ROA of 1.44%; Efficiency Ratio of 51.1%
Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income
per diluted common share of $0.64 for the quarter ended June 30, 2015,
compared to net income per diluted common share of $0.49 for the quarter
ended June 30, 2014, an increase of 30.6 percent. Net income per diluted
common share was $1.25 for the six months ended June 30, 2015, compared
to net income per diluted common share of $0.96 for the six months ended
June 30, 2014, an increase of 30.2 percent.
“Second quarter was a period of outstanding focus and execution by
Pinnacle associates throughout the firm,” said M. Terry Turner,
Pinnacle’s president and chief executive officer. “Important strategic
initiatives like building a capital markets unit and emphasizing
commercial real estate lending continued to build momentum during the
quarter. We made great progress in assimilating a new banking team in
Memphis and planning for the integration of two outstanding banking
franchises, Magna Bank in Memphis and CapitalMark Bank & Trust in
Chattanooga. Perhaps most importantly, we continued the rapid organic
balance sheet and earnings growth in our core franchise in Nashville and
Knoxville with core earnings expansion for the 17th
consecutive quarter.”
GROWING THE CORE EARNINGS CAPACITY OF THE FIRM:
-
Revenues (excluding securities gains and losses) for the quarter ended
June 30, 2015 were a record $71.3 million, an increase of $1.5 million
from $69.8 million in the first quarter of 2015. Revenues (excluding
securities gains and losses) increased 19.2 percent over the same
quarter last year.
-
Loans at June 30, 2015 were a record $4.830 billion, an increase of
$185.1 million from March 31, 2015 and $514.8 million from June 30,
2014, reflecting year-over-year growth of 11.9 percent.
-
Average balances of noninterest-bearing deposit accounts were $1.437
billion in the second quarter of 2015 and represented approximately
29.4 percent of total average deposit balances for the quarter,
another record for the firm. Second quarter 2015 average
noninterest-bearing deposits increased 19.5 percent over the same
quarter last year.
-
Return on average assets was 1.44 percent for the second quarter of
2015, compared to 1.45 percent for the first quarter of 2015 and 1.21
percent for the same quarter last year. Second quarter 2015 return on
average tangible equity amounted to 15.39 percent, compared to 15.56
percent for the first quarter of 2015 and 13.50 percent for the same
quarter last year.
-
The firm’s investment in Bankers Healthcare Group (BHG) contributed
slightly less than $0.07 in diluted earnings per share in the second
quarter.
-
The firm’s recruitment of several banking professionals in the Memphis
market resulted in an almost $0.01 reduction in diluted earnings per
share for the second quarter, which was consistent with the firm’s
expectations.
-
During the second quarter of 2015, Pinnacle had two nonrecurring
transactions. The firm recorded net gains of approximately $556,000
related to the sale of investment securities and incurred
approximately $479,000 in prepayment charges related to the early
extinguishment of FHLB advances.
“Loan growth, which was outstanding in the second quarter, is viewed by
many others as the barometer of our success,” Turner said. “However, our
view has always been that a better indication of true success is core
deposit growth. Even in a quarter with significant loan growth, we were
able to grow our core deposits at an even faster rate. We also have
enjoyed great hiring success year-to-date and believe our model of
hiring the best bankers will enable us to continue our rapid organic
balance sheet growth in Nashville and Knoxville as well as our new
markets, Memphis and Chattanooga.”
OTHER SECOND QUARTER 2015 HIGHLIGHTS:
-
Revenue growth
-
Net interest income for the quarter ended June 30, 2015 increased
to $51.8 million, compared to $51.3 million for the first quarter
of 2015 and $47.2 million for the second quarter of 2014. Net
interest income for the six-month period ended June 30, 2015
increased 10.7 percent as compared to the same 2014 period.
-
The firm’s net interest margin was 3.65 percent for the
quarter ended June 30, 2015, compared to 3.78 percent last
quarter and 3.71 percent for the quarter ended June 30, 2014.
-
Noninterest income for the quarter ended June 30, 2015 increased
to a record $20.0 million, compared to $18.5 million for the first
quarter of 2015 and $12.6 million for the same quarter last year.
Noninterest income for the six months ended June 30, 2015
increased 52.0 percent as compared to the same 2014 period.
-
Wealth management revenues, which include investment, trust
and insurance services, were $4.7 million for the quarter
ended June 30, 2015, compared to $5.1 million for the quarter
ended March 31, 2015 due primarily to insurance contingency
fees typically received in the first quarter of each year.
Wealth management revenues were $4.4 million for the same
quarter last year.
-
Income from our equity method investment in BHG was $4.3
million for the quarter ended June 30, 2015, compared to $3.2
million for the quarter ended March 31, 2015. The firm
acquired a 30 percent interest in BHG on Feb. 1, 2015.
-
Other noninterest income increased by approximately $385,000
between the first and second quarters of 2015 to $5.7 million,
primarily due to increased interchange revenues and fees
collected from customer interest rate swap transactions.
“Although we experienced growth in our net interest income in the second
quarter, we also experienced a decrease of approximately 0.11 percent in
asset yields, which had remained fairly steady for several quarters,”
said Harold R. Carpenter, Pinnacle’s chief financial officer. “This
resulted in our net interest margin of 3.65 percent, which is below the
low end of our target range of 3.70 percent. The decrease in the net
interest margin for the quarter was a result of increased pricing
competition for loans as well as the ongoing process of repositioning
our balance sheet for rising rates.
“We continue to believe our organic growth model will provide us the
necessary volumes to maintain our track record of quarter-over-quarter
revenue growth during what we hope to be a relatively short time period
before the long-awaited rising rate environment,” Carpenter continued.
“Ongoing organic growth will be the foundation of our business model in
our targeted four Tennessee markets. The integration of CapitalMark and
Magna are on track for a third quarter 2015 merger close. Both
franchises are growing their revenue base currently, and we fully expect
their growth to continue post-merger. We believe being
able to grow a banking franchise in the midst of a merger is unusual and
a testament to the quality of the personnel and leadership at both of
these franchises.”
Approvals from the primary regulators, the Tennessee Department of
Financial Institutions and the Federal Deposit Insurance Corporation,
have been obtained for the previously announced mergers. Carpenter noted
that the primary pending items related to the legal closings were the
required shareholder votes at both CapitalMark and Magna as well as the
approval by various agencies for which Magna Bank services residential
mortgages. Furthermore, Carpenter stated that Pinnacle Bank was in the
process of completing a currently estimated $50 million subordinated
debt issuance to various accredited institutional investors and that
this debt issuance should be completed before July 31, 2015.
-
Noninterest expense
-
Noninterest expense for the quarter ended June 30, 2015 was $36.7
million, compared to $36.8 million in the first quarter of 2015
and $33.9 million in the same quarter last year.
-
Salaries and employee benefits were $23.8 million in the
second quarter of 2015, compared to $23.5 million in the first
quarter of 2015 and $21.8 million in the same quarter last
year.
-
Merger-related expenses were approximately $59,000 in the
second quarter of 2015. The firm expects these costs to
increase significantly over the next several quarters as the
merger process moves forward, including the conversions of
technology systems, which are scheduled to occur in the fourth
quarter of 2015 for Magna and the first quarter of 2016 for
CapitalMark.
“We continued to experience improved operating leverage in the second
quarter with another record efficiency ratio of 51.1 percent,” Carpenter
said. “We are very excited about this result given the increased hiring
we have experienced in our markets this year. As we announced in May, we
originally recruited a Memphis banking team of eight banking
professionals, which has since expanded to 11. In addition, we have
added 12 new revenue producers to our ranks in Nashville and Knoxville
this year with others in the pipeline that, hopefully, will find their
way to our firm.
“As we have stated in the past, the achievement of improved operating
leverage is based on increasing our revenues along with the careful
management of our expense base. As a firm, we remain focused on revenue
growth and achieving it by recruiting the best financial professionals
in our markets.”
-
Asset quality
-
Nonperforming assets decreased to $24.3 million at June 30, 2015,
compared to $25.4 million at March 31, 2015 and $28.6 million at
June 30, 2014. Nonperforming assets decreased to 0.50 percent of
total loans and ORE at June 30, 2015, compared to 0.54 percent at
March 31, 2015 and 0.66 percent at June 30, 2014.
-
The allowance for loan losses represented 1.36 percent of total
loans at June 30, 2015, compared to 1.43 percent at March 31, 2015
and 1.55 percent at June 30, 2014. The ratio of the allowance for
loan losses to nonperforming loans was 373.6 percent at June 30,
2015, compared to 391.6 percent at March 31, 2015 and 426.6
percent at June 30, 2014.
-
Net charge-offs were $1.9 million for the quarter ended June
30, 2015, compared to $1.4 million for the first quarter of
2015 and $890,000 for the quarter ended June 30, 2014.
Annualized net charge-offs as a percentage of average loans
for the quarter ended June 30, 2015 were 0.16 percent,
compared to 0.08 percent for the quarter ended June 30, 2014.
-
Provision for loan losses increased from $254,000 in the
second quarter of 2014 to $1.2 million in the second quarter
of 2015, which reflects the impact of increased loan volumes
and net chargeoffs offset by an overall decrease in the
allowance for loan losses. The allowance for loan losses
decreased from 1.55 percent at June 30, 2014 to 1.36 percent
at June 30, 2015, based on improvements in overall loan
quality.
BOARD OF DIRECTORS DECLARES DIVIDEND
On July 21, 2015, Pinnacle’s Board of Directors also declared a $0.12
per share cash dividend to be paid on Aug. 31, 2015 to common
shareholders of record as of the close of business on Aug. 7, 2015. The
amount and timing of any future dividend payments to common shareholders
will be subject to the discretion of Pinnacle’s Board of Directors.
WEBCAST AND CONFERENCE CALL INFORMATION
Pinnacle will host a webcast and conference call at 8:30 a.m. (CDT) on
July 22, 2015 to discuss second quarter 2015 results and other matters.
To access the call for audio only, please call 1-877-602-7944. For the
presentation and streaming audio, please access the webcast on the
investor relations page of Pinnacle's website at www.pnfp.com.
For those unable to participate in the webcast, it will be archived on
the investor relations page of Pinnacle's website at www.pnfp.com
for 90 days following the presentation.
Pinnacle Financial Partners provides a full range of banking,
investment, trust, mortgage and insurance products and services designed
for businesses and their owners and individuals interested in a
comprehensive relationship with their financial institution.
The firm began operations in a single downtown Nashville location in
October 2000 and has since grown to approximately $6.5 billion in assets
at June 30, 2015. At June 30, 2015, Pinnacle is the second-largest bank
holding company headquartered in Tennessee, with 29 offices in eight
Middle Tennessee counties and five offices in Knoxville. The firm
expanded to West Tennessee in April 2015 with a loan-production office
in Memphis. Additionally, Great Place to Work® named Pinnacle
one of the best workplaces in the United States on its 2014 Best Small &
Medium Workplaces list published in FORTUNE magazine. The American
Banker also recognized Pinnacle as the second best bank to work for
in the country.
Additional information concerning Pinnacle, which is included in the
NASDAQ Financial-100 Index, can be accessed at www.pnfp.com.
Additional Information and Where to Find It
In connection with the proposed mergers of CapitalMark Bank & Trust
("CapitalMark") and Magna Bank ("Magna") with and into Pinnacle Bank,
Pinnacle Financial Partners, Inc. ("Pinnacle") has filed registration
statements on Form S-4 and on Form S-4A with the Securities and Exchange
Commission (the "SEC") that have been declared effective by the SEC to
register the shares of Pinnacle common stock that will be issued to
CapitalMark's and Magna's shareholders in connection with the
transactions. The registration statements include a proxy
statement/prospectus (that is being delivered to CapitalMark's and
Magna's shareholders in connection with their required approval of the
proposed mergers) and other relevant materials in connection with the
proposed merger transactions involving Pinnacle Bank and each of
CapitalMark and Magna.
INVESTORS AND SECURITY HOLDERS ARE ENCOURAGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH
THE SEC IN CONNECTION WITH THE PROPOSED MERGERS BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT PINNACLE, CAPITALMARK, MAGNA AND THE
PROPOSED MERGERS.
Investors and security holders may obtain free copies of these documents
through the website maintained by the SEC at http://www.sec.gov.
Free copies of each proxy statement/prospectus also may be obtained by
directing a request by telephone or mail to Pinnacle Financial Partners
Inc., 150 3rd Avenue South, Suite 900, Nashville, TN 37201,
Attention: Investor Relations (615) 744-3742; CapitalMark, 801 Broad
St., Chattanooga, TN 37402, Attention: Investor Relations (423)
386-2828; or Magna, 6525 Quail Hollow Road, Suite 513, Memphis, TN 38120
Attention: Shareholder Services (901) 259-5600.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
FORWARD-LOOKING STATEMENTS
Certain of the statements in this release may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. The words "expect," "anticipate," "goal," "objective,"
"intend," "plan," "believe," "should," "hope," "seek," "estimate" and
similar expressions are intended to identify such forward-looking
statements, but other statements not based on historical information may
also be considered forward-looking. All forward-looking statements are
subject to risks, uncertainties and other factors that may cause the
actual results, performance or achievements of Pinnacle Financial to
differ materially from any results expressed or implied by such
forward-looking statements. Such risks include, without limitation, (i)
deterioration in the financial condition of borrowers resulting in
significant increases in loan losses and provisions for those losses;
(ii) continuation of the historically low short-term interest rate
environment; (iii) the inability of Pinnacle Financial to maintain the
historical growth of its loan portfolio; (iv) changes in loan
underwriting, credit review or loss reserve policies associated with
economic conditions, examination conclusions, or regulatory
developments; (v) effectiveness of Pinnacle Financial's asset management
activities in improving, resolving or liquidating lower-quality assets;
(vi) increased competition with other financial institutions; (vii)
greater than anticipated adverse conditions in the national or local
economies including the Nashville-Davidson-Murfreesboro-Franklin MSA and
the Knoxville MSA, particularly in commercial and residential real
estate markets; (viii) rapid fluctuations or unanticipated changes in
interest rates on loans or deposits; (ix) the results of regulatory
examinations; (x) the ability to retain large, uninsured deposits; (xi)
the development of any new market other than Nashville or Knoxville;
(xii) a merger or acquisition, like the proposed mergers with
CapitalMark and Magna; (xiii) risks of expansion into new geographic or
product markets, like the proposed expansion into the Chattanooga, TN-GA
and Memphis, TN-MS-AR MSAs associated with the proposed mergers with
CapitalMark and Magna; (xiv) any matter that would cause Pinnacle
Financial to conclude that there was impairment of any asset, including
intangible assets; (xv) reduced ability to attract additional financial
advisors (or failure of such advisors to cause their clients to switch
to Pinnacle Financial) or otherwise to attract customers from other
financial institutions; (xvi) further deterioration in the valuation of
other real estate owned and increased expenses associated therewith;
(xvii) inability to comply with regulatory capital requirements,
including those resulting from changes to capital calculation
methodologies and required capital maintenance levels; (xviii) risks
associated with litigation, including the applicability of insurance
coverage; (xix) the risk that the cost savings and any revenue synergies
from the proposed mergers with CapitalMark and Magna may not be realized
or take longer than anticipated to be realized; (xx) disruption from the
mergers with customers, suppliers or employee relationships; (xxi) the
occurrence of any event, change or other circumstances that could give
rise to the termination of the merger agreements that Pinnacle Financial
and Pinnacle Bank have entered into with CapitalMark and Magna; (xxii)
the risk of successful integration of CapitalMark’s and Magna’s business
with ours; (xxiii) the failure of CapitalMark’s and Magna’s shareholders
to approve the mergers; (xxiv) the amount of the costs, fees, expenses
and charges related to the mergers; (xxv) reputational risk and the
reaction of Pinnacle Financial’s, CapitalMark’s and Magna’s customers to
the proposed mergers; (xxvi) the failure of the closing conditions to be
satisfied; (xxvii) the risk that the integration of CapitalMark’s and
Magna’s operations with Pinnacle Financial’s will be materially delayed
or will be more costly or difficult than expected; (xxviii) the
possibility that the mergers may be more expensive to complete than
anticipated, including as a result of unexpected factors or events;
(xxix) the dilution caused by Pinnacle’s issuance of additional shares
of its common stock in the mergers; (xxx) approval of the declaration of
any dividend by Pinnacle Financial's board of directors; (xxxi) the
vulnerability of our network and online banking portals to unauthorized
access, computer viruses, phishing schemes, spam attacks, human error,
natural disasters, power loss and other security breaches; (xxxii) the
possibility of increased compliance costs as a result of increased
regulatory oversight, including oversight of companies in which Pinnacle
Financial has significant investments, and the development of additional
banking products for our corporate and consumer clients; and (xxxiii)
changes in state and federal legislation, regulations or policies
applicable to banks and other financial service providers, including
regulatory or legislative developments arising out of current unsettled
conditions in the economy, including implementation of the Dodd-Frank
Wall Street Reform and Consumer Protection Act. A more detailed
description of these and other risks is contained in Pinnacle
Financial's most recent annual report on Form 10-K filed with the
Securities and Exchange Commission on February 25, 2015 and Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission on
May 8, 2015. Many of such factors are beyond Pinnacle Financial's
ability to control or predict, and readers are cautioned not to put
undue reliance on such forward-looking statements. Pinnacle Financial
disclaims any obligation to update or revise any forward-looking
statements contained in this report, whether as a result of new
information, future events or otherwise.
|
|
|
|
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
|
|
|
CONSOLIDATED BALANCE SHEETS – UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015
|
|
|
March 31, 2015
|
|
|
December 31, 2014
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and noninterest-bearing due from banks
|
|
|
|
$
|
66,487,191
|
|
|
|
$
|
61,498,151
|
|
|
|
$
|
48,741,692
|
|
|
|
Interest-bearing due from banks
|
|
|
|
|
201,761,829
|
|
|
|
|
227,823,492
|
|
|
|
|
134,176,054
|
|
|
|
Federal funds sold and other
|
|
|
|
|
4,698,433
|
|
|
|
|
4,455,077
|
|
|
|
|
4,989,764
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
272,947,453
|
|
|
|
|
293,776,720
|
|
|
|
|
187,907,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available-for-sale, at fair value
|
|
|
|
|
806,221,152
|
|
|
|
|
769,018,224
|
|
|
|
|
732,054,785
|
|
|
|
Securities held-to-maturity (fair value of $33,830,072,
$39,407,835 and $38,788,870 at June 30, 2015, March 31, 2015 and
December 31, 2014, respectively)
|
|
|
|
|
33,914,863
|
|
|
|
|
39,275,846
|
|
|
|
|
38,675,527
|
|
|
|
Mortgage loans held-for-sale
|
|
|
|
|
31,542,696
|
|
|
|
|
18,909,910
|
|
|
|
|
14,038,914
|
|
|
|
Loans held-for-sale
|
|
|
|
|
-
|
|
|
|
|
7,934,778
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
4,830,353,621
|
|
|
|
|
4,645,272,317
|
|
|
|
|
4,590,026,505
|
|
|
|
Less allowance for loan losses
|
|
|
|
|
(65,572,050
|
)
|
|
|
|
(66,241,583
|
)
|
|
|
|
(67,358,639
|
)
|
|
|
Loans, net
|
|
|
|
|
4,764,781,571
|
|
|
|
|
4,579,030,734
|
|
|
|
|
4,522,667,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment, net
|
|
|
|
|
73,633,237
|
|
|
|
|
71,281,505
|
|
|
|
|
71,576,016
|
|
|
|
Equity method investment
|
|
|
|
|
82,892,986
|
|
|
|
|
78,626,832
|
|
|
|
|
-
|
|
|
|
Accrued interest receivables
|
|
|
|
|
17,125,955
|
|
|
|
|
18,262,956
|
|
|
|
|
16,988,407
|
|
|
|
Goodwill
|
|
|
|
|
243,290,816
|
|
|
|
|
243,442,869
|
|
|
|
|
243,529,010
|
|
|
|
Core deposit and other intangible assets
|
|
|
|
|
2,438,245
|
|
|
|
|
2,665,659
|
|
|
|
|
2,893,072
|
|
|
|
Other real estate owned
|
|
|
|
|
6,792,503
|
|
|
|
|
8,441,288
|
|
|
|
|
11,186,414
|
|
|
|
Other assets
|
|
|
|
|
180,962,299
|
|
|
|
|
183,679,047
|
|
|
|
|
176,730,276
|
|
|
|
Total assets
|
|
|
|
$
|
6,516,543,776
|
|
|
|
$
|
6,314,346,368
|
|
|
|
$
|
6,018,247,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
|
|
$
|
1,473,086,196
|
|
|
|
$
|
1,424,971,154
|
|
|
|
$
|
1,321,053,083
|
|
|
|
Interest-bearing
|
|
|
|
|
1,071,433,689
|
|
|
|
|
1,065,900,049
|
|
|
|
|
1,005,450,690
|
|
|
|
Savings and money market accounts
|
|
|
|
|
2,031,801,876
|
|
|
|
|
1,878,270,087
|
|
|
|
|
2,024,957,383
|
|
|
|
Time
|
|
|
|
|
417,289,165
|
|
|
|
|
420,168,133
|
|
|
|
|
431,143,756
|
|
|
|
Total deposits
|
|
|
|
|
4,993,610,926
|
|
|
|
|
4,789,309,423
|
|
|
|
|
4,782,604,912
|
|
|
|
Securities sold under agreements to repurchase
|
|
|
|
|
61,548,547
|
|
|
|
|
68,053,123
|
|
|
|
|
93,994,730
|
|
|
|
Federal Home Loan Bank advances
|
|
|
|
|
445,345,050
|
|
|
|
|
455,443,811
|
|
|
|
|
195,476,384
|
|
|
|
Subordinated debt and other borrowings
|
|
|
|
|
133,908,292
|
|
|
|
|
135,533,292
|
|
|
|
|
96,158,292
|
|
|
|
Accrued interest payable
|
|
|
|
|
637,036
|
|
|
|
|
632,021
|
|
|
|
|
631,682
|
|
|
|
Other liabilities
|
|
|
|
|
40,103,864
|
|
|
|
|
41,224,052
|
|
|
|
|
46,688,416
|
|
|
|
Total liabilities
|
|
|
|
|
5,675,153,715
|
|
|
|
|
5,490,195,722
|
|
|
|
|
5,215,554,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par value; 10,000,000 shares authorized; no
shares issued and outstanding
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Common stock, par value $1.00; 90,000,000 shares authorized;
35,977,987 shares, 35,864,667 shares and 35,732,483 shares issued
and outstanding at June 30, 2015, March 31, 2015 and December 31,
2014, respectively
|
|
|
|
|
35,977,987
|
|
|
|
|
35,864,667
|
|
|
|
|
35,732,483
|
|
|
|
Additional paid-in capital
|
|
|
|
|
567,945,383
|
|
|
|
|
563,831,066
|
|
|
|
|
561,431,449
|
|
|
|
Retained earnings
|
|
|
|
|
237,243,866
|
|
|
|
|
218,909,667
|
|
|
|
|
201,371,081
|
|
|
|
Accumulated other comprehensive income, net of taxes
|
|
|
|
|
222,825
|
|
|
|
|
5,545,246
|
|
|
|
|
4,158,368
|
|
|
|
Stockholders’ equity
|
|
|
|
|
841,390,061
|
|
|
|
|
824,150,646
|
|
|
|
|
802,693,381
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
$
|
6,516,543,776
|
|
|
|
$
|
6,314,346,368
|
|
|
|
$
|
6,018,247,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This information is preliminary and based on company data available
at the time of the presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
|
|
|
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees
|
|
|
|
$
|
50,325,643
|
|
|
|
$
|
49,466,706
|
|
|
$
|
45,089,706
|
|
|
$
|
99,792,349
|
|
|
$
|
88,785,364
|
|
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
|
3,460,243
|
|
|
|
|
3,444,599
|
|
|
|
3,628,264
|
|
|
|
6,904,842
|
|
|
|
7,348,543
|
|
|
Tax-exempt
|
|
|
|
|
1,400,479
|
|
|
|
|
1,483,307
|
|
|
|
1,563,612
|
|
|
|
2,883,786
|
|
|
|
3,161,409
|
|
|
Federal funds sold and other
|
|
|
|
|
316,286
|
|
|
|
|
283,978
|
|
|
|
282,822
|
|
|
|
600,264
|
|
|
|
559,880
|
|
|
Total interest income
|
|
|
|
|
55,502,651
|
|
|
|
|
54,678,590
|
|
|
|
50,564,404
|
|
|
|
110,181,241
|
|
|
|
99,855,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
2,592,476
|
|
|
|
|
2,430,742
|
|
|
|
2,481,762
|
|
|
|
5,023,218
|
|
|
|
5,077,002
|
|
|
Securities sold under agreements to repurchase
|
|
|
|
|
29,371
|
|
|
|
|
30,917
|
|
|
|
31,329
|
|
|
|
60,288
|
|
|
|
61,844
|
|
|
Federal Home Loan Bank advances and other borrowings
|
|
|
|
|
1,050,119
|
|
|
|
|
948,552
|
|
|
|
824,912
|
|
|
|
1,998,671
|
|
|
|
1,582,134
|
|
|
Total interest expense
|
|
|
|
|
3,671,966
|
|
|
|
|
3,410,211
|
|
|
|
3,338,003
|
|
|
|
7,082,177
|
|
|
|
6,720,980
|
|
|
Net interest income
|
|
|
|
|
51,830,685
|
|
|
|
|
51,268,379
|
|
|
|
47,226,401
|
|
|
|
103,099,064
|
|
|
|
93,134,216
|
|
|
Provision for loan losses
|
|
|
|
|
1,186,116
|
|
|
|
|
315,091
|
|
|
|
254,348
|
|
|
|
1,501,207
|
|
|
|
741,986
|
|
|
Net interest income after provision for loan losses
|
|
|
|
|
50,644,569
|
|
|
|
|
50,953,288
|
|
|
|
46,972,053
|
|
|
|
101,597,857
|
|
|
|
92,392,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
|
|
3,075,655
|
|
|
|
|
2,912,549
|
|
|
|
2,965,644
|
|
|
|
5,988,204
|
|
|
|
5,756,612
|
|
|
Investment services
|
|
|
|
|
2,399,054
|
|
|
|
|
2,259,440
|
|
|
|
2,164,410
|
|
|
|
4,658,494
|
|
|
|
4,292,244
|
|
|
Insurance sales commissions
|
|
|
|
|
1,105,783
|
|
|
|
|
1,512,618
|
|
|
|
1,144,871
|
|
|
|
2,618,401
|
|
|
|
2,529,792
|
|
|
Gains on mortgage loans sold, net
|
|
|
|
|
1,652,111
|
|
|
|
|
1,941,254
|
|
|
|
1,668,604
|
|
|
|
3,593,365
|
|
|
|
2,903,475
|
|
|
Investment gains on sales, net
|
|
|
|
|
556,014
|
|
|
|
|
6,003
|
|
|
|
-
|
|
|
|
562,017
|
|
|
|
-
|
|
|
Trust fees
|
|
|
|
|
1,230,415
|
|
|
|
|
1,311,985
|
|
|
|
1,071,848
|
|
|
|
2,542,400
|
|
|
|
2,217,599
|
|
|
Income from equity method investment
|
|
|
|
|
4,266,154
|
|
|
|
|
3,201,302
|
|
|
|
-
|
|
|
|
7,467,456
|
|
|
|
-
|
|
|
Other noninterest income
|
|
|
|
|
5,733,592
|
|
|
|
|
5,348,151
|
|
|
|
3,582,067
|
|
|
|
11,081,743
|
|
|
|
7,630,084
|
|
|
Total noninterest income
|
|
|
|
|
20,018,778
|
|
|
|
|
18,493,302
|
|
|
|
12,597,444
|
|
|
|
38,512,080
|
|
|
|
25,329,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
|
|
23,774,558
|
|
|
|
|
23,530,860
|
|
|
|
21,772,469
|
|
|
|
47,305,418
|
|
|
|
43,522,429
|
|
|
Equipment and occupancy
|
|
|
|
|
5,877,971
|
|
|
|
|
6,046,223
|
|
|
|
5,822,662
|
|
|
|
11,924,194
|
|
|
|
11,531,692
|
|
|
Other real estate, net
|
|
|
|
|
(114,567
|
)
|
|
|
|
395,288
|
|
|
|
226,006
|
|
|
|
280,721
|
|
|
|
877,158
|
|
|
Marketing and other business development
|
|
|
|
|
1,186,165
|
|
|
|
|
959,750
|
|
|
|
1,064,990
|
|
|
|
2,145,915
|
|
|
|
1,973,891
|
|
|
Postage and supplies
|
|
|
|
|
731,219
|
|
|
|
|
649,251
|
|
|
|
544,194
|
|
|
|
1,380,470
|
|
|
|
1,104,808
|
|
|
Amortization of intangibles
|
|
|
|
|
227,413
|
|
|
|
|
227,414
|
|
|
|
237,676
|
|
|
|
454,827
|
|
|
|
475,351
|
|
|
Merger related expenses
|
|
|
|
|
59,053
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
59,053
|
|
|
|
-
|
|
|
Other noninterest expense
|
|
|
|
|
5,005,513
|
|
|
|
|
5,022,236
|
|
|
|
4,233,931
|
|
|
|
10,027,749
|
|
|
|
8,062,459
|
|
|
Total noninterest expense
|
|
|
|
|
36,747,325
|
|
|
|
|
36,831,022
|
|
|
|
33,901,928
|
|
|
|
73,578,347
|
|
|
|
67,547,788
|
|
|
Income before income taxes
|
|
|
|
|
33,916,022
|
|
|
|
|
32,615,568
|
|
|
|
25,667,569
|
|
|
|
66,531,590
|
|
|
|
50,174,248
|
|
|
Income tax expense
|
|
|
|
|
11,252,191
|
|
|
|
|
10,772,857
|
|
|
|
8,497,589
|
|
|
|
22,025,048
|
|
|
|
16,637,146
|
|
|
Net income
|
|
|
|
$
|
22,663,831
|
|
|
|
$
|
21,842,711
|
|
|
$
|
17,169,980
|
|
|
$
|
44,506,542
|
|
|
$
|
33,537,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share
|
|
|
|
$
|
0.65
|
|
|
|
$
|
0.62
|
|
|
$
|
0.49
|
|
|
$
|
1.27
|
|
|
$
|
0.97
|
|
|
Diluted net income per common share
|
|
|
|
$
|
0.64
|
|
|
|
$
|
0.62
|
|
|
$
|
0.49
|
|
|
$
|
1.25
|
|
|
$
|
0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
35,128,856
|
|
|
|
|
35,041,203
|
|
|
|
34,697,888
|
|
|
|
35,085,271
|
|
|
|
34,650,377
|
|
|
Diluted
|
|
|
|
|
35,554,683
|
|
|
|
|
35,380,529
|
|
|
|
35,081,702
|
|
|
|
35,477,098
|
|
|
|
35,024,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This information is preliminary and based on company data available
at the time of the presentation.
|
|
|
|
|
|
|
|
|
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
|
|
|
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
|
June
|
|
|
March
|
|
|
December
|
|
|
September
|
|
|
June
|
|
|
March
|
|
|
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet data, at quarter end:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - mortgage loans
|
|
|
|
$
|
1,671,729
|
|
|
|
1,560,683
|
|
|
|
1,544,091
|
|
|
|
1,478,869
|
|
|
|
1,457,335
|
|
|
|
1,456,172
|
|
|
|
Consumer real estate - mortgage loans
|
|
|
|
|
740,641
|
|
|
|
723,907
|
|
|
|
721,158
|
|
|
|
706,801
|
|
|
|
698,528
|
|
|
|
703,592
|
|
|
|
Construction and land development loans
|
|
|
|
|
372,004
|
|
|
|
324,462
|
|
|
|
322,466
|
|
|
|
322,090
|
|
|
|
292,875
|
|
|
|
294,055
|
|
|
|
Commercial and industrial loans
|
|
|
|
|
1,819,600
|
|
|
|
1,810,818
|
|
|
|
1,784,729
|
|
|
|
1,724,086
|
|
|
|
1,697,634
|
|
|
|
1,568,937
|
|
|
|
Consumer and other
|
|
|
|
|
226,380
|
|
|
|
225,402
|
|
|
|
217,583
|
|
|
|
189,405
|
|
|
|
169,190
|
|
|
|
158,931
|
|
|
|
Total loans
|
|
|
|
|
4,830,354
|
|
|
|
4,645,272
|
|
|
|
4,590,027
|
|
|
|
4,421,251
|
|
|
|
4,315,562
|
|
|
|
4,181,687
|
|
|
|
Allowance for loan losses
|
|
|
|
|
(65,572
|
)
|
|
|
(66,242
|
)
|
|
|
(67,359
|
)
|
|
|
(66,160
|
)
|
|
|
(66,888
|
)
|
|
|
(67,524
|
)
|
|
|
Securities
|
|
|
|
|
840,136
|
|
|
|
808,294
|
|
|
|
770,730
|
|
|
|
753,028
|
|
|
|
782,066
|
|
|
|
774,134
|
|
|
|
Total assets
|
|
|
|
|
6,516,544
|
|
|
|
6,314,346
|
|
|
|
6,018,248
|
|
|
|
5,865,703
|
|
|
|
5,788,792
|
|
|
|
5,600,933
|
|
|
|
Noninterest-bearing deposits
|
|
|
|
|
1,473,086
|
|
|
|
1,424,971
|
|
|
|
1,321,053
|
|
|
|
1,357,934
|
|
|
|
1,324,358
|
|
|
|
1,180,202
|
|
|
|
Total deposits
|
|
|
|
|
4,993,611
|
|
|
|
4,789,309
|
|
|
|
4,782,605
|
|
|
|
4,662,331
|
|
|
|
4,651,513
|
|
|
|
4,500,577
|
|
|
|
Securities sold under agreements to repurchase
|
|
|
|
|
61,549
|
|
|
|
68,053
|
|
|
|
93,995
|
|
|
|
64,773
|
|
|
|
62,273
|
|
|
|
68,093
|
|
|
|
FHLB advances
|
|
|
|
|
445,345
|
|
|
|
455,444
|
|
|
|
195,476
|
|
|
|
215,524
|
|
|
|
170,556
|
|
|
|
150,604
|
|
|
|
Subordinated debt and other borrowings
|
|
|
|
|
133,908
|
|
|
|
135,533
|
|
|
|
96,158
|
|
|
|
96,783
|
|
|
|
97,408
|
|
|
|
98,033
|
|
|
|
Total stockholders’ equity
|
|
|
|
|
841,390
|
|
|
|
824,151
|
|
|
|
802,693
|
|
|
|
781,934
|
|
|
|
764,382
|
|
|
|
742,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet data, quarterly averages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
|
|
$
|
4,736,818
|
|
|
|
4,624,952
|
|
|
|
4,436,411
|
|
|
|
4,358,473
|
|
|
|
4,251,900
|
|
|
|
4,130,289
|
|
|
|
Securities
|
|
|
|
|
836,425
|
|
|
|
788,550
|
|
|
|
760,328
|
|
|
|
767,895
|
|
|
|
782,436
|
|
|
|
748,539
|
|
|
|
Total earning assets
|
|
|
|
|
5,764,514
|
|
|
|
5,581,508
|
|
|
|
5,382,479
|
|
|
|
5,264,591
|
|
|
|
5,187,589
|
|
|
|
5,023,692
|
|
|
|
Total assets
|
|
|
|
|
6,319,712
|
|
|
|
6,102,523
|
|
|
|
5,855,421
|
|
|
|
5,752,776
|
|
|
|
5,673,615
|
|
|
|
5,514,031
|
|
|
|
Noninterest-bearing deposits
|
|
|
|
|
1,437,276
|
|
|
|
1,342,603
|
|
|
|
1,373,745
|
|
|
|
1,317,091
|
|
|
|
1,202,740
|
|
|
|
1,128,743
|
|
|
|
Total deposits
|
|
|
|
|
4,884,506
|
|
|
|
4,791,944
|
|
|
|
4,758,402
|
|
|
|
4,655,047
|
|
|
|
4,518,963
|
|
|
|
4,509,493
|
|
|
|
Securities sold under agreements to repurchase
|
|
|
|
|
61,355
|
|
|
|
66,505
|
|
|
|
82,970
|
|
|
|
66,429
|
|
|
|
59,888
|
|
|
|
62,500
|
|
|
|
FHLB advances
|
|
|
|
|
388,963
|
|
|
|
290,016
|
|
|
|
95,221
|
|
|
|
135,920
|
|
|
|
224,432
|
|
|
|
83,787
|
|
|
|
Subordinated debt and other borrowings
|
|
|
|
|
135,884
|
|
|
|
121,033
|
|
|
|
96,722
|
|
|
|
100,404
|
|
|
|
99,015
|
|
|
|
98,651
|
|
|
|
Total stockholders’ equity
|
|
|
|
|
836,791
|
|
|
|
815,706
|
|
|
|
796,338
|
|
|
|
774,032
|
|
|
|
757,089
|
|
|
|
740,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of operations data, for the three months ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
$
|
55,503
|
|
|
|
54,679
|
|
|
|
53,533
|
|
|
|
52,782
|
|
|
|
50,564
|
|
|
|
49,291
|
|
|
|
Interest expense
|
|
|
|
|
3,672
|
|
|
|
3,410
|
|
|
|
3,220
|
|
|
|
3,245
|
|
|
|
3,338
|
|
|
|
3,383
|
|
|
|
Net interest income
|
|
|
|
|
51,831
|
|
|
|
51,269
|
|
|
|
50,313
|
|
|
|
49,537
|
|
|
|
47,226
|
|
|
|
45,908
|
|
|
|
Provision for loan losses
|
|
|
|
|
1,186
|
|
|
|
315
|
|
|
|
2,041
|
|
|
|
851
|
|
|
|
254
|
|
|
|
488
|
|
|
|
Net interest income after provision for loan losses
|
|
|
|
|
50,645
|
|
|
|
50,954
|
|
|
|
48,272
|
|
|
|
48,686
|
|
|
|
46,972
|
|
|
|
45,420
|
|
|
|
Noninterest income
|
|
|
|
|
20,019
|
|
|
|
18,493
|
|
|
|
14,384
|
|
|
|
12,888
|
|
|
|
12,598
|
|
|
|
12,732
|
|
|
|
Noninterest expense
|
|
|
|
|
36,747
|
|
|
|
36,830
|
|
|
|
34,391
|
|
|
|
34,360
|
|
|
|
33,902
|
|
|
|
33,646
|
|
|
|
Income before taxes
|
|
|
|
|
33,917
|
|
|
|
32,617
|
|
|
|
28,264
|
|
|
|
27,215
|
|
|
|
25,668
|
|
|
|
24,506
|
|
|
|
Income tax expense
|
|
|
|
|
11,252
|
|
|
|
10,774
|
|
|
|
9,527
|
|
|
|
9,018
|
|
|
|
8,498
|
|
|
|
8,140
|
|
|
|
Net income
|
|
|
|
$
|
22,665
|
|
|
|
21,843
|
|
|
|
18,737
|
|
|
|
18,197
|
|
|
|
17,170
|
|
|
|
16,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profitability and other ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg. assets (1)
|
|
|
|
|
1.44
|
%
|
|
|
1.45
|
%
|
|
|
1.27
|
%
|
|
|
1.25
|
%
|
|
|
1.21
|
%
|
|
|
1.20
|
%
|
|
|
Return on avg. equity (1)
|
|
|
|
|
10.86
|
%
|
|
|
10.86
|
%
|
|
|
9.33
|
%
|
|
|
9.33
|
%
|
|
|
9.10
|
%
|
|
|
8.96
|
%
|
|
|
Return on avg. tangible common equity (1)
|
|
|
|
|
15.39
|
%
|
|
|
15.56
|
%
|
|
|
13.52
|
%
|
|
|
13.69
|
%
|
|
|
13.50
|
%
|
|
|
13.45
|
%
|
|
|
Dividend payout ratio (18)
|
|
|
|
|
20.78
|
%
|
|
|
22.22
|
%
|
|
|
16.67
|
%
|
|
|
17.58
|
%
|
|
|
18.29
|
%
|
|
|
19.16
|
%
|
|
|
Net interest margin (1) (2)
|
|
|
|
|
3.65
|
%
|
|
|
3.78
|
%
|
|
|
3.76
|
%
|
|
|
3.79
|
%
|
|
|
3.71
|
%
|
|
|
3.76
|
%
|
|
|
Noninterest income to total revenue (3)
|
|
|
|
|
27.86
|
%
|
|
|
26.51
|
%
|
|
|
22.23
|
%
|
|
|
20.65
|
%
|
|
|
21.06
|
%
|
|
|
21.72
|
%
|
|
|
Noninterest income to avg. assets (1)
|
|
|
|
|
1.27
|
%
|
|
|
1.23
|
%
|
|
|
0.97
|
%
|
|
|
0.89
|
%
|
|
|
0.89
|
%
|
|
|
0.94
|
%
|
|
|
Noninterest exp. to avg. assets (1)
|
|
|
|
|
2.33
|
%
|
|
|
2.45
|
%
|
|
|
2.33
|
%
|
|
|
2.37
|
%
|
|
|
2.40
|
%
|
|
|
2.47
|
%
|
|
|
Noninterest expense (excluding ORE, FHLB prepayment charges, and
merger related expense) to avg. assets (1)
|
|
|
|
|
2.31
|
%
|
|
|
2.42
|
%
|
|
|
2.37
|
%
|
|
|
2.34
|
%
|
|
|
2.38
|
%
|
|
|
2.43
|
%
|
|
|
Efficiency ratio (4)
|
|
|
|
|
51.14
|
%
|
|
|
52.79
|
%
|
|
|
53.16
|
%
|
|
|
55.04
|
%
|
|
|
56.67
|
%
|
|
|
57.38
|
%
|
|
|
Avg. loans to average deposits
|
|
|
|
|
96.98
|
%
|
|
|
96.52
|
%
|
|
|
93.23
|
%
|
|
|
93.63
|
%
|
|
|
94.09
|
%
|
|
|
91.59
|
%
|
|
|
Securities to total assets
|
|
|
|
|
12.89
|
%
|
|
|
12.80
|
%
|
|
|
12.81
|
%
|
|
|
12.84
|
%
|
|
|
13.51
|
%
|
|
|
13.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
|
|
|
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND
YIELDS-UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
|
Three months ended
|
|
|
Three months ended
|
|
|
|
|
|
|
June 30, 2015
|
|
|
June 30, 2014
|
|
|
|
|
|
|
Average Balances
|
|
|
Interest
|
|
|
Rates/ Yields
|
|
|
Average Balances
|
|
|
Interest
|
|
|
Rates/ Yields
|
|
|
Interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1)
|
|
|
|
$
|
4,736,818
|
|
|
$
|
50,326
|
|
|
4.27
|
%
|
|
|
$
|
4,251,900
|
|
|
$
|
45,090
|
|
|
4.27
|
%
|
|
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
|
681,829
|
|
|
|
3,460
|
|
|
2.04
|
%
|
|
|
|
609,884
|
|
|
|
3,628
|
|
|
2.39
|
%
|
|
|
Tax-exempt (2)
|
|
|
|
|
154,596
|
|
|
|
1,400
|
|
|
4.86
|
%
|
|
|
|
172,552
|
|
|
|
1,563
|
|
|
4.85
|
%
|
|
|
Federal funds sold and other
|
|
|
|
|
191,271
|
|
|
|
316
|
|
|
0.66
|
%
|
|
|
|
153,253
|
|
|
|
283
|
|
|
0.87
|
%
|
|
|
Total interest-earning assets
|
|
|
|
|
5,764,514
|
|
|
|
55,502
|
|
|
3.91
|
%
|
|
|
|
5,187,589
|
|
|
$
|
50,564
|
|
|
3.97
|
%
|
|
|
Nonearning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
|
|
|
245,964
|
|
|
|
|
|
|
|
|
|
247,081
|
|
|
|
|
|
|
|
|
Other nonearning assets
|
|
|
|
|
309,234
|
|
|
|
|
|
|
|
|
|
238,945
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
6,319,712
|
|
|
|
|
|
|
|
|
$
|
5,673,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking
|
|
|
|
$
|
1,074,853
|
|
|
$
|
532
|
|
|
0.20
|
%
|
|
|
$
|
911,878
|
|
|
$
|
391
|
|
|
0.17
|
%
|
|
|
Savings and money market
|
|
|
|
|
1,951,863
|
|
|
|
1,488
|
|
|
0.31
|
%
|
|
|
|
1,913,453
|
|
|
|
1,392
|
|
|
0.29
|
%
|
|
|
Time
|
|
|
|
|
420,514
|
|
|
|
572
|
|
|
0.55
|
%
|
|
|
|
490,892
|
|
|
|
699
|
|
|
0.57
|
%
|
|
|
Total interest-bearing deposits
|
|
|
|
|
3,447,230
|
|
|
|
2,592
|
|
|
0.30
|
%
|
|
|
|
3,316,223
|
|
|
|
2,482
|
|
|
0.30
|
%
|
|
|
Securities sold under agreements to repurchase
|
|
|
|
|
61,355
|
|
|
|
29
|
|
|
0.19
|
%
|
|
|
|
59,888
|
|
|
|
31
|
|
|
0.21
|
%
|
|
|
Federal Home Loan Bank advances
|
|
|
|
|
388,963
|
|
|
|
224
|
|
|
0.23
|
%
|
|
|
|
224,432
|
|
|
|
187
|
|
|
0.33
|
%
|
|
|
Subordinated debt and other borrowings
|
|
|
|
|
135,884
|
|
|
|
826
|
|
|
2.44
|
%
|
|
|
|
99,015
|
|
|
|
638
|
|
|
2.58
|
%
|
|
|
Total interest-bearing liabilities
|
|
|
|
|
4,033,432
|
|
|
|
3,671
|
|
|
0.37
|
%
|
|
|
|
3,699,558
|
|
|
|
3,338
|
|
|
0.36
|
%
|
|
|
Noninterest-bearing deposits
|
|
|
|
|
1,437,276
|
|
|
|
-
|
|
|
-
|
|
|
|
|
1,202,740
|
|
|
|
-
|
|
|
-
|
|
|
|
Total deposits and interest-bearing liabilities
|
|
|
|
|
5,470,708
|
|
|
|
3,671
|
|
|
0.27
|
%
|
|
|
|
4,902,298
|
|
|
$
|
3,338
|
|
|
0.27
|
%
|
|
|
Other liabilities
|
|
|
|
|
12,213
|
|
|
|
|
|
|
|
|
|
14,228
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
836,791
|
|
|
|
|
|
|
|
|
|
757,089
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
$
|
6,319,712
|
|
|
|
|
|
|
|
|
$
|
5,673,615
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
|
$
|
51,831
|
|
|
|
|
|
|
|
|
$
|
47,226
|
|
|
|
|
|
Net interest spread (3)
|
|
|
|
|
|
|
|
|
|
3.54
|
%
|
|
|
|
|
|
|
|
|
3.61
|
%
|
|
|
Net interest margin (4)
|
|
|
|
|
|
|
|
|
|
3.65
|
%
|
|
|
|
|
|
|
|
|
3.71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Average balances of nonperforming loans are included in the
above amounts.
|
|
|
(2) Yields computed on tax-exempt instruments on a tax equivalent
basis.
|
|
|
(3) Yields realized on interest-bearing assets less the rates
paid on interest-bearing liabilities. The net interest spread
calculation excludes the impact of demand deposits. Had the impact
of demand deposits been included, the net interest spread for the
quarter ended June 30, 2015 would have been 3.64% compared to a net
interest spread of 3.69% for the quarter ended June 30, 2014.
|
|
|
(4) Net interest margin is the result of annualized net interest
income calculated on a tax equivalent basis divided by average
interest-earning assets for the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This information is preliminary and based on company data available
at the time of the presentation.
|
|
|
|
|
|
|
|
|
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
|
|
|
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND
YIELDS-UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
|
Six months ended
|
|
|
Six months ended
|
|
|
|
|
|
|
June 30, 2015
|
|
|
June 30, 2014
|
|
|
|
|
|
|
Average Balances
|
|
|
Interest
|
|
|
Rates/ Yields
|
|
|
Average Balances
|
|
|
Interest
|
|
|
Rates/ Yields
|
|
|
Interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1)
|
|
|
|
$
|
4,681,194
|
|
|
$
|
99,792
|
|
|
4.31
|
%
|
|
|
$
|
4,191,430
|
|
|
$
|
88,785
|
|
|
4.28
|
%
|
|
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
|
654,011
|
|
|
|
6,905
|
|
|
2.13
|
%
|
|
|
|
591,708
|
|
|
|
7,349
|
|
|
2.50
|
%
|
|
|
Tax-exempt (2)
|
|
|
|
|
158,609
|
|
|
|
2,884
|
|
|
4.90
|
%
|
|
|
|
173,873
|
|
|
|
3,161
|
|
|
4.90
|
%
|
|
|
Federal funds sold and other
|
|
|
|
|
179,703
|
|
|
|
601
|
|
|
0.67
|
%
|
|
|
|
149,082
|
|
|
|
560
|
|
|
0.90
|
%
|
|
|
Total interest-earning assets
|
|
|
|
|
5,673,517
|
|
|
|
110,182
|
|
|
3.96
|
%
|
|
|
|
5,106,093
|
|
|
$
|
99,855
|
|
|
3.99
|
%
|
|
|
Nonearning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
|
|
|
246,138
|
|
|
|
|
|
|
|
|
|
247,220
|
|
|
|
|
|
|
|
|
Other nonearning assets
|
|
|
|
|
292,065
|
|
|
|
|
|
|
|
|
|
240,951
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
6,211,720
|
|
|
|
|
|
|
|
|
$
|
5,594,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking
|
|
|
|
$
|
1,052,405
|
|
|
$
|
1,005
|
|
|
0.19
|
%
|
|
|
$
|
916,431
|
|
|
$
|
821
|
|
|
0.17
|
%
|
|
|
Savings and money market
|
|
|
|
|
1,973,818
|
|
|
|
2,898
|
|
|
0.30
|
%
|
|
|
|
1,932,514
|
|
|
|
2,819
|
|
|
0.29
|
%
|
|
|
Time
|
|
|
|
|
422,057
|
|
|
|
1,121
|
|
|
0.54
|
%
|
|
|
|
499,364
|
|
|
|
1,437
|
|
|
0.57
|
%
|
|
|
Total interest-bearing deposits
|
|
|
|
|
3,448,280
|
|
|
|
5,024
|
|
|
0.29
|
%
|
|
|
|
3,348,309
|
|
|
|
5,077
|
|
|
0.30
|
%
|
|
|
Securities sold under agreements to repurchase
|
|
|
|
|
63,916
|
|
|
|
60
|
|
|
0.19
|
%
|
|
|
|
61,187
|
|
|
|
62
|
|
|
0.21
|
%
|
|
|
Federal Home Loan Bank advances
|
|
|
|
|
339,763
|
|
|
|
444
|
|
|
0.26
|
%
|
|
|
|
154,498
|
|
|
|
310
|
|
|
0.33
|
%
|
|
|
Subordinated debt and other borrowings
|
|
|
|
|
128,499
|
|
|
|
1,555
|
|
|
2.44
|
%
|
|
|
|
98,834
|
|
|
|
1,272
|
|
|
2.58
|
%
|
|
|
Total interest-bearing liabilities
|
|
|
|
|
3,980,458
|
|
|
|
7,083
|
|
|
0.36
|
%
|
|
|
|
3,662,828
|
|
|
|
6,721
|
|
|
0.36
|
%
|
|
|
Noninterest-bearing deposits
|
|
|
|
|
1,390,201
|
|
|
|
-
|
|
|
-
|
|
|
|
|
1,165,946
|
|
|
|
-
|
|
|
-
|
|
|
|
Total deposits and interest-bearing liabilities
|
|
|
|
|
5,370,659
|
|
|
|
7,083
|
|
|
0.27
|
%
|
|
|
|
4,828,774
|
|
|
$
|
6,721
|
|
|
0.27
|
%
|
|
|
Other liabilities
|
|
|
|
|
14,754
|
|
|
|
|
|
|
|
|
|
16,533
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
826,307
|
|
|
|
|
|
|
|
|
|
748,957
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
$
|
6,211,720
|
|
|
|
|
|
|
|
|
$
|
5,594,264
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
|
$
|
103,099
|
|
|
|
|
|
|
|
|
$
|
93,134
|
|
|
|
|
|
Net interest spread (3)
|
|
|
|
|
|
|
|
|
|
3.60
|
%
|
|
|
|
|
|
|
|
|
3.63
|
%
|
|
|
Net interest margin (4)
|
|
|
|
|
|
|
|
|
|
3.71
|
%
|
|
|
|
|
|
|
|
|
3.73
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Average balances of nonperforming loans are included in the
above amounts.
|
|
|
(2) Yields computed on tax-exempt instruments on a tax equivalent
basis.
|
|
|
(3) Yields realized on interest-bearing assets less the rates
paid on interest-bearing liabilities. The net interest spread
calculation excludes the impact of demand deposits. Had the impact
of demand deposits been included, the net interest spread for the
six months ended June 30, 2015 would have been 3.70% compared to a
net interest spread of 3.72% for the six months ended June 30, 2014.
|
|
|
(4) Net interest margin is the result of net interest income
calculated on a tax equivalent basis divided by average
interest-earning assets for the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This information is preliminary and based on company data available
at the time of the presentation.
|
|
|
|
|
|
|
|
|
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
|
|
|
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
|
June
|
|
|
March
|
|
|
December
|
|
|
September
|
|
|
June
|
|
|
March
|
|
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality information and ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
|
|
$
|
17,550
|
|
|
|
16,915
|
|
|
|
16,706
|
|
|
|
21,652
|
|
|
|
15,678
|
|
|
|
15,606
|
|
|
|
Other real estate (ORE)
|
|
|
|
|
6,793
|
|
|
|
8,441
|
|
|
|
11,186
|
|
|
|
12,329
|
|
|
|
12,946
|
|
|
|
15,038
|
|
|
|
Total nonperforming assets
|
|
|
|
$
|
24,343
|
|
|
|
25,356
|
|
|
|
27,892
|
|
|
|
33,981
|
|
|
|
28,624
|
|
|
|
30,644
|
|
|
|
Past due loans over 90 days and still accruing interest
|
|
|
|
$
|
483
|
|
|
|
1,609
|
|
|
|
322
|
|
|
|
83
|
|
|
|
649
|
|
|
|
7,944
|
|
|
|
Troubled debt restructurings (5)
|
|
|
|
$
|
8,703
|
|
|
|
8,726
|
|
|
|
8,410
|
|
|
|
7,606
|
|
|
|
7,552
|
|
|
|
15,108
|
|
|
|
Net loan charge-offs
|
|
|
|
$
|
1,856
|
|
|
|
1,432
|
|
|
|
842
|
|
|
|
1,580
|
|
|
|
890
|
|
|
|
934
|
|
|
|
Allowance for loan losses to nonaccrual loans
|
|
|
|
|
373.6
|
%
|
|
|
391.6
|
%
|
|
|
403.2
|
%
|
|
|
305.6
|
%
|
|
|
426.6
|
%
|
|
|
432.7
|
%
|
|
|
As a percentage of total loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due accruing loans over 30 days
|
|
|
|
|
0.38
|
%
|
|
|
0.30
|
%
|
|
|
0.40
|
%
|
|
|
0.32
|
%
|
|
|
0.45
|
%
|
|
|
0.43
|
%
|
|
|
Potential problem loans (6)
|
|
|
|
|
1.86
|
%
|
|
|
1.97
|
%
|
|
|
1.81
|
%
|
|
|
1.98
|
%
|
|
|
1.79
|
%
|
|
|
2.01
|
%
|
|
|
Allowance for loan losses
|
|
|
|
|
1.36
|
%
|
|
|
1.43
|
%
|
|
|
1.47
|
%
|
|
|
1.50
|
%
|
|
|
1.55
|
%
|
|
|
1.61
|
%
|
|
|
Nonperforming assets to total loans and ORE
|
|
|
|
|
0.50
|
%
|
|
|
0.54
|
%
|
|
|
0.61
|
%
|
|
|
0.77
|
%
|
|
|
0.66
|
%
|
|
|
0.73
|
%
|
|
|
Nonperforming assets to total assets
|
|
|
|
|
0.37
|
%
|
|
|
0.40
|
%
|
|
|
0.46
|
%
|
|
|
0.58
|
%
|
|
|
0.49
|
%
|
|
|
0.55
|
%
|
|
|
Classified asset ratio (Pinnacle Bank) (8)
|
|
|
|
|
19.0
|
%
|
|
|
20.3
|
%
|
|
|
18.1
|
%
|
|
|
20.0
|
%
|
|
|
18.1
|
%
|
|
|
21.2
|
%
|
|
|
Annualized net loan charge-offs year-to-date to avg. loans (7)
|
|
|
|
|
0.14
|
%
|
|
|
0.13
|
%
|
|
|
0.10
|
%
|
|
|
0.11
|
%
|
|
|
0.09
|
%
|
|
|
0.09
|
%
|
|
|
Wtd. avg. commercial loan internal risk ratings (6)
|
|
|
|
|
4.5
|
|
|
|
4.5
|
|
|
|
4.4
|
|
|
|
4.5
|
|
|
|
4.5
|
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rates and yields:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
4.27
|
%
|
|
|
4.35
|
%
|
|
|
4.34
|
%
|
|
|
4.34
|
%
|
|
|
4.27
|
%
|
|
|
4.30
|
%
|
|
|
Securities
|
|
|
|
|
2.56
|
%
|
|
|
2.79
|
%
|
|
|
2.81
|
%
|
|
|
2.85
|
%
|
|
|
2.93
|
%
|
|
|
3.17
|
%
|
|
|
Total earning assets
|
|
|
|
|
3.91
|
%
|
|
|
4.02
|
%
|
|
|
4.00
|
%
|
|
|
4.03
|
%
|
|
|
3.97
|
%
|
|
|
4.04
|
%
|
|
|
Total deposits, including non-interest bearing
|
|
|
|
|
0.21
|
%
|
|
|
0.21
|
%
|
|
|
0.20
|
%
|
|
|
0.21
|
%
|
|
|
0.22
|
%
|
|
|
0.23
|
%
|
|
|
Securities sold under agreements to repurchase
|
|
|
|
|
0.19
|
%
|
|
|
0.19
|
%
|
|
|
0.19
|
%
|
|
|
0.23
|
%
|
|
|
0.21
|
%
|
|
|
0.20
|
%
|
|
|
FHLB advances
|
|
|
|
|
0.23
|
%
|
|
|
0.31
|
%
|
|
|
0.56
|
%
|
|
|
0.44
|
%
|
|
|
0.33
|
%
|
|
|
0.59
|
%
|
|
|
Subordinated debt and other borrowings
|
|
|
|
|
2.44
|
%
|
|
|
2.44
|
%
|
|
|
2.48
|
%
|
|
|
2.45
|
%
|
|
|
2.58
|
%
|
|
|
2.61
|
%
|
|
|
Total deposits and interest-bearing liabilities
|
|
|
|
|
0.27
|
%
|
|
|
0.26
|
%
|
|
|
0.25
|
%
|
|
|
0.26
|
%
|
|
|
0.27
|
%
|
|
|
0.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pinnacle Financial Partners capital ratios (8):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to total assets
|
|
|
|
|
12.9
|
%
|
|
|
13.1
|
%
|
|
|
13.3
|
%
|
|
|
13.3
|
%
|
|
|
13.2
|
%
|
|
|
13.3
|
%
|
|
|
Common equity Tier one capital
|
|
|
|
|
9.4
|
%
|
|
|
9.4
|
%
|
|
|
10.6
|
%
|
|
|
10.6
|
%
|
|
|
10.5
|
%
|
|
|
10.3
|
%
|
|
|
Tier one risk-based
|
|
|
|
|
10.8
|
%
|
|
|
10.8
|
%
|
|
|
12.1
|
%
|
|
|
12.2
|
%
|
|
|
12.1
|
%
|
|
|
12.2
|
%
|
|
|
Total risk-based
|
|
|
|
|
12.0
|
%
|
|
|
12.0
|
%
|
|
|
13.4
|
%
|
|
|
13.4
|
%
|
|
|
13.4
|
%
|
|
|
13.5
|
%
|
|
|
Leverage
|
|
|
|
|
10.5
|
%
|
|
|
10.4
|
%
|
|
|
11.3
|
%
|
|
|
11.2
|
%
|
|
|
11.0
|
%
|
|
|
11.0
|
%
|
|
|
Tangible common equity to tangible assets
|
|
|
|
|
9.5
|
%
|
|
|
9.5
|
%
|
|
|
9.6
|
%
|
|
|
9.5
|
%
|
|
|
9.3
|
%
|
|
|
9.3
|
%
|
|
|
Pinnacle Bank ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier one
|
|
|
|
|
10.1
|
%
|
|
|
10.0
|
%
|
|
|
11.4
|
%
|
|
|
11.5
|
%
|
|
|
11.5
|
%
|
|
|
11.7
|
%
|
|
|
Tier one risk-based
|
|
|
|
|
10.1
|
%
|
|
|
10.1
|
%
|
|
|
11.4
|
%
|
|
|
11.5
|
%
|
|
|
11.5
|
%
|
|
|
11.7
|
%
|
|
|
Total risk-based
|
|
|
|
|
11.2
|
%
|
|
|
11.3
|
%
|
|
|
12.6
|
%
|
|
|
12.8
|
%
|
|
|
12.8
|
%
|
|
|
12.9
|
%
|
|
|
Leverage
|
|
|
|
|
9.8
|
%
|
|
|
9.7
|
%
|
|
|
10.6
|
%
|
|
|
10.6
|
%
|
|
|
10.5
|
%
|
|
|
10.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This information is preliminary and based on company data available
at the time of the presentation.
|
|
|
|
|
|
|
|
|
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
|
|
|
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
|
|
|
March
|
|
|
December
|
|
|
September
|
|
|
June
|
|
|
March
|
|
|
(dollars in thousands, except per share data)
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings – basic
|
|
|
|
$
|
0.65
|
|
|
|
0.62
|
|
|
|
0.54
|
|
|
|
0.52
|
|
|
|
0.49
|
|
|
|
0.47
|
|
|
|
Earnings – diluted
|
|
|
|
$
|
0.64
|
|
|
|
0.62
|
|
|
|
0.53
|
|
|
|
0.52
|
|
|
|
0.49
|
|
|
|
0.47
|
|
|
|
Common dividends per share
|
|
|
|
$
|
0.12
|
|
|
|
0.12
|
|
|
|
0.08
|
|
|
|
0.08
|
|
|
|
0.08
|
|
|
|
0.08
|
|
|
|
Book value per common share at quarter end (9)
|
|
|
|
$
|
23.39
|
|
|
|
22.98
|
|
|
|
22.46
|
|
|
|
21.93
|
|
|
|
21.47
|
|
|
|
20.88
|
|
|
|
Tangible common equity per common share at quarter end
|
|
|
|
$
|
16.42
|
|
|
|
15.88
|
|
|
|
15.62
|
|
|
|
15.02
|
|
|
|
14.53
|
|
|
|
13.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted avg. common shares – basic
|
|
|
|
|
35,128,856
|
|
|
|
35,041,203
|
|
|
|
34,827,999
|
|
|
|
34,762,206
|
|
|
|
34,697,888
|
|
|
|
34,602,337
|
|
|
|
Weighted avg. common shares – diluted
|
|
|
|
|
35,554,683
|
|
|
|
35,380,529
|
|
|
|
35,292,319
|
|
|
|
35,155,224
|
|
|
|
35,081,702
|
|
|
|
34,966,600
|
|
|
|
Common shares outstanding
|
|
|
|
|
35,977,987
|
|
|
|
35,864,667
|
|
|
|
35,732,483
|
|
|
|
35,654,541
|
|
|
|
35,601,495
|
|
|
|
35,567,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing sales price
|
|
|
|
$
|
54.37
|
|
|
|
44.46
|
|
|
|
39.54
|
|
|
|
36.10
|
|
|
|
39.48
|
|
|
|
37.49
|
|
|
|
High closing sales price during quarter
|
|
|
|
$
|
54.88
|
|
|
|
45.19
|
|
|
|
39.95
|
|
|
|
39.75
|
|
|
|
39.48
|
|
|
|
38.64
|
|
|
|
Low closing sales price during quarter
|
|
|
|
$
|
44.25
|
|
|
|
35.52
|
|
|
|
34.65
|
|
|
|
35.21
|
|
|
|
33.46
|
|
|
|
31.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on mortgage loans sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans sold
|
|
|
|
$
|
112,609
|
|
|
|
95,782
|
|
|
|
94,816
|
|
|
|
96,050
|
|
|
|
83,421
|
|
|
|
61,290
|
|
|
|
Gross fees (10)
|
|
|
|
$
|
3,066
|
|
|
|
2,234
|
|
|
|
2,359
|
|
|
|
2,431
|
|
|
|
1,972
|
|
|
|
1,384
|
|
|
|
Gross fees as a percentage of loans originated
|
|
|
|
|
2.72
|
%
|
|
|
2.33
|
%
|
|
|
2.49
|
%
|
|
|
2.53
|
%
|
|
|
2.36
|
%
|
|
|
2.26
|
%
|
|
|
Net gain on mortgage loans sold
|
|
|
|
$
|
1,652
|
|
|
|
1,941
|
|
|
|
1,374
|
|
|
|
1,353
|
|
|
|
1,669
|
|
|
|
1,235
|
|
|
|
Investment gains on sales, net (17)
|
|
|
|
$
|
556
|
|
|
|
6
|
|
|
|
-
|
|
|
|
29
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Brokerage account assets, at quarter-end (11)
|
|
|
|
$
|
1,783,062
|
|
|
|
1,739,669
|
|
|
|
1,695,238
|
|
|
|
1,658,237
|
|
|
|
1,680,619
|
|
|
|
1,611,232
|
|
|
|
Trust account managed assets, at quarter-end
|
|
|
|
$
|
924,605
|
|
|
|
889,392
|
|
|
|
764,802
|
|
|
|
720,071
|
|
|
|
687,772
|
|
|
|
613,440
|
|
|
|
Core deposits (12)
|
|
|
|
$
|
4,608,648
|
|
|
|
4,412,635
|
|
|
|
4,381,177
|
|
|
|
4,260,627
|
|
|
|
4,245,745
|
|
|
|
4,087,477
|
|
|
|
Core deposits to total funding (12)
|
|
|
|
|
81.8
|
%
|
|
|
81.0
|
%
|
|
|
84.8
|
%
|
|
|
84.6
|
%
|
|
|
85.2
|
%
|
|
|
84.8
|
%
|
|
|
Risk-weighted assets
|
|
|
|
$
|
5,829,846
|
|
|
|
5,591,382
|
|
|
|
5,233,329
|
|
|
|
5,049,592
|
|
|
|
4,924,884
|
|
|
|
4,730,907
|
|
|
|
Total assets per full-time equivalent employee
|
|
|
|
$
|
8,141
|
|
|
|
8,153
|
|
|
|
7,877
|
|
|
|
7,744
|
|
|
|
7,734
|
|
|
|
7,528
|
|
|
|
Annualized revenues per full-time equivalent employee
|
|
|
|
$
|
360.0
|
|
|
|
365.3
|
|
|
|
336.0
|
|
|
|
327.0
|
|
|
|
320.6
|
|
|
|
319.7
|
|
|
|
Annualized expenses per full-time equivalent employee
|
|
|
|
$
|
184.1
|
|
|
|
192.9
|
|
|
|
178.6
|
|
|
|
180.0
|
|
|
|
181.7
|
|
|
|
183.4
|
|
|
|
Number of employees (full-time equivalent)
|
|
|
|
|
800.5
|
|
|
|
774.5
|
|
|
|
764.0
|
|
|
|
757.5
|
|
|
|
748.5
|
|
|
|
744.0
|
|
|
|
Associate retention rate (13)
|
|
|
|
|
94.7
|
%
|
|
|
94.0
|
%
|
|
|
93.3
|
%
|
|
|
93.5
|
%
|
|
|
93.8
|
%
|
|
|
95.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected economic information (in thousands) (14):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nashville MSA nonfarm employment - May 2015
|
|
|
|
|
900.5
|
|
|
|
890.9
|
|
|
|
886.7
|
|
|
|
884.7
|
|
|
|
874.3
|
|
|
|
868.4
|
|
|
|
Knoxville MSA nonfarm employment - May 2015
|
|
|
|
|
387.2
|
|
|
|
382.7
|
|
|
|
381.5
|
|
|
|
378.9
|
|
|
|
373.4
|
|
|
|
373.6
|
|
|
|
Chattanooga MSA nonfarm employment - May 2015
|
|
|
|
|
245.6
|
|
|
|
242.5
|
|
|
|
240.7
|
|
|
|
240.2
|
|
|
|
238.6
|
|
|
|
237.5
|
|
|
|
Memphis MSA nonfarm employment - May 2015
|
|
|
|
|
619.7
|
|
|
|
618.7
|
|
|
|
617.5
|
|
|
|
618.1
|
|
|
|
613.7
|
|
|
|
612.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nashville MSA unemployment - May 2015
|
|
|
|
|
4.7
|
%
|
|
|
4.6
|
%
|
|
|
5.2
|
%
|
|
|
5.3
|
%
|
|
|
5.2
|
%
|
|
|
5.2
|
%
|
|
|
Knoxville MSA unemployment -May 2015
|
|
|
|
|
5.4
|
%
|
|
|
5.3
|
%
|
|
|
6.1
|
%
|
|
|
6.2
|
%
|
|
|
6.1
|
%
|
|
|
6.3
|
%
|
|
|
Chattanooga MSA unemployment - May 2015
|
|
|
|
|
5.7
|
%
|
|
|
5.7
|
%
|
|
|
6.3
|
%
|
|
|
6.5
|
%
|
|
|
6.4
|
%
|
|
|
6.7
|
%
|
|
|
Memphis MSA unemployment - May 2015
|
|
|
|
|
6.7
|
%
|
|
|
6.5
|
%
|
|
|
7.4
|
%
|
|
|
7.6
|
%
|
|
|
7.5
|
%
|
|
|
7.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nashville residential median home price - June 2015
|
|
|
|
$
|
240.0
|
|
|
|
222.4
|
|
|
|
213.5
|
|
|
|
211.4
|
|
|
|
222.0
|
|
|
|
195.0
|
|
|
|
Nashville inventory of residential homes for sale - June 2015 (16)
|
|
|
|
|
9.2
|
|
|
|
8.2
|
|
|
|
7.6
|
|
|
|
9.9
|
|
|
|
10.6
|
|
|
|
9.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This information is preliminary and based on company data available
at the time of the presentation.
|
|
|
|
|
|
|
|
|
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
|
|
|
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA –
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
|
|
|
March
|
|
|
December
|
|
|
September
|
|
|
June
|
|
|
March
|
|
|
(dollars in thousands, except per share data)
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
6,516,544
|
|
|
|
6,314,346
|
|
|
|
6,018,248
|
|
|
|
5,865,703
|
|
|
|
5,788,792
|
|
|
|
5,600,933
|
|
|
|
Less: Goodwill
|
|
|
|
|
(243,291
|
)
|
|
|
(243,443
|
)
|
|
|
(243,529
|
)
|
|
|
(243,533
|
)
|
|
|
(243,550
|
)
|
|
|
(243,568
|
)
|
|
|
Core deposit and other intangible assets
|
|
|
|
|
(2,438
|
)
|
|
|
(2,666
|
)
|
|
|
(2,893
|
)
|
|
|
(3,129
|
)
|
|
|
(3,365
|
)
|
|
|
(3,603
|
)
|
|
|
Net tangible assets
|
|
|
|
$
|
6,270,815
|
|
|
|
6,068,237
|
|
|
|
5,771,827
|
|
|
|
5,619,041
|
|
|
|
5,541,877
|
|
|
|
5,353,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
|
$
|
841,390
|
|
|
|
824,151
|
|
|
|
802,693
|
|
|
|
781,934
|
|
|
|
764,382
|
|
|
|
742,497
|
|
|
|
Less: Goodwill
|
|
|
|
|
(243,291
|
)
|
|
|
(243,443
|
)
|
|
|
(243,529
|
)
|
|
|
(243,533
|
)
|
|
|
(243,550
|
)
|
|
|
(243,568
|
)
|
|
|
Core deposit and other intangible assets
|
|
|
|
|
(2,438
|
)
|
|
|
(2,666
|
)
|
|
|
(2,893
|
)
|
|
|
(3,129
|
)
|
|
|
(3,365
|
)
|
|
|
(3,603
|
)
|
|
|
Net tangible common equity
|
|
|
|
$
|
595,661
|
|
|
|
578,042
|
|
|
|
556,271
|
|
|
|
535,272
|
|
|
|
517,467
|
|
|
|
495,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of tangible common equity to tangible assets
|
|
|
|
|
9.50
|
%
|
|
|
9.53
|
%
|
|
|
9.64
|
%
|
|
|
9.53
|
%
|
|
|
9.34
|
%
|
|
|
9.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders’ equity
|
|
|
|
$
|
836,791
|
|
|
|
815,706
|
|
|
|
796,338
|
|
|
|
774,032
|
|
|
|
757,089
|
|
|
|
740,743
|
|
|
|
Less: Average goodwill
|
|
|
|
|
(243,383
|
)
|
|
|
(243,505
|
)
|
|
|
(243,531
|
)
|
|
|
(243,544
|
)
|
|
|
(243,559
|
)
|
|
|
(243,610
|
)
|
|
|
Core deposit and other intangible assets
|
|
|
|
|
(2,581
|
)
|
|
|
(2,809
|
)
|
|
|
(3,040
|
)
|
|
|
(3,278
|
)
|
|
|
(3,484
|
)
|
|
|
(3,722
|
)
|
|
|
Net average tangible common equity
|
|
|
|
$
|
590,827
|
|
|
|
569,392
|
|
|
|
549,767
|
|
|
|
527,210
|
|
|
|
510,046
|
|
|
|
493,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common equity (1)
|
|
|
|
|
15.39
|
%
|
|
|
15.56
|
%
|
|
|
13.52
|
%
|
|
|
13.69
|
%
|
|
|
13.50
|
%
|
|
|
13.45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
|
|
|
June
|
|
|
March
|
|
|
December
|
|
|
September
|
|
|
June
|
|
|
March
|
|
|
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
$
|
51,831
|
|
|
|
51,269
|
|
|
|
50,313
|
|
|
|
49,537
|
|
|
|
47,226
|
|
|
|
45,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income
|
|
|
|
|
20,019
|
|
|
|
18,493
|
|
|
|
14,384
|
|
|
|
12,888
|
|
|
|
12,598
|
|
|
|
12,732
|
|
|
|
Less: Investment gains on sales, net
|
|
|
|
|
(556
|
)
|
|
|
(6
|
)
|
|
|
-
|
|
|
|
(29
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
Noninterest income excluding investment gains on sales, net
|
|
|
|
|
19,463
|
|
|
|
18,487
|
|
|
|
14,384
|
|
|
|
12,859
|
|
|
|
12,598
|
|
|
|
12,732
|
|
|
|
Total revenues excluding the impact of investment gains on sales,
net
|
|
|
|
|
71,294
|
|
|
|
69,756
|
|
|
|
64,697
|
|
|
|
62,396
|
|
|
|
59,824
|
|
|
|
58,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense
|
|
|
|
|
36,747
|
|
|
|
36,831
|
|
|
|
34,391
|
|
|
|
34,360
|
|
|
|
33,902
|
|
|
|
33,649
|
|
|
|
Less: Other real estate expense
|
|
|
|
|
(115
|
)
|
|
|
395
|
|
|
|
(630
|
)
|
|
|
417
|
|
|
|
226
|
|
|
|
651
|
|
|
|
FHLB prepayment charges
|
|
|
|
|
479
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Merger related expenses
|
|
|
|
|
59
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Noninterest expense excluding the impact of other real estate
expense, FHLB prepayment charges and merger related expenses
|
|
|
|
|
36,324
|
|
|
|
36,436
|
|
|
|
35,021
|
|
|
|
33,943
|
|
|
|
33,676
|
|
|
|
32,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax pre-provision income (15)
|
|
|
|
$
|
34,970
|
|
|
|
33,320
|
|
|
|
29,676
|
|
|
|
28,453
|
|
|
|
26,148
|
|
|
|
25,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio (4)
|
|
|
|
|
51.1
|
%
|
|
|
52.8
|
%
|
|
|
53.2
|
%
|
|
|
55.0
|
%
|
|
|
56.7
|
%
|
|
|
57.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets
|
|
|
|
$
|
6,319,712
|
|
|
|
6,102,523
|
|
|
|
5,855,421
|
|
|
|
5,752,776
|
|
|
|
5,673,615
|
|
|
|
5,514,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense (excluding ORE expense, FHLB prepayment
charges and merger related expenses) to avg. assets (1)
|
|
|
|
|
2.31
|
%
|
|
|
2.42
|
%
|
|
|
2.37
|
%
|
|
|
2.34
|
%
|
|
|
2.38
|
%
|
|
|
2.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity method investment (19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee income from BHG
|
|
|
|
$
|
4,266
|
|
|
|
3,201
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Funding cost to support investment
|
|
|
|
|
421
|
|
|
|
277
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Pre-tax impact of BHG
|
|
|
|
|
3,845
|
|
|
|
2,924
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Income tax expense at statutory rates
|
|
|
|
|
1,508
|
|
|
|
1,147
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Earnings attributable to BHG
|
|
|
|
$
|
2,337
|
|
|
|
1,777
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to BHG
|
|
|
|
$
|
0.07
|
|
|
|
0.05
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Diluted earnings per share attributable to BHG
|
|
|
|
$
|
0.07
|
|
|
|
0.05
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of Memphis denovo expansion (20)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income from Memphis expansion
|
|
|
|
$
|
(257
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings per share attributable to Memphis expansion
|
|
|
|
$
|
(0.01
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Diluted (loss) earnings per share attributable to Memphis expansion
|
|
|
|
$
|
(0.01
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This information is preliminary and based on company data available
at the time of the presentation.
|
|
|
|
|
|
|
|
|
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
|
|
|
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED
|
|
|
|
|
|
|
|
|
1. Ratios are presented on an annualized basis.
|
|
|
2. Net interest margin is the result of net interest income on a tax
equivalent basis divided by average interest earning assets.
|
|
|
3. Total revenue is equal to the sum of net interest income and
noninterest income.
|
|
|
4. Efficiency ratios are calculated by dividing noninterest expense
by the sum of net interest income and noninterest income.
|
|
|
5. Troubled debt restructurings include loans where the company, as
a result of the borrower’s financial difficulties, has granted a
credit concession to the borrower (i.e., interest only payments for
a significant period of time, extending the maturity of the loan,
etc.). All of these loans continue to accrue interest at the
contractual rate.
|
|
|
6. Average risk ratings are based on an internal loan review
system which assigns a numeric value of 1 to 10 to all loans to
commercial entities based on their underlying risk characteristics
as of the end of each quarter. A “1” risk rating is assigned to
credits that exhibit Excellent risk characteristics, “2” exhibit
Very Good risk characteristics, “3” Good, “4” Satisfactory, “5”
Acceptable or Average, “6” Watch List, “7” Criticized, “8”
Classified or Substandard, “9” Doubtful and “10” Loss (which are
charged-off immediately). Additionally, loans rated “8” or worse
that are not nonperforming or restructured loans are considered
potential problem loans. Generally, consumer loans are not
subjected to internal risk ratings.
|
|
|
7. Annualized net loan charge-offs to average loans ratios are
computed by annualizing year-to-date net loan charge-offs and
dividing the result by average loans for the year-to-date period.
|
|
|
8. Capital ratios are calculated using regulatory reporting
regulations enacted for such period and are defined as follows:
|
|
|
Equity to total assets – End of period total stockholders’ equity as
a percentage of end of period assets.
|
|
|
Tangible common equity to total assets - End of period total
stockholders’ equity less end of period goodwill, core deposit and
other intangibles as a percentage of end of period assets.
|
|
|
Leverage – Tier one capital (pursuant to risk-based capital
guidelines) as a percentage of adjusted average assets.
|
|
|
Tier one risk-based – Tier one capital (pursuant to risk-based
capital guidelines) as a percentage of total risk-weighted assets.
|
|
|
Total risk-based – Total capital (pursuant to risk-based capital
guidelines) as a percentage of total risk-weighted assets.
|
|
|
Classified asset - Classified assets as a percentage of Tier 1
capital plus allowance for loan losses.
|
|
|
Tier one common equity to risk weighted assets - Tier 1 capital
(pursuant to risk-based capital guidelines) less the amount of any
preferred stock or subordinated indebtedness that is considered as
a component of tier 1 capital as a percentage of total
risk-weighted assets.
|
|
|
9. Book value per share computed by dividing total stockholders’
equity less preferred stock and common stock warrants by common
shares outstanding.
|
|
|
10. Amounts are included in the statement of operations in “Gains
on mortgage loans sold, net”, net of commissions paid on such
amounts.
|
|
|
11. At fair value, based on information obtained from Pinnacle’s
third party broker/dealer for non-FDIC insured financial products
and services.
|
|
|
12. Core deposits include all transaction deposit accounts, money
market and savings accounts and all certificates of deposit issued
in a denomination of less than $250,000.
|
|
|
The ratio noted above represents total core deposits divided by
total funding, which includes total deposits, FHLB advances,
securities sold under agreements to repurchase, subordinated
indebtedness and all other interest-bearing liabilities.
|
|
|
13. Associate retention rate is computed by dividing the number of
associates employed at quarter-end less the number of associates
that have resigned in the last 12 months by the number of associates
employed at quarter-end.
|
|
|
14. Employment and unemployment data is from BERC- MTSU & Bureau of
Labor Statistics. Labor force data is seasonally adjusted. The most
recent quarter data presented is as of the most recent month that
data is available as of the release date. Historical data is subject
to update by the BERC- MTSU & Bureau of Labor Statistics. Historical
data is presented based on the most recently reported data available
by the BERC- MTSU & Bureau of Labor Statistics. The Nashville home
data is from the Greater Nashville Association of Realtors.
|
|
|
15. Adjusted pre-tax, pre-provision income excludes the impact of
investment gains and losses on sales and impairments, net and
non-credit related loan losses as well as other real estate owned
expenses and FHLB restructuring charges.
|
|
|
16. Represents month’s supply of homes currently listed with MLS
based on current sales activity in the Nashville MSA.
|
|
|
17. Represents investment gains (losses) on sales and impairments,
net occurring as a result of both credit losses and losses
incurred as the result of a change in management’s intention to
sell a bond prior to the recovery of its amortized cost basis.
|
|
|
18. The dividend payout ratio is calculated as the sum of the
annualized dividend rate divided by the trailing 12-months fully
diluted earnings per share as of the dividend declaration date.
|
|
|
19. Earnings from equity method investment includes the impact of
both direct indebtedness related to the investment as well as
incremental funding costs to support investment. Income tax
expense is calculated using statutory tax rates.
|
|
|
20. Includes direct expenses attributable to non- Magna Memphis
associates and applicable income taxes.
|
|
|
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|
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