Pinnacle Financial Partners: 2Q26 First Look: Core EPS Above St; 2026 Rev/Exp Outlook Largely Reiterated Though NIM Outlook Reduced

研报英文原文证据摘录

Pinnacle Financial Partners: 2Q26 First Look: Core EPS Above St; 2026 Rev/Exp Outlook Largely Reiterated Though NIM Outlook Reduced

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

22 July 2026

Pinnacle Financial Partners

2Q26 First Look: Core EPS Above St; 2026 Rev/Exp Overweight

Outlook Largely Reiterated Though NIM Outlook PNFP, PNFP US

Reduced Price (22 Jul 26):$97.36

U.S. Mid and Small Cap Banks

• Core EPS of $2.50 above expectations, above our forecast of $2.43 and Anthony Elian, CFA AC

consensus of $2.41. Compared to our forecast, the beat was tied to $23mm (1-212) 622-5067

lower provision expense (added $0.12) partially offset by $8mm lower PTPP anthony.elian@jpmorgan.com

income primarily on lower NII as NIM declined 9 bps q/q vs. our forecast of Michael Pietrini

flat. Note that the sequential NIM decline included a 3 bps headwind from (1-212) 622-0618

nonrecurring/seasonal items. Core fee income, BHG income, and expense michael.pietrini@jpmorgan.com

J.P. Morgan Securities LLC

were largely in line with our estimate. No buybacks are expected in 2026.

• Pinnacle continues to expect 9-11% loan growth during 2026 (high end of

that range), supported by 225-250 revenue producer hires during this year

(and 250-275 in 2027), which included 74 new revenue producer hires in

2Q26.

• 2026 outlook largely reiterated, though NIM outlook reduced. Key items

from 2026 outlook include: (1) Adjusted revenue: $5.05-5.10B (reiterated); (2)

Adjusted expense: $2.675-2.775B (now expected at midpoint vs. previously

expected at lower half of the range). Layering in the midpoints of this guidance,

this points to 2026 PTPP income that is in the ~$2.35B range or about in line

with consensus.

• Although the revenue outlook was reiterated, the full year NIM outlook