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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 March 31, 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-20220331_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 April 30, 2022 there were 76,385,427 shares of common stock, $1.00 par value per share, issued and outstanding.


Pinnacle Financial Partners, Inc.
Report on Form 10-Q
March 31, 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) 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) 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; (iv) further public acceptance 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 (including those of state, federal and local governments that may conflict with one another) that seek to mandate or in some cases prohibit mandates that individuals receive or employers require that their employees receive the vaccine; (v) those vaccines' efficacy against the virus, including new variants; (vi) 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; (vii) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (viii) effectiveness of Pinnacle Financial's asset management activities in improving, resolving or liquidating lower-quality assets; (ix) 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; (x) 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, including the negative impact of inflationary pressures on our customers and their businesses; (xi) the results of regulatory examinations; (xii) Pinnacle Financial's ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions; (xiii) difficulties and delays in integrating acquired businesses or fully realizing costs savings and other benefits from acquisitions; (xiv) BHG's ability to profitably grow its business and successfully execute on its business plans; (xv) risks of expansion into new geographic or product markets; (xvi) 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; (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) the possibility of increased personal or corporate tax rates and the resulting reduction in our and our customers' businesses as a result of any such increases; (xxvii) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (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; 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 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

Item 1.Part I. Financial Information

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(dollars in thousands, except per share data)March 31, 2022December 31, 2021
ASSETS  
Cash and noninterest-bearing due from banks$187,093 $188,287 
Restricted cash 29,680 82,505 
Interest-bearing due from banks3,103,008 3,830,747 
Federal funds sold and other  
Cash and cash equivalents3,319,781 4,101,539 
Securities purchased with agreement to resell1,332,753 1,000,000 
Securities available-for-sale, at fair value3,569,723 4,914,194 
Securities held-to-maturity (fair value of $2.4 billion and $1.2 billion, net of allowance for credit losses of $1.1 million and $161 at March 31, 2022 and Dec. 31, 2021, respectively)2,566,386 1,155,958 
Consumer loans held-for-sale67,224 45,806 
Commercial loans held-for-sale35,383 17,685 
Loans24,499,022 23,414,262 
Less allowance for credit losses(261,618)(263,233)
Loans, net24,237,404 23,151,029 
Premises and equipment, net296,779 288,182 
Equity method investment382,256 360,833 
Accrued interest receivable95,147 98,813 
Goodwill1,850,951 1,819,811 
Core deposits and other intangible assets31,997 33,819 
Other real estate owned8,237 8,537 
Other assets1,606,357 1,473,193 
Total assets$39,400,378 $38,469,399 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Deposits:  
Noninterest-bearing$10,986,194 $10,461,071 
Interest-bearing6,838,659 6,530,015 
Savings and money market accounts12,416,101 12,179,663 
Time2,054,860 2,133,784 
Total deposits32,295,814 31,304,533 
Securities sold under agreements to repurchase219,530 152,559 
Federal Home Loan Bank advances888,870 888,681 
Subordinated debt and other borrowings423,319 423,172 
Accrued interest payable8,575 12,504 
Other liabilities283,320 377,343 
Total liabilities34,119,428 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 March 31, 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 March 31, 2022 and Dec. 31, 2021, respectively76,377 76,143 
Additional paid-in capital3,045,914 3,045,802 
Retained earnings1,972,686 1,864,350 
Accumulated other comprehensive income (loss), net of taxes(31,153)107,186 
Total shareholders' equity5,280,950 5,310,607 
Total liabilities and shareholders' equity$39,400,378 $38,469,399 
See accompanying notes to consolidated financial statements (unaudited).
4

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(dollars in thousands, except per share data)Three months ended
March 31,
 20222021
Interest income:
Loans, including fees$227,047 $227,372 
Securities:
Taxable11,048 7,728 
Tax-exempt17,446 15,498 
Federal funds sold and other3,076 1,319 
Total interest income258,617 251,917 
Interest expense:
Deposits10,250 17,468 
Securities sold under agreements to repurchase56 72 
Federal Home Loan Bank advances and other borrowings8,836 11,507 
Total interest expense19,142 29,047 
Net interest income239,475 222,870 
Provision for credit losses2,720 7,235 
Net interest income after provision for credit losses236,755 215,635 
Noninterest income:
Service charges on deposit accounts11,030 8,307 
Investment services10,691 8,191 
Insurance sales commissions4,036 3,225 
Gain on mortgage loans sold, net4,066 13,666 
Investment losses on sales, net(61) 
Trust fees5,973 4,687 
Income from equity method investment33,655 28,950 
Other noninterest income34,106 25,683 
Total noninterest income103,496 92,709 
Noninterest expense:
Salaries and employee benefits121,852 102,728 
Equipment and occupancy25,536 23,220 
Other real estate (income) expense, net105 (13)
Marketing and other business development3,777 2,349 
Postage and supplies2,371 1,806 
Amortization of intangibles1,871 2,206 
Other noninterest expense27,149 22,400 
Total noninterest expense182,661 154,696 
Income before income taxes157,590 153,648 
Income tax expense28,480 28,220 
Net income129,110 125,428 
Preferred stock dividends(3,798)(3,798)
Net income available to common shareholders$125,312 $121,630 
Per share information:
Basic net income per common share$1.66 $1.61 
Diluted net income per common share$1.65 $1.61 
Weighted average common shares outstanding:
Basic75,654,986 75,372,883 
Diluted75,930,372 75,657,149 

See accompanying notes to consolidated financial statements (unaudited).
5

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

(dollars in thousands)Three months ended
March 31,
 20222021
Net income$129,110 $125,428 
Other comprehensive income (loss), net of tax:
Change in fair value on available-for-sale securities, net of tax(134,895)(33,372)
Change in fair value of cash flow hedges, net of tax (17,742)
Accretion of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax(980)(1,691)
Net (gain) loss on cash flow hedges reclassified from other comprehensive income into net income, net of tax(2,509)504 
Net loss on sale of investment securities reclassified from other comprehensive income into net income, net of tax45  
Total other comprehensive loss, net of tax(138,339)(52,301)
Total comprehensive income (loss)$(9,229)$73,127 

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

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— 87 87 (3,848)— (3,761)
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 76,088 $76,088 $3,027,311 $1,515,451 $123,548 $4,959,524 

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

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(dollars in thousands)Three months ended
March 31,
 20222021
Operating activities:  
Net income$129,110 $125,428 
Adjustments to reconcile net income to net cash provided by operating activities:  
Net amortization/accretion of premium/discount on securities16,048 12,195 
Depreciation, amortization and accretion14,367 14,049 
Provision for credit losses2,720 7,235 
Gain on mortgage loans sold, net(4,066)(13,666)
Investment losses on sales, net61  
Gain on other equity investments, net(1,710)(3,440)
Stock-based compensation expense9,448 5,399 
Deferred tax expense15,680 7,537 
Gains on dispositions of other real estate and other investments(20)(132)
Gain on remeasurement of previously held noncontrolling interest(5,500) 
Income from equity method investment(33,655)(28,950)
  Dividends received from equity method investment12,232 9,993 
Excess tax benefit from stock compensation(2,639)(1,565)
Gain on commercial loans sold, net(488)(1,184)
Commercial loans held for sale originated(111,411)(115,154)
Commercial loans held for sale sold94,201 134,997 
Consumer loans held for sale originated(417,668)(640,024)
Consumer loans held for sale sold400,316 655,743 
Decrease in other assets33,554 70,174 
Decrease in other liabilities(98,465)(118,902)
Net cash provided by operating activities52,115 119,733 
Investing activities:  
Activities in securities available-for-sale:  
Purchases(45,579)(302,867)
Sales2,866  
Maturities, prepayments and calls93,330 126,841 
Activities in securities held-to-maturity:  
Purchases(374,043) 
Maturities, prepayments and calls15,391 9,653 
Increase in securities purchased under agreements to resell(332,753)(450,000)
Increase in loans, net(1,062,733)(672,239)
Purchases of software, premises and equipment(10,072)(5,704)
Proceeds from sales of software, premises and equipment172  
Proceeds from sale of other real estate319 1,980 
Purchase of bank owned life insurance policies(75,000) 
Proceeds from sale of FHLB stock 7,883 
Acquisition, net of cash acquired(30,415) 
Increase in other investments(18,777)(17,016)
Net cash used in investing activities(1,837,294)(1,301,469)
Financing activities:  
Net increase in deposits995,940 587,418 
Net increase in securities sold under agreements to repurchase66,971 43,954 
Federal Home Loan Bank: Repayments/maturities (200,000)
Repayments of other borrowings(29,547) 
Principal payments of finance lease obligation(67)(64)
Issuance of common stock pursuant to RSU and PSU agreements, net of shares withheld for taxes(5,461)(3,761)
Exercise of common stock options, net of shares surrendered for taxes(3,641)(2,152)
Common stock dividends paid(16,976)(13,902)
Preferred stock dividends paid(3,798)(3,798)
Net cash provided by financing activities1,003,421 407,695 
Net decrease in cash, cash equivalents, and restricted cash(781,758)(774,041)
Cash, cash equivalents, and restricted cash, beginning of period4,101,539 3,961,449 
Cash, cash equivalents, and restricted cash, end of period$3,319,781 $3,187,408 
See accompanying notes to consolidated financial statements (unaudited).
8

PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1. Summary of Significant Accounting Policies

Nature of Business — Pinnacle Financial Partners, Inc. (Pinnacle Financial) is a financial holding company whose primary business is conducted by its wholly-owned subsidiary, Pinnacle Bank. Pinnacle Bank is a commercial bank headquartered in Nashville, Tennessee. Pinnacle Financial completed its acquisitions of CapitalMark Bank & Trust (CapitalMark), Magna Bank (Magna), Avenue Financial Holdings, Inc. (Avenue), BNC Bancorp (BNC) and Advocate Capital, Inc. (Advocate Capital) on July 31, 2015, September 1, 2015, July 1, 2016, June 16, 2017 and July 2, 2019, respectively. Pinnacle Financial and Pinnacle Bank also collectively hold a 49% interest in Bankers Healthcare Group, LLC (BHG), a company that primarily serves as a full-service commercial loan provider to healthcare and other professional practices but also makes consumer loans for various purposes. Pinnacle Bank provides a full range of banking services, including investment, mortgage, insurance, and comprehensive wealth management services, in its 15 primarily urban markets across the Southeast.

On March 1, 2022, Pinnacle Bank acquired the remaining 80% of the outstanding membership interests of JB&B Capital, LLC (JB&B) for a cash price of $32.0 million. JB&B is a commercial equipment leasing business headquartered in Knoxville, TN. Pinnacle Bank had previously acquired 20% of JB&B in 2017. Pinnacle Financial accounted for the acquisition of JB&B under the acquisition method in accordance with ASC Topic 805. Accordingly, the purchase price is allocated to the fair value of the assets acquired and liabilities assumed as of the date of the acquisition. Determining the fair value of assets and liabilities, particularly illiquid assets and liabilities, is a complicated process involving significant judgment regarding estimates and assumptions used to calculate estimated fair value. Fair value adjustments based on updated estimates could materially affect the goodwill recorded on the JB&B acquisition. At the acquisition date, JB&B's net assets were initially recorded at a fair value of $8.3 million, consisting mainly of leases receivable. JB&B's $29.5 million of indebtedness was also paid off in connection with consummation of the acquisition. The preexisting noncontrolling interest of JB&B held by Pinnacle Bank was remeasured at a fair value of $8.0 million on the acquisition date resulting in a gain on remeasurement of $5.5 million that was recorded in other noninterest income during the three months ended March 31, 2022. The purchase price allocations for the acquisition of JB&B are preliminary and will be finalized upon the receipt of final valuations on certain assets and liabilities.

Basis of Presentation — The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (U.S. GAAP). All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in Pinnacle Financial's Annual Report on Form 10-K for the year ended December 31, 2021 (2021 10-K).

These consolidated financial statements include the accounts of Pinnacle Financial and its wholly-owned subsidiaries. Certain statutory trust affiliates of Pinnacle Financial, as noted in Note 11. Other Borrowings are included in these consolidated financial statements pursuant to the equity method of accounting. Significant intercompany transactions and accounts are eliminated in consolidation.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the allowance for credit losses and determination of any impairment of goodwill or intangible assets. There have been no significant changes to Pinnacle Financial's significant accounting policies as disclosed in the 2021 10-K.

9

Cash Flow Information — Supplemental cash flow information addressing certain cash and noncash transactions for the three months ended March 31, 2022 and 2021 was as follows (in thousands):
 For the three months ended
March 31,
 20222021
Cash Transactions:  
Interest paid$22,772 $38,362 
Income taxes paid, net625 433 
Operating lease payments3,819 3,516
Noncash Transactions:  
Loans charged-off to the allowance for credit losses6,512 14,274 
Loans foreclosed upon and transferred to other real estate owned 139 
Available-for-sale securities transferred to held-to-maturity portfolio1,059,737  
Right-of-use asset recognized during the period in exchange for lease obligations1,528 531 

Income Per Common Share — Basic net income per common share (EPS) is computed by dividing net income available to common shareholders by the weighted average common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The difference between basic and diluted weighted average common shares outstanding is attributable to common stock options, restricted share awards, and restricted share unit awards, including those with performance-based vesting provisions. The dilutive effect of outstanding options, restricted share awards, and restricted share unit awards is reflected in diluted EPS by application of the treasury stock method.

The following is a summary of the basic and diluted net income per common share calculations for the three months ended March 31, 2022 and 2021 (in thousands, except per share data):
 Three months ended
March 31,
 20222021
Basic net income per common share calculation:
Numerator - Net income available to common shareholders
$125,312 $121,630 
Denominator - Weighted average common shares outstanding
75,655 75,373 
Basic net income per common share$1.66 $1.61 
Diluted net income per common share calculation:
Numerator - Net income available to common shareholders
$125,312 $121,630 
Denominator - Weighted average common shares outstanding
75,655 75,373 
Dilutive common shares contingently issuable275 284 
Weighted average diluted common shares outstanding75,930 75,657 
Diluted net income per common share$1.65 $1.61 

Recently Adopted Accounting Pronouncements  In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and has issued subsequent amendments thereto, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. Pinnacle Financial is implementing a transition plan to identify and modify its loans and other financial instruments, including certain indebtedness, with attributes that are either directly or indirectly influenced by LIBOR. Pinnacle Financial intends to discontinue originating LIBOR-based loans during 2022 and have begun negotiating loans primarily using our preferred replacement index, the Secured Overnight Financing Rate ("SOFR"). For the Company's currently outstanding LIBOR-based loans, the timing and manner in which each customer's contract transitions to SOFR will vary on a case-by-case basis. Pinnacle Financial expects to complete all loan transitions by June 30, 2023.


10

Newly Issued Not Yet Effective Accounting Standards — In March 2022, the FASB issued Accounting Standards Update 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method, which allows multiple hedged layers to be designated for a single closed portfolio of financial assets resulting in a greater portion of the interest rate risk in the closed portfolio being eligible to be hedged. The amendments allow the flexibility to use different types of derivatives or combinations of derivatives to better align with risk management strategies. Furthermore, among other things, the amendments clarify that basis adjustments of hedged items in the closed portfolio should be allocated at the portfolio level and not the individual assets within the portfolio. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted, including early adoption in an interim period. An entity should apply ASU 2022-01 prospectively. If an entity elects to early adopt ASU 2022-01 in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. Pinnacle Financial is assessing ASU 2022-01 and its impact on its accounting and disclosures.

In March 2022, the FASB issued Accounting Standards Update 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which removes the accounting guidance for troubled debt restructurings and requires entities to evaluate whether a modification provided to a borrower results in a new loan or continuation of an existing loan. The amendments enhance existing disclosures and require new disclosures for receivables when there has been a modification in contractual cash flows due to a borrower experiencing financial difficulties. Additionally, the amendments require public business entities to disclose gross charge-off information by year of origination in the vintage disclosures. The guidance is effective for entities that have adopted ASU 2016-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted, including early adoption in an interim period. An entity should apply ASU 2022-02 prospectively. If an entity elects to early adopt ASU 2022-02 in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. Pinnacle Financial is assessing ASU 2022-02 and its impact on its accounting and disclosures.

Other than those pronouncements discussed above and those which have been recently adopted, Pinnacle Financial does not believe there were any other recently issued accounting pronouncements that may materially impact its consolidated financial statements.

Subsequent Events — ASC Topic 855, Subsequent Events, establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. Pinnacle Financial evaluated all events or transactions that occurred after March 31, 2022 through the date of the issued financial statements. In April 2022, Pinnacle Financial
terminated certain fair value hedging relationships related to available-for-sale securities and entered into certain new fair value hedging relationships as more fully disclosed in Note 8. Derivative Instruments. Other than these hedging transactions, no other subsequent events were noted.

Note 2. Equity method investment

A summary of BHG's financial position as of March 31, 2022 and December 31, 2021 and results of operations as of and for the three months ended March 31, 2022 and 2021, were as follows (in thousands):
 As of
 March 31, 2022December 31, 2021
Assets$3,106,382 $2,724,542 
Liabilities2,706,875 2,355,256 
Equity interests399,507 369,286 
Total liabilities and equity$3,106,382 $2,724,542 
 For the three months ended
March 31,
 20222021
Revenues$238,612 $157,623 
Net income$69,826 $58,562 

At March 31, 2022, technology, trade name and customer relationship intangibles, net of related amortization, totaled $6.7 million compared to $6.8 million as of December 31, 2021. Amortization expense of $128,000 was included for the three months ended March 31, 2022 compared to $188,000 for the same period in the prior year. Accretion income of $243,000 was included in the three months ended March 31, 2022 compared to $452,000 for the same period in the prior year.

11



During the three months ended March 31, 2022, Pinnacle Financial and Pinnacle Bank received dividends of $12.2 million from BHG in the aggregate compared to $10.0 million during the three months ended March 31, 2021. Earnings from BHG are included in Pinnacle Financial's consolidated tax return. Profits from intercompany transactions are eliminated. During the three months ended March 31, 2022, Pinnacle Bank purchased no loans from BHG. Pinnacle Bank purchased $74.6 million of loans from BHG during the three months ended March 31, 2021. These loans were purchased at par pursuant to BHG's joint venture loan program whereby BHG and Pinnacle Bank share proportionately in the credit risk of the acquired loans based on the rate on the loan and the rate of the purchase. The yield on this portfolio to Pinnacle Bank is anticipated to be approximately 4.75% per annum. At March 31, 2022 and December 31, 2021, there were $297.6 million and $319.1 million, respectively, of BHG joint venture program loans held by Pinnacle Bank.

Note 3.  Securities

The amortized cost and fair value of securities available-for-sale and held-to-maturity at March 31, 2022 and December 31, 2021 are summarized as follows (in thousands):
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
March 31, 2022:    
Securities available-for-sale:    
U.S. Treasury securities$81,314 $ $150 $81,164 
U.S. Government agency securities444,161 2,018 16,231 429,948 
Mortgage-backed securities1,611,929 2,574 83,939 1,530,564 
State and municipal securities1,257,130 16,644 26,609 1,247,165 
Asset-backed securities176,367  9,988 166,379 
Corporate notes and other117,294 1,239 4,030 114,503 
 $3,688,195 $22,475 $140,947 $3,569,723 
Securities held-to-maturity:    
U.S. Treasury securities$93,039 $ $3,778 $89,261 
U.S. Government agency securities213,854  10,753 203,101 
Mortgage-backed securities374,692 121 20,933 353,880 
State and municipal securities1,726,629 5,682 97,222 1,635,089 
Asset-backed securities150,076