Pinnacle Financial Partners, Inc.: Growth Story Progressing as Planned with FY Guidance Reiterated

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Pinnacle Financial Partners, Inc.: Growth Story Progressing as Planned with FY Guidance Reiterated

Equity Research

U.S. Mid-Cap Banks

9 June 2026

Pinnacle Financial Partners, Inc.

Growth Story Progressing as

Planned with FY Guidance First Look

PNFP OVERWEIGHTReiterated

U.S. Mid-Cap Banks POSITIVE

Management spoke at a competitor conference and the Price Target USD 130.00

company released a slide deck with updated guidance. 2Q is Price (08-Jun-26) USD 96.49

tracking stronger on loan growth but slightly lower on PPNR PotentialSource: Bloomberg,Upside/DownsideBarclays Research +34.7%

due to seasonality. More BHG securitization reduces FY

U.S. Mid-Cap Banksrevenue guide but PPNR is reiterated on lower expenses.

Jared Shaw

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jared.shaw@barclays.com

BCI, US

Jonathan Rau THE EXTEL SURVEY IS CLOSING SOON

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Support our industry-leading jonathan.rau@barclays.comBCI, US

Emily Rodriguez analysts with 5-Star votes in

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the 2026 Extel All-America emily.rodriguez@barclays.com

Research Survey. BCI, US

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Summary: Management's commentary and new slides reiterated much of what we've heard in

recent months, but we think the updated guidance is generally positive considering the faster

loan growth and expense synergies being realized YTD. 2Q implied PPNR is ~2% below us and

the Street but FY was reiterated. Underlying the guidance is slightly lower BHG income due to

more securitization and slightly lower expenses. NII appears to be reiterated with growth

tracking better YTD, but NIM is tracking slightly lower. The final systems conversion is still slated

for March 2027 with planning and testing still on track. Hiring pipelines and customer sentiment