U.S. Mid-Cap Banks 2Q26 Earnings Review: Deposit costs moving higher as expected, but strong commercial pipelines still driving good NII trends at most. We‘re refining our price targets and upgrade TCBI to EW from UW and downgrade FIBK to UW from EW.

研报英文原文证据摘录

U.S. Mid-Cap Banks 2Q26 Earnings Review: Deposit costs moving higher as expected, but strong commercial pipelines still driving good NII trends at most. We‘re refining our price targets and upgrade TCBI to EW from UW and downgrade FIBK to UW from EW.

Equity Research

3 August 2026

U.S. Mid-Cap Banks

2Q26 Earnings Review

Deposit costs moving higher as expected, but strong

commercial pipelines still driving good NII trends at most.

We're refining our price targets and upgrade TCBI to EW from U.S. Mid-Cap Banks POSITIVE

UnchangedUW and downgrade FIBK to UW from EW.

Jared ShawSummary: 2Q earnings for the US Mid-Cap banks highlighted the strength of the underlying

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economy with growth and credit quality outperforming expectations. EPS and PPNR generally

jared.shaw@barclays.com

beat, but the magnitude of the upside was more modest than the prior four quarters. EPS beat BCI, US

Street estimates by an average of 250bps vs the ~500-600bps level seen from 2Q25-1Q26, while

Jonathan RauPPNR was in-line on avg. vs the 100-200bps beats seen recently. NIMs came in a couple bps

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below our forecasts and the Street's, as intra-quarter SOFR moves and greater funding needs

jonathan.rau@barclays.com

tied to outsized growth added incremental pressure on deposit costs. While consensus EPS BCI, US

estimates have been steadily increasing over the past year with FY27 estimates 8.5% higher

Emily Rodrigueztoday, Street estimates were reduced following 2Q results, with FY27 down 0.4% and FY28 down

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1.4%. We remain 110bps/390bps ahead of the Street in '27/'28 as we think NII strength is likely emily.rodriguez@barclays.com

to continue and that AI will begin benefiting expense bases in a more meaningful way. BCI, US