Company Quick10K Filing
Quick10K
Pinnacle Financial Partners
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$52.21 77 $4,018
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-09-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-07-16 Earnings, Exhibits
8-K 2019-04-24 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-04-16 Officers, Shareholder Vote
8-K 2019-04-15 Earnings, Exhibits
8-K 2019-01-15 Officers, Exhibits
8-K 2019-01-14 Earnings, Exhibits
8-K 2018-11-13 Other Events, Exhibits
8-K 2018-10-16 Earnings, Exhibits
8-K 2018-07-17 Earnings, Exhibits
8-K 2018-04-26 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-04-18 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-04-17 Earnings, Exhibits
8-K 2018-02-20 Officers, Exhibits
8-K 2018-01-16 Earnings, Exhibits
TCBI Texas Capital Bancshares 2,691
TBK Triumph Bancorp 764
MSBI Midland States Bancorp 619
OSBC Old Second Bancorp 358
BFST Business First Bancshares 328
MFNC Mackinac Financial 150
HFBC Hopfed Bancorp 130
WCFB WCF Bancorp 22
GLG China Commercial Credit 3
OZK Bank of The Ozarks 0
PNFP 2019-06-30
Item 1. Part I. Financial Information
Note 1. Summary of Significant Accounting Policies
Note 2. Equity Method Investment
Note 3. Securities
Note 4. Loans and Allowance for Loan Losses
Note 5. Income Taxes
Note 6. Commitments and Contingent Liabilities
Note 7. Stock Options and Restricted Shares
Note 8. Derivative Instruments
Note 9. Fair Value of Financial Instruments
Note 10. Regulatory Matters
Note 11. Subordinated Debt and Other Borrowings
Note 12. Leases
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.2 exhibit102-sixthamendm.htm
EX-31.1 ex311063019.htm
EX-31.2 ex312063019.htm
EX-32.1 ex321063019.htm
EX-32.2 ex322063019.htm

Pinnacle Financial Partners Earnings 2019-06-30

PNFP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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 June 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.
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 July 30, 2019 there were 76,949,554 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
June 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 resulting in significant increases in loan losses and provisions for those losses; (ii) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits; (iii) the inability of Pinnacle Financial, or entities in which it has significant investments, like Bankers Healthcare Group, LLC (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) greater than anticipated 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 or that affect the yield curve; (ix) the results of regulatory examinations; (x) a merger or acquisition; (xi) risks of expansion into new geographic or product markets; (xii) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including intangible assets; (xiii) 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; (xiv) the ability of Pinnacle Financial to implement its branch consolidation strategy on the timeliness, and at the costs, presently contemplated; (xv) 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, 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; (xvii) approval of the declaration of any dividend by Pinnacle Financial's board of directors; (xviii) 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; (xix) 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;  (xx) 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; (xxi) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (xxii) risks associated with the possible shutdown of the United States federal government, including the 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; (xxiii) the availability of and access to capital; (xxiv) 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 (xxv) 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)
 
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Cash and noninterest-bearing due from banks
$
153,071

 
$
137,433

Restricted cash
121,440

 
65,491

Interest-bearing due from banks
332,862

 
516,920

Federal funds sold and other
20,214

 
1,848

Cash and cash equivalents
627,587

 
721,692

 
 
 
 
Securities available-for-sale, at fair value
3,256,906

 
3,083,686

Securities held-to-maturity (fair value of $200.6 million and $193.1 million at June 30, 2019 and Dec. 31, 2018, respectively)
190,928

 
194,282

Consumer loans held-for-sale
70,004

 
34,196

Commercial loans held-for-sale
21,295

 
15,954

 
 
 
 
Loans
18,814,318

 
17,707,549

Less allowance for loan losses
(90,253
)
 
(83,575
)
Loans, net
18,724,065

 
17,623,974

 
 
 
 
Premises and equipment, net
274,729

 
265,560

Equity method investment
243,875

 
239,237

Accrued interest receivable
84,582

 
79,657

Goodwill
1,807,121

 
1,807,121

Core deposits and other intangible assets
41,578

 
46,161

Other real estate owned
26,657

 
15,165

Other assets
1,171,028

 
904,359

Total assets
$
26,540,355

 
$
25,031,044

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 

 
 

Deposits:
 

 
 

Noninterest-bearing
$
4,493,419

 
$
4,309,067

Interest-bearing
3,129,941

 
3,464,001

Savings and money market accounts
7,547,166

 
7,607,796

Time
4,278,857

 
3,468,243

Total deposits
19,449,383

 
18,849,107

Securities sold under agreements to repurchase
154,169

 
104,741

Federal Home Loan Bank advances
1,960,062

 
1,443,589

Subordinated debt and other borrowings
464,144

 
485,130

Accrued interest payable
30,376

 
23,586

Other liabilities
305,860

 
158,951

Total liabilities
22,363,994

 
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 June 30, 2019 and Dec. 31, 2018; 76.9 million and 77.5 million shares issued and outstanding at June 30, 2019 and Dec. 31, 2018, respectively
76,929

 
77,484

Additional paid-in capital
3,076,486

 
3,107,431

Retained earnings
1,002,434

 
833,130

Accumulated other comprehensive income (loss), net of taxes
20,512

 
(52,105
)
Total stockholders' equity
4,176,361

 
3,965,940

Total liabilities and stockholders' equity
$
26,540,355

 
$
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
June 30,
 
Six months ended
June 30,
 
2019
 
2018
 
2019
 
2018
Interest income:
 
 
 
 
 
 
 
Loans, including fees
$
237,653

 
$
208,758

 
$
467,032

 
$
399,972

Securities:
 
 
 
 
 

 
 

Taxable
12,243

 
11,748

 
25,783

 
22,970

Tax-exempt
12,556

 
8,350

 
24,228

 
15,635

Federal funds sold and other
3,399

 
2,128

 
6,691

 
3,935

Total interest income
265,851

 
230,984

 
523,734

 
442,512

 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 

 
 

Deposits
58,988

 
32,767

 
113,205

 
56,748

Securities sold under agreements to repurchase
142

 
143

 
287

 
273

Federal Home Loan Bank advances and other borrowings
17,803

 
15,838

 
34,078

 
28,784

Total interest expense
76,933

 
48,748

 
147,570

 
85,805

Net interest income
188,918

 
182,236

 
376,164

 
356,707

Provision for loan losses
7,195

 
9,402

 
14,379

 
16,333

Net interest income after provision for loan losses
181,723

 
172,834

 
361,785

 
340,374

 
 
 
 
 
 
 
 
Noninterest income:
 
 
 
 
 

 
 

Service charges on deposit accounts
8,940

 
8,456

 
17,482

 
16,361

Investment services
5,803

 
5,074

 
11,207

 
10,319

Insurance sales commissions
2,147

 
2,048

 
5,075

 
5,167

Gain on mortgage loans sold, net
6,011

 
3,777

 
10,889

 
7,521

Investment gains and losses on sales, net
(4,466
)
 

 
(6,426
)
 
30

Trust fees
3,461

 
3,564

 
6,756

 
6,681

Income from equity method investment
32,261

 
9,690

 
45,551

 
19,050

Other noninterest income
16,525

 
15,330

 
31,211

 
26,993

Total noninterest income
70,682

 
47,939

 
121,745

 
92,122

 
 
 
 
 
 
 
 
Noninterest expense:
 
 
 
 
 

 
 

Salaries and employee benefits
75,620

 
64,112

 
145,996

 
127,831

Equipment and occupancy
23,844

 
18,208

 
43,175

 
35,951

Other real estate expense, net
2,523

 
819

 
2,769

 
25

Marketing and other business development
3,282

 
2,544

 
6,230

 
4,791

Postage and supplies
2,079

 
2,291

 
3,971

 
4,330

Amortization of intangibles
2,271

 
2,659

 
4,582

 
5,357

Merger-related expense

 
2,906

 

 
8,259

Other noninterest expense
18,067

 
17,369

 
35,014

 
32,944

Total noninterest expense
127,686

 
110,908

 
241,737

 
219,488

Income before income taxes
124,719

 
109,865

 
241,793

 
213,008

Income tax expense
24,398

 
23,000

 
47,512

 
42,633

Net income
$
100,321

 
$
86,865

 
$
194,281

 
$
170,375

Per share information:
 
 
 
 
 

 
 

Basic net income per common share
$
1.31

 
$
1.13

 
$
2.54

 
$
2.21

Diluted net income per common share
$
1.31

 
$
1.12

 
$
2.53

 
$
2.20

Weighted average shares outstanding:
 
 
 
 
 

 
 

Basic
76,343,608

 
77,123,854

 
76,572,120

 
77,101,816

Diluted
76,611,657

 
77,468,082

 
76,866,163

 
77,417,930


See accompanying notes to consolidated financial statements (unaudited).

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Table of Contents

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,
 
2019
 
2018
 
2019
 
2018
Net income
$
100,321

 
$
86,865

 
$
194,281

 
$
170,375

Other comprehensive income (loss), net of tax:
 
 
 
 
 

 
 

Change in fair value on available-for-sale securities, net of tax
25,514

 
(2,785
)
 
61,894

 
(36,268
)
Change in fair value of cash flow hedges, net of tax
6,613

 
950

 
6,090

 
2,670

Amortization of net unrealized losses (gains) on securities transferred from available-for-sale to held-to-maturity, net of tax
41

 
(35
)
 
70

 
(93
)
Gain (loss) on cash flow hedges reclassified from other comprehensive income into net income, net of tax
73

 
(143
)
 
(183
)
 
(284
)
Net loss (gain) on sale of investment securities reclassified from other comprehensive income into net income, net of tax
3,299

 

 
4,746

 
(22
)
Total other comprehensive income (loss), net of tax
35,540

 
(2,013
)
 
72,617

 
(33,997
)
Total comprehensive income
$
135,861

 
$
84,852

 
$
266,898

 
$
136,378


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 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
87

 
87

 
1,529

 

 

 
1,616

Common dividends paid ($0.14 per share)

 

 

 
(10,974
)
 

 
(10,974
)
Issuance of restricted common shares, net of forfeitures
106

 
106

 
(106
)
 

 

 

Restricted shares withheld for taxes and related tax benefit
(80
)
 
(80
)
 
(5,185
)
 

 

 
(5,265
)
Compensation expense for restricted shares

 

 
4,448

 

 

 
4,448

Net income

 

 

 
83,510

 

 
83,510

Other comprehensive loss

 

 

 

 
(31,984
)
 
(31,984
)
Balance at March 31, 2018
77,853

 
$
77,853

 
$
3,115,990

 
$
591,680

 
$
(36,220
)
 
$
3,749,303

Exercise of employee common stock options and related tax benefits
3

 
$
3

 
$
79

 
$

 
$

 
$
82

Common dividends paid ($0.14 per share)

 

 

 
(10,951
)
 

 
(10,951
)
Issuance of restricted common shares, net of forfeitures
13

 
13

 
(13
)
 

 

 

Restricted shares withheld for taxes and related tax benefit
(14
)
 
(14
)
 
(898
)
 

 

 
(912
)
Compensation expense for restricted shares

 

 
4,303

 

 

 
4,303

Net income

 

 

 
86,865

 

 
86,865

Other comprehensive loss

 

 

 

 
(2,013
)
 
(2,013
)
Balance at June 30, 2018
77,855

 
$
77,855

 
$
3,119,461

 
$
667,594

 
$
(38,233
)
 
$
3,826,677

 
 
 
 
 
 
 
 
 
 
 
 
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
5

 
5

 
125

 

 

 
130

Common dividends paid ($0.16 per share)

 

 

 
(12,545
)
 

 
(12,545
)
Repurchase of common stock
(543
)
 
(543
)
 
(29,506
)
 

 

 
(30,049
)
Issuance of restricted common shares, net of forfeitures
180

 
180

 
(180
)
 

 

 

Restricted shares withheld for taxes and related tax benefit
(62
)
 
(62
)
 
(3,425
)
 

 

 
(3,487
)
Compensation expense for restricted shares

 

 
4,913

 

 

 
4,913

Net income

 

 

 
93,960

 

 
93,960

Other comprehensive income

 

 

 

 
37,077

 
37,077

Balance at March 31, 2019
77,064

 
$
77,064

 
$
3,079,358

 
$
914,545

 
$
(15,028
)
 
$
4,055,939

Exercise of employee common stock options and related tax benefits
1

 
1

 
8

 

 

 
9

Common dividends paid ($0.16 per share)

 

 

 
(12,432
)
 

 
(12,432
)
Repurchase of common stock
(132
)