Pinnacle Financial Partners Trends for FY26 Outlook Largely In Line With Cons While 2Q26 Outlook a Bit Weaker, Tied to Fee Income

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Pinnacle Financial Partners Trends for FY26 Outlook Largely In Line With Cons While 2Q26 Outlook a Bit Weaker, Tied to Fee Income

J P M O R G A N North America Equity Research

08 June 2026

Pinnacle Financial Partners Overweight

PNFP, PNFP US

Trends for FY26 Outlook Largely In Line With Cons Price (08 Jun 26):$96.49

While 2Q26 Outlook a Bit Weaker, Tied to Fee Income

U.S. Mid and Small Cap Banks

Anthony Elian, CFA AC

(1-212) 622-5067

anthony.elian@jpmorgan.com

Michael Pietrini

(1-212) 622-0618

michael.pietrini@jpmorgan.com

On Monday afternoon, Pinnacle filed an investor deck that included 2Q26 J.P. Morgan Securities LLC

guidance (which in our view skews slightly unfavorable tied to lower-than-

expected fee income) while also reiterating the full-year 2026 outlook ranges

although is now providing expectations within those ranges (in line with cons).

• For the 2Q26 outlook, we find that at the midpoint, the 2Q26 revenue outlook

range of $1.230-1.245B is below consensus of ~$1.25B, driven by lower-than-

expected fee income q/q, which the company is attributing to lower non-client

related fees (including BHG income). The midpoint of the 2Q26 expense

outlook range of $665-675mm appears to be in line with consensus, as is the

2Q26 NIM outlook of ~3.50%, while (relative to consensus) stronger 2Q26

sequential loan growth appears to be offset by slower 2Q26 deposit growth.

• For the full-year 2026 outlook, the revenue outlook range was narrowed to

$5.05-5.10B (prior: $5.00-5.20B), which is in line with consensus, as is the

expense outlook, which is now pegged to come in at the lower half of the prior

range (of $2.675-2.775B). However, full-year NIM is now estimated in the

range of 3.48-3.50%, which compares with consensus that is closer to ~3.50%.