Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) announced today
that its Board of Directors has approved a $0.14 per share cash dividend
to be paid on May 27, 2016 to common shareholders of record as of the
close of business on May 6, 2016.
The amount and timing of all future dividend payments will be subject to
the discretion of Pinnacle’s Board of Directors.
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 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 approximately $9.3 billion in assets
at March 31, 2016. 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.
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," "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) 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, or entities in
which it has significant investments, like BHG, to maintain the
historical growth rate of its, or such entities', 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, the Knoxville MSA, the
Chattanooga, TN-GA MSA and the Memphis, TN-MS-AR 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) a merger or acquisition like
our proposed merger with Avenue Financial Holdings, Inc. (Avenue); (xii)
risks of expansion into new geographic or product markets; (xiii) any
matter that would cause Pinnacle Financial to conclude that there was
impairment of any asset, including intangible assets; (xiv) 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 Avenue) or otherwise to
attract customers from other financial institutions; (xv) further
deterioration in the valuation of other real estate owned and increased
expenses associated therewith; (xvi) inability to comply with regulatory
capital requirements, including those resulting from changes to capital
calculation methodologies and required capital maintenance levels;
(xvii) risks associated with litigation, including the applicability of
insurance coverage; (xviii) the risk that the cost savings and any
revenue synergies from the mergers with Avenue, CapitalMark Bank & Trust
(CapitalMark) and Magna Bank (Magna) may not be realized or take longer
than anticipated to be realized; (xix) disruption from the Avenue merger
with customers, suppliers or employee relationships; (xx) the occurrence
of any event, change or other circumstances that could give rise to the
termination of the Avenue merger agreement; (xxi) the risk of successful
integration of Avenue's, CapitalMark's and Magna's business with ours;
(xxii) the failure of Avenue's shareholders to approve the Avenue
merger; (xxiii) the amount of the costs, fees, expenses and charges
related to the Avenue merger; (xxiv) the ability to obtain required
government approvals of the proposed terms of the Avenue merger; (xxv)
risk of adverse reaction of Pinnacle Financial's and Avenue's customers
to the Avenue merger; (xxvi) the failure of the closing conditions of
the Avenue merger to be satisfied; (xxvii) the risk that the integration
of Avenue's, 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 Avenue merger
may be more expensive to complete than anticipated, including as a
result of unexpected factors or events; (xxix) the dilution caused by
Pinnacle Financial's issuance of additional shares of its common stock
in the Avenue merger; (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; (xxxiii) the risks
associated with our being a minority investor in BHG, including the risk
that the owners of a majority of the membership interests in BHG decide
to sell the company if not prohibited from doing so by the terms of our
agreement with them; (xxxiv) the incremental cost and/or decreased
revenues associated with exceeding $10 billion in assets will exceed
current estimates; and (xxxv) changes in state and federal legislation,
regulations or policies applicable to banks and other financial service
providers, including regulatory or legislative developments. A more
detailed description of these and other risks is contained in "Item 1A.
Risk Factors" in Pinnacle Financial’s Annual Report on Form 10-K for the
year ended Dec. 31, 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 release, whether as a
result of new information, future events or otherwise.
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