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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 June 30, 2022
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.
pnfp-20220630_g1.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 900Nashville,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 ClassTrading SymbolName of Exchange on which Registered
Common Stock, par value $1.00PNFPThe Nasdaq Stock Market LLC
Depositary Shares (each representing 1/40th interest in a share of 6.75% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series B)PNFPPThe Nasdaq Stock Market LLC

As of July 31, 2022, there were 76,417,037 shares of common stock, $1.00 par value per share, issued and outstanding.


Pinnacle Financial Partners, Inc.
Report on Form 10-Q
June 30, 2022

2

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 and its subsidiaries or Bankers Healthcare Group, LLC (BHG), including as a result of the negative impact of inflationary pressures on our and BHG's customers and their businesses resulting in significant increases in loan losses and provisions for those losses and, in the case of BHG, substitutions; (ii) 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 better match deposit rates with the changes in the short-term rate environment, or that affect the yield curve; (iii) adverse conditions in the national or local economies including in Pinnacle Financial's markets throughout Tennessee, North Carolina, South Carolina, Georgia, Alabama and Virginia, particularly in commercial and residential real estate markets; (iv) the inability of Pinnacle Financial, or entities in which it has significant investments, like BHG, to maintain the long-term historical growth rate of its, or such entities', loan portfolio; (v) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits, including during times when Pinnacle Bank is seeking to limit the rates it pays on deposits; (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) 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; (ix) the effects of new outbreaks of COVID-19, including actions taken by governmental officials to curb the spread of the virus, and the resulting impact on general economic and financial market conditions and on Pinnacle Financial's and its customers' business, results of operations, asset quality and financial condition; (x) further public acceptance of the booster shots of the vaccines that were developed against the virus as well as the decisions of governmental agencies with respect to vaccines including recommendations related to booster shots and requirements that seek to mandate that individuals receive or employers require that their employees receive the vaccine; (xi) those vaccines' efficacy against the virus, including new variants; (xii) the results of regulatory examinations; (xiii) Pinnacle Financial's ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions; (xiv) difficulties and delays in integrating acquired businesses or fully realizing costs savings and other benefits from acquisitions; (xv) BHG's ability to profitably grow its business and successfully execute on its business plans; (xvi) risks of expansion into new geographic or product markets; (xvii) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including goodwill or other intangible assets; (xviii) the ineffectiveness of Pinnacle Bank's hedging strategies, or the unexpected counterparty failure or hedge failure of the underlying hedges; (xix) 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; (xx) deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xxi) 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 Bank's level of applicable commercial real estate loans were to exceed percentage levels of total capital in guidelines recommended by its regulators; (xxii) approval of the declaration of any dividend by Pinnacle Financial's board of directors; (xxiii) the vulnerability of Pinnacle Bank's network and online banking portals, and the systems of parties with whom Pinnacle Bank contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xxiv) 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; (xxv) 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 or all or a portion of their ownership interests in BHG (triggering a similar sale by Pinnacle Financial and Pinnacle Bank) if not prohibited from doing so by Pinnacle Financial or Pinnacle Bank; (xxvi) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (xxvii) fluctuations in the valuations of Pinnacle Financial's equity investments and the ultimate success of such investments; (xxviii) the availability of and access to capital; (xxix) 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, including as a result of Pinnacle Bank's participation in and execution of government programs related to the COVID-19 pandemic; and (xxx) 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 for the year ended December 31, 2021 and subsequently filed 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
3

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.
4

Item 1.Part I. Financial Information

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(dollars in thousands, except per share data)June 30, 2022December 31, 2021
ASSETS  
Cash and noninterest-bearing due from banks$265,507 $188,287 
Restricted cash 29,739 82,505 
Interest-bearing due from banks1,336,667 3,830,747 
Federal funds sold and other  
Cash and cash equivalents1,631,913 4,101,539 
Securities purchased with agreement to resell1,328,876 1,000,000 
Securities available-for-sale, at fair value3,809,338 4,914,194 
Securities held-to-maturity (fair value of $2.5 billion and $1.2 billion, net of allowance for credit losses of $1.2 million and $161 at June 30, 2022 and Dec. 31, 2021, respectively)2,744,555 1,155,958 
Consumer loans held-for-sale67,467 45,806 
Commercial loans held-for-sale25,901 17,685 
Loans26,333,096 23,414,262 
Less allowance for credit losses(272,483)(263,233)
Loans, net26,060,613 23,151,029 
Premises and equipment, net302,389 288,182 
Equity method investment403,191 360,833 
Accrued interest receivable116,038 98,813 
Goodwill1,846,466 1,819,811 
Core deposits and other intangible assets37,617 33,819 
Other real estate owned8,237 8,537 
Other assets1,738,691 1,473,193 
Total assets$40,121,292 $38,469,399 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Deposits:  
Noninterest-bearing$11,058,198 $10,461,071 
Interest-bearing6,617,324 6,530,015 
Savings and money market accounts12,492,329 12,179,663 
Time2,427,452 2,133,784 
Total deposits32,595,303 31,304,533 
Securities sold under agreements to repurchase199,585 152,559 
Federal Home Loan Bank advances1,289,059 888,681 
Subordinated debt and other borrowings423,614 423,172 
Accrued interest payable13,551 12,504 
Other liabilities284,941 377,343 
Total liabilities34,806,053 33,158,792 
Shareholders' equity:  
Preferred stock, no par value, 10.0 million shares authorized; 225,000 shares non-cumulative perpetual preferred stock, Series B, liquidation preference $225.0 million, issued and outstanding at June 30, 2022 and Dec. 31, 2021, respectively217,126 217,126 
Common stock, par value $1.00; 180.0 million shares authorized; 76.4 million and 76.1 million shares issued and outstanding at June 30, 2022 and Dec. 31, 2021, respectively76,385 76,143 
Additional paid-in capital3,056,228 3,045,802 
Retained earnings2,096,950 1,864,350 
Accumulated other comprehensive income (loss), net of taxes(131,450)107,186 
Total shareholders' equity5,315,239 5,310,607 
Total liabilities and shareholders' equity$40,121,292 $38,469,399 
See accompanying notes to consolidated financial statements (unaudited).
5

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(dollars in thousands, except per share data)Three months ended
June 30,
Six months ended
June 30,
 2022202120222021
Interest income:  
Loans, including fees$252,182 $232,788 $479,229 $460,160 
Securities:  
Taxable12,725 8,359 23,773 16,087 
Tax-exempt19,898 16,546 37,344 32,044 
Federal funds sold and other7,571 1,543 10,647 2,862 
Total interest income292,376 259,236 550,993 511,153 
Interest expense:  
Deposits18,181 13,861 28,431 31,329 
Securities sold under agreements to repurchase82 56 138 128 
Federal Home Loan Bank advances and other borrowings9,539 12,094 18,375 23,601 
Total interest expense27,802 26,011 46,944 55,058 
Net interest income264,574 233,225 504,049 456,095 
Provision for credit losses12,907 2,834 15,627 10,069 
Net interest income after provision for credit losses251,667 230,391 488,422 446,026 
Noninterest income:  
Service charges on deposit accounts11,616 8,906 22,646 17,213 
Investment services13,205 8,997 23,896 17,188 
Insurance sales commissions2,554 2,406 6,590 5,631 
Gain on mortgage loans sold, net2,150 6,700 6,216 20,366 
Investment gains (losses) on sales, net 366 (61)366 
Trust fees6,065 5,062 12,038 9,749 
Income from equity method investment49,465 32,071 83,120 61,021 
Other noninterest income40,447 33,699 74,553 59,382 
Total noninterest income125,502 98,207 228,998 190,916 
Noninterest expense:  
Salaries and employee benefits126,611 110,824 248,463 213,552 
Equipment and occupancy26,921 23,321 52,457 46,541 
Other real estate (income) expense, net86 (657)191 (670)
Marketing and other business development4,759 2,652 8,536 5,001 
Postage and supplies2,320 2,115 4,691 3,921 
Amortization of intangibles2,051 2,167 3,922 4,373 
Other noninterest expense33,290 25,718 60,439 48,118 
Total noninterest expense196,038 166,140 378,699 320,836 
Income before income taxes181,131 162,458 338,721 316,106 
Income tax expense36,004 30,668 64,484 58,888 
Net income145,127 131,790 274,237 257,218 
Preferred stock dividends(3,798)(3,798)(7,596)(7,596)
Net income available to common shareholders$141,329 $127,992 $266,641 $249,622 
Per share information:  
Basic net income per common share$1.87 $1.70 $3.52 $3.31 
Diluted net income per common share$1.86 $1.69 $3.51 $3.30 
Weighted average common shares outstanding:  
Basic75,751,296 75,481,198 75,703,407 75,427,340 
Diluted75,940,500 75,809,974 75,934,025 75,735,763 

See accompanying notes to consolidated financial statements (unaudited).
6

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

(dollars in thousands)Three months ended
June 30,
Six months ended
June 30,
 2022202120222021
Net income$145,127 $131,790 $274,237 $257,218 
Other comprehensive income (loss), net of tax:  
Change in fair value on available-for-sale securities, net of tax(96,191)28,242 (231,086)(5,130)
Change in fair value of cash flow hedges, net of tax (631) (18,373)
Accretion of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax(1,595)(2,098)(2,575)(3,789)
Net gain on cash flow hedges reclassified from other comprehensive income into net income, net of tax(2,511)(2,692)(5,020)(2,188)
Net loss (gain) on sale of investment securities reclassified from other comprehensive income into net income, net of tax (270)45 (270)
Total other comprehensive income (loss), net of tax(100,297)22,551 (238,636)(29,750)
Total comprehensive income$44,830 $154,341 $35,601 $227,468 

See accompanying notes to consolidated financial statements (unaudited).
7

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)

(dollars and shares in thousands)Preferred
Stock
 Amount
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comp. Income (Loss), netTotal Shareholders' Equity
 SharesAmounts
Balance at December 31, 2020$217,126 75,850 $75,850 $3,028,063 $1,407,723 $175,849 $4,904,611 
Exercise of employee common stock options & related tax benefits— 13 13 291 — — 304 
Preferred dividends paid ($16.88 per share)— — — — (3,798)— (3,798)
Common dividends paid ($0.18 per share)— — — — (13,902)— (13,902)
Issuance of restricted common shares, net of forfeitures— 172 172 (172)— —  
Restricted shares withheld for taxes & related tax benefits— (34)(34)(2,422)— — (2,456)
Issuance of common stock pursuant to restricted stock unit (RSU) and performance stock unit (PSU) agreements, net of shares withheld for taxes & related tax benefits— 86 86 (3,848)— (3,762)
Compensation expense for restricted shares & performance stock units— — — 5,399 — — 5,399 
Net income— — — — 125,428 — 125,428 
Other comprehensive loss— — — — — (52,301)(52,301)
Balance at March 31, 2021$217,126 76,087 $76,087 $3,027,311 $1,515,451 $123,548 $4,959,523 
Exercise of employee common stock options & related tax benefits— 5 5 95 — — 100 
Preferred dividends paid ($16.88 per share)— — — — (3,798)— (3,798)
Common dividends paid ($0.18 per share)— — — — (13,863)— (13,863)
Issuance of restricted common shares, net of forfeitures— (3)— — — 
Restricted shares withheld for taxes & related tax benefits— (8)(8)(731)— — (739)
Issuance of common stock pursuant to restricted stock unit agreement, net of shares withheld for taxes & related tax benefits— 1 1 (3)— — (2)
Compensation expense for restricted shares & performance stock units— — — 5,669 — — 5,669 
Net income— — — — 131,790 — 131,790 
Other comprehensive income— — — — — 22,551 22,551 
Balance at June 30, 2021217,126 76,088 76,088 3,032,338 1,629,580 146,099 5,101,231 

8

 Preferred Stock
 Amount
Common Stock Accumulated Other Comp. Income (Loss), netTotal Shareholders' Equity
 SharesAmountsAdditional Paid-in CapitalRetained Earnings
Balance at December 31, 2021$217,126 76,143 $76,143 $3,045,802 $1,864,350 $107,186 $5,310,607 
Exercise of employee common stock options & related tax benefits— 6 6 124 — — 130 
Preferred dividends paid ($16.88 per share) — — — — (3,798)— (3,798)
Common dividends paid ($0.22 per share)— — — — (16,976)— (16,976)
Issuance of restricted common shares, net of forfeitures— 158 158 (158)— —  
Restricted shares withheld for taxes & related tax benefits— (35)(35)(3,736)— — (3,771)
Issuance of common stock pursuant to RSU and PSU agreements, net of shares withheld for taxes & related tax benefits— 105 105 (5,566)— — (5,461)
Compensation expense for restricted shares & performance stock units— — — 9,448 — — 9,448 
Net income— — — — 129,110 — 129,110 
Other comprehensive loss— — — — — (138,339)(138,339)
Balance at March 31, 2022$217,126 76,377 $76,377 $3,045,914 $1,972,686 $(31,153)$5,280,950 
Exercise of employee common stock options & related tax benefits— 8 8 185 — — 193 
Preferred dividends paid ($16.88 per share)— — — — (3,798)— (3,798)
Common dividends paid ($0.22 per share)— — — — (17,065)— (17,065)
Issuance of restricted common shares, net of forfeitures— 8 8 (8)— —  
Restricted shares withheld for taxes & related tax benefits— (8)(8)(623)— — (631)
Compensation expense for restricted shares & performance stock units— — — 10,760 — — 10,760 
Net income— — — — 145,127 — 145,127 
Other comprehensive loss— — (100,297)(100,297)
Balance at June 30, 2022$217,126 76,385 $76,385 $3,056,228 $2,096,950 $(131,450)$5,315,239 
See accompanying notes to consolidated financial statements (unaudited).
9

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(dollars in thousands)Six months ended
June 30,
 20222021
Operating activities:  
Net income$274,237 $257,218 
Adjustments to reconcile net income to net cash provided by operating activities:  
Net amortization/accretion of premium/discount on securities34,643 25,413 
Depreciation, amortization and accretion29,328 27,057 
Provision for credit losses15,627 10,069 
Gain on mortgage loans sold, net(6,216)(20,366)
Investment losses (gains) on sales, net61 (366)
Gain on other equity investments, net(8,379)(10,397)
Stock-based compensation expense20,208 11,068 
Deferred tax expense2,807 4,427 
Gains on dispositions of other real estate and other investments(20)(806)
Gain on remeasurement of previously held noncontrolling interest(5,500) 
Income from equity method investment(83,120)(61,021)
  Dividends received from equity method investment40,762 49,409 
Excess tax benefit from stock compensation(2,921)(1,867)
Gain on commercial loans sold, net(1,679)(2,356)
Commercial loans held for sale originated(274,755)(288,031)
Commercial loans held for sale sold268,218 295,743 
Consumer loans held for sale originated(844,206)(1,117,635)
Consumer loans held for sale sold828,761 1,168,854 
Decrease in other assets10,524 24,016 
Decrease in other liabilities(98,201)(83,266)
Net cash provided by operating activities200,179 287,163 
Investing activities:  
Activities in securities available-for-sale:  
Purchases(597,249)(1,075,927)
Sales2,866 2,240