2Q预览：净息差顺风与贷款增长加速推动积极展望

EquityResearchJuly11,2025PRICE TARGETPRICE TARGET+ $145.00 ($130.00)个 $160.00 ($145.00)+ $130.00 ($115.00)+→ $21.00 ($20.00)个 $40.00 ($37.00) C David Chiaverini, CFA * IEquity Analyst+1 (212) 778-8554 I dchiaverini@jefferies.comBrian Violino, CFA * IEquity Analyst+1 (212) 444-4139 I bviolino@jefferies.comBrooks Dutton * IEquity Associate+1 (212) 510-3220 I bdutton@jefferies.com JefferiesSummary of ChangesCompanyPinnacle Financial PartnersPNFPPreviousWintrust FinancialWTFCPreviousEast West BancorpEWBCPreviousHuntington BancsharesHBANPreviousAtlanticUnionBanksharesCorpAUBPreviousAxos FinancialAXPreviousFirst Citizens BancSharesFCNCAPreviousBanc of CaliforniaBANCPreviousBankUnitedBKUPreviousBOK Financial CorpBOKFPreviousCathay General BancorpCATYPreviousColumbia Banking SystemCOLBPreviousCullen/Frost Bankers,Inc.CFRPreviousEagle Bancorp IncEGBNPreviousPlease see important disclosure information on pages 82 - 99 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited RatingPrice^BUY$118.59BUY$132.61BUY$107.17BUY$17.42BUY$33.24BUY$84.37HOLD$2,097.23BUY$1496cs$37.46HOLD$103.91BUY$48.27HOLD$25.07$136.86HOLD$21.25 JefferiesCompanyKeyCorpKEYPreviousM&T Bank CorpMTBPreviousRegions Financial Corp.RFPreviousZions Bancorp.ZIONPreviousμPrior trading day's closing price unless otherwise noted.Cons. Adj EPS: Source: Visible AlphaCons. Rev.: Source: Visible AlphaPlease see important disclosure information on pages 82 - 99 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesExhibit 1 - Earnings Cheat SheetPNFPBUyTue 7-15-2025MTBBUYWed 7-16-2025FHNWed 7-16-2025BUYANSHOLDWed 7-16-2025TCBIHOLDThu 7-17-2025CFGANEThu 7-17-2025FITBBUYThu 7-17-2025G:30 AMWBSBUYThu 7-17-2025WALThu 7-17-2025RFHOLDFri 7-18-2025HBANBUYFri 7-1B-2025Source: Jefferies, Visible Alpha, Company DocumentsPlease see important disclosure information on pages 82 - 99 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesEarnings Cheat SheetCMAUNPIFi 7-18-2025BOKFHOLDMon 7-21-2025ZIONUNPFMon 7-21-2025WTFC0gMon 7-21-2025KEYHOLDTue 7-22-2025HOLDTue 7-22-2025EWBCBUYTue 7-22-2025CATYBUYTue 7-22-2025PB/ed 7-23-2025BKUHOLDWed 7-23-2025COLBHOLDWed 7-23-2025Source: Jefferies, Visible Alpha, Company DocumentsPlease see important disclosure information on pages 82 - 99 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesEarnings Cheat SheetEGBNHOLDWed 7-23-2025weighted-average 7.7% yieldAUBBUYVLYHOLDThu 7-24-2025SSBBUYThu 7-24-2025BANCThu 7-24-2025FLGBUYFri 7-25-2025FCNCAHOLDFri 7-25-2025BUYWed 7-30-2025FFWMBUYThu 7-31-2025CFFweighted-average 8.25% yieldSource: Jefferies, Visible Alpha, Company DcAxos Fiscal 4Q25Please see important disclosure information on pages 82 - 99 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesExhibit 2 -Regional Bank Coverage List with Price Targets and Valuation MetricsFTBBank Index (8xx): Jefferies, FactSet, S&P Capital IQ, Company DocumentsExhibit 3 -Mid-Cap Bank Coverage List with Price Targets and Valuation MetricsAUBBUY48cfGlfornia2.4niking Syst.EGEN0.6onBankPE7.17.7VTIKRXSource: Jefferies, FactSet, S&P Capital IQ, Company DocumentsPlease see important disclosure information on pages 82 - 99 of this reportThis report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesExhibit 4 -AUBIncome StatementDilutePlease see important disclosure information on pages 82 - 99 of this report.his report is intended for Jefferies clients only. Unautht JefferiesExhibit 5 - AUB Balance SheetPlease see important disclosure information on pages 82 - 99 of this report.his report is intended for Jefferies clients only. Unau JefferiesExhibit 7-AX Income StatementPlease see important disclosure information on pages 82 - 99 of this reporthis report is intended for Jefferies clients only. Unaut JefferiesExhibit 9 -FCNCA Income StatementIrce: Jefferies research, Company reports, Factset, S&P Global IntelligencePlease see important disclosure information on pages 82 - 99 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesExhibit 10 - FCNCA Balance Sheetrce: Jefferies research, Company reports, Factset, S&P Global IntelligencePlease see important disclosure information on pages 82 - 99 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesExhibit 12 -FLG Income Statement.oardGAAGAAPlease see important disclosure information on pages 82 - 99 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesExhibit 13 - FLG Balance Sheetuallying debtNGIAL RATOS(HIiGAARPlease see important disclosure information on pages 82 - 99 of this