Pinnacle Financial Partners: 2Q26: We View NIM "Reset" As Manageable With Balance Sheet Growth & Hiring Fully Intact; Overweight

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Pinnacle Financial Partners: 2Q26: We View NIM "Reset" As Manageable With Balance Sheet Growth & Hiring Fully Intact; Overweight

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

24 July 2026

Pinnacle Financial Partners Overweight

PNFP, PNFP US

2Q26: We View NIM “Reset” As Manageable With Price (23 Jul 26):$99.81

Balance Sheet Growth & Hiring Fully Intact; Overweight ▼Price Target (Dec-27):$120.00 Prior (Dec-27):$125.00

While Pinnacle delivered a modest beat on 2Q26 core EPS and the full year 2026

outlook for key items including revenue and expense was largely reiterated, there U.S. Mid and Small Cap Banks

was an elevated degree of focus on the reduction to the NIM outlook for FY26 Anthony Elian, CFA AC

during the earnings call. Putting numbers behind this, at a conference in early June (1-212) 622-5067

the company had pointed to FY26 NIM coming in the 3.48-3.50% range but anthony.elian@jpmorgan.com

revised this outlook lower to a range of 3.44-3.47% with 2H26 expected in the Michael Pietrini

3.40-3.45% range. With prior consensus for both FY26 and 2H26 each in the high (1-212) 622-0618

michael.pietrini@jpmorgan.com

3.40s, this would point to a material reduction in the NIM outlook for 2H26 as well J.P. Morgan Securities LLC

as for 2027, which was also in the high 3.40s range. While there is an intense focus

among investors on the NIM vs. NII trade-off, our take for Pinnacle specifically is Key Changes (FYE Dec)

as follows: while the lower NIM outlook is disappointing and we expect the Prev Cur Δ

metric to decline through 2027—our updated 4Q27e NIM estimate is ~3.33% Adj. EPS - 27E ($) 12.35 11.70 -5.3%

—when combining this with our expectation for ~10% balance sheet growth

Quarterly Forecasts (FYE Dec)