Valuation range the line at three costs of equity r 11% · 0.69× r 9% · 0.92× now 1.50×
0.0× 1.0× 2.0× 3.0× 4.0×
At r = 10% the line gives 0.79× for a 8.5% ROTCE; the market pays 1.50×, a 90% premium to the line . Above the range even at r = 9%.
Where it has traded quarter-end P/TBV · 20 quarters · Dec 31, 2021 → Sep 30, 2026 0.00× 0.75× 1.50× 2.25× 3.00× 2021 2022 2023 2024 2025 2026 2021-12-31 · 2.25× (close 95.50 · TBVPS 42.39) 2022-03-31 · 2.20× (close 92.08 · TBVPS 41.89) 2022-06-30 · 1.71× (close 72.31 · TBVPS 42.32) 2022-09-30 · 1.90× (close 81.10 · TBVPS 42.68) 2022-12-31 · 1.64× (close 73.40 · TBVPS 44.89) 2023-03-31 · 1.17× (close 55.16 · TBVPS 47.17) 2023-06-30 · 1.15× (close 56.65 · TBVPS 49.27) 2023-09-30 · 1.36× (close 67.04 · TBVPS 49.14) 2023-12-31 · 1.70× (close 87.22 · TBVPS 51.34) 2024-03-31 · 1.64× (close 85.88 · TBVPS 52.52) 2024-06-30 · 1.50× (close 80.04 · TBVPS 53.31) 2024-09-30 · 1.77× (close 97.97 · TBVPS 55.46) 2024-12-31 · 2.04× (close 114.39 · TBVPS 56.14) 2025-03-31 · 1.83× (close 106.04 · TBVPS 57.91) 2025-06-30 · 1.87× (close 110.41 · TBVPS 58.90) 2025-09-30 · 1.52× (close 93.79 · TBVPS 61.73) 2025-12-31 · 1.50× (close 95.41 · TBVPS 63.64) 2026-03-31 · 0.72× (close 86.14 · TBVPS 118.90) 2026-06-30 · 1.60× (close 100.88 · TBVPS 62.87) 2026-09-30 · 1.40× (close 93.61 · TBVPS 66.82) p75 1.84× med 1.64× p25 1.47× now 1.50× Five-year median 1.64×, middle half 1.47–1.84×, range 0.72–2.25×. Now 1.50×: −8% below its own median, higher than 30% of those quarters. Each quarter priced at its own TBVPS · the band is the 25th–75th percentile
Where the money goes TTM through Jun 30, 2026 · $B 0 1 2 3 4 5 Interest income: 5.1 $B 5.1 Interest income Interest expense: −2.0 $B −2.0 Interest expense NII: 3.1 $B 3.1 NII Non-interest income: 0.8 $B 0.8 Non-interest income Net revenue: 3.8 $B 3.8 Net revenue Operating expenses: −2.6 $B −2.6 Operating expenses Provision: −0.1 $B −0.1 Provision Pre-tax: 1.1 $B 1.1 Pre-tax Tax: −0.2 $B −0.2 Tax Net income: 0.9 $B 0.9 Net income
assets $130.7B ÷ TCE $10.1B = 12.9× leverage · ROA 0.66% × 12.9 = ROTCE 8.5%
Revenue mix NII vs. non-interest income · Regional peers (10) PNFP 80 / 20
Tier average 75 / 25
Efficiency 69.4% vs. tier 60.8% · ROTCE 8.5% vs. 14.4% · credit cost 2.2% vs. 4.4% · AOCI/TCE −7.6% vs. −12.7%.
Quarter by quarter 8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter