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Section 1: 10-Q (10-Q)

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the transition period from ____ to ____
Commission File Number: 000-31225
Pinnacle Financial Partners Inc.
400770757_pnfplogoa25.jpg, Inc.
(Exact name of registrant as specified in its charter)
Tennessee
 
62-1812853
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
150 Third Avenue South, Suite 900
Nashville,
TN
 
37201
(Address of principal executive offices)
 
(Zip Code)
(615) 744-3700

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changes since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No     

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for shorter period that the registrant was required to submit such files).  Yes      No     

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.  (Check one):

Large Accelerated Filer                            Accelerated Filer     
Non-accelerated Filer                              Smaller reporting company
(do not check if you are a smaller reporting company)                Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes      No     

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of Each Class
Trading Symbol
Name of Exchange on which Registered
Common Stock, par value $1.00
PNFP
Nasdaq Global Select Market

As of October 31, 2019 there were 76,565,438 shares of common stock, $1.00 par value per share, issued and outstanding.


Table of Contents

Pinnacle Financial Partners, Inc.
Report on Form 10-Q
September 30, 2019

TABLE OF CONTENTS
Page No.
 
 
 
 

2

Table of Contents

FORWARD-LOOKING STATEMENTS

All statements, other than statements of historical fact, included in this report, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "expect," "anticipate," "intend," "may," "should," "plan," "believe," "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 statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to:  (i) deterioration in the financial condition of borrowers of Pinnacle Bank or BHG resulting in significant increases in loan losses and provisions for those losses or, in the case of BHG, substitutions; (ii) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits, including during times when Pinnacle Bank is seeking to lower rates it pays on deposits; (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) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on Pinnacle Financial’s results, including as a result of compression to net interest margin; (vii) adverse conditions in the national or local economies including in Pinnacle Financial's markets throughout Tennessee, North Carolina, South Carolina and Virginia,  particularly in commercial and residential real estate markets; (viii) fluctuations or differences in interest rates on loans or deposits from those that Pinnacle Financial is modeling or anticipating, including as a result of Pinnacle Bank's inability to lower deposit rates with the speed and at the levels desired in connection with the declining short-term rate environment currently contemplated, or that affect the yield curve; (ix) the results of regulatory examinations; (x) Pinnacle Financial's ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions; (xi) difficulties and delays in integrating acquired businesses or fully realizing costs savings and other benefits from acquisitions; (xii) BHG's ability to profitably grow its business and successfully execute on its business plans; (xiii) risks of expansion into new geographic or product markets; (xiv) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including goodwill or the intangible assets; (xv) reduced ability to attract additional financial advisors (or failure of such advisors to cause their clients to switch to Pinnacle Bank), to retain financial advisors (including as a result of the competitive environment for associates) or otherwise to attract customers from other financial institutions; (xvi) the ability of Pinnacle Financial to implement its branch consolidation strategy on the timelines, and at the costs, presently contemplated; (xvii) deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xviii) inability to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies, required capital maintenance levels or regulatory requests or directives, particularly if Pinnacle Financial's level of applicable commercial real estate loans were to exceed percentage levels of total capital in guidelines recommended by its regulators; (xix) approval of the declaration of any dividend by Pinnacle Financial's board of directors; (xx) the vulnerability of Pinnacle Bank's network and online banking portals, and the systems of parties with whom Pinnacle Financial contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xxi) the possibility of increased compliance and operational costs as a result of increased regulatory oversight (including by the Consumer Financial Protection Bureau), including oversight of companies in which Pinnacle Financial or Pinnacle Bank have significant investments, like BHG, and the development of additional banking products for Pinnacle Bank's corporate and consumer clients;  (xxii) the risks associated with Pinnacle Financial and Pinnacle Bank being a minority investor in BHG, including the risk that the owners of a majority of the equity interests in BHG decide to sell the company if not prohibited from doing so by Pinnacle Financial or Pinnacle Bank; (xxiii) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (xxiv) risks associated with the possible shutdown of the United States federal government, including adverse effects on the national or local economies and adverse effects resulting from a shutdown of the U.S. Small Business Administration's SBA loan program; (xxv) the availability of and access to capital; (xxvi) adverse results (including costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions; and (xxvii) general competitive, economic, political and market conditions. Additional factors which could affect the forward looking statements can be found in Pinnacle Financial's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC's website at http://www.sec.gov. Pinnacle Financial disclaims any obligation to update or revise any forward-looking statements contained in this report, which speak only as of the date hereof, whether as a result of new information, future events or otherwise.



3

Table of Contents

Item 1.
Part I. Financial Information
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Cash and noninterest-bearing due from banks
$
197,660

 
$
137,433

Restricted cash
157,544

 
65,491

Interest-bearing due from banks
553,124

 
516,920

Federal funds sold and other
11,975

 
1,848

Cash and cash equivalents
920,303

 
721,692

 
 
 
 
Securities available-for-sale, at fair value
3,393,435

 
3,083,686

Securities held-to-maturity (fair value of $202.8 million and $193.1 million at Sept. 30, 2019 and Dec. 31, 2018, respectively)
189,684

 
194,282

Consumer loans held-for-sale
73,042

 
34,196

Commercial loans held-for-sale
21,312

 
15,954

 
 
 
 
Loans
19,345,642

 
17,707,549

Less allowance for loan losses
(93,647
)
 
(83,575
)
Loans, net
19,251,995

 
17,623,974

 
 
 
 
Premises and equipment, net
274,983

 
265,560

Equity method investment
267,097

 
239,237

Accrued interest receivable
81,124

 
79,657

Goodwill
1,830,652

 
1,807,121

Core deposits and other intangible assets
39,349

 
46,161

Other real estate owned
30,049

 
15,165

Other assets
1,174,809

 
904,359

Total assets
$
27,547,834

 
$
25,031,044

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 

 
 

Deposits:
 

 
 

Noninterest-bearing
$
4,702,155

 
$
4,309,067

Interest-bearing
3,372,028

 
3,464,001

Savings and money market accounts
7,625,872

 
7,607,796

Time
4,300,622

 
3,468,243

Total deposits
20,000,677

 
18,849,107

Securities sold under agreements to repurchase
95,402

 
104,741

Federal Home Loan Bank advances
2,052,548

 
1,443,589

Subordinated debt and other borrowings
750,488

 
485,130

Accrued interest payable
36,836

 
23,586

Other liabilities
317,253

 
158,951

Total liabilities
23,253,204

 
21,065,104

Stockholders' equity:
 

 
 

Preferred stock, no par value; 10.0 million shares authorized; no shares issued and outstanding

 

Common stock, par value $1.00; 180.0 million shares authorized at Sept. 30, 2019 and Dec. 31, 2018; 76.7 million and 77.5 million shares issued and outstanding at Sept. 30, 2019 and Dec. 31, 2018, respectively
76,736

 
77,484

Additional paid-in capital
3,070,235

 
3,107,431

Retained earnings
1,100,517

 
833,130

Accumulated other comprehensive income (loss), net of taxes
47,142

 
(52,105
)
Total stockholders' equity
4,294,630

 
3,965,940

Total liabilities and stockholders' equity
$
27,547,834

 
$
25,031,044

See accompanying notes to consolidated financial statements (unaudited).

4

Table of Contents

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(dollars in thousands, except per share data)
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
2019
 
2018
 
2019
 
2018
Interest income:
 
 
 
 
 
 
 
Loans, including fees
$
247,147

 
$
221,901

 
$
714,179

 
$
621,873

Securities:
 
 
 
 
 

 
 

Taxable
10,655

 
12,209

 
36,438

 
35,179

Tax-exempt
13,313

 
10,074

 
37,541

 
25,709

Federal funds sold and other
4,634

 
3,926

 
11,325

 
7,861

Total interest income
275,749

 
248,110

 
799,483

 
690,622

 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 

 
 

Deposits
62,531

 
44,172

 
175,736

 
100,920

Securities sold under agreements to repurchase
152

 
165

 
439

 
438

Federal Home Loan Bank advances and other borrowings
17,260

 
14,353

 
51,338

 
43,137

Total interest expense
79,943

 
58,690

 
227,513

 
144,495

Net interest income
195,806

 
189,420

 
571,970

 
546,127

Provision for loan losses
8,260

 
8,725

 
22,639

 
25,058

Net interest income after provision for loan losses
187,546

 
180,695

 
549,331

 
521,069

 
 
 
 
 
 
 
 
Noninterest income:
 
 
 
 
 

 
 

Service charges on deposit accounts
10,193

 
9,972

 
27,675

 
26,333

Investment services
6,270

 
5,450

 
17,607

 
15,817

Insurance sales commissions
2,252

 
2,126

 
7,327

 
7,293

Gain on mortgage loans sold, net
7,402

 
3,902

 
18,291

 
11,423

Investment gains and losses on sales, net
417

 
11

 
(6,009
)
 
41

Trust fees
3,593

 
3,087

 
10,349

 
9,768

Income from equity method investment
32,248

 
14,236

 
77,799

 
33,286

Other noninterest income
20,244

 
12,694

 
51,325

 
39,639

Total noninterest income
82,619

 
51,478

 
204,364

 
143,600

 
 
 
 
 
 
 
 
Noninterest expense:
 
 
 
 
 

 
 

Salaries and employee benefits
85,919

 
69,117

 
231,915

 
196,948

Equipment and occupancy
20,348

 
19,252

 
63,523

 
55,203

Other real estate expense, net
655

 
67

 
3,424

 
92

Marketing and other business development
2,723

 
3,293

 
8,953

 
8,084

Postage and supplies
1,766

 
1,654

 
5,737

 
5,984

Amortization of intangibles
2,430

 
2,616

 
7,012

 
7,973

Merger-related expense

 

 

 
8,259

Other noninterest expense
19,100

 
17,991

 
54,114

 
50,935

Total noninterest expense
132,941

 
113,990

 
374,678

 
333,478

Income before income taxes
137,224

 
118,183

 
379,017

 
331,191

Income tax expense
26,703

 
24,436

 
74,215

 
67,069

Net income
$
110,521

 
$
93,747

 
$
304,802

 
$
264,122

Per share information:
 
 
 
 
 

 
 

Basic net income per common share
$
1.45

 
$
1.22

 
$
3.99

 
$
3.42

Diluted net income per common share
$
1.44

 
$
1.21

 
$
3.97

 
$
3.41

Weighted average shares outstanding:
 
 
 
 
 

 
 

Basic
76,301,010

 
77,145,023

 
76,480,757

 
77,116,377

Diluted
76,556,309

 
77,490,977

 
76,761,167

 
77,442,554


See accompanying notes to consolidated financial statements (unaudited).

5

Table of Contents

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(dollars in thousands)

 
Three months ended
September 30,
 
Nine months ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
110,521

 
$
93,747

 
$
304,802

 
$
264,122

Other comprehensive income (loss), net of tax:
 
 
 
 
 

 
 

Change in fair value on available-for-sale securities, net of tax
25,259

 
(16,899
)
 
87,153

 
(53,167
)
Change in fair value of cash flow hedges, net of tax
494

 
783

 
6,584

 
3,453

Amortization of net unrealized losses (gains) on securities transferred from available-for-sale to held-to-maturity, net of tax
56

 
(10
)
 
126

 
(103
)
Net loss (gain) on cash flow hedges reclassified from other comprehensive income into net income, net of tax
1,129

 
(145
)
 
946

 
(429
)
Net loss (gain) on sale of investment securities reclassified from other comprehensive income into net income, net of tax
(308
)
 
(8
)
 
4,438

 
(30
)
Total other comprehensive income (loss), net of tax
26,630

 
(16,279
)
 
99,247

 
(50,276
)
Total comprehensive income
$
137,151

 
$
77,468

 
$
404,049

 
$
213,846


See accompanying notes to consolidated financial statements (unaudited).

6

Table of Contents

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(dollars and shares in thousands)
 
Common Stock
 
 
 
 
 
Shares
Amounts
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comp. Income (Loss), net
Total Stockholder's Equity
Balance at June 30, 2018
77,855

$
77,855

$
3,119,461

$
667,594

$
(38,233
)
$
3,826,677

Exercise of employee common stock options and related tax benefits






Common stock dividends paid ($0.14 per share)



(10,978
)

(10,978
)
Issuance of restricted common shares, net of forfeitures
22

22

(22
)



Restricted shares withheld for taxes & related tax benefit
(10
)
(10
)
(619
)


(629
)
Compensation expense for restricted shares


4,503



4,503

Net income



93,747


93,747

Other comprehensive loss




(16,279
)
(16,279
)
Balance at September 30, 2018
77,867

$
77,867

$
3,123,323

$
750,363

$
(54,512
)
$
3,897,041

 
 
 
 
 
 
 
Balance at December 31, 2017
77,740

$
77,740

$
3,115,304

$
519,144

$
(4,236
)
$
3,707,952

Exercise of employee common stock options and related tax benefits
90

$
90

$
1,610


$

$
1,700

Common stock dividends paid ($0.14 per share)



(32,903
)

(32,903
)
Issuance of restricted common shares, net of forfeitures
141

141

(141
)



Restricted shares withheld for taxes & related tax benefit
(104
)
(104
)
(6,704
)


(6,808
)
Compensation expense for restricted shares


13,254



13,254

Net income



264,122


264,122

Other comprehensive loss




(50,276
)
(50,276
)
Balance at September 30, 2018
77,867

$
77,867

$
3,123,323

$
750,363

$
(54,512
)
$
3,897,041

 
 
 
 
 
 
 
Balance at June 30, 2019
76,929

$
76,929

$
3,076,486

$
1,002,434

$
20,512

$
4,176,361

Exercise of employee common stock options and related tax benefits
4

4

104



108

Common stock dividends paid ($0.16 per share)



(12,438
)

(12,438
)
Repurchase of common stock
(198
)
(198
)
(10,867
)


(11,065
)
Issuance of restricted common shares, net of forfeitures
10

10

(10
)



Restricted shares withheld for taxes & related tax benefit
(9
)
(9
)
(496
)


(505
)
Compensation expense for restricted shares


5,018



5,018

Net income



110,521


110,521

Other comprehensive income




26,630

26,630

Balance at September 30, 2019
76,736

$
76,736

$
3,070,235

$
1,100,517

$
47,142

$
4,294,630

 
 
 
 
 
 
 
Balance at December 31, 2018
77,484

$
77,484

$
3,107,431

$
833,130

$
(52,105
)
$
3,965,940

Exercise of employee common stock options and related tax benefits
10

10

237



247

Common stock dividends paid ($0.16 per share)



(37,415
)

(37,415
)
Repurchase of common stock
(873
)
(873
)
(47,616
)


(48,489
)
Issuance of restricted common shares, net of forfeitures
200

200

(200
)



Restricted shares withheld for taxes & related tax benefit
(85
)
(85
)
(4,708
)


(4,793
)
Compensation expense for restricted shares


15,091



15,091

Net income



304,802


304,802

Other comprehensive income




99,247

99,247

Balance at September 30, 2019
76,736

$
76,736

$
3,070,235

$
1,100,517

$
47,142

$
4,294,630


See accompanying notes to consolidated financial statements (unaudited).

7

Table of Contents

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(dollars in thousands)
 
Nine months ended
September 30,
 
2019
 
2018
Operating activities:
 
 
 
Net income
$
304,802

 
$
264,122

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Net amortization/accretion of premium/discount on securities
14,365

 
14,366

Depreciation, amortization and accretion expense (income)
4,365

 
(20,959
)
Provision for loan losses
22,639

 
25,058

Gain on mortgage loans sold, net
(18,291
)
 
(11,423
)
Investment losses (gains) on sales, net
6,009

 
(41
)
Stock-based compensation expense
15,091

 
13,254

Deferred tax expense
5,355

 
17,339

Losses (gains) on dispositions of other real estate and other investments
2,612

 
(259
)
Income from equity method investment
(77,799
)
 
(33,286
)
   Dividends received from equity method investment
49,940

 
33,651

Excess tax benefit from stock compensation
(832
)
 
(2,953
)
Gain on commercial loans sold, net
(2,841
)
 
(1,985
)
Commercial loans held for sale:
 

 
 

Loans originated
(315,454
)
 
(226,551
)
Loans sold
312,936

 
242,590

Consumer loans held for sale:
 

 
 

Loans originated
(1,001,377
)
 
(941,991
)
Loans sold
980,822

 
964,747

Increase in other assets
(79,462
)
 
(31,805
)
Increase in other liabilities
91,624

 
14,626

Net cash provided by operating activities
314,504

 
318,500

Investing activities:
 

 
 

Activities in securities available-for-sale:
 

 
 

Purchases
(1,039,225
)
 
(1,023,876
)
Sales
626,097

 
22,702

Maturities, prepayments and calls
253,350

 
243,678

Activities in securities held-to-maturity:
 

 
 

Purchases
(3,822
)
 

Maturities, prepayments and calls
7,800

 
5,280

Increase in loans, net
(1,488,436
)
 
(1,757,157
)
Purchases of software, premises and equipment
(34,190
)
 
(18,478
)
Proceeds from sales of software, premises and equipment
66

 
458