Excluding merger-related charges, diluted EPS was a record $0.69
for 4Q 2015
Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income
per diluted common share of $0.65 for the quarter ended Dec. 31, 2015,
compared to net income per diluted common share of $0.53 for the quarter
ended Dec. 31, 2014, an increase of 22.6 percent. Net income per diluted
common share was $2.52 for the year ended Dec. 31, 2015, compared to net
income per diluted common share of $2.01 for the year ended Dec. 31,
2014, an increase of 25.4 percent.
Excluding pre-tax merger-related charges of $2.5 million and $4.8
million for the three months and year ended Dec. 31, 2015, respectively,
net income per diluted common share was $0.69 for the three months ended
Dec. 31, 2015, or a 30.2 percent increase over the same period last
year, and $2.61 for the year ended Dec. 31, 2015, or a 29.9 percent
increase over the year ended Dec. 31, 2014.
Pinnacle completed the acquisitions of CapitalMark Bank & Trust
(CapitalMark) on July 31, 2015 and Magna Bank (Magna) on Sept. 1, 2015.
The financial statements accompanying this press release and the
financial condition and results of operations described herein reflect
the impact of the acquisitions beginning on the respective acquisition
dates and are subject to future refinements in the firm’s purchase
accounting adjustments.
“I could not be more proud of our associates as I look back on a very
successful 2015,” said M. Terry Turner, Pinnacle’s president and chief
executive officer. “At the beginning of the year, we outlined several
longer-term initiatives, including expansion into Memphis and
Chattanooga, investing in fee businesses that we believe will drive
shareholder value and continuing our focus on improved bottom-line
results. With the acquisitions of CapitalMark and Magna, we now are in a
great position to grow our brand in both Chattanooga and Memphis.
Earlier in 2015, we also acquired a 30 percent interest in Bankers
Healthcare Group (BHG). We believe our partnership with BHG has produced
outstanding results for our firm and today we are separately announcing
that we have entered into an agreement to increase our investment in
BHG. Lastly, excluding merger charges, we are reporting earnings growth
of 29.9 percent in 2015. At the beginning of the year, street
expectations for earnings growth for our firm approximated 15 percent
for 2015, so for our associates to produce these outsized results is a
tremendous accomplishment.”
GROWING THE CORE EARNINGS CAPACITY OF THE FIRM:
-
Revenues (excluding securities gains and losses) for the quarter ended
Dec. 31, 2015 were a record $98.1 million, an increase of $14.6
million from the third quarter of 2015. Revenues (excluding securities
gains and losses) increased 51.6 percent over the same quarter last
year.
-
Loans at Dec. 31, 2015 were a record $6.543 billion, an increase of
$207.2 million from Sept. 30, 2015 and $1.953 billion from Dec. 31,
2014, reflecting year-over-year growth of 42.6 percent. Annualized
linked-quarter fourth quarter loan growth approximated 13.1 percent
when comparing balances as of Dec. 31, 2015 to balances as of Sept.
30, 2015.
-
Average balances of noninterest-bearing deposit accounts were $1.949
billion in the fourth quarter of 2015 and represented approximately
28.7 percent of total average deposit balances for the quarter. Fourth
quarter 2015 average noninterest-bearing deposits increased 41.9
percent over the same quarter last year.
“We continue to believe that banking firms like ours that are capable of
significant core deposit growth will be those most highly valued by
investors,” Turner said. “The rapid rate of organic growth in loans and
core deposits across our franchise indicates not only that we operate in
great banking markets, but also that our core strategies of hiring the
best bankers in our markets, focusing on the commercial and affluent
consumer segments and competing aggressively with the large regional
banking firms continue to produce value for our shareholders. In 2015,
exclusive of our acquisitions, our ongoing recruitment efforts added 36
revenue-producing associates as we continue to invest in future growth.
This level of recruitment is significantly higher than that of the past
few years. As we enter 2016, our recruiting pipelines give me increased
optimism that our firm remains the preferred employer for the best
bankers in our markets. In general, despite the incremental personnel
and related expenses, the quality and success of our new hires has
enabled us to drive our efficiency and noninterest expense to average
asset ratios, excluding merger-related expenses, to their best levels
ever.”
FOCUSING ON PROFITABILITY:
-
The firm’s net interest margin was 3.73 percent for the quarter ended
Dec. 31, 2015, compared to 3.66 percent last quarter and 3.76 percent
for the quarter ended Dec. 31, 2014.
-
Return on average assets was 1.24 percent for the fourth quarter of
2015, compared to 1.27 percent for the third quarter of 2015 and for
the same quarter last year. Excluding merger-related charges, return
on average assets was 1.31 percent for the fourth quarter of 2015.
-
Fourth quarter 2015 return on average tangible equity amounted to
14.97 percent, compared to 14.49 percent for the third quarter of 2015
and 13.52 percent for the same quarter last year. Excluding
merger-related charges, return on average tangible equity amounted to
15.81 percent for the fourth quarter of 2015.
“Even with significant investments in new markets and new associates in
2015, we experienced improvement in substantially all of our
profitability metrics after excluding merger-related charges,” said
Harold R. Carpenter, Pinnacle’s chief financial officer. “We will
continue to monitor our planned and actual performance against all of
our long-term profitability targets, as we believe those targets have
helped guide us to be one of the most profitable banking firms in the
country. That said, even though profitability metrics are important, the
consistent growth of the core earnings capacity of our franchise will
remain our primary focus.”
OTHER FOURTH QUARTER 2015 HIGHLIGHTS:
-
Revenue growth
-
Net interest income for the quarter ended Dec. 31, 2015 increased
to a record $71.5 million, compared to $62.1 million for the third
quarter of 2015 and $50.3 million for the fourth quarter of 2014.
Net interest income for the year ended Dec. 31, 2015 increased
22.6 percent as compared to the same period in 2014.
-
Noninterest income for the quarter ended Dec. 31, 2015 increased
to a record $26.6 million, compared to $21.4 million for the third
quarter of 2015 and $14.4 million for the same quarter last year.
Noninterest income for the year ended Dec. 31, 2015 increased 64.5
percent as compared to the same period in 2014.
-
Wealth management revenues, which include investment, trust
and insurance services, were $5.4 million for the quarter
ended Dec. 31, 2015, compared to $5.1 million for the quarter
ended Sept. 30, 2015, resulting in a year-over-year growth
rate of 6.2 percent.
-
Income from the firm’s investment in BHG was $7.8 million for
the quarter ended Dec. 31, 2015, compared to $5.3 million for
the quarter ended Sept. 30, 2015. The firm’s investment in BHG
contributed slightly less than $0.12 in diluted earnings per
share in the fourth quarter of 2015, compared to $0.07 in each
of the second and third quarters of 2015.
“Given our relatively recent transition to asset sensitivity, we were
pleased to see the mid-December Fed funds rate increase,” Carpenter
said. “Since that date and through mid-January, approximately $2.16
billion in loans have repriced, while our funding costs have increased
only modestly. We also remain pleased with our BHG investment and the
results it has provided to our firm. We are announcing separately today
that we have committed to increase our investment in BHG. We continue to
believe future opportunities are available to both firms as a result of
our partnership.”
-
Noninterest expense
-
Noninterest expense for the quarter ended Dec. 31, 2015 was $52.2
million, compared to $45.1 million in the third quarter of 2015
and $34.4 million in the same quarter last year.
-
Salaries and employee benefits were $30.9 million in the
fourth quarter of 2015, compared to $27.7 million in the third
quarter of 2015 and $23.0 million in the same quarter last
year. Incentive costs associated with the firm’s annual cash
incentive plan amounted to $3.9 million in the fourth quarter
of 2015, compared to $3.6 million in the third quarter of 2015.
-
Merger-related expenses were approximately $4.8 million during
the year ended Dec. 31, 2015. The firm will continue to incur
additional merger-related expenses for CapitalMark and Magna
in future periods primarily due to increased training costs
and the conversions of technology systems.
-
The efficiency ratio for the fourth quarter of 2015 decreased
to 53.2 percent from 54.0 percent in the third quarter of
2015, and the ratio of noninterest expenses, including
merger-related charges, to average assets increased to 2.42
percent from 2.38 in the third quarter of 2015. Excluding
merger-related charges, ORE expense and FHLB prepayment
charges, the efficiency ratio for the fourth quarter of 2015
decreased to 50.6 percent, and the ratio of noninterest
expenses to average assets decreased to 2.30 percent.
-
The firm’s headcount increased to 1,058.5 FTE’s at Dec. 31,
2015, including 213 FTE’s from the entities acquired in 2015.
“As we look at our quarterly expense run rates going into 2016, we do
expect expense increases but don’t expect our efficiency or noninterest
expense to average asset ratios to increase,” Carpenter said. “We are
very pleased with the operating leverage that has been created over the
last few years and will continue to work to improve our operating
metrics. Our belief continues to be that investors will reward those
franchises that can demonstrate the ability to operate a growing
franchise profitably and efficiently.”
-
Asset quality
-
Nonperforming assets increased to $36.3 million at Dec. 31, 2015,
compared to $35.8 million at Sept. 30, 2015 and $28.6 million at
Dec. 31, 2014. Nonperforming assets decreased to 0.55 percent of
total loans and ORE at Dec. 31, 2015, compared to 0.57 percent at
Sept. 30, 2015 and 0.62 percent at Dec. 31, 2014.
-
The allowance for loan losses represented 1.00 percent of total
loans at Dec. 31, 2015, compared to 1.01 percent at Sept. 30, 2015
and 1.47 percent at Dec. 31, 2014. The ratio decrease is partially
attributable to increasing total loans as a result of our two bank
acquisitions. Those loans were recorded at their fair value upon
acquisition date. The ratio decrease is also attributable to
improvements in overall loan quality for the legacy Pinnacle
portfolio. The ratio of the allowance for loan losses to
nonperforming loans was 222.9 percent at Dec. 31, 2015, compared
to 212.2 percent at Sept. 30, 2015 and 403.2 percent at Dec. 31,
2014.
-
Net charge-offs were $3.8 million for the quarter ended Dec.
31, 2015, compared to $4.0 million for the third quarter of
2015 and $842,000 for the quarter ended Dec. 31, 2014.
Annualized net charge-offs as a percentage of average loans
for the quarter ended Dec. 31, 2015 were 0.21 percent,
compared to 0.10 percent for the quarter ended Dec. 31, 2014.
-
Provision for loan losses increased to $5.5 million in the
fourth quarter of 2015 from $2.2 million in the third quarter
of 2015 and $2.0 million in the fourth quarter of 2014.
BOARD OF DIRECTORS DECLARES DIVIDEND
On Jan. 19, 2016, Pinnacle’s Board of Directors increased the quarterly
cash dividend to $0.14 per common share to be paid on Feb. 26, 2016 to
common shareholders of record as of the close of business on Feb. 5,
2016. 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. (CST) on
Jan. 20, 2016 to discuss fourth 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. Pinnacle’s
focus begins in recruiting top financial professionals. The American
Banker recognized Pinnacle as the third best bank to work for in the
country in 2015.
The firm began operations in a single downtown Nashville location in
October 2000 and has since grown to more than $8.7 billion in assets at
Dec. 31, 2015. As the second-largest bank holding company headquartered
in Tennessee, Pinnacle operates in the state’s four largest markets,
Nashville, Memphis, Knoxville and Chattanooga, as well as several
surrounding counties.
Additional information concerning Pinnacle, which is included in the
NASDAQ Financial-100 Index, can be accessed at www.pnfp.com.
FORWARD-LOOKING STATEMENTS
Certain of the statements in this press 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,"
“pursue,” "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) failure of the closing conditions to Pinnacle
Financial’s additional investment in BHG to be satisfied; (ii) Pinnacle
Bank’s inability to issue debt financing in connection with its
investment in BHG in amounts and on terms acceptable to it; (iii)
deterioration in the financial condition of borrowers resulting in
significant increases in loan losses and provisions for those losses;
(iv) continuation of the historically low short-term interest rate
environment; (v) the inability of Pinnacle Financial, or entities in
which it has significant investments, like BHG, to maintain the
historical growth rate of its, or such subsidiaries’, loan portfolio;
(vi) changes in loan underwriting, credit review or loss reserve
policies associated with economic conditions, examination conclusions,
or regulatory developments; (vii) effectiveness of Pinnacle Financial's
asset management activities in improving, resolving or liquidating
lower-quality assets; (viii) increased competition with other financial
institutions; (ix) greater than anticipated adverse conditions in the
national or local economies including the
Nashville-Davidson-Murfreesboro-Franklin MSA, the Knoxville MSA, the
Chattanooga, TN-GA MSA and the Memphis, TN-MS-AR MSA, particularly in
commercial and residential real estate markets; (x) rapid fluctuations
or unanticipated changes in interest rates on loans or deposits; (xi)
the results of regulatory examinations; (xii) the ability to retain
large, uninsured deposits; (xiii) the development of any new market
other than the Nashville, Knoxville, Chattanooga or Memphis MSAs; (xiv)
a merger or acquisition; (xv) risks of expansion into new geographic or
product markets, like the expansion into the Chattanooga and Memphis
MSAs; (xvi) any matter that would cause Pinnacle Financial to conclude
that there was impairment of any asset, including intangible assets;
(xvii) reduced ability to attract additional financial advisors (or
failure of such advisors to cause their clients to switch to Pinnacle
Financial), to retain financial advisors (including those at CapitalMark
Bank & Trust and Magna Bank) or otherwise to attract customers from
other financial institutions; (xviii) further deterioration in the
valuation of other real estate owned and increased expenses associated
therewith; (xix) inability to comply with regulatory capital
requirements, including those resulting from changes to capital
calculation methodologies and required capital maintenance levels; (xx)
risks associated with litigation, including the applicability of
insurance coverage; (xxi) the risk that the cost savings and any revenue
synergies from the mergers with CapitalMark and Magna may not be
realized or take longer than anticipated to be realized; (xxii)
disruption from the CapitalMark and Magna mergers with customers,
suppliers or employee relationships; (xxiii) the risk of successful
integration of CapitalMark's and Magna's business with ours; (xxiv) the
amount of the costs, fees, expenses and charges related to the
CapitalMark and Magna mergers; (xxv) reputational risk and the reaction
of Pinnacle Financial's, CapitalMark's and Magna's customers to the
CapitalMark and Magna mergers; (xxvi) 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;
(xxvii) approval of the declaration of any dividend by Pinnacle
Financial's board of directors; (xxviii) 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; (xxix) 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; (xxx) the risks
associated with our being a minority investor in Bankers Healthcare
Group, LLC, including the risk that the owners of a majority of the
equity interests in Bankers Healthcare Group decide to sell the company
if not prohibited from doing so by the terms of our agreement with them;
and (xxxi) 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 herein and 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 Reports on Form 10-Q filed with the Securities and Exchange
Commission on May 8, 2015, August 7, 2015 and November 9, 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
September 30, 2015
|
|
|
December 31, 2014
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and noninterest-bearing due from banks
|
|
|
$
|
75,078,807
|
|
|
|
$
|
68,595,726
|
|
|
|
$
|
48,741,692
|
|
Interest-bearing due from banks
|
|
|
|
219,202,464
|
|
|
|
|
245,289,355
|
|
|
|
|
134,176,054
|
|
Federal funds sold and other
|
|
|
|
26,670,062
|
|
|
|
|
13,153,196
|
|
|
|
|
4,989,764
|
|
Cash and cash equivalents
|
|
|
|
320,951,333
|
|
|
|
|
327,038,277
|
|
|
|
|
187,907,510
|
|
|
|
|
|
|
|
|
|
|
|
Securities available-for-sale, at fair value
|
|
|
|
935,064,745
|
|
|
|
|
972,295,754
|
|
|
|
|
732,054,785
|
|
Securities held-to-maturity (fair value of $31,585,303,
$31,850,119, and $38,788,870 at December 31, 2015, September 30,
2015 and December 31, 2014, respectively)
|
|
|
|
31,376,840
|
|
|
|
|
31,698,000
|
|
|
|
|
38,675,527
|
|
Residential mortgage loans held-for-sale
|
|
|
|
47,930,253
|
|
|
|
|
47,671,890
|
|
|
|
|
14,038,914
|
|
Commercial loans held-for-sale
|
|
|
|
-
|
|
|
|
|
20,236,426
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
6,543,235,381
|
|
|
|
|
6,335,988,628
|
|
|
|
|
4,590,026,505
|
|
Less allowance for loan losses
|
|
|
|
(65,432,354
|
)
|
|
|
|
(63,758,390
|
)
|
|
|
|
(67,358,639
|
)
|
Loans, net
|
|
|
|
6,477,803,027
|
|
|
|
|
6,272,230,238
|
|
|
|
|
4,522,667,866
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment, net
|
|
|
|
77,923,607
|
|
|
|
|
81,527,013
|
|
|
|
|
71,576,016
|
|
Equity method investment
|
|
|
|
88,880,014
|
|
|
|
|
81,763,986
|
|
|
|
|
-
|
|
Accrued interest receivables
|
|
|
|
21,574,096
|
|
|
|
|
21,510,180
|
|
|
|
|
16,988,407
|
|
Goodwill
|
|
|
|
430,687,015
|
|
|
|
|
429,415,765
|
|
|
|
|
243,529,010
|
|
Core deposit and other intangible assets
|
|
|
|
10,540,497
|
|
|
|
|
11,640,802
|
|
|
|
|
2,893,072
|
|
Other real estate owned
|
|
|
|
5,083,218
|
|
|
|
|
4,772,567
|
|
|
|
|
11,186,414
|
|
Other assets
|
|
|
|
261,140,952
|
|
|
|
|
247,262,954
|
|
|
|
|
176,730,276
|
|
Total assets
|
|
|
$
|
8,708,955,597
|
|
|
|
$
|
8,549,063,852
|
|
|
|
$
|
6,018,247,797
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
|
$
|
1,889,865,113
|
|
|
|
$
|
1,876,910,141
|
|
|
|
$
|
1,321,053,083
|
|
Interest-bearing
|
|
|
|
1,389,548,175
|
|
|
|
|
1,293,247,497
|
|
|
|
|
1,005,450,690
|
|
Savings and money market accounts
|
|
|
|
3,001,950,725
|
|
|
|
|
2,691,218,826
|
|
|
|
|
2,024,957,383
|
|
Time
|
|
|
|
690,049,795
|
|
|
|
|
739,302,052
|
|
|
|
|
431,143,756
|
|
Total deposits
|
|
|
|
6,971,413,808
|
|
|
|
|
6,600,678,516
|
|
|
|
|
4,782,604,912
|
|
Securities sold under agreements to repurchase
|
|
|
|
79,084,298
|
|
|
|
|
68,077,412
|
|
|
|
|
93,994,730
|
|
Federal Home Loan Bank advances
|
|
|
|
300,305,226
|
|
|
|
|
545,329,689
|
|
|
|
|
195,476,384
|
|
Subordinated debt and other borrowings
|
|
|
|
142,476,000
|
|
|
|
|
142,476,000
|
|
|
|
|
96,158,292
|
|
Accrued interest payable
|
|
|
|
2,593,209
|
|
|
|
|
1,703,146
|
|
|
|
|
631,682
|
|
Other liabilities
|
|
|
|
57,471,756
|
|
|
|
|
56,573,535
|
|
|
|
|
46,688,416
|
|
Total liabilities
|
|
|
|
7,553,344,297
|
|
|
|
|
7,414,838,298
|
|
|
|
|
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;
40,906,064 shares, 40,802,904 shares, and 35,732,483 shares issued
and outstanding at December 31, 2015, September 30, 2015, and
December 31, 2014, respectively
|
|
|
|
40,906,064
|
|
|
|
|
40,802,904
|
|
|
|
|
35,732,483
|
|
Additional paid-in capital
|
|
|
|
839,617,050
|
|
|
|
|
835,279,986
|
|
|
|
|
561,431,449
|
|
Retained earnings
|
|
|
|
278,573,408
|
|
|
|
|
256,648,129
|
|
|
|
|
201,371,081
|
|
Accumulated other comprehensive (loss) income, net of taxes
|
|
|
|
(3,485,222
|
)
|
|
|
|
1,494,535
|
|
|
|
|
4,158,368
|
|
Stockholders’ equity
|
|
|
|
1,155,611,300
|
|
|
|
|
1,134,225,554
|
|
|
|
|
802,693,381
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
8,708,955,597
|
|
|
|
$
|
8,549,063,852
|
|
|
|
$
|
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
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees
|
|
|
$
|
71,601,444
|
|
|
|
$
|
61,453,541
|
|
|
|
$
|
48,352,675
|
|
|
|
$
|
232,847,334
|
|
|
|
$
|
184,648,800
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
4,201,602
|
|
|
|
|
3,953,948
|
|
|
|
|
3,409,318
|
|
|
|
|
15,060,392
|
|
|
|
|
14,227,172
|
Tax-exempt
|
|
|
|
1,482,703
|
|
|
|
|
1,416,954
|
|
|
|
|
1,472,826
|
|
|
|
|
5,783,443
|
|
|
|
|
6,167,264
|
Federal funds sold and other
|
|
|
|
510,776
|
|
|
|
|
367,671
|
|
|
|
|
298,391
|
|
|
|
|
1,478,711
|
|
|
|
|
1,126,726
|
Total interest income
|
|
|
|
77,796,525
|
|
|
|
|
67,192,114
|
|
|
|
|
53,533,210
|
|
|
|
|
255,169,880
|
|
|
|
|
206,169,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
4,599,159
|
|
|
|
|
3,587,048
|
|
|
|
|
2,441,502
|
|
|
|
|
13,209,425
|
|
|
|
|
9,953,930
|
Securities sold under agreements to repurchase
|
|
|
|
38,622
|
|
|
|
|
39,437
|
|
|
|
|
40,077
|
|
|
|
|
138,347
|
|
|
|
|
140,623
|
Federal Home Loan Bank advances and other borrowings
|
|
|
|
1,683,994
|
|
|
|
|
1,506,528
|
|
|
|
|
738,359
|
|
|
|
|
5,189,193
|
|
|
|
|
3,090,860
|
Total interest expense
|
|
|
|
6,321,775
|
|
|
|
|
5,133,013
|
|
|
|
|
3,219,938
|
|
|
|
|
18,536,965
|
|
|
|
|
13,185,413
|
Net interest income
|
|
|
|
71,474,750
|
|
|
|
|
62,059,101
|
|
|
|
|
50,313,272
|
|
|
|
|
236,632,915
|
|
|
|
|
192,984,549
|
Provision for loan losses
|
|
|
|
5,459,353
|
|
|
|
|
2,227,937
|
|
|
|
|
2,041,480
|
|
|
|
|
9,188,497
|
|
|
|
|
3,634,660
|
Net interest income after provision for loan losses
|
|
|
|
66,015,397
|
|
|
|
|
59,831,164
|
|
|
|
|
48,271,792
|
|
|
|
|
227,444,418
|
|
|
|
|
189,349,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
|
3,499,480
|
|
|
|
|
3,258,058
|
|
|
|
|
3,038,045
|
|
|
|
|
12,745,742
|
|
|
|
|
11,707,274
|
Investment services
|
|
|
|
2,786,839
|
|
|
|
|
2,525,980
|
|
|
|
|
2,737,308
|
|
|
|
|
9,971,313
|
|
|
|
|
9,382,670
|
Insurance sales commissions
|
|
|
|
1,102,747
|
|
|
|
|
1,102,859
|
|
|
|
|
1,045,748
|
|
|
|
|
4,824,007
|
|
|
|
|
4,612,583
|
Gains on mortgage loans sold, net
|
|
|
|
2,180,864
|
|
|
|
|
1,894,731
|
|
|
|
|
1,373,920
|
|
|
|
|
7,668,960
|
|
|
|
|
5,630,371
|
Investment gains on sales, net
|
|
|
|
(9,954
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
552,063
|
|
|
|
|
29,221
|
Trust fees
|
|
|
|
1,481,818
|
|
|
|
|
1,437,039
|
|
|
|
|
1,274,159
|
|
|
|
|
5,461,257
|
|
|
|
|
4,601,036
|
Income from equity method investment
|
|
|
|
7,839,028
|
|
|
|
|
5,285,000
|
|
|
|
|
-
|
|
|
|
|
20,591,484
|
|
|
|
|
-
|
Other noninterest income
|
|
|
|
7,726,952
|
|
|
|
|
5,906,747
|
|
|
|
|
4,915,039
|
|
|
|
|
24,715,442
|
|
|
|
|
16,639,323
|
Total noninterest income
|
|
|
|
26,607,774
|
|
|
|
|
21,410,414
|
|
|
|
|
14,384,219
|
|
|
|
|
86,530,268
|
|
|
|
|
52,602,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
|
30,877,853
|
|
|
|
|
27,745,643
|
|
|
|
|
23,075,475
|
|
|
|
|
105,928,914
|
|
|
|
|
88,319,567
|
Equipment and occupancy
|
|
|
|
8,384,525
|
|
|
|
|
6,932,758
|
|
|
|
|
5,983,877
|
|
|
|
|
27,241,477
|
|
|
|
|
24,087,335
|
Other real estate, net
|
|
|
|
99,394
|
|
|
|
|
(686,071
|
)
|
|
|
|
(630,066
|
)
|
|
|
|
(305,956
|
)
|
|
|
|
664,289
|
Marketing and other business development
|
|
|
|
1,465,122
|
|
|
|
|
1,252,270
|
|
|
|
|
1,208,253
|
|
|
|
|
4,863,307
|
|
|
|
|
4,127,949
|
Postage and supplies
|
|
|
|
1,052,427
|
|
|
|
|
795,403
|
|
|
|
|
717,323
|
|
|
|
|
3,228,300
|
|
|
|
|
2,391,838
|
Amortization of intangibles
|
|
|
|
916,581
|
|
|
|
|
602,545
|
|
|
|
|
236,164
|
|
|
|
|
1,973,953
|
|
|
|
|
947,678
|
Merger related expenses
|
|
|
|
2,489,396
|
|
|
|
|
2,248,569
|
|
|
|
|
-
|
|
|
|
|
4,797,018
|
|
|
|
|
-
|
Other noninterest expense
|
|
|
|
6,906,131
|
|
|
|
|
6,215,863
|
|
|
|
|
3,801,319
|
|
|
|
|
23,149,743
|
|
|
|
|
15,761,027
|
Total noninterest expense
|
|
|
|
52,191,429
|
|
|
|
|
45,106,980
|
|
|
|
|
34,392,345
|
|
|
|
|
170,876,756
|
|
|
|
|
136,299,683
|
Income before income taxes
|
|
|
|
40,431,742
|
|
|
|
|
36,134,598
|
|
|
|
|
28,263,666
|
|
|
|
|
143,097,930
|
|
|
|
|
105,652,684
|
Income tax expense
|
|
|
|
13,577,634
|
|
|
|
|
11,985,846
|
|
|
|
|
9,526,428
|
|
|
|
|
47,588,528
|
|
|
|
|
35,181,517
|
Net income
|
|
|
$
|
26,854,108
|
|
|
|
$
|
24,148,752
|
|
|
|
$
|
18,737,238
|
|
|
|
$
|
95,509,402
|
|
|
|
$
|
70,471,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share
|
|
|
$
|
0.67
|
|
|
|
$
|
0.64
|
|
|
|
$
|
0.54
|
|
|
|
$
|
2.58
|
|
|
|
$
|
2.03
|
Diluted net income per common share
|
|
|
$
|
0.65
|
|
|
|
$
|
0.62
|
|
|
|
$
|
0.53
|
|
|
|
$
|
2.52
|
|
|
|
$
|
2.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
40,000,102
|
|
|
|
|
37,828,329
|
|
|
|
|
34,827,999
|
|
|
|
|
37,015,468
|
|
|
|
|
34,723,335
|
Diluted
|
|
|
|
41,015,154
|
|
|
|
|
38,792,787
|
|
|
|
|
35,292,319
|
|
|
|
|
37,973,788
|
|
|
|
|
35,126,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
December
|
|
|
September
|
|
|
June
|
|
|
March
|
|
|
December
|
|
|
September
|
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet data, at quarter end:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - mortgage loans
|
|
|
$
|
2,275,483
|
|
|
|
2,192,151
|
|
|
|
1,671,729
|
|
|
|
1,560,683
|
|
|
|
1,544,091
|
|
|
|
1,478,869
|
|
Consumer real estate - mortgage loans
|
|
|
|
1,046,517
|
|
|
|
1,044,276
|
|
|
|
740,641
|
|
|
|
723,907
|
|
|
|
721,158
|
|
|
|
706,801
|
|
Construction and land development loans
|
|
|
|
747,697
|
|
|
|
674,926
|
|
|
|
372,004
|
|
|
|
324,462
|
|
|
|
322,466
|
|
|
|
322,090
|
|
Commercial and industrial loans
|
|
|
|
2,228,542
|
|
|
|
2,178,535
|
|
|
|
1,819,600
|
|
|
|
1,810,818
|
|
|
|
1,784,729
|
|
|
|
1,724,086
|
|
Consumer and other
|
|
|
|
244,996
|
|
|
|
246,101
|
|
|
|
226,380
|
|
|
|
225,402
|
|
|
|
217,583
|
|
|
|
189,405
|
|
Total loans
|
|
|
|
6,543,235
|
|
|
|
6,335,989
|
|
|
|
4,830,354
|
|
|
|
4,645,272
|
|
|
|
4,590,027
|
|
|
|
4,421,251
|
|
Allowance for loan losses
|
|
|
|
(65,432
|
)
|
|
|
(63,758
|
)
|
|
|
(65,572
|
)
|
|
|
(66,242
|
)
|
|
|
(67,359
|
)
|
|
|
(66,160
|
)
|
Securities
|
|
|
|
966,442
|
|
|
|
1,003,994
|
|
|
|
840,136
|
|
|
|
808,294
|
|
|
|
770,730
|
|
|
|
753,028
|
|
Total assets
|
|
|
|
8,708,956
|
|
|
|
8,544,799
|
|
|
|
6,516,544
|
|
|
|
6,314,346
|
|
|
|
6,018,248
|
|
|
|
5,865,703
|
|
Noninterest-bearing deposits
|
|
|
|
1,889,865
|
|
|
|
1,876,910
|
|
|
|
1,473,086
|
|
|
|
1,424,971
|
|
|
|
1,321,053
|
|
|
|
1,357,934
|
|
Total deposits
|
|
|
|
6,971,414
|
|
|
|
6,600,679
|
|
|
|
4,993,611
|
|
|
|
4,789,309
|
|
|
|
4,782,605
|
|
|
|
4,662,331
|
|
Securities sold under agreements to repurchase
|
|
|
|
79,084
|
|
|
|
68,077
|
|
|
|
61,549
|
|
|
|
68,053
|
|
|
|
93,995
|
|
|
|
64,773
|
|
FHLB advances
|
|
|
|
300,305
|
|
|
|
545,330
|
|
|
|
445,345
|
|
|
|
455,444
|
|
|
|
195,476
|
|
|
|
215,524
|
|
Subordinated debt and other borrowings
|
|
|
|
142,476
|
|
|
|
142,476
|
|
|
|
133,908
|
|
|
|
135,533
|
|
|
|
96,158
|
|
|
|
96,783
|
|
Total stockholders’ equity
|
|
|
|
1,155,611
|
|
|
|
1,134,226
|
|
|
|
841,390
|
|
|
|
824,151
|
|
|
|
802,693
|
|
|
|
781,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet data, quarterly averages:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
|
$
|
6,457,870
|
|
|
|
5,690,246
|
|
|
|
4,736,818
|
|
|
|
4,624,952
|
|
|
|
4,436,411
|
|
|
|
4,358,473
|
|
Securities
|
|
|
|
1,002,291
|
|
|
|
925,506
|
|
|
|
836,425
|
|
|
|
788,550
|
|
|
|
760,328
|
|
|
|
767,895
|
|
Total earning assets
|
|
|
|
7,759,053
|
|
|
|
6,844,784
|
|
|
|
5,764,514
|
|
|
|
5,581,508
|
|
|
|
5,382,479
|
|
|
|
5,264,591
|
|
Total assets
|
|
|
|
8,565,341
|
|
|
|
7,514,633
|
|
|
|
6,319,712
|
|
|
|
6,102,523
|
|
|
|
5,855,421
|
|
|
|
5,752,776
|
|
Noninterest-bearing deposits
|
|
|
|
1,948,703
|
|
|
|
1,689,599
|
|
|
|
1,437,276
|
|
|
|
1,342,603
|
|
|
|
1,373,745
|
|
|
|
1,317,091
|
|
Total deposits
|
|
|
|
6,786,931
|
|
|
|
5,898,369
|
|
|
|
4,884,506
|
|
|
|
4,791,944
|
|
|
|
4,758,402
|
|
|
|
4,655,047
|
|
Securities sold under agreements to repurchase
|
|
|
|
72,854
|
|
|
|
71,329
|
|
|
|
61,355
|
|
|
|
66,505
|
|
|
|
82,970
|
|
|
|
66,429
|
|
FHLB advances
|
|
|
|
376,512
|
|
|
|
393,825
|
|
|
|
388,963
|
|
|
|
290,016
|
|
|
|
95,221
|
|
|
|
135,920
|
|
Subordinated debt and other borrowings
|
|
|
|
142,660
|
|
|
|
147,619
|
|
|
|
135,884
|
|
|
|
121,033
|
|
|
|
96,722
|
|
|
|
100,404
|
|
Total stockholders’ equity
|
|
|
|
1,153,681
|
|
|
|
986,325
|
|
|
|
836,791
|
|
|
|
815,706
|
|
|
|
796,338
|
|
|
|
774,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of operations data, for the three months ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
$
|
77,797
|
|
|
|
67,192
|
|
|
|
55,503
|
|
|
|
54,679
|
|
|
|
53,533
|
|
|
|
52,782
|
|
Interest expense
|
|
|
|
6,322
|
|
|
|
5,133
|
|
|
|
3,672
|
|
|
|
3,410
|
|
|
|
3,220
|
|
|
|
3,245
|
|
Net interest income
|
|
|
|
71,475
|
|
|
|
62,059
|
|
|
|
51,831
|
|
|
|
51,269
|
|
|
|
50,313
|
|
|
|
49,537
|
|
Provision for loan losses
|
|
|
|
5,459
|
|
|
|
2,228
|
|
|
|
1,186
|
|
|
|
315
|
|
|
|
2,041
|
|
|
|
851
|
|
Net interest income after provision for loan losses
|
|
|
|
66,016
|
|
|
|
59,831
|
|
|
|
50,645
|
|
|
|
50,954
|
|
|
|
48,272
|
|
|
|
48,686
|
|
Noninterest income
|
|
|
|
26,608
|
|
|
|
21,410
|
|
|
|
20,019
|
|
|
|
18,493
|
|
|
|
14,384
|
|
|
|
12,888
|
|
Noninterest expense
|
|
|
|
52,191
|
|
|
|
45,107
|
|
|
|
36,747
|
|
|
|
36,830
|
|
|
|
34,391
|
|
|
|
34,360
|
|
Income before taxes
|
|
|
|
40,433
|
|
|
|
36,134
|
|
|
|
33,917
|
|
|
|
32,617
|
|
|
|
28,264
|
|
|
|
27,215
|
|
Income tax expense
|
|
|
|
13,578
|
|
|
|
11,985
|
|
|
|
11,252
|
|
|
|
10,774
|
|
|
|
9,527
|
|
|
|
9,018
|
|
Net income
|
|
|
$
|
26,855
|
|
|
|
24,149
|
|
|
|
22,665
|
|
|
|
21,843
|
|
|
|
18,737
|
|
|
|
18,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profitability and other ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg. assets (1)
|
|
|
|
1.24
|
%
|
|
|
1.27
|
%
|
|
|
1.44
|
%
|
|
|
1.45
|
%
|
|
|
1.27
|
%
|
|
|
1.25
|
%
|
Return on avg. equity (1)
|
|
|
|
9.24
|
%
|
|
|
9.71
|
%
|
|
|
10.86
|
%
|
|
|
10.86
|
%
|
|
|
9.33
|
%
|
|
|
9.33
|
%
|
Return on avg. tangible common equity (1)
|
|
|
|
14.97
|
%
|
|
|
14.49
|
%
|
|
|
15.39
|
%
|
|
|
15.56
|
%
|
|
|
13.52
|
%
|
|
|
13.69
|
%
|
Dividend payout ratio (18)
|
|
|
|
18.97
|
%
|
|
|
19.92
|
%
|
|
|
20.78
|
%
|
|
|
22.22
|
%
|
|
|
16.67
|
%
|
|
|
17.58
|
%
|
Net interest margin (1) (2)
|
|
|
|
3.73
|
%
|
|
|
3.66
|
%
|
|
|
3.65
|
%
|
|
|
3.78
|
%
|
|
|
3.76
|
%
|
|
|
3.79
|
%
|
Noninterest income to total revenue (3)
|
|
|
|
27.13
|
%
|
|
|
25.65
|
%
|
|
|
27.86
|
%
|
|
|
26.51
|
%
|
|
|
22.23
|
%
|
|
|
20.65
|
%
|
Noninterest income to avg. assets (1)
|
|
|
|
1.23
|
%
|
|
|
1.13
|
%
|
|
|
1.27
|
%
|
|
|
1.23
|
%
|
|
|
0.97
|
%
|
|
|
0.89
|
%
|
Noninterest exp. to avg. assets (1)
|
|
|
|
2.42
|
%
|
|
|
2.38
|
%
|
|
|
2.33
|
%
|
|
|
2.45
|
%
|
|
|
2.33
|
%
|
|
|
2.37
|
%
|
Noninterest expense (excluding ORE, FHLB prepayment charges, and
merger related expense) to avg. assets (1)
|
|
|
|
2.30
|
%
|
|
|
2.30
|
%
|
|
|
2.31
|
%
|
|
|
2.42
|
%
|
|
|
2.37
|
%
|
|
|
2.34
|
%
|
Efficiency ratio (4)
|
|
|
|
53.21
|
%
|
|
|
54.04
|
%
|
|
|
51.14
|
%
|
|
|
52.79
|
%
|
|
|
53.16
|
%
|
|
|
55.04
|
%
|
Avg. loans to average deposits
|
|
|
|
95.15
|
%
|
|
|
96.47
|
%
|
|
|
96.98
|
%
|
|
|
96.52
|
%
|
|
|
93.23
|
%
|
|
|
93.63
|
%
|
Securities to total assets
|
|
|
|
11.10
|
%
|
|
|
11.75
|
%
|
|
|
12.89
|
%
|
|
|
12.80
|
%
|
|
|
12.81
|
%
|
|
|
12.84
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
Three months ended
|
|
|
Three months ended
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
|
|
|
Average Balances
|
|
|
Interest
|
|
|
Rates/ Yields
|
|
|
Average Balances
|
|
|
Interest
|
|
|
Rates/ Yields
|
Interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1)
|
|
|
$
|
6,457,870
|
|
|
$
|
71,601
|
|
|
4.46
|
%
|
|
|
$
|
4,436,411
|
|
|
$
|
48,353
|
|
|
4.34
|
%
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
818,780
|
|
|
|
4,202
|
|
|
2.04
|
%
|
|
|
|
594,681
|
|
|
|
3,409
|
|
|
2.27
|
%
|
Tax-exempt (2)
|
|
|
|
183,511
|
|
|
|
1,483
|
|
|
4.29
|
%
|
|
|
|
165,647
|
|
|
|
1,473
|
|
|
4.71
|
%
|
Federal funds sold and other
|
|
|
|
298,892
|
|
|
|
511
|
|
|
0.68
|
%
|
|
|
|
185,740
|
|
|
|
298
|
|
|
0.75
|
%
|
Total interest-earning assets
|
|
|
|
7,759,053
|
|
|
$
|
77,797
|
|
|
4.01
|
%
|
|
|
|
5,382,479
|
|
|
$
|
53,533
|
|
|
4.00
|
%
|
Nonearning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
|
|
441,835
|
|
|
|
|
|
|
|
|
|
246,571
|
|
|
|
|
|
|
Other nonearning assets
|
|
|
|
364,453
|
|
|
|
|
|
|
|
|
|
226,371
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
8,565,341
|
|
|
|
|
|
|
|
|
$
|
5,855,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking
|
|
|
$
|
1,321,587
|
|
|
$
|
826
|
|
|
0.25
|
%
|
|
|
$
|
901,774
|
|
|
$
|
380
|
|
|
0.17
|
%
|
Savings and money market
|
|
|
|
2,809,146
|
|
|
|
2,674
|
|
|
0.38
|
%
|
|
|
|
2,037,737
|
|
|
|
1,466
|
|
|
0.29
|
%
|
Time
|
|
|
|
707,495
|
|
|
|
1,099
|
|
|
0.62
|
%
|
|
|
|
445,146
|
|
|
|
596
|
|
|
0.53
|
%
|
Total interest-bearing deposits
|
|
|
|
4,838,228
|
|
|
|
4,599
|
|
|
0.38
|
%
|
|
|
|
3,384,657
|
|
|
|
2,442
|
|
|
0.29
|
%
|
Securities sold under agreements to repurchase
|
|
|
|
72,854
|
|
|
|
39
|
|
|
0.21
|
%
|
|
|
|
82,970
|
|
|
|
40
|
|
|
0.19
|
%
|
Federal Home Loan Bank advances
|
|
|
|
376,512
|
|
|
|
400
|
|
|
0.42
|
%
|
|
|
|
95,221
|
|
|
|
133
|
|
|
0.56
|
%
|
Subordinated debt and other borrowings
|
|
|
|
142,660
|
|
|
|
1,284
|
|
|
3.57
|
%
|
|
|
|
96,722
|
|
|
|
605
|
|
|
2.48
|
%
|
Total interest-bearing liabilities
|
|
|
|
5,430,254
|
|
|
|
6,322
|
|
|
0.46
|
%
|
|
|
|
3,659,570
|
|
|
|
3,220
|
|
|
0.35
|
%
|
Noninterest-bearing deposits
|
|
|
|
1,948,703
|
|
|
|
-
|
|
|
-
|
|
|
|
|
1,373,745
|
|
|
|
-
|
|
|
-
|
|
Total deposits and interest-bearing liabilities
|
|
|
|
7,378,957
|
|
|
$
|
6,322
|
|
|
0.34
|
%
|
|
|
|
5,033,315
|
|
|
$
|
3,220
|
|
|
0.25
|
%
|
Other liabilities
|
|
|
|
32,703
|
|
|
|
|
|
|
|
|
|
25,768
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
1,153,681
|
|
|
|
|
|
|
|
|
|
796,338
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
8,565,341
|
|
|
|
|
|
|
|
|
$
|
5,855,421
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
71,475
|
|
|
|
|
|
|
|
|
$
|
50,313
|
|
|
|
Net interest spread (3)
|
|
|
|
|
|
|
|
|
3.55
|
%
|
|
|
|
|
|
|
|
|
3.65
|
%
|
Net interest margin (4)
|
|
|
|
|
|
|
|
|
3.73
|
%
|
|
|
|
|
|
|
|
|
3.76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 December 31, 2015 would have been 3.67% compared to a
net interest spread of 3.74% for the quarter ended December 31, 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)
|
|
|
Year ended
|
|
|
Year ended
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
|
|
|
Average Balances
|
|
|
Interest
|
|
|
Rates/ Yields
|
|
|
Average Balances
|
|
|
Interest
|
|
|
Rates/ Yields
|
Interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1)
|
|
|
$
|
5,394,775
|
|
|
$
|
232,847
|
|
|
4.39
|
%
|
|
|
$
|
4,295,283
|
|
|
$
|
184,649
|
|
|
4.31
|
%
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
721,829
|
|
|
|
15,060
|
|
|
2.09
|
%
|
|
|
|
594,223
|
|
|
|
14,227
|
|
|
2.39
|
%
|
Tax-exempt (2)
|
|
|
|
167,091
|
|
|
|
5,783
|
|
|
4.63
|
%
|
|
|
|
170,617
|
|
|
|
6,167
|
|
|
4.83
|
%
|
Federal funds sold and other
|
|
|
|
223,732
|
|
|
|
1,479
|
|
|
0.66
|
%
|
|
|
|
155,585
|
|
|
|
1,127
|
|
|
0.86
|
%
|
Total interest-earning assets
|
|
|
|
6,507,427
|
|
|
$
|
255,169
|
|
|
3.96
|
%
|
|
|
|
5,215,708
|
|
|
$
|
206,170
|
|
|
4.01
|
%
|
Nonearning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
|
|
315,366
|
|
|
|
|
|
|
|
|
|
246,956
|
|
|
|
|
|
|
Other nonearning assets
|
|
|
|
310,628
|
|
|
|
|
|
|
|
|
|
237,383
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
7,133,421
|
|
|
|
|
|
|
|
|
$
|
5,700,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking
|
|
|
$
|
1,149,772
|
|
|
$
|
2,487
|
|
|
0.22
|
%
|
|
|
$
|
901,442
|
|
|
$
|
1,566
|
|
|
0.17
|
%
|
Savings and money market
|
|
|
|
2,298,746
|
|
|
|
7,701
|
|
|
0.34
|
%
|
|
|
|
1,975,517
|
|
|
|
5,711
|
|
|
0.29
|
%
|
Time
|
|
|
|
541,766
|
|
|
|
3,021
|
|
|
0.56
|
%
|
|
|
|
477,902
|
|
|
|
2,677
|
|
|
0.56
|
%
|
Total interest-bearing deposits
|
|
|
|
3,990,284
|
|
|
|
13,209
|
|
|
0.33
|
%
|
|
|
|
3,354,861
|
|
|
|
9,954
|
|
|
0.30
|
%
|
Securities sold under agreements to repurchase
|
|
|
|
68,037
|
|
|
|
138
|
|
|
0.20
|
%
|
|
|
|
67,999
|
|
|
|
141
|
|
|
0.21
|
%
|
Federal Home Loan Bank advances
|
|
|
|
362,668
|
|
|
|
1,175
|
|
|
0.32
|
%
|
|
|
|
134,874
|
|
|
|
594
|
|
|
0.44
|
%
|
Subordinated debt and other borrowings
|
|
|
|
136,888
|
|
|
|
4,015
|
|
|
2.93
|
%
|
|
|
|
98,698
|
|
|
|
2,496
|
|
|
2.53
|
%
|
Total interest-bearing liabilities
|
|
|
|
4,557,877
|
|
|
|
18,537
|
|
|
0.41
|
%
|
|
|
|
3,656,432
|
|
|
|
13,185
|
|
|
0.36
|
%
|
Noninterest-bearing deposits
|
|
|
|
1,606,432
|
|
|
|
-
|
|
|
-
|
|
|
|
|
1,256,420
|
|
|
|
-
|
|
|
-
|
|
Total deposits and interest-bearing liabilities
|
|
|
|
6,164,309
|
|
|
$
|
18,537
|
|
|
0.30
|
%
|
|
|
|
4,912,852
|
|
|
$
|
13,185
|
|
|
0.27
|
%
|
Other liabilities
|
|
|
|
19,905
|
|
|
|
|
|
|
|
|
|
19,971
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
949,207
|
|
|
|
|
|
|
|
|
|
767,224
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
7,133,421
|
|
|
|
|
|
|
|
|
$
|
5,700,047
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
236,632
|
|
|
|
|
|
|
|
|
$
|
192,985
|
|
|
|
Net interest spread (3)
|
|
|
|
|
|
|
|
|
3.55
|
%
|
|
|
|
|
|
|
|
|
3.65
|
%
|
Net interest margin (4)
|
|
|
|
|
|
|
|
|
3.72
|
%
|
|
|
|
|
|
|
|
|
3.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
year ended December 31, 2015 would have been 3.66% compared to a net
interest spread of 3.74% for the year ended December 31, 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)
|
|
|
December
|
|
|
September
|
|
|
June
|
|
|
March
|
|
|
December
|
|
|
September
|
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality information and ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
|
$
|
29,359
|
|
|
30,049
|
|
|
17,550
|
|
|
16,915
|
|
|
16,705
|
|
|
21,652
|
Other real estate (ORE) and other NPAs
|
|
|
|
6,990
|
|
|
5,794
|
|
|
8,239
|
|
|
9,927
|
|
|
11,873
|
|
|
12,742
|
Total nonperforming assets
|
|
|
$
|
36,349
|
|
|
35,843
|
|
|
25,789
|
|
|
26,842
|
|
|
28,578
|
|
|
34,393
|
Past due loans over 90 days and still accruing interest
|
|
|
$
|
1,768
|
|
|
3,798
|
|
|
483
|
|
|
1,609
|
|
|
322
|
|
|
83
|
Troubled debt restructurings (5)
|
|
|
$
|
8,088
|
|
|
8,373
|
|
|
8,703
|
|
|
8,726
|
|
|
8,410
|
|
|
7,606
|
Net loan charge-offs
|
|
|
$
|
3,785
|
|
|
4,041
|
|
|
1,856
|
|
|
1,432
|
|
|
842
|
|
|
1,580
|
Allowance for loan losses to nonaccrual loans
|
|
|
|
222.9%
|
|
|
212.2%
|
|
|
373.6%
|
|
|
391.6%
|
|
|
403.2%
|
|
|
305.6%
|
As a percentage of total loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due accruing loans over 30 days
|
|
|
|
0.31%
|
|
|
0.31%
|
|
|
0.38%
|
|
|
0.34%
|
|
|
0.40%
|
|
|
0.32%
|
Potential problem loans (6)
|
|
|
|
1.61%
|
|
|
1.44%
|
|
|
1.86%
|
|
|
1.97%
|
|
|
1.81%
|
|
|
1.98%
|
Allowance for loan losses
|
|
|
|
1.00%
|
|
|
1.01%
|
|
|
1.36%
|
|
|
1.43%
|
|
|
1.47%
|
|
|
1.50%
|
Nonperforming assets to total loans, ORE and other NPAs
|
|
|
|
0.55%
|
|
|
0.57%
|
|
|
0.53%
|
|
|
0.58%
|
|
|
0.62%
|
|
|
0.78%
|
Nonperforming assets to total assets
|
|
|
|
0.42%
|
|
|
0.42%
|
|
|
0.37%
|
|
|
0.40%
|
|
|
0.46%
|
|
|
0.58%
|
Classified asset ratio (Pinnacle Bank) (8)
|
|
|
|
18.7%
|
|
|
17.1%
|
|
|
19.0%
|
|
|
20.3%
|
|
|
18.1%
|
|
|
20.0%
|
Annualized net loan charge-offs year-to-date to avg. loans (7)
|
|
|
|
0.21%
|
|
|
0.20%
|
|
|
0.14%
|
|
|
0.13%
|
|
|
0.10%
|
|
|
0.11%
|
Wtd. avg. commercial loan internal risk ratings (6)
|
|
|
|
4.5
|
|
|
4.5
|
|
|
4.5
|
|
|
4.5
|
|
|
4.4
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rates and yields:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
4.46%
|
|
|
4.33%
|
|
|
4.27%
|
|
|
4.35%
|
|
|
4.34%
|
|
|
4.34%
|
Securities
|
|
|
|
2.45%
|
|
|
2.51%
|
|
|
2.56%
|
|
|
2.79%
|
|
|
2.81%
|
|
|
2.85%
|
Total earning assets
|
|
|
|
4.01%
|
|
|
3.93%
|
|
|
3.91%
|
|
|
4.02%
|
|
|
4.00%
|
|
|
4.03%
|
Total deposits, including non-interest bearing
|
|
|
|
0.27%
|
|
|
0.24%
|
|
|
0.21%
|
|
|
0.21%
|
|
|
0.20%
|
|
|
0.21%
|
Securities sold under agreements to repurchase
|
|
|
|
0.21%
|
|
|
0.22%
|
|
|
0.19%
|
|
|
0.19%
|
|
|
0.19%
|
|
|
0.23%
|
FHLB advances
|
|
|
|
0.42%
|
|
|
0.33%
|
|
|
0.23%
|
|
|
0.31%
|
|
|
0.56%
|
|
|
0.44%
|
Subordinated debt and other borrowings
|
|
|
|
3.57%
|
|
|
3.16%
|
|
|
2.44%
|
|
|
2.44%
|
|
|
2.48%
|
|
|
2.45%
|
Total deposits and interest-bearing liabilities
|
|
|
|
0.34%
|
|
|
0.31%
|
|
|
0.27%
|
|
|
0.26%
|
|
|
0.25%
|
|
|
0.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pinnacle Financial Partners capital ratios (8):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to total assets
|
|
|
|
13.3%
|
|
|
13.3%
|
|
|
12.9%
|
|
|
13.1%
|
|
|
13.3%
|
|
|
13.3%
|
Common equity Tier one capital
|
|
|
|
8.6%
|
|
|
8.7%
|
|
|
9.4%
|
|
|
9.4%
|
|
|
10.6%
|
|
|
10.6%
|
Tier one risk-based
|
|
|
|
9.6%
|
|
|
9.8%
|
|
|
10.8%
|
|
|
10.8%
|
|
|
12.1%
|
|
|
12.2%
|
Total risk-based
|
|
|
|
11.3%
|
|
|
11.4%
|
|
|
12.0%
|
|
|
12.0%
|
|
|
13.4%
|
|
|
13.4%
|
Leverage
|
|
|
|
9.4%
|
|
|
10.0%
|
|
|
10.5%
|
|
|
10.4%
|
|
|
11.3%
|
|
|
11.2%
|
Tangible common equity to tangible assets
|
|
|
|
8.6%
|
|
|
8.6%
|
|
|
9.5%
|
|
|
9.5%
|
|
|
9.6%
|
|
|
9.5%
|
Pinnacle Bank ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier one
|
|
|
|
9.0%
|
|
|
9.1%
|
|
|
10.1%
|
|
|
10.0%
|
|
|
11.4%
|
|
|
11.5%
|
Tier one risk-based
|
|
|
|
9.0%
|
|
|
9.1%
|
|
|
10.1%
|
|
|
10.1%
|
|
|
11.4%
|
|
|
11.5%
|
Total risk-based
|
|
|
|
10.6%
|
|
|
10.8%
|
|
|
11.2%
|
|
|
11.3%
|
|
|
12.6%
|
|
|
12.8%
|
Leverage
|
|
|
|
8.8%
|
|
|
9.4%
|
|
|
9.8%
|
|
|
9.7%
|
|
|
10.6%
|
|
|
10.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
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(dollars in thousands, except per share data)
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December
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September
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June
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March
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December
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September
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2015
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2015
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2015
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2015
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2014
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2014
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Per share data:
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Earnings – basic
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$
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0.67
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0.64
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0.65
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0.62
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0.54
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0.52
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Earnings – diluted
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$
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0.65
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0.62
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0.64
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0.62
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0.53
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0.52
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Common dividends per share
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$
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0.12
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0.12
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0.12
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0.12
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0.08
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0.08
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Book value per common share at quarter end (9)
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$
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28.25
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27.80
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23.39
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22.98
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22.45
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21.93
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Weighted avg. common shares – basic
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40,000,102
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37,828,324
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35,128,856
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35,041,203
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34,827,999
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34,762,206
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Weighted avg. common shares – diluted
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41,015,154
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38,792,783
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35,554,683
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35,380,529
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35,292,319
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35,155,224
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Common shares outstanding
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40,906,064
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40,802,904
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35,977,987
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35,864,667
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35,732,483
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35,654,541
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Investor information:
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Closing sales price
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$
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51.36
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49.41
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54.37
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44.46
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39.54
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36.10
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High closing sales price during quarter
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$
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56.80
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55.18
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54.88
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45.19
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39.95
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39.75
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Low closing sales price during quarter
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$
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47.90
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45.03
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44.25
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35.52
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34.65
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35.21
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Other information:
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Gains on mortgage loans sold:
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Mortgage loan sales:
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Gross loans sold
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$
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164,992
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145,751
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112,609
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95,782
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94,816
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96,050
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Gross fees (10)
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$
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3,612
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3,352
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2,791
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2,839
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2,256
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2,258
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Gross fees as a percentage of loans originated
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2.19
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%
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2.30
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%
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2.48
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%
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2.96
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%
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2.38
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%
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2.35
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%
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Net gain on mortgage loans sold
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$
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2,181
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1,895
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1,652
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1,941
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1,374
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1,353
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Investment gains on sales, net (17)
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$
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(10
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)
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-
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556
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6
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-
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29
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Brokerage account assets, at quarter-end (11)
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$
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1,778,566
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1,731,828
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1,783,062
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1,739,669
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1,695,238
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1,658,237
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Trust account managed assets, at quarter-end
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$
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862,699
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839,518
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924,605
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889,392
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764,802
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720,071
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Core deposits (12)
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$
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6,332,810
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4,832,719
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4,608,648
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4,412,635
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4,381,177
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4,260,627
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Core deposits to total funding (12)
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84.5
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%
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82.8
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%
|
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81.8
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%
|
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|
81.0
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%
|
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|
84.8
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%
|
|
|
84.6
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%
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Risk-weighted assets
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$
|
7,849,814
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7,425,629
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5,829,846
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5,591,382
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5,233,329
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5,049,592
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Total assets per full-time equivalent employee
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$
|
8,228
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7,960
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|
|
|
8,141
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|
|
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8,153
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|
7,877
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|
|
|
7,744
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|
Annualized revenues per full-time equivalent employee
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$
|
367.6
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|
|
|
308.5
|
|
|
|
360.0
|
|
|
|
365.3
|
|
|
|
336.0
|
|
|
|
327.0
|
|
Annualized expenses per full-time equivalent employee
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$
|
195.6
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|
|
|
166.7
|
|
|
|
184.1
|
|
|
|
192.9
|
|
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|
178.6
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|
|
180.0
|
|
Number of employees (full-time equivalent)
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|
1,058.5
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|
1,073.5
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|
|
|
800.5
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|
|
|
774.5
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764.0
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|
757.5
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Associate retention rate (13)
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92.9
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%
|
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|
96.1
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%
|
|
|
94.7
|
%
|
|
|
94.0
|
%
|
|
|
93.3
|
%
|
|
|
93.5
|
%
|
|
|
|
|
|
|
|
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|
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Selected economic information (in thousands) (14):
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Nashville MSA nonfarm employment - November 2015
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|
910.9
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|
|
908.0
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|
|
|
906.6
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|
890.9
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|
886.7
|
|
|
|
884.7
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|
Knoxville MSA nonfarm employment -November 2015
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|
389.4
|
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388.3
|
|
|
|
387.8
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|
|
|
382.7
|
|
|
|
381.5
|
|
|
|
378.9
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|
Chattanooga MSA nonfarm employment - November 2015
|
|
|
|
245.0
|
|
|
|
244.9
|
|
|
|
245.4
|
|
|
|
242.5
|
|
|
|
240.7
|
|
|
|
240.2
|
|
Memphis MSA nonfarm employment - November 2015
|
|
|
|
619.7
|
|
|
|
624.5
|
|
|
|
621.8
|
|
|
|
618.7
|
|
|
|
617.5
|
|
|
|
618.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Nashville MSA unemployment - November 2015
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|
4.7
|
%
|
|
|
4.7
|
%
|
|
|
4.6
|
%
|
|
|
4.6
|
%
|
|
|
5.2
|
%
|
|
|
5.3
|
%
|
Knoxville MSA unemployment -November 2015
|
|
|
|
5.4
|
%
|
|
|
5.4
|
%
|
|
|
5.4
|
%
|
|
|
5.3
|
%
|
|
|
6.1
|
%
|
|
|
6.2
|
%
|
Chattanooga MSA unemployment - November 2015
|
|
|
|
5.6
|
%
|
|
|
5.7
|
%
|
|
|
5.6
|
%
|
|
|
5.7
|
%
|
|
|
6.3
|
%
|
|
|
6.5
|
%
|
Memphis MSA unemployment - November 2015
|
|
|
|
6.4
|
%
|
|
|
6.4
|
%
|
|
|
6.5
|
%
|
|
|
6.5
|
%
|
|
|
7.4
|
%
|
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nashville residential median home price - December 2015
|
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|
$
|
242.9
|
|
|
|
236.9
|
|
|
|
240.0
|
|
|
|
222.4
|
|
|
|
213.5
|
|
|
|
211.4
|
|
Nashville inventory of residential homes for sale- December 2015 (16)
|
|
|
|
7.1
|
|
|
|
8.7
|
|
|
|
9.2
|
|
|
|
8.2
|
|
|
|
7.6
|
|
|
|
9.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
This information is preliminary and based on company data available
at the time of the presentation.
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|
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
|
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA –
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data)
|
|
|
|
December 2015
|
|
|
September 2015
|
|
|
June 2015
|
|
|
March 2015
|
|
|
December 2014
|
|
|
September 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
$
|
71,475
|
|
|
|
62,059
|
|
|
|
51,831
|
|
|
|
51,269
|
|
|
|
50,313
|
|
|
|
49,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income
|
|
|
|
26,608
|
|
|
|
21,410
|
|
|
|
20,019
|
|
|
|
18,493
|
|
|
|
14,384
|
|
|
|
12,888
|
|
Less: Investment gains on sales, net
|
|
|
|
10
|
|
|
|
-
|
|
|
|
(556
|
)
|
|
|
(6
|
)
|
|
|
-
|
|
|
|
(29
|
)
|
Noninterest income excluding investment gains on sales, net
|
|
|
|
26,618
|
|
|
|
21,410
|
|
|
|
19,463
|
|
|
|
18,487
|
|
|
|
14,384
|
|
|
|
12,859
|
|
Total revenues excluding the impact of investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
gains on sales, net
|
|
|
|
98,093
|
|
|
|
83,469
|
|
|
|
71,294
|
|
|
|
69,756
|
|
|
|
64,697
|
|
|
|
62,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense
|
|
|
|
52,191
|
|
|
|
45,107
|
|
|
|
36,747
|
|
|
|
36,830
|
|
|
|
34,391
|
|
|
|
34,360
|
|
Less: Other real estate expense
|
|
|
|
99
|
|
|
|
(686
|
)
|
|
|
(115
|
)
|
|
|
395
|
|
|
|
(630
|
)
|
|
|
417
|
|
FHLB prepayment charges
|
|
|
|
-
|
|
|
|
-
|
|
|
|
479
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Merger related expenses
|
|
|
|
2,489
|
|
|
|
2,249
|
|
|
|
59
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Noninterest expense excluding the impact of other real estate
expense, FHLB prepayment charges and merger related expenses
|
|
|
|
49,603
|
|
|
|
43,544
|
|
|
|
36,324
|
|
|
|
36,435
|
|
|
|
35,021
|
|
|
|
33,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax pre-provision income (15)
|
|
|
$
|
48,490
|
|
|
|
39,925
|
|
|
|
34,970
|
|
|
|
33,322
|
|
|
|
29,676
|
|
|
|
28,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio (4)
|
|
|
|
53.2
|
%
|
|
|
54.0
|
%
|
|
|
51.1
|
%
|
|
|
52.8
|
%
|
|
|
53.2
|
%
|
|
|
55.0
|
%
|
Adjustment due to investment gains, ORE expense, FHLB prepayment
charges and merger related expense
|
|
|
|
-2.6
|
%
|
|
|
-1.9
|
%
|
|
|
-0.2
|
%
|
|
|
-0.6
|
%
|
|
|
1.0
|
%
|
|
|
-0.6
|
%
|
Efficiency Ratio (excluding investment gains, ORE expense, FHLB
prepayment charges and merger related expenses)
|
|
|
|
50.6
|
%
|
|
|
52.2
|
%
|
|
|
50.9
|
%
|
|
|
52.2
|
%
|
|
|
54.1
|
%
|
|
|
54.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets
|
|
|
$
|
8,565,341
|
|
|
|
7,514,633
|
|
|
|
6,319,712
|
|
|
|
6,102,523
|
|
|
|
5,855,421
|
|
|
|
5,752,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense (excluding ORE expense, FHLB prepayment
charges and merger related expenses) to avg. assets (1)
|
|
|
|
2.30
|
%
|
|
|
2.30
|
%
|
|
|
2.31
|
%
|
|
|
2.42
|
%
|
|
|
2.37
|
%
|
|
|
2.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share excluding merger related expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
26,854
|
|
|
|
24,149
|
|
|
|
22,665
|
|
|
|
21,843
|
|
|
|
18,737
|
|
|
|
18,197
|
|
Merger related expenses
|
|
|
|
2,489
|
|
|
|
2,249
|
|
|
|
59
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Tax effect on merger related expenses (19)
|
|
|
|
(977
|
)
|
|
|
(882
|
)
|
|
|
(23
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net income less merger related expenses
|
|
|
$
|
28,366
|
|
|
|
25,516
|
|
|
|
22,701
|
|
|
|
21,843
|
|
|
|
18,737
|
|
|
|
18,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
$
|
0.67
|
|
|
|
0.64
|
|
|
|
0.65
|
|
|
|
0.62
|
|
|
|
0.54
|
|
|
|
0.52
|
|
Adjustment to basic earnings per share due to merger related expenses
|
|
|
|
0.04
|
|
|
|
0.03
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Basic earnings per share excluding merger related expenses
|
|
|
$
|
0.71
|
|
|
|
0.67
|
|
|
|
0.65
|
|
|
|
0.62
|
|
|
|
0.54
|
|
|
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share excluding merger related expenses
|
|
|
$
|
0.65
|
|
|
|
0.62
|
|
|
|
0.64
|
|
|
|
0.62
|
|
|
|
0.53
|
|
|
|
0.52
|
|
Adjustment to diluted earnings per share due to merger related
expenses
|
|
|
|
0.04
|
|
|
|
0.04
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Diluted earnings per share excluding merger related expenses
|
|
|
$
|
0.69
|
|
|
|
0.66
|
|
|
|
0.64
|
|
|
|
0.62
|
|
|
|
0.53
|
|
|
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data)
|
|
|
|
December 2015
|
|
|
September 2015
|
|
|
June 2015
|
|
|
March 2015
|
|
|
December 2014
|
|
|
September 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
26,854
|
|
|
|
24,149
|
|
|
|
22,665
|
|
|
|
21,843
|
|
|
|
18,737
|
|
|
|
18,197
|
|
Merger related expenses
|
|
|
|
2,489
|
|
|
|
2,249
|
|
|
|
59
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Tax effect on merger related expenses
|
|
|
|
(977
|
)
|
|
|
(882
|
)
|
|
|
(23
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net income less merger related expenses
|
|
|
$
|
28,366
|
|
|
|
25,516
|
|
|
|
22,701
|
|
|
|
21,843
|
|
|
|
18,737
|
|
|
|
18,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
|
1.24
|
%
|
|
|
1.27
|
%
|
|
|
1.44
|
%
|
|
|
1.45
|
%
|
|
|
1.27
|
%
|
|
|
1.25
|
%
|
Adjustment due to merger related expenses
|
|
|
|
0.07
|
%
|
|
|
0.07
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Return on average assets (excluding merger related expenses)
|
|
|
|
1.31
|
%
|
|
|
1.35
|
%
|
|
|
1.44
|
%
|
|
|
1.45
|
%
|
|
|
1.27
|
%
|
|
|
1.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
8,708,956
|
|
|
|
8,549,064
|
|
|
|
6,516,544
|
|
|
|
6,314,346
|
|
|
|
6,018,248
|
|
|
|
5,865,703
|
|
Less: Goodwill
|
|
|
|
(430,687
|
)
|
|
|
(429,416
|
)
|
|
|
(243,291
|
)
|
|
|
(243,443
|
)
|
|
|
(243,529
|
)
|
|
|
(243,533
|
)
|
Core deposit and other intangible assets
|
|
|
|
(10,540
|
)
|
|
|
(11,641
|
)
|
|
|
(2,438
|
)
|
|
|
(2,666
|
)
|
|
|
(2,893
|
)
|
|
|
(3,129
|
)
|
Net tangible assets
|
|
|
$
|
8,267,729
|
|
|
|
8,108,007
|
|
|
|
6,270,815
|
|
|
|
6,068,237
|
|
|
|
5,771,826
|
|
|
|
5,619,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
$
|
1,155,611
|
|
|
|
1,134,226
|
|
|
|
841,390
|
|
|
|
824,151
|
|
|
|
802,693
|
|
|
|
781,934
|
|
Less: Goodwill
|
|
|
|
(430,687
|
)
|
|
|
(425,151
|
)
|
|
|
(243,291
|
)
|
|
|
(243,443
|
)
|
|
|
(243,529
|
)
|
|
|
(243,533
|
)
|
Core deposit and other intangible assets
|
|
|
|
(10,540
|
)
|
|
|
(11,641
|
)
|
|
|
(2,438
|
)
|
|
|
(2,666
|
)
|
|
|
(2,893
|
)
|
|
|
(3,129
|
)
|
Net tangible common equity
|
|
|
$
|
714,384
|
|
|
|
697,434
|
|
|
|
595,661
|
|
|
|
578,042
|
|
|
|
556,271
|
|
|
|
535,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of tangible common equity to tangible assets
|
|
|
|
8.64
|
%
|
|
|
8.60
|
%
|
|
|
9.50
|
%
|
|
|
9.53
|
%
|
|
|
9.64
|
%
|
|
|
9.53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity
|
|
|
$
|
1,153,681
|
|
|
|
986,325
|
|
|
|
836,791
|
|
|
|
815,706
|
|
|
|
796,338
|
|
|
|
774,032
|
|
Less: Average goodwill
|
|
|
|
(430,574
|
)
|
|
|
(317,461
|
)
|
|
|
(243,383
|
)
|
|
|
(243,505
|
)
|
|
|
(243,531
|
)
|
|
|
(243,544
|
)
|
Core deposit and other intangible assets
|
|
|
|
(11,261
|
)
|
|
|
(7,634
|
)
|
|
|
(2,581
|
)
|
|
|
(2,809
|
)
|
|
|
(3,040
|
)
|
|
|
(3,278
|
)
|
Net average tangible common equity
|
|
|
$
|
711,847
|
|
|
|
661,230
|
|
|
|
590,827
|
|
|
|
569,392
|
|
|
|
549,767
|
|
|
|
527,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common equity (1)
|
|
|
|
14.97
|
%
|
|
|
14.49
|
%
|
|
|
15.39
|
%
|
|
|
15.56
|
%
|
|
|
13.52
|
%
|
|
|
13.69
|
%
|
Adjustment due to merger related expenses
|
|
|
|
0.84
|
%
|
|
|
0.82
|
%
|
|
|
0.06
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Return on average tangible common equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(excluding merger related expenses)
|
|
|
|
15.81
|
%
|
|
|
15.31
|
%
|
|
|
15.44
|
%
|
|
|
15.56
|
%
|
|
|
13.52
|
%
|
|
|
13.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets
|
|
|
$
|
8,565,341
|
|
|
|
7,514,633
|
|
|
|
6,319,712
|
|
|
|
6,102,523
|
|
|
|
5,855,421
|
|
|
|
5,752,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. This average is for PNFP legacy loans only.
|
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 as well as
other real estate owned expenses and FHLB restructuring charges.
|
16. Represents one 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. Tax effect calculated using the statutory rate of 39.23% at
December 31, 2015.
|
|
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