Pinnacle Financial: Model Updates/2Q26 Preview

研报英文原文证据摘录

Pinnacle Financial: Model Updates/2Q26 Preview

Deutsche Bank

Research

Rating Company Date

Buy Pinnacle Financial 24 June 2026

North America Reuters Bloomberg Rating Buy

United States PNFP.N PNFP US Price target (USD) 125.00 Price at 23 Jun 26 96.03

52-week range 119.29 – 82.10

Financial

Banks Valuation & Risks

Model Updates/2Q26 Preview

Bernard Von-Gizycki

What's in this note? Research Analyst

+1-212-250-5881 In early June, mgmt. discussed intra-qtr trends. Post these comments and a

follow-up call with mgmt., we update our earnings model.

▪ Our 2Q26 adjusted EPS estimate of $2.59 compares to adjusted

consensus of $2.48. Vs. consensus, net interest income is higher, fee

income is lower, core expenses are about in-line, and provision expense

is in-line.

Updating our 2Q26 estimate

Our 2Q26 adjusted EPS estimate of $2.59 (vs. $2.52 previously) compares to

adjusted consensus of $2.48. Our higher EPS estimate is driven by higher net

interest income due to higher loan growth and lower expenses and partially offset

by lower fee income and higher provision expense than previously modeled. Vs.

consensus, net interest income is higher, fee income is lower, core expenses are

about in-line, and provision expense is in-line.

▪ Net interest income. We model $984m of net II vs. $933m in 1Q.

▪ NIM. We model a NIM of 3.50%, down 3bps q/q. This is in-line with

mgmt’s guidance. The lower sequential NIM is driven by pressure from

higher liquidity as well as higher debt issuance.

▪ Fee income. We assume total fee income of $234m vs. $284m in 1Q. On

an adjusted basis, excluding $31m in pre-tax securities losses, we

assume $265m in fee income. This compares to mgmt’s guidance of

$265-275m ex securities losses.

▪ Expenses. We assume reported expenses of $748m (assuming $75m in