Pinnacle Financial Q2 revenue more than doubles after Synovus merger
PNFP•Overview
- US regional bank's Q2 revenue more than doubled yr/yr after Synovus merger
- Adjusted diluted EPS for Q2 rose 25% yr/yr
- Net interest margin declined to 3.44% due to non-recurring items and funding costs
Outlook and result drivers
- Company did not provide specific guidance for the current quarter or full year
- Merger impact - Q2 results reflect the completed merger with Synovus, significantly increasing loans, deposits, and revenue base
- Loan growth - Period-end loans rose 3% from the prior quarter, driven by commercial and industrial credits across diverse geographies and specialty lending
- Non-interest revenue decline - Adjusted non-interest revenue fell $12 mln from the prior quarter, mainly due to lower income from equity-method investment after a shift in placement strategy
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
| Q2 Revenue | $1.2 bln | ||
| Q2 EPS | $2.07 | ||
| Q2 Net Interest Income | $956 mln | ||
| Q2 Net Interest Margin (%) |
