Overview

• U.S. regional bank's Q1 results reflect Synovus merger, with revenue and net interest income up sharply

• Adjusted diluted EPS for Q1 rose year-over-year, while reported EPS declined on merger costs

• Company reported strong organic loan and deposit growth, with most merger synergies realized

Outlook

• Company did not provide specific guidance for the current quarter or full year

Result Drivers

• MERGER IMPACT - Q1 results were significantly affected by the Synovus merger, which expanded the balance sheet and drove increases in loans, deposits, and revenue

• ORGANIC GROWTH - Company reported strong organic loan and deposit growth during the quarter

• NON-INTEREST REVENUE - Non-interest revenue increased, mainly due to higher wealth management fees, loan sales and servicing, and income from equity method investment

Company press release: ID:nBwbQVhWCa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$1.22 bln
Q1 Adjusted EPS		$2.39
Q1 EPS		$0.89
Q1 Net Interest Income		$933 mln
Q1 Net Interest Margin (%)		3.53%

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Pinnacle Financial Partners Inc is $116.00, about 21.2% above its April 22 closing price of $95.73

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

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