10-Q 1 pnfp-20210930.htm 10-Q pnfp-20210930
0001115055December 312021Q3FALSE76,136,4351,014,4071,066,5311611911,0001,00010,00010,0002252252252251.001.00180,000180,00076,11575,85076,11575,8500.160.160.1616.880.1816.880.1816.880.1816.8850.2nono001.326.149,700,0000Other assetsOther assetsOther liabilities00011150552021-01-012021-09-300001115055us-gaap:CommonClassAMember2021-01-012021-09-300001115055us-gaap:NoncumulativePreferredStockMember2021-01-012021-09-30xbrli:shares00011150552021-10-29iso4217:USD00011150552021-09-3000011150552020-12-31iso4217:USDxbrli:shares00011150552021-07-012021-09-3000011150552020-07-012020-09-3000011150552020-01-012020-09-300001115055us-gaap:DepositAccountMember2021-07-012021-09-300001115055us-gaap:DepositAccountMember2020-07-012020-09-300001115055us-gaap:DepositAccountMember2021-01-012021-09-300001115055us-gaap:DepositAccountMember2020-01-012020-09-300001115055us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-07-012021-09-300001115055us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2020-07-012020-09-300001115055us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-01-012021-09-300001115055us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2020-01-012020-09-300001115055pnfp:InsurancesalescommissionsMember2021-07-012021-09-300001115055pnfp:InsurancesalescommissionsMember2020-07-012020-09-300001115055pnfp:InsurancesalescommissionsMember2021-01-012021-09-300001115055pnfp:InsurancesalescommissionsMember2020-01-012020-09-300001115055us-gaap:MortgageBankingMember2021-07-012021-09-300001115055us-gaap:MortgageBankingMember2020-07-012020-09-300001115055us-gaap:MortgageBankingMember2021-01-012021-09-300001115055us-gaap:MortgageBankingMember2020-01-012020-09-300001115055pnfp:GainonsaleofinvestmentsecuritiesnetMember2021-07-012021-09-300001115055pnfp:GainonsaleofinvestmentsecuritiesnetMember2020-07-012020-09-300001115055pnfp:GainonsaleofinvestmentsecuritiesnetMember2021-01-012021-09-300001115055pnfp:GainonsaleofinvestmentsecuritiesnetMember2020-01-012020-09-300001115055us-gaap:FiduciaryAndTrustMember2021-07-012021-09-300001115055us-gaap:FiduciaryAndTrustMember2020-07-012020-09-300001115055us-gaap:FiduciaryAndTrustMember2021-01-012021-09-300001115055us-gaap:FiduciaryAndTrustMember2020-01-012020-09-300001115055pnfp:IncomefromequitymethodinvestmentMember2021-07-012021-09-300001115055pnfp:IncomefromequitymethodinvestmentMember2020-07-012020-09-300001115055pnfp:IncomefromequitymethodinvestmentMember2021-01-012021-09-300001115055pnfp:IncomefromequitymethodinvestmentMember2020-01-012020-09-300001115055us-gaap:FinancialServiceOtherMember2021-07-012021-09-300001115055us-gaap:FinancialServiceOtherMember2020-07-012020-09-300001115055us-gaap:FinancialServiceOtherMember2021-01-012021-09-300001115055us-gaap:FinancialServiceOtherMember2020-01-012020-09-300001115055us-gaap:CommonStockMember2019-12-310001115055us-gaap:AdditionalPaidInCapitalMember2019-12-310001115055us-gaap:RetainedEarningsMember2019-12-310001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-3100011150552019-12-310001115055us-gaap:CommonStockMember2020-01-012020-03-310001115055us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-3100011150552020-01-012020-03-310001115055us-gaap:RetainedEarningsMember2020-01-012020-03-310001115055us-gaap:RetainedEarningsMemberus-gaap:AccountingStandardsUpdate201613Member2020-01-012020-03-310001115055us-gaap:AccountingStandardsUpdate201613Member2020-01-012020-03-310001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001115055us-gaap:PreferredStockMember2020-03-310001115055us-gaap:CommonStockMember2020-03-310001115055us-gaap:AdditionalPaidInCapitalMember2020-03-310001115055us-gaap:RetainedEarningsMember2020-03-310001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100011150552020-03-310001115055us-gaap:PreferredStockMember2020-04-012020-06-3000011150552020-04-012020-06-300001115055us-gaap:CommonStockMember2020-04-012020-06-300001115055us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001115055us-gaap:RetainedEarningsMember2020-04-012020-06-300001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001115055us-gaap:PreferredStockMember2020-06-300001115055us-gaap:CommonStockMember2020-06-300001115055us-gaap:AdditionalPaidInCapitalMember2020-06-300001115055us-gaap:RetainedEarningsMember2020-06-300001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-3000011150552020-06-300001115055us-gaap:PreferredStockMember2020-07-012020-09-300001115055us-gaap:RetainedEarningsMember2020-07-012020-09-300001115055us-gaap:CommonStockMember2020-07-012020-09-300001115055us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001115055us-gaap:PreferredStockMember2020-09-300001115055us-gaap:CommonStockMember2020-09-300001115055us-gaap:AdditionalPaidInCapitalMember2020-09-300001115055us-gaap:RetainedEarningsMember2020-09-300001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-3000011150552020-09-300001115055us-gaap:PreferredStockMember2020-12-310001115055us-gaap:CommonStockMember2020-12-310001115055us-gaap:AdditionalPaidInCapitalMember2020-12-310001115055us-gaap:RetainedEarningsMember2020-12-310001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001115055us-gaap:CommonStockMember2021-01-012021-03-310001115055us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100011150552021-01-012021-03-310001115055us-gaap:RetainedEarningsMember2021-01-012021-03-310001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001115055us-gaap:PreferredStockMember2021-03-310001115055us-gaap:CommonStockMember2021-03-310001115055us-gaap:AdditionalPaidInCapitalMember2021-03-310001115055us-gaap:RetainedEarningsMember2021-03-310001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100011150552021-03-310001115055us-gaap:CommonStockMember2021-04-012021-06-300001115055us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-3000011150552021-04-012021-06-300001115055us-gaap:RetainedEarningsMember2021-04-012021-06-300001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001115055us-gaap:PreferredStockMember2021-06-300001115055us-gaap:CommonStockMember2021-06-300001115055us-gaap:AdditionalPaidInCapitalMember2021-06-300001115055us-gaap:RetainedEarningsMember2021-06-300001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-3000011150552021-06-300001115055us-gaap:CommonStockMember2021-07-012021-09-300001115055us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001115055us-gaap:RetainedEarningsMember2021-07-012021-09-300001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001115055us-gaap:PreferredStockMember2021-09-300001115055us-gaap:CommonStockMember2021-09-300001115055us-gaap:AdditionalPaidInCapitalMember2021-09-300001115055us-gaap:RetainedEarningsMember2021-09-300001115055us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001115055us-gaap:CommercialLoanMember2021-01-012021-09-300001115055us-gaap:CommercialLoanMember2020-01-012020-09-300001115055us-gaap:ConsumerLoanMember2021-01-012021-09-300001115055us-gaap:ConsumerLoanMember2020-01-012020-09-30xbrli:pure0001115055pnfp:BankersHealthcareGroupLLCMember2021-09-30pnfp:market0001115055pnfp:BankersHealthcareGroupLLCMember2021-09-300001115055pnfp:BankersHealthcareGroupLLCMember2020-12-310001115055pnfp:BankersHealthcareGroupLLCMember2021-07-012021-09-300001115055pnfp:BankersHealthcareGroupLLCMember2020-07-012020-09-300001115055pnfp:BankersHealthcareGroupLLCMember2021-01-012021-09-300001115055pnfp:BankersHealthcareGroupLLCMember2020-01-012020-09-300001115055pnfp:BankersHealthcareGroupLLCMember2020-12-310001115055pnfp:BankersHealthcareGroupLLCMember2021-07-012021-09-300001115055pnfp:BankersHealthcareGroupLLCMember2021-01-012021-09-300001115055pnfp:BankersHealthcareGroupLLCMember2020-07-012020-09-300001115055pnfp:BankersHealthcareGroupLLCMember2020-01-012020-09-300001115055us-gaap:USTreasurySecuritiesMember2021-09-300001115055us-gaap:USTreasurySecuritiesMember2021-01-012021-09-300001115055us-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-09-300001115055us-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-01-012021-09-300001115055us-gaap:MortgageBackedSecuritiesMember2021-09-300001115055us-gaap:MortgageBackedSecuritiesMember2021-01-012021-09-300001115055us-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300001115055us-gaap:USStatesAndPoliticalSubdivisionsMember2021-01-012021-09-300001115055us-gaap:AssetBackedSecuritiesMember2021-09-300001115055us-gaap:AssetBackedSecuritiesMember2021-01-012021-09-300001115055us-gaap:CorporateDebtSecuritiesMember2021-09-300001115055us-gaap:CorporateDebtSecuritiesMember2021-01-012021-09-300001115055us-gaap:USTreasurySecuritiesMember2020-12-310001115055us-gaap:USTreasurySecuritiesMember2020-01-012020-12-310001115055us-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310001115055us-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-01-012020-12-310001115055us-gaap:MortgageBackedSecuritiesMember2020-12-310001115055us-gaap:MortgageBackedSecuritiesMember2020-01-012020-12-310001115055us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310001115055us-gaap:USStatesAndPoliticalSubdivisionsMember2020-01-012020-12-310001115055us-gaap:AssetBackedSecuritiesMember2020-12-310001115055us-gaap:AssetBackedSecuritiesMember2020-01-012020-12-310001115055us-gaap:CorporateDebtSecuritiesMember2020-12-310001115055us-gaap:CorporateDebtSecuritiesMember2020-01-012020-12-3100011150552020-01-012020-12-3100011150552018-07-012018-09-3000011150552018-09-300001115055us-gaap:AssetPledgedAsCollateralMember2021-09-300001115055pnfp:PaycheckProtectionProgramMember2021-09-300001115055pnfp:PaycheckProtectionProgramMember2020-12-310001115055pnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055pnfp:CommercialRealEstateOwnerOccupiedMember2020-12-310001115055pnfp:CommercialRealEstateNonOwnerOccupiedMember2021-09-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMember2020-12-310001115055us-gaap:ResidentialRealEstateMember2021-09-300001115055us-gaap:ResidentialRealEstateMember2020-12-310001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2020-12-310001115055pnfp:CommercialandIndustrialPortfolioSegmentMember2021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMember2020-12-310001115055us-gaap:ConsumerPortfolioSegmentMember2021-09-300001115055us-gaap:ConsumerPortfolioSegmentMember2020-12-310001115055us-gaap:PassMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055us-gaap:SpecialMentionMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055pnfp:SubstandardAccrualMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055pnfp:CommercialRealEstateOwnerOccupiedMemberpnfp:SubstandardNonacrrualMember2021-09-300001115055pnfp:DoubtfulNonaccrualMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055us-gaap:PassMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2021-09-300001115055us-gaap:SpecialMentionMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2021-09-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMemberpnfp:SubstandardAccrualMember2021-09-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMemberpnfp:SubstandardNonacrrualMember2021-09-300001115055pnfp:DoubtfulNonaccrualMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2021-09-300001115055us-gaap:PassMemberus-gaap:ResidentialRealEstateMember2021-09-300001115055us-gaap:SpecialMentionMemberus-gaap:ResidentialRealEstateMember2021-09-300001115055us-gaap:ResidentialRealEstateMemberpnfp:SubstandardAccrualMember2021-09-300001115055us-gaap:ResidentialRealEstateMemberpnfp:SubstandardNonacrrualMember2021-09-300001115055pnfp:DoubtfulNonaccrualMemberus-gaap:ResidentialRealEstateMember2021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberus-gaap:PassMember2021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberpnfp:SubstandardAccrualMember2021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberpnfp:SubstandardNonacrrualMember2021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberpnfp:DoubtfulNonaccrualMember2021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberus-gaap:PassMember2021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberpnfp:SubstandardAccrualMember2021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberpnfp:SubstandardNonacrrualMember2021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberpnfp:DoubtfulNonaccrualMember2021-09-300001115055us-gaap:PassMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001115055us-gaap:SpecialMentionMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001115055us-gaap:ConsumerPortfolioSegmentMemberpnfp:SubstandardAccrualMember2021-09-300001115055us-gaap:ConsumerPortfolioSegmentMemberpnfp:SubstandardNonacrrualMember2021-09-300001115055pnfp:DoubtfulNonaccrualMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001115055us-gaap:PassMember2021-09-300001115055us-gaap:SpecialMentionMember2021-09-300001115055pnfp:SubstandardAccrualMember2021-09-300001115055pnfp:SubstandardNonacrrualMember2021-09-300001115055pnfp:DoubtfulNonaccrualMember2021-09-300001115055us-gaap:FinancingReceivables30To59DaysPastDueMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055us-gaap:FinancingReceivables60To89DaysPastDueMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055us-gaap:FinancialAssetPastDueMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055us-gaap:FinancialAssetNotPastDueMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300001115055us-gaap:FinancingReceivables60To89DaysPastDueMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2021-09-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001115055us-gaap:FinancialAssetPastDueMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2021-09-300001115055us-gaap:FinancialAssetNotPastDueMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2021-09-300001115055us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300001115055us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMember2021-09-300001115055us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001115055us-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialRealEstateMember2021-09-300001115055us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMember2021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300001115055us-gaap:FinancingReceivables60To89DaysPastDueMemberpnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001115055us-gaap:FinancialAssetPastDueMemberpnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2021-09-300001115055us-gaap:FinancialAssetNotPastDueMemberpnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001115055us-gaap:FinancialAssetPastDueMemberpnfp:CommercialandIndustrialPortfolioSegmentMember2021-09-300001115055us-gaap:FinancialAssetNotPastDueMemberpnfp:CommercialandIndustrialPortfolioSegmentMember2021-09-300001115055us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300001115055us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001115055us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001115055us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001115055us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001115055us-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300001115055us-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300001115055us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-09-300001115055us-gaap:FinancialAssetPastDueMember2021-09-300001115055us-gaap:FinancialAssetNotPastDueMember2021-09-300001115055us-gaap:FinancingReceivables30To59DaysPastDueMemberpnfp:CommercialRealEstateOwnerOccupiedMember2020-12-310001115055us-gaap:FinancingReceivables60To89DaysPastDueMemberpnfp:CommercialRealEstateOwnerOccupiedMember2020-12-310001115055us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpnfp:CommercialRealEstateOwnerOccupiedMember2020-12-310001115055us-gaap:FinancialAssetPastDueMemberpnfp:CommercialRealEstateOwnerOccupiedMember2020-12-310001115055us-gaap:FinancialAssetNotPastDueMemberpnfp:CommercialRealEstateOwnerOccupiedMember2020-12-310001115055pnfp:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001115055us-gaap:FinancingReceivables60To89DaysPastDueMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2020-12-310001115055pnfp:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001115055us-gaap:FinancialAssetPastDueMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2020-12-310001115055us-gaap:FinancialAssetNotPastDueMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2020-12-310001115055us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001115055us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMember2020-12-310001115055us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001115055us-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialRealEstateMember2020-12-310001115055us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMember2020-12-310001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001115055us-gaap:FinancingReceivables60To89DaysPastDueMemberpnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2020-12-310001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001115055us-gaap:FinancialAssetPastDueMemberpnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2020-12-310001115055us-gaap:FinancialAssetNotPastDueMemberpnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2020-12-310001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001115055us-gaap:FinancialAssetPastDueMemberpnfp:CommercialandIndustrialPortfolioSegmentMember2020-12-310001115055us-gaap:FinancialAssetNotPastDueMemberpnfp:CommercialandIndustrialPortfolioSegmentMember2020-12-310001115055us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001115055us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001115055us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001115055us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001115055us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001115055us-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001115055us-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001115055us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001115055us-gaap:FinancialAssetPastDueMember2020-12-310001115055us-gaap:FinancialAssetNotPastDueMember2020-12-310001115055pnfp:CommercialRealEstateOwnerOccupiedMember2021-06-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMember2021-06-300001115055us-gaap:ResidentialRealEstateMember2021-06-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2021-06-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMember2021-06-300001115055us-gaap:ConsumerPortfolioSegmentMember2021-06-300001115055us-gaap:UnallocatedFinancingReceivablesMember2021-06-300001115055pnfp:CommercialRealEstateOwnerOccupiedMember2021-07-012021-09-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMember2021-07-012021-09-300001115055us-gaap:ResidentialRealEstateMember2021-07-012021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2021-07-012021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMember2021-07-012021-09-300001115055us-gaap:ConsumerPortfolioSegmentMember2021-07-012021-09-300001115055us-gaap:UnallocatedFinancingReceivablesMember2021-07-012021-09-300001115055us-gaap:UnallocatedFinancingReceivablesMember2021-09-300001115055pnfp:CommercialRealEstateOwnerOccupiedMember2020-06-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMember2020-06-300001115055us-gaap:ResidentialRealEstateMember2020-06-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2020-06-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMember2020-06-300001115055us-gaap:ConsumerPortfolioSegmentMember2020-06-300001115055us-gaap:UnallocatedFinancingReceivablesMember2020-06-300001115055pnfp:CommercialRealEstateOwnerOccupiedMember2020-07-012020-09-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMember2020-07-012020-09-300001115055us-gaap:ResidentialRealEstateMember2020-07-012020-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2020-07-012020-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMember2020-07-012020-09-300001115055us-gaap:ConsumerPortfolioSegmentMember2020-07-012020-09-300001115055us-gaap:UnallocatedFinancingReceivablesMember2020-07-012020-09-300001115055pnfp:CommercialRealEstateOwnerOccupiedMember2020-09-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMember2020-09-300001115055us-gaap:ResidentialRealEstateMember2020-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2020-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMember2020-09-300001115055us-gaap:ConsumerPortfolioSegmentMember2020-09-300001115055us-gaap:UnallocatedFinancingReceivablesMember2020-09-300001115055us-gaap:UnallocatedFinancingReceivablesMember2020-12-310001115055pnfp:CommercialRealEstateOwnerOccupiedMember2021-01-012021-09-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMember2021-01-012021-09-300001115055us-gaap:ResidentialRealEstateMember2021-01-012021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2021-01-012021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMember2021-01-012021-09-300001115055us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-09-300001115055us-gaap:UnallocatedFinancingReceivablesMember2021-01-012021-09-300001115055pnfp:CommercialRealEstateOwnerOccupiedMember2019-12-310001115055pnfp:CommercialRealEstateNonOwnerOccupiedMember2019-12-310001115055us-gaap:ResidentialRealEstateMember2019-12-310001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2019-12-310001115055pnfp:CommercialandIndustrialPortfolioSegmentMember2019-12-310001115055us-gaap:ConsumerPortfolioSegmentMember2019-12-310001115055us-gaap:UnallocatedFinancingReceivablesMember2019-12-310001115055pnfp:CommercialRealEstateOwnerOccupiedMember2020-01-012020-09-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMember2020-01-012020-09-300001115055us-gaap:ResidentialRealEstateMember2020-01-012020-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2020-01-012020-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMember2020-01-012020-09-300001115055us-gaap:ConsumerPortfolioSegmentMember2020-01-012020-09-300001115055us-gaap:UnallocatedFinancingReceivablesMember2020-01-012020-09-300001115055us-gaap:RealEstateMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055pnfp:BusinessAssetsMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055pnfp:OtherMemberpnfp:CommercialRealEstateOwnerOccupiedMember2021-09-300001115055us-gaap:RealEstateMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2021-09-300001115055pnfp:CommercialRealEstateNonOwnerOccupiedMemberpnfp:BusinessAssetsMember2021-09-300001115055pnfp:OtherMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2021-09-300001115055us-gaap:RealEstateMemberus-gaap:ResidentialRealEstateMember2021-09-300001115055us-gaap:ResidentialRealEstateMemberpnfp:BusinessAssetsMember2021-09-300001115055pnfp:OtherMemberus-gaap:ResidentialRealEstateMember2021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberus-gaap:RealEstateMember2021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberpnfp:BusinessAssetsMember2021-09-300001115055pnfp:OtherMemberpnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberus-gaap:RealEstateMember2021-09-300001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberpnfp:BusinessAssetsMember2021-09-300001115055pnfp:OtherMemberpnfp:CommercialandIndustrialPortfolioSegmentMember2021-09-300001115055us-gaap:RealEstateMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001115055us-gaap:ConsumerPortfolioSegmentMemberpnfp:BusinessAssetsMember2021-09-300001115055pnfp:OtherMemberus-gaap:ConsumerPortfolioSegmentMember2021-09-300001115055us-gaap:RealEstateMember2021-09-300001115055pnfp:BusinessAssetsMember2021-09-300001115055pnfp:OtherMember2021-09-300001115055us-gaap:RealEstateMemberpnfp:CommercialRealEstateOwnerOccupiedMember2020-12-310001115055pnfp:BusinessAssetsMemberpnfp:CommercialRealEstateOwnerOccupiedMember2020-12-310001115055pnfp:OtherMemberpnfp:CommercialRealEstateOwnerOccupiedMember2020-12-310001115055us-gaap:RealEstateMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2020-12-310001115055pnfp:CommercialRealEstateNonOwnerOccupiedMemberpnfp:BusinessAssetsMember2020-12-310001115055pnfp:OtherMemberpnfp:CommercialRealEstateNonOwnerOccupiedMember2020-12-310001115055us-gaap:RealEstateMemberus-gaap:ResidentialRealEstateMember2020-12-310001115055us-gaap:ResidentialRealEstateMemberpnfp:BusinessAssetsMember2020-12-310001115055pnfp:OtherMemberus-gaap:ResidentialRealEstateMember2020-12-310001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberus-gaap:RealEstateMember2020-12-310001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMemberpnfp:BusinessAssetsMember2020-12-310001115055pnfp:OtherMemberpnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2020-12-310001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberus-gaap:RealEstateMember2020-12-310001115055pnfp:CommercialandIndustrialPortfolioSegmentMemberpnfp:BusinessAssetsMember2020-12-310001115055pnfp:OtherMemberpnfp:CommercialandIndustrialPortfolioSegmentMember2020-12-310001115055us-gaap:RealEstateMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001115055us-gaap:ConsumerPortfolioSegmentMemberpnfp:BusinessAssetsMember2020-12-310001115055pnfp:OtherMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001115055us-gaap:RealEstateMember2020-12-310001115055pnfp:BusinessAssetsMember2020-12-310001115055pnfp:OtherMember2020-12-310001115055pnfp:LessorsOfNonresidentialBuildingsMember2021-09-300001115055pnfp:LessorsOfNonresidentialBuildingsMember2020-12-310001115055pnfp:LessorsOfResidentialBuildingsMember2021-09-300001115055pnfp:LessorsOfResidentialBuildingsMember2020-12-310001115055naics:ZZ2361172021-09-300001115055naics:ZZ2361172020-12-310001115055sic:Z70112021-09-300001115055sic:Z70112020-12-310001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2021-09-300001115055pnfp:ConstructionandLandDevelopmentPortfolioSegmentMember2020-12-310001115055pnfp:NonowneroccupiedcommercialrealestateandmultifamilyloansMember2021-09-300001115055pnfp:NonowneroccupiedcommercialrealestateandmultifamilyloansMember2020-12-310001115055us-gaap:CommitmentsToExtendCreditMember2021-09-300001115055us-gaap:HomeEquityMember2021-09-300001115055us-gaap:StandbyLettersOfCreditMember2021-01-012021-09-300001115055us-gaap:StandbyLettersOfCreditMember2021-09-300001115055pnfp:A2018EquityIncentivePlanMember2021-09-300001115055pnfp:CapitalMarkPlanMember2015-07-312015-07-310001115055pnfp:CapitalMarkPlanMember2021-09-300001115055us-gaap:EmployeeStockOptionMember2020-12-310001115055us-gaap:EmployeeStockOptionMember2020-01-012020-12-310001115055us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001115055us-gaap:EmployeeStockOptionMember2021-09-300001115055us-gaap:RestrictedStockMember2020-12-310001115055us-gaap:RestrictedStockMember2021-01-012021-09-300001115055us-gaap:RestrictedStockMember2021-09-300001115055pnfp:AssociatesMembersrt:MinimumMemberpnfp:TimeBasedAwardsMember2021-01-012021-09-300001115055pnfp:AssociatesMembersrt:MaximumMemberpnfp:TimeBasedAwardsMember2021-01-012021-09-300001115055pnfp:AssociatesMemberpnfp:TimeBasedAwardsMember2021-01-012021-09-300001115055pnfp:AssociatesMemberpnfp:TimeBasedAwardsMember2021-09-300001115055pnfp:OutsideDirectorAwardsMembersrt:DirectorMember2021-01-012021-09-300001115055pnfp:OutsideDirectorAwardsMembersrt:DirectorMember2021-09-300001115055pnfp:SeniorExecutiveOfficersMemberpnfp:TimeBasedAwardsMember2021-01-012021-09-300001115055pnfp:SeniorExecutiveOfficersMemberpnfp:TimeBasedAwardsMember2021-09-300001115055srt:MinimumMemberpnfp:SeniorExecutiveOfficersMemberpnfp:A2021PerformanceUnitAwardsMember2021-01-012021-09-300001115055srt:MaximumMemberpnfp:SeniorExecutiveOfficersMemberpnfp:A2021PerformanceUnitAwardsMember2021-01-012021-09-300001115055pnfp:LeadershipTeamMemberpnfp:A2021PerformanceUnitAwardsMember2021-01-012021-09-300001115055pnfp:Tranche2023Memberpnfp:A2021PerformanceUnitAwardsMember2021-01-012021-09-300001115055pnfp:A2020PerformanceUnitAwardMembersrt:MinimumMemberpnfp:SeniorExecutiveOfficersMember2021-01-012021-09-300001115055pnfp:A2020PerformanceUnitAwardMembersrt:MaximumMemberpnfp:SeniorExecutiveOfficersMember2021-01-012021-09-300001115055pnfp:LeadershipTeamMemberpnfp:A2020PerformanceUnitAwardMember2021-01-012021-09-300001115055pnfp:A2020PerformanceUnitAwardMemberpnfp:Tranche2020Member2021-01-012021-09-300001115055pnfp:A2020PerformanceUnitAwardMemberpnfp:Tranche2021Member2021-01-012021-09-300001115055pnfp:A2020PerformanceUnitAwardMemberpnfp:Tranche2022Member2021-01-012021-09-300001115055srt:MinimumMemberpnfp:A2019PerformanceUnitAwardMemberpnfp:SeniorExecutiveOfficersMember2021-01-012021-09-300001115055pnfp:A2019PerformanceUnitAwardMembersrt:MaximumMemberpnfp:SeniorExecutiveOfficersMember2021-01-012021-09-300001115055pnfp:LeadershipTeamMemberpnfp:A2019PerformanceUnitAwardMember2021-01-012021-09-300001115055pnfp:Tranche2019Memberpnfp:A2019PerformanceUnitAwardMember2021-01-012021-09-300001115055pnfp:A2019PerformanceUnitAwardMemberpnfp:Tranche2020Member2021-01-012021-09-300001115055pnfp:A2019PerformanceUnitAwardMemberpnfp:Tranche2021Member2021-01-012021-09-300001115055srt:MinimumMemberpnfp:SeniorExecutiveOfficersMemberpnfp:A2018PerformanceUnitAwardMember2021-01-012021-09-300001115055srt:MaximumMemberpnfp:SeniorExecutiveOfficersMemberpnfp:A2018PerformanceUnitAwardMember2021-01-012021-09-300001115055pnfp:LeadershipTeamMemberpnfp:A2018PerformanceUnitAwardMember2021-01-012021-09-300001115055pnfp:A2018PerformanceUnitAwardMemberpnfp:Tranche2018Member2021-01-012021-09-300001115055pnfp:Tranche2019Memberpnfp:A2018PerformanceUnitAwardMember2021-01-012021-09-300001115055pnfp:A2018PerformanceUnitAwardMemberpnfp:Tranche2020Member2021-01-012021-09-300001115055srt:MinimumMemberpnfp:SeniorExecutiveOfficersMemberpnfp:A2017PerformanceUnitAwardMember2021-01-012021-09-300001115055srt:MaximumMemberpnfp:SeniorExecutiveOfficersMemberpnfp:A2017PerformanceUnitAwardMember2021-01-012021-09-300001115055pnfp:LeadershipTeamMemberpnfp:A2017PerformanceUnitAwardMember2021-01-012021-09-300001115055pnfp:Tranche2017Memberpnfp:A2017PerformanceUnitAwardMember2021-01-012021-09-300001115055pnfp:A2017PerformanceUnitAwardMemberpnfp:Tranche2018Member2021-01-012021-09-300001115055pnfp:Tranche2019Memberpnfp:A2017PerformanceUnitAwardMember2021-01-012021-09-300001115055pnfp:LeadershipTeamMemberpnfp:A2016PerformanceUnitAwardMember2021-01-012021-09-300001115055pnfp:LeadershipTeamMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-300001115055pnfp:SeniorExecutiveOfficersMember2021-01-012021-09-300001115055us-gaap:NondesignatedMemberpnfp:PayFixedAndReceiveVariableSwapsMember2021-09-300001115055us-gaap:NondesignatedMemberpnfp:PayFixedAndReceiveVariableSwapsMember2020-12-310001115055pnfp:PayVariableAndReceiveFixedSwapsMemberus-gaap:NondesignatedMember2021-09-300001115055pnfp:PayVariableAndReceiveFixedSwapsMemberus-gaap:NondesignatedMember2020-12-310001115055us-gaap:NondesignatedMember2021-09-300001115055us-gaap:NondesignatedMember2020-12-310001115055us-gaap:NondesignatedMember2021-07-012021-09-300001115055us-gaap:NondesignatedMember2020-07-012020-09-300001115055us-gaap:NondesignatedMember2021-01-012021-09-300001115055us-gaap:NondesignatedMember2020-01-012020-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AssetsMember2020-01-012020-12-310001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AssetsMember2021-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AssetsMember2020-12-310001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AssetsMember2021-07-012021-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AssetsMember2020-07-012020-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AssetsMember2021-01-012021-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AssetsMember2020-01-012020-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:CashFlowHedgingMember2020-07-012020-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:CashFlowHedgingMember2020-01-012020-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-07-012020-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-01-012020-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuritiesInvestmentMemberus-gaap:AssetsMember2021-01-012021-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuritiesInvestmentMemberus-gaap:AssetsMember2021-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuritiesInvestmentMemberus-gaap:AssetsMember2020-12-310001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:SecuritiesInvestmentMember2021-01-012021-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:SecuritiesInvestmentMember2021-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:SecuritiesInvestmentMember2020-12-310001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2021-09-300001115055us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2020-12-310001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuritiesInvestmentMemberpnfp:LIBORMember2021-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberpnfp:FederalFundsRateMemberus-gaap:SecuritiesInvestmentMember2021-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuritiesInvestmentMember2021-07-012021-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuritiesInvestmentMember2020-07-012020-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuritiesInvestmentMember2021-01-012021-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuritiesInvestmentMember2020-01-012020-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuritiesInvestmentMember2021-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuritiesInvestmentMember2020-12-310001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LoansMember2021-07-012021-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LoansMember2021-01-012021-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LoansMember2020-07-012020-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LoansMember2020-01-012020-09-300001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuritiesInvestmentMemberus-gaap:AssetsMember2020-01-012020-12-310001115055us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMemberus-gaap:SecuritiesInvestmentMember2020-01-012020-12-310001115055us-gaap:FairValueMeasurementsRecurringMember2021-09-300001115055us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001115055us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001115055us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001115055us-gaap:FairValueMeasurementsRecurringMember2020-12-310001115055us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001115055us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001115055us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001115055us-gaap:FairValueMeasurementsNonrecurringMember2021-09-300001115055us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-300001115055us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-300001115055us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-300001115055us-gaap:FairValueMeasurementsNonrecurringMember2020-12-310001115055us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310001115055us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310001115055us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310001115055us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001115055us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001115055us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001115055us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001115055us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001115055us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001115055us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001115055us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001115055us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-07-012021-09-300001115055us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-07-012021-09-300001115055us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-07-012020-09-300001115055us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-07-012020-09-300001115055us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-09-300001115055us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-09-300001115055us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-09-300001115055us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-09-300001115055us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001115055us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001115055us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001115055us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001115055us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300001115055us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300001115055us-gaap:FairValueInputsLevel1Member2021-09-300001115055us-gaap:FairValueInputsLevel2Member2021-09-300001115055us-gaap:FairValueInputsLevel3Member2021-09-300001115055us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001115055us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001115055us-gaap:FairValueInputsLevel1Member2020-12-310001115055us-gaap:FairValueInputsLevel2Member2020-12-310001115055us-gaap:FairValueInputsLevel3Member2020-12-310001115055srt:ParentCompanyMember2021-01-012021-09-300001115055srt:SubsidiariesMember2021-09-300001115055srt:ParentCompanyMember2021-09-300001115055srt:ParentCompanyMember2020-12-310001115055srt:SubsidiariesMember2020-12-31pnfp:subsidiary0001115055pnfp:TrustPreferredSecuritiesSubjectToMandatoryRedemptionOneMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjectToMandatoryRedemptionOneMember2021-09-300001115055pnfp:TrustPreferredSecuritiesSubjectToMandatoryRedemptionTwoMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjectToMandatoryRedemptionTwoMember2021-09-300001115055pnfp:TrustPreferredSecuritiesSubjectToMandatoryRedemptionThreeMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjectToMandatoryRedemptionThreeMember2021-09-300001115055pnfp:TrustPreferredSecuritiesSubjectToMandatoryRedemptionFourMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjectToMandatoryRedemptionFourMember2021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionFiveMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionFiveMember2021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionSixMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionSixMember2021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionSevenMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionSevenMember2021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionEightMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionEightMember2021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionNineMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionNineMember2021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionTenMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionTenMember2021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionElevenMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionElevenMember2021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionTwelveMember2021-01-012021-09-300001115055pnfp:TrustPreferredSecuritiesSubjecttoMandatoryRedemptionTwelveMember2021-09-300001115055pnfp:PinnacleFinancialNotesMember2021-01-012021-09-300001115055pnfp:PinnacleFinancialNotesMember2021-09-300001115055pnfp:PinnacleFinancialNotes2019Member2021-01-012021-09-300001115055pnfp:PinnacleFinancialNotes2019Member2021-09-3000011150552021-07-302021-07-300001115055pnfp:PaycheckProtectionProgramLiquidityFacilityMember2021-09-30
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, 2021
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-20210930_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 October 29, 2021 there were 76,136,435 shares of common stock, $1.00 par value per share, issued and outstanding.


Pinnacle Financial Partners, Inc.
Report on Form 10-Q
September 30, 2021

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 BHG resulting in significant increases in loan losses and provisions for those losses and, in the case of BHG, substitutions; (ii) 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; (iii) 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; (iv) those vaccines' efficacy against the virus, including new variants; (v) 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; (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) 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; (x) 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; (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, 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, 2020, 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 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)September 30, 2021December 31, 2020
ASSETS  
Cash and noninterest-bearing due from banks$155,965 $203,296 
Restricted cash 104,157 223,788 
Interest-bearing due from banks3,206,383 3,522,224 
Federal funds sold and other 12,141 
Cash and cash equivalents3,466,505 3,961,449 
Securities purchased with agreement to resell500,000  
Securities available-for-sale, at fair value4,634,653 3,586,681 
Securities held-to-maturity (fair value of $1.0 billion and $1.1 billion, net of allowance for credit losses of $161 and $191 at Sept. 30, 2021 and Dec. 31, 2020, respectively)989,237 1,028,359 
Consumer loans held-for-sale55,273 87,821 
Commercial loans held-for-sale49,121 31,200 
Loans23,058,461 22,424,501 
Less allowance for credit losses(268,635)(285,050)
Loans, net22,789,826 22,139,451 
Premises and equipment, net288,833 290,001 
Equity method investment333,764 308,556 
Accrued interest receivable89,137 104,078 
Goodwill1,819,811 1,819,811 
Core deposits and other intangible assets35,876 42,336 
Other real estate owned8,415 12,360 
Other assets1,463,485 1,520,757 
Total assets$36,523,936 $34,932,860 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Deposits:  
Noninterest-bearing$9,809,691 $7,392,325 
Interest-bearing5,767,286 5,689,095 
Savings and money market accounts11,381,033 11,099,523 
Time2,411,797 3,524,632 
Total deposits29,369,807 27,705,575 
Securities sold under agreements to repurchase148,240 128,164 
Federal Home Loan Bank advances888,493 1,087,927 
Subordinated debt and other borrowings542,712 670,575 
Accrued interest payable11,838 24,934 
Other liabilities371,048 411,074 
Total liabilities31,332,138 30,028,249 
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 Sept. 30, 2021 and Dec. 31, 2020, respectively217,126 217,126 
Common stock, par value $1.00; 180.0 million shares authorized; 76.1 million and 75.9 million shares issued and outstanding at Sept. 30, 2021 and Dec. 31, 2020, respectively76,115 75,850 
Additional paid-in capital3,038,800 3,028,063 
Retained earnings1,748,491 1,407,723 
Accumulated other comprehensive income, net of taxes111,266 175,849 
Total shareholders' equity5,191,798 4,904,611 
Total liabilities and shareholders' equity$36,523,936 $34,932,860 
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
September 30,
Nine months ended
September 30,
 2021202020212020
Interest income:  
Loans, including fees$233,857 $224,482 $694,017 $687,183 
Securities:  
Taxable8,986 8,276 25,073 28,133 
Tax-exempt15,873 15,001 47,917 43,421 
Federal funds sold and other2,152 1,429 5,014 5,258 
Total interest income260,868 249,188 772,021 763,995 
Interest expense:  
Deposits12,139 28,401 43,468 112,826 
Securities sold under agreements to repurchase57 77 185 286 
Federal Home Loan Bank advances and other borrowings11,129 14,116 34,730 50,080 
Total interest expense23,325 42,594 78,383 163,192 
Net interest income237,543 206,594 693,638 600,803 
Provision for credit losses3,382 16,758 13,451 194,635 
Net interest income after provision for credit losses234,161 189,836 680,187 406,168 
Noninterest income:  
Service charges on deposit accounts11,435 9,854 28,648 25,796 
Investment services9,648 6,734 26,836 21,944 
Insurance sales commissions2,557 2,284 8,188 7,755 
Gain on mortgage loans sold, net7,814 19,453 28,180 47,655 
Investment gains on sales, net 651 366 986 
Trust fees5,049 3,986 14,798 12,114 
Income from equity method investment30,409 26,445 91,430 59,245 
Other noninterest income37,183 21,658 96,565 58,901 
Total noninterest income104,095 91,065 295,011 234,396 
Noninterest expense:  
Salaries and employee benefits112,406 90,103 325,958 244,470 
Equipment and occupancy23,712 21,622 70,253 64,626 
Other real estate (income) expense, net(79)1,795 (749)7,098 
Marketing and other business development3,325 2,321 8,326 7,714 
Postage and supplies2,083 1,761 6,004 5,821 
Amortization of intangibles2,088 2,417 6,461 7,416 
Other noninterest expense25,316 23,833 73,434 66,005 
Total noninterest expense168,851 143,852 489,687 403,150 
Income before income taxes169,405 137,049 485,511 237,414 
Income tax expense32,828 26,404 91,716 35,969 
Net income136,577 110,645 393,795 201,445 
Preferred stock dividends(3,798)(3,798)(11,394)(3,798)
Net income available to common shareholders$132,779 $106,847 $382,401 $197,647 
Per share information:  
Basic net income per common share$1.76 $1.42 $5.07 $2.62 
Diluted net income per common share$1.75 $1.42 $5.05 $2.62 
Weighted average common shares outstanding:  
Basic75,494,286 75,240,664 75,449,900 75,417,663 
Diluted75,836,142 75,360,033 75,760,618 75,544,677 

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
September 30,
Nine months ended
September 30,
 2021202020212020
Net income$136,577 $110,645 $393,795 $201,445 
Other comprehensive income (loss), net of tax:  
Change in fair value on available-for-sale securities, net of tax(28,506)523 (33,636)69,402 
Change in fair value of cash flow hedges, net of tax (5,213)(18,373)60,426 
Accretion of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax(1,989)(1,523)(5,778)(3,504)
Net (gain) loss on cash flow hedges reclassified from other comprehensive income into net income, net of tax(4,338)156 (6,526)1,858 
Net gain on sale of investment securities reclassified from other comprehensive income into net income, net of tax (481)(270)(728)
Total other comprehensive income (loss), net of tax(34,833)(6,538)(64,583)127,454 
Total comprehensive income$101,744 $104,107 $329,212 $328,899 

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, 2019$— 76,564 $76,564 $3,064,467 $1,184,183 $30,534 $4,355,748 
Exercise of employee common stock options & related tax benefits— 1 1 4 — — 5 
Common stock dividends paid ($0.16 per share)— — — — (12,442)— (12,442)
Repurchase of common stock— (1,015)(1,015)(49,775)— — (50,790)
Issuance of restricted common shares, net of forfeitures— 198 198 (198)— —  
Issuance of common stock pursuant to restricted stock unit agreement, net of shares withheld for taxes & related tax benefits— 84 84 (2,552)— — (2,468)
Restricted shares withheld for taxes & related tax benefit— (32)(32)(1,926)— — (1,958)
Compensation expense for restricted shares & performance stock units— — — 5,501 — — 5,501 
Net income— — — — 28,356 — 28,356 
Cumulative effect of change in accounting principle— — — — (31,796)— (31,796)
Other comprehensive income— — — — — 94,972 94,972 
Balance at March 31, 2020$ 75,800 $75,800 $3,015,521 $1,168,301 $125,506 $4,385,128 
Issuance of preferred stock, net of issuance cost217,632 — — — — — 217,632 
Exercise of employee common stock options & related tax benefits— 9 9 216 — — 225 
Common stock dividends paid ($0.16 per share)— — — — (12,378)— (12,378)
Issuance of restricted common shares, net of forfeitures— 38 38 (38)— —  
Restricted shares withheld for taxes & related tax benefit— (13)(13)(540)— — (553)
Issuance of common stock pursuant to restricted stock unit agreement, net of shares withheld for taxes & related tax benefits— 2 2 (21)— — (19)
Compensation expense for restricted shares & performance stock units— — — 4,148 — — 4,148 
Net income— — — — 62,444 — 62,444 
Other comprehensive income— — — — — 39,020 39,020 
Balance at June 30, 2020$217,632 75,836 $75,836 $3,019,286 $1,218,367 $164,526 $4,695,647 
Issuance of preferred stock, net of issuance costs(506)— — — — — (506)
Preferred dividends paid ($16.88 per share)— — — — (3,798)— (3,798)
Common stock dividends paid ($0.16 per share)— — — — (12,285)— (12,285)
Issuance of restricted common shares, net of forfeitures— 6 6 (6)— —  
Restricted shares withheld for taxes & related tax benefit— (7)(7)(293)— — (300)
Compensation expense for restricted shares & performance stock units— — — 4,443 — — 4,443 
Net income— — — — 110,645 — 110,645 
Other comprehensive loss— — — — — (6,538)(6,538)
Balance at September 30, 2020$217,126 75,835 $75,835 $3,023,430 $1,312,929 $157,988 $4,787,308 
See accompanying notes to consolidated financial statements (unaudited).

7

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

 Preferred Stock
 Amount
Common Stock Accumulated Other Comp. Income (Loss), netTotal Shareholders' Equity
 SharesAmountsAdditional Paid-in CapitalRetained Earnings
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 agreement, 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 3 (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, 2021$217,126 76,088 $76,088 $3,032,338 $