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Brett Rabiton

Research Analyst at Hovde Capital Advisors LLC

Brett Rabatin is Managing Director and Head of Research at Hovde Group, specializing in equity research covering U.S. regional and community banks. He leads coverage of 61 specific bank stocks and has been recognized for his analyst performance, including the number-one stock picker by The Wall Street Journal in 2002 and number-two earnings estimator in multiple years. With a career spanning over two decades, Rabatin previously held senior analyst roles at Piper Jaffray, Sterne Agee, FTN Midwest, JC Bradford, and Mercer Capital before joining Hovde Group in 2020. He is a CFA Charterholder and holds FINRA Series 7, 24, 63, 86, and 87 licenses.

Brett Rabiton's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership

Question · Q3 2025

Brett Rabiton asked about the specific margin tailwinds expected for the fourth quarter, particularly concerning deposit betas. He also inquired about the drivers of the strong non-interest-bearing deposit (DDA) growth in Q3, including the role of specialty deposits, and the sustainability of this growth pace.

Answer

CFO Harold Carpenter identified key margin tailwinds as significant room for deposit beta decreases with Fed rate cuts, growth in non-interest-bearing deposits, and continued lift from fixed-rate loan repricing. He attributed DDA growth to a focused emphasis on operating accounts, especially in small business, and anticipated continued growth, including seasonal increases and absolute sales growth. CEO Terry Turner reinforced this with strong Q3 and year-to-date DDA growth figures.

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