which include investment, trust, and insurance. Wealth management revenues show this segment is growing fast. For the third quarter of 2025, these revenues totaled $38.2 million, a year-over-year jump of 29.5%. In Q2 2025, the revenue was $32.3 million, up 16.4% from the prior year. The firm offers a multigenerational approach, focusing on Financial Planning, Asset Management, and Trust services for individuals and families.

Middle-market companies in the Southeast's fastest-growing urban centers

PNFP's strategy centers on capturing market share in primarily urban Southeast markets. The bank is the No. 1 bank by deposits in the Nashville-Murfreesboro-Franklin MSA, holding $21.34 billion in local deposits as of June 30, 2025, which is 21.72% of that market. The bank is actively expanding its footprint, evidenced by new banker teams and de novo branches in places like Richmond, VA.

Here's how PNFP ranks in key Southeast markets as of mid-2025:

• Nashville-Murfreesboro-Franklin MSA: No. 1 by deposits.
• Chattanooga MSA: No. 2 largest bank by deposits, with $2.35 billion total.
• Knoxville MSA: No. 3 largest bank by deposits, with $3.36 billion total.
• Washington, D.C. MSA: Ranked No. 16 by deposits, up from No. 24 a year prior, with $2.19 billion in total deposits.

The firm's total assets reached approximately $56.0 billion as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Pinnacle Financial Partners, Inc. (PNFP) - Canvas Business Model: Cost Structure

When you look at the cost structure for Pinnacle Financial Partners, Inc. (PNFP), you see a clear reflection of their strategy: investing heavily in high-quality talent and expanding their physical presence to drive relationship-based growth. This isn't a low-cost provider model; it's a high-touch, high-cost-to-serve model that aims for premium returns.

Salaries and employee benefits are definitely the largest cost driver, which makes sense given their focus on hiring top-tier revenue producers. For the second quarter of 2025, this line item hit $181.2 million. That's a significant jump, up 20.7 percent year-over-year, showing the cost of scaling a relationship-focused team. Honestly, keeping that talent happy and motivated is paramount to their success.

That leads directly to the high cost of talent acquisition and retention, particularly through incentive compensation. You saw cash incentive costs in Q2 2025 total $33.5 million, which was about $16.0 million higher than the same quarter last year. Here's the quick math: the 2025 accrual is based on an anticipated 115% of target payout, up from the 80% assumed in the second quarter of 2024. What this estimate hides is the pressure to maintain those high incentive levels to keep key producers from walking to a competitor.

The expansion efforts are also clearly visible in the general and administrative expenses. The cost of a growing branch footprint is evident in the equipment and occupancy costs, which were $48.0 million in Q2 2025, a 17.1 percent year-over-year increase. This increase is directly attributable to the opening of nine new full-service locations since the start of 2024, plus the relocation costs associated with those moves. They are building out their physical presence to support their relationship bankers.

To support this relationship focus and the newer de novo markets like Richmond, they are spending on visibility and business development. Marketing and other business development costs for the second quarter of 2025 were $8.8 million, marking a 29.5 percent increase from Q2 2024. This spend is tied to new sponsorships, like The Pinnacle music venue that opened in March 2025, and general engagement costs driven by their increased headcount.

When you put it all together, the total noninterest expense for Q2 2025 was $286.4 million. Even with these rising costs, the efficiency ratio improved to 56.7 percent, showing that revenue growth is, for now, outpacing expense growth. That's a key metric to watch going forward.

Here is a snapshot of the major noninterest expense components for the quarter ended June 30, 2025:

The investment in human capital, which drives the cost structure, is ongoing. You need to keep an eye on the pace of hiring, as that directly translates to future fixed costs. As of Q2 2025, the firm was adding talent aggressively:

• 38 revenue producers hired in Q2 2025.
• 71 revenue producers hired year-to-date (YTD) in 2025.
• Focus on experienced relationship managers with an average of 18 years experience.

Regarding technology, while a specific dollar amount for total technology investment isn't explicitly broken out in the same detail as personnel costs, the need for platform maintenance and upgrades is inherent in maintaining a competitive digital offering alongside the physical branch network. The overall adjusted noninterest expense of $286.3 million in Q2 2025 versus $243.0 million in Q2 2024 shows the scale of investment needed to support their growth and digital capabilities. Finance: draft 13-week cash view by Friday.

Pinnacle Financial Partners, Inc. (PNFP) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Pinnacle Financial Partners, Inc.'s earnings power as of late 2025. The revenue streams are clearly anchored by traditional banking income, heavily supplemented by their strategic investment in specialized lending.

The primary driver remains the spread between what Pinnacle earns on its assets and what it pays for deposits. For the third quarter of 2025, the Net Interest Income (NII) from loans and securities hit $396.9 million. This figure represented a solid year-over-year growth rate of 12.9 percent for that quarter. The Net Interest Margin (NIM) for Q3 2025 was 3.26 percent.

The second major pillar is Noninterest Income, which saw significant growth. Total Noninterest Income for Q3 2025 surged by 28.4 percent year-over-year to reach $147.9 million. This category is a mix of core banking fees and the high-performing BHG investment income.

Here's a breakdown of the key components making up Pinnacle Financial Partners, Inc.'s revenue streams for Q3 2025:

You can see that the income from the Bankers Healthcare Group (BHG) investment was a substantial contributor, coming in at $40.6 million for Q3 2025. This was a remarkable year-over-year increase of 148.0 percent for that specific income line.

The more traditional fee-based revenue, which includes what you asked about, is detailed below. While the exact split isn't always public, we can see the growth in the wealth segment and the overall fee strength:

• Wealth management revenues (investment, trust, and insurance services) were $38.2 million in Q3 2025.
• This wealth segment revenue grew by 29.5 percent year-over-year.
• Management noted continued quarter-over-quarter growth in core banking fee categories like commercial deposit charges and wealth management fees.

Looking ahead, the full-year 2025 revenue is estimated to land around $2.05 billion. This suggests the fourth quarter needs to maintain the strong momentum seen in Q3, where total revenues were $544.8 million.

Finance: draft sensitivity analysis on NII if NIM contracts by 10 basis points in Q4 by Monday.