, Inc.
|
(Exact name of registrant as specified in its charter)
|
Tennessee
|
|
62-1812853
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
150 Third Avenue South, Suite 900, Nashville, Tennessee
|
|
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)
|
Yes x
|
No o
|
Yes x
|
No o
|
Large Accelerated Filer x
|
Accelerated Filer o
|
|
Non-accelerated Filer o
(do not check if you are a smaller reporting company)
|
Smaller reporting companyo
|
|
Yes o
|
No x
|
TABLE OF CONTENTS
|
Page No.
|
|
|
|
|
4
|
|
39
|
|
60
|
|
60
|
|
|
|
|
|
61
|
|
61
|
|
62
|
|
63
|
|
63
|
|
63
|
|
64
|
|
65
|
|
March 31, 2014
|
December 31, 2013
|
||||||
ASSETS
|
||||||||
Cash and noninterest-bearing due from banks
|
$
|
94,172,230
|
$
|
79,785,004
|
||||
Interest-bearing due from banks
|
75,826,385
|
124,509,486
|
||||||
Federal funds sold and other
|
938,792
|
4,644,247
|
||||||
Cash and cash equivalents
|
170,937,407
|
208,938,737
|
||||||
|
||||||||
Securities available-for-sale, at fair value
|
735,400,911
|
693,456,314
|
||||||
Securities held-to-maturity (fair value of $38,194,567 and $38,817,467 at
|
||||||||
March 31, 2014 and December 31, 2013, respectively)
|
38,733,099
|
39,795,649
|
||||||
Mortgage loans held-for-sale
|
13,970,926
|
12,850,339
|
||||||
|
||||||||
Loans
|
4,181,686,799
|
4,144,493,486
|
||||||
Less allowance for loan losses
|
(67,523,575
|
)
|
(67,969,693
|
)
|
||||
Loans, net
|
4,114,163,224
|
4,076,523,793
|
||||||
|
||||||||
Premises and equipment, net
|
71,627,370
|
72,649,574
|
||||||
Other investments
|
33,358,506
|
33,226,195
|
||||||
Accrued interest receivable
|
17,219,090
|
15,406,389
|
||||||
Goodwill
|
243,568,203
|
243,651,006
|
||||||
Core deposits and other intangible assets
|
3,603,074
|
3,840,750
|
||||||
Other real estate owned
|
15,037,823
|
15,226,136
|
||||||
Other assets
|
143,312,957
|
148,210,975
|
||||||
Total assets
|
$
|
5,600,932,590
|
$
|
5,563,775,857
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$
|
1,180,202,107
|
$
|
1,167,414,487
|
||||
Interest-bearing
|
912,387,013
|
884,294,802
|
||||||
Savings and money market accounts
|
1,902,452,916
|
1,962,714,398
|
||||||
Time
|
505,534,750
|
519,049,037
|
||||||
Total deposits
|
4,500,576,786
|
4,533,472,724
|
||||||
Securities sold under agreements to repurchase
|
68,092,650
|
70,465,326
|
||||||
Federal Home Loan Bank advances
|
150,604,286
|
90,637,328
|
||||||
Subordinated debt and other borrowings
|
98,033,292
|
98,658,292
|
||||||
Accrued interest payable
|
745,180
|
792,703
|
||||||
Other liabilities
|
40,383,743
|
46,041,823
|
||||||
Total liabilities
|
4,858,435,937
|
4,840,068,196
|
||||||
Stockholders' equity:
|
||||||||
Preferred stock, no par value, 10,000,000 shares authorized;
|
||||||||
no shares issued and outstanding
|
-
|
-
|
||||||
Common stock, par value $1.00; 90,000,000 shares authorized;
|
||||||||
35,567,268 and 35,221,941 shares issued and outstanding
|
||||||||
at March 31, 2014 and December 31, 2013, respectively
|
35,567,268
|
35,221,941
|
||||||
Additional paid-in capital
|
551,461,564
|
550,212,135
|
||||||
Retained earnings
|
155,840,829
|
142,298,199
|
||||||
Accumulated other comprehensive loss, net of taxes
|
(373,008
|
)
|
(4,024,614
|
)
|
||||
Total stockholders' equity
|
742,496,653
|
723,707,661
|
||||||
Total liabilities and stockholders' equity
|
$
|
5,600,932,590
|
$
|
5,563,775,857
|
|
Three Months Ended
March 31,
|
|||||||
|
2014
|
2013
|
||||||
Interest income:
|
||||||||
Loans, including fees
|
$
|
43,695,658
|
$
|
41,514,213
|
||||
Securities:
|
||||||||
Taxable
|
3,720,279
|
3,670,934
|
||||||
Tax-exempt
|
1,597,797
|
1,656,408
|
||||||
Federal funds sold and other
|
277,058
|
314,772
|
||||||
Total interest income
|
49,290,792
|
47,156,327
|
||||||
|
||||||||
Interest expense:
|
||||||||
Deposits
|
2,595,240
|
3,412,396
|
||||||
Securities sold under agreements to repurchase
|
30,515
|
77,816
|
||||||
Federal Home Loan Bank advances and other borrowings
|
757,222
|
907,641
|
||||||
Total interest expense
|
3,382,977
|
4,397,853
|
||||||
Net interest income
|
45,907,815
|
42,758,474
|
||||||
Provision for loan losses
|
487,638
|
2,172,404
|
||||||
Net interest income after provision for loan losses
|
45,420,177
|
40,586,070
|
||||||
|
||||||||
Noninterest income:
|
||||||||
Service charges on deposit accounts
|
2,790,968
|
2,480,244
|
||||||
Investment services
|
2,127,834
|
1,792,640
|
||||||
Insurance sales commissions
|
1,384,921
|
1,393,304
|
||||||
Gain on mortgage loans sold, net
|
952,222
|
1,813,488
|
||||||
Trust fees
|
1,145,751
|
944,332
|
||||||
Other noninterest income
|
4,334,360
|
3,478,348
|
||||||
Total noninterest income
|
12,736,056
|
11,902,356
|
||||||
|
||||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
21,749,960
|
19,572,356
|
||||||
Equipment and occupancy
|
5,709,030
|
5,113,050
|
||||||
Other real estate expense
|
651,152
|
720,962
|
||||||
Marketing and other business development
|
908,901
|
790,671
|
||||||
Postage and supplies
|
560,614
|
591,488
|
||||||
Amortization of intangibles
|
237,675
|
520,987
|
||||||
Other noninterest expense
|
3,832,221
|
5,130,495
|
||||||
Total noninterest expense
|
33,649,553
|
32,440,009
|
||||||
Income before income taxes
|
24,506,680
|
20,048,417
|
||||||
Income tax expense
|
8,139,557
|
6,600,292
|
||||||
Net income
|
$
|
16,367,123
|
$
|
13,448,125
|
||||
Per share information:
|
||||||||
Basic net income per common share
|
$
|
0.47
|
$
|
0.40
|
||||
Diluted net income per common share
|
$
|
0.47
|
$
|
0.39
|
||||
Weighted average shares outstanding:
|
||||||||
Basic
|
34,602,337
|
33,987,265
|
||||||
Diluted
|
34,966,600
|
34,206,202
|
|
Three Months Ended
March 31,
|
|||||||
|
2014
|
2013
|
||||||
Net income
|
$
|
16,367,123
|
$
|
13,448,125
|
||||
Other comprehensive income (loss), net of tax:
|
||||||||
Change in fair value on available-for-sale securities, net of tax
|
4,945,912
|
(2,270,910
|
)
|
|||||
Change in fair value of cash flow hedges, net of tax
|
(1,294,306
|
)
|
-
|
|||||
Total comprehensive income
|
$
|
20,018,729
|
$
|
11,177,215
|
|
Common Stock
|
Additional Paid-in
Capital
|
Retained Earnings
|
Accumulated Other Comp.
Income (Loss), net
|
Total Stockholders' Equity
|
||||||||||||
|
Shares
|
Amount
|
|||||||||||||||
|
|||||||||||||||||
Balances, December 31, 2012
|
34,696,597
|
$
|
34,696,597
|
$
|
543,760,439
|
$
|
87,386,689
|
$
|
13,227,634
|
$
|
679,071,359
|
||||||
Exercise of employee common stock
|
|||||||||||||||||
options and related tax benefits
|
88,845
|
88,845
|
902,533
|
-
|
-
|
991,378
|
|||||||||||
Issuance of restricted common shares,
|
|||||||||||||||||
net of forfeitures
|
274,545
|
274,545
|
(274,545
|
)
|
-
|
-
|
-
|
||||||||||
Restricted shares withheld for taxes
|
(37,500
|
)
|
(37,500
|
)
|
(731,679
|
)
|
-
|
-
|
(769,179
|
)
|
|||||||
Compensation expense for restricted shares
|
-
|
-
|
950,498
|
-
|
-
|
950,498
|
|||||||||||
Compensation expense for stock options
|
-
|
-
|
12,471
|
-
|
-
|
12,471
|
|||||||||||
Net income
|
-
|
-
|
-
|
13,448,125
|
-
|
13,448,125
|
|||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
(2,270,910
|
)
|
(2,270,910
|
)
|
|||||||||
Balances, March 31, 2013
|
35,022,487
|
$
|
35,022,487
|
$
|
544,619,717
|
$
|
100,834,814
|
$
|
10,956,724
|
$
|
691,433,742
|
||||||
|
|||||||||||||||||
Balances, December 31, 2013
|
35,221,941
|
$
|
35,221,941
|
$
|
550,212,135
|
$
|
142,298,199
|
$
|
(4,024,614
|
)
|
$
|
723,707,661
|
|||||
Exercise of employee common stock
|
|||||||||||||||||
options and related tax benefits
|
136,482
|
136,482
|
1,981,567
|
-
|
-
|
2,118,049
|
|||||||||||
Common dividends paid
|
-
|
-
|
-
|
(2,824,493
|
)
|
(2,824,493
|
)
|
||||||||||
Issuance of restricted common shares,
|
|||||||||||||||||
net of forfeitures
|
260,937
|
260,937
|
(260,937
|
)
|
-
|
-
|
-
|
||||||||||
Restricted shares withheld for taxes
|
(52,092
|
)
|
(52,092
|
)
|
(1,672,312
|
)
|
-
|
-
|
(1,724,404
|
)
|
|||||||
Compensation expense for restricted shares
|
-
|
-
|
1,201,111
|
-
|
-
|
1,201,111
|
|||||||||||
Net income
|
-
|
-
|
-
|
16,367,123
|
-
|
16,367,123
|
|||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
3,651,606
|
3,651,606
|
|||||||||||
Balances, March 31, 2014
|
35,567,268
|
$
|
35,567,268
|
$
|
551,461,564
|
$
|
155,840,829
|
$
|
(373,008
|
)
|
$
|
742,496,653
|
|
Three Months Ended
March 31,
|
|||||||
|
2014
|
2013
|
||||||
Operating activities:
|
||||||||
Net income
|
$
|
16,367,123
|
$
|
13,448,125
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Net amortization/accretion of premium/discount on securities
|
957,133
|
988,811
|
||||||
Depreciation and amortization
|
2,258,990
|
2,432,535
|
||||||
Provision for loan losses
|
487,638
|
2,172,404
|
||||||
Gain on mortgage loans sold, net
|
(952,222
|
)
|
(1,813,488
|
)
|
||||
Stock-based compensation expense
|
1,201,111
|
962,969
|
||||||
Deferred tax expense
|
(16,406
|
)
|
(698,661
|
)
|
||||
Losses on dispositions of other real estate and other investments
|
13,112
|
(866,306
|
)
|
|||||
Excess tax benefit from stock compensation
|
(1,099,570
|
)
|
(28,628
|
)
|
||||
Mortgage loans held for sale:
|
||||||||
Loans originated
|
(61,458,365
|
)
|
(107,845,659
|
)
|
||||
Loans sold
|
61,290,000
|
120,569,000
|
||||||
Decrease in other assets
|
527,594
|
3,050,703
|
||||||
Decrease in other liabilities
|
(6,576,105
|
)
|
(8,339,670
|
)
|
||||
Net cash provided by operating activities
|
13,000,033
|
24,032,135
|
||||||
|
||||||||
Investing activities:
|
||||||||
Activities in securities available-for-sale:
|
||||||||
Purchases
|
(57,753,116
|
)
|
(65,204,465
|
)
|
||||
Sales
|
-
|
-
|
||||||
Maturities, prepayments and calls
|
23,192,675
|
43,551,916
|
||||||
Activities in securities held-to-maturity:
|
||||||||
Purchases
|
-
|
-
|
||||||
Maturities, prepayments and calls
|
860,000
|
75,868
|
||||||
Increase in loans, net
|
(40,306,647
|
)
|
(63,167,119
|
)
|
||||
Purchases of software, premises and equipment
|
(604,626
|
)
|
(1,442,076
|
)
|
||||
Purchase of bank owned life insurance
|
-
|
(30,000,000
|
)
|
|||||
Decrease in other investments
|
(2,216
|
)
|
(303,750
|
)
|
||||
Net cash used in investing activities
|
(74,613,930
|
)
|
(116,489,626
|
)
|
||||
|
||||||||
Financing activities:
|
||||||||
Net decrease in deposits
|
(32,895,938
|
)
|
(112,293,132
|
)
|
||||
Net (decrease) increase in securities sold under agreements to repurchase
|
(2,372,676
|
)
|
14,432,033
|
|||||
Advances from Federal Home Loan Bank:
|
||||||||
Issuances
|
175,000,000
|
240,000,000
|
||||||
Payments/maturities
|
(115,016,116
|
)
|
(115,036,641
|
)
|
||||
Decrease in other borrowings
|
(625,000
|
)
|
(625,000
|
)
|
||||
Exercise of common stock options and stock appreciation rights,
|
||||||||
net of repurchase of restricted shares
|
1,247,220
|
222,200
|
||||||
Excess tax benefit from stock compensation
|
1,099,570
|
28,628
|
||||||
Common stock dividends paid
|
(2,824,493
|
)
|
-
|
|||||
Net cash provided by financing activities
|
23,612,567
|
26,728,088
|
||||||
Net decrease in cash and cash equivalents
|
(38,001,330
|
)
|
(65,729,403
|
)
|
||||
Cash and cash equivalents, beginning of period
|
208,938,737
|
165,288,669
|
||||||
Cash and cash equivalents, end of period
|
$
|
170,937,407
|
$
|
99,559,266
|
|
For the three months ended March 31,
|
|||||||
|
2014
|
2013
|
||||||
Cash Transactions:
|
||||||||
Interest paid
|
$
|
3,447,425
|
$
|
4,540,692
|
||||
Income taxes paid, net
|
6,100,000
|
7,100,000
|
||||||
Noncash Transactions:
|
||||||||
Loans charged-off to the allowance for loan losses
|
1,503,511
|
3,557,313
|
||||||
Loans foreclosed upon and transferred to other real estate owned
|
1,645,100
|
550,000
|
||||||
Available-for-sale securities transferred to held-to-maturity portfolio
|
-
|
39,959,647
|
|
For the three months ended
March 31,
|
|||||||
|
2014
|
2013
|
||||||
Basic net income per share calculation:
|
||||||||
Numerator - Net income available to common stockholders
|
$
|
16,367,123
|
$
|
13,448,125
|
||||
|
||||||||
Denominator - Average common shares outstanding
|
34,602,337
|
33,987,265
|
||||||
Basic net income per share available to common stockholders
|
$
|
0.47
|
$
|
0.40
|
||||
|
||||||||
Diluted net income per share calculation:
|
||||||||
Numerator – Net income available to common stockholders
|
$
|
16,367,123
|
$
|
13,448,125
|
||||
|
||||||||
Denominator - Average common shares outstanding
|
34,602,337
|
33,987,265
|
||||||
Dilutive shares contingently issuable
|
364,263
|
218,937
|
||||||
Average diluted common shares outstanding
|
34,966,600
|
34,206,202
|
||||||
Diluted net income per share available to common stockholders
|
$
|
0.47
|
$
|
0.39
|
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||
March 31, 2014:
|
||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. Treasury securities
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
U.S. government agency securities
|
116,830
|
19
|
9,481
|
107,368
|
||||||||||||
Mortgage-backed securities
|
448,646
|
9,835
|
6,286
|
452,195
|
||||||||||||
State and municipal securities
|
142,338
|
6,931
|
496
|
148,773
|
||||||||||||
Asset-backed securities
|
16,048
|
-
|
226
|
15,822
|
||||||||||||
Corporate notes and other
|
10,214
|
1,031
|
2
|
11,243
|
||||||||||||
|
$
|
734,076
|
$
|
17,816
|
$
|
16,491
|
$
|
735,401
|
||||||||
Securities held-to-maturity:
|
||||||||||||||||
State and municipal securities
|
$
|
38,733
|
$
|
103
|
$
|
641
|
$
|
38,195
|
||||||||
|
$
|
38,733
|
$
|
103
|
$
|
641
|
$
|
38,195
|
Amortized Cost |
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
December 31, 2013:
|
||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. Treasury securities
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
U.S. government agency securities
|
117,282
|
13
|
13,422
|
103,873
|
||||||||||||
Mortgage-backed securities
|
411,967
|
9,771
|
8,802
|
412,936
|
||||||||||||
State and municipal securities
|
143,763
|
5,504
|
856
|
148,411
|
||||||||||||
Asset-backed securities
|
17,262
|
-
|
255
|
17,007
|
||||||||||||
Corporate notes and other
|
10,218
|
1,018
|
7
|
11,229
|
||||||||||||
|
$
|
700,492
|
$
|
16,306
|
23,342
|
$
|
693,456
|
|||||||||
Securities held-to-maturity:
|
||||||||||||||||
State and municipal securities
|
$
|
39,796
|
$
|
72
|
$
|
1,051
|
$
|
38,817
|
||||||||
|
$
|
39,796
|
$
|
72
|
$
|
1,051
|
$
|
38,817
|
|
Available-for-sale
|
Held-to-maturity
|
||||||||||||||
March 31, 2014:
|
Amortized
Cost
|
Fair
Value
|
Amortized Cost
|
Fair
Value
|
||||||||||||
Due in one year or less
|
$
|
5,218
|
$
|
5,276
|
$
|
239
|
$
|
241
|
||||||||
Due in one year to five years
|
28,662
|
29,690
|
11,556
|
11,581
|
||||||||||||
Due in five years to ten years
|
130,249
|
131,868
|
14,699
|
14,398
|
||||||||||||
Due after ten years
|
105,253
|
100,550
|
12,239
|
11,975
|
||||||||||||
Mortgage-backed securities
|
448,646
|
452,195
|
-
|
-
|
||||||||||||
Asset-backed securities
|
16,048
|
15,822
|
-
|
-
|
||||||||||||
|
$
|
734,076
|
$
|
735,401
|
$
|
38,733
|
$
|
38,195
|
|
Investments with an Unrealized Loss of
less than 12 months
|
Investments with an
Unrealized Loss of
12 months or longer
|
Total Investments
with an
Unrealized Loss
|
|||||||||||||||||||||
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
||||||||||||||||||
At March 31, 2014:
|
||||||||||||||||||||||||
U.S. Treasury securities
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
U.S. government agency securities
|
4,910
|
14
|
96,804
|
9,467
|
101,714
|
9,481
|
||||||||||||||||||
Mortgage-backed securities
|
133,216
|
1,172
|
92,296
|
5,114
|
225,512
|
6,286
|
||||||||||||||||||
State and municipal securities
|
26,778
|
670
|
9,630
|
467
|
36,408
|
1,137
|
||||||||||||||||||
Asset-backed securities
|
-
|
-
|
15,823
|
226
|
15,823
|
226
|
||||||||||||||||||
Corporate notes
|
749
|
1
|
158
|
1
|
907
|
2
|
||||||||||||||||||
Total temporarily-impaired securities
|
$
|
165,653
|
$
|
1,857
|
$
|
214,711
|
$
|
15,275
|
$
|
380,364
|
$
|
17,132
|
||||||||||||
|
||||||||||||||||||||||||
At December 31, 2013:
|
||||||||||||||||||||||||
U.S. Treasury securities
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
U.S. government agency securities
|
8,742
|
22
|
92,869
|
13,400
|
101,611
|
13,422
|
||||||||||||||||||
Mortgage-backed securities
|
157,262
|
3,913
|
42,903
|
4,889
|
200,165
|
8,802
|
||||||||||||||||||
State and municipal securities
|
46,282
|
1,351
|
3,798
|
555
|
50,080
|
1,906
|
||||||||||||||||||
Asset-backed securities
|
-
|
-
|
17,006
|
255
|
17,006
|
255
|
||||||||||||||||||
Corporate notes
|
946
|
6
|
159
|
2
|
1,105
|
8
|
||||||||||||||||||
Total temporarily-impaired securities
|
$
|
213,232
|
$
|
5,292
|
$
|
156,735
|
$
|
19,101
|
$
|
369,967
|
$
|
24,393
|
|
Special mention loans have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in Pinnacle Financial's credit position at some future date.
|
|
Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize collection of the debt. Substandard loans are characterized by the distinct possibility that Pinnacle Financial will sustain some loss if the deficiencies are not corrected.
|
|
Substandard-nonaccrual loans are substandard loans that have been placed on nonaccrual status.
|
|
Doubtful-nonaccrual loans have all the characteristics of substandard-nonaccrual loans with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.
|
|
Commercial real estate - mortgage
|
Consumer real estate - mortgage
|
Construction and land development
|
Commercial and industrial
|
Consumer
and other
|
Total
|
||||||||||||||||||
March 31, 2014
|
||||||||||||||||||||||||
Accruing loans
|
||||||||||||||||||||||||
Pass
|
$
|
1,410,425
|
$
|
676,486
|
$
|
252,406
|
$
|
1,515,110
|
$
|
158,088
|
$
|
4,012,515
|
||||||||||||
Special Mention
|
7,997
|
3,557
|
30,083
|
12,814
|
149
|
54,600
|
||||||||||||||||||
Substandard (1)
|
22,726
|
13,900
|
10,465
|
36,614
|
154
|
83,859
|
||||||||||||||||||
Total
|
1,441,148
|
693,943
|
292,954
|
1,564,538
|
158,391
|
4,150,974
|
||||||||||||||||||
Impaired loans
|
||||||||||||||||||||||||
Nonaccrual loans
|
||||||||||||||||||||||||
Substandard-nonaccrual
|
7,145
|
5,679
|
990
|
1,538
|
254
|
15,606
|
||||||||||||||||||
Doubtful-nonaccrual
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total nonaccrual loans
|
7,145
|
5,679
|
990
|
1,538
|
254
|
15,606
|
||||||||||||||||||
Troubled debt restructurings(2)
|
||||||||||||||||||||||||
Pass
|
143
|
1,657
|
111
|
277
|
286
|
2,474
|
||||||||||||||||||
Special Mention
|
7,736
|
2,313
|
-
|
2,584
|
-
|
12,633
|
||||||||||||||||||
Substandard
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total troubled debt restructurings
|
7,879
|
3,970
|
111
|
2,861
|
286
|
15,107
|
||||||||||||||||||
Total impaired loans
|
15,024
|
9,649
|
1,101
|
4,399
|
540
|
30,713
|
||||||||||||||||||
Total loans
|
$
|
1,456,172
|
$
|
703,592
|
$
|
294,055
|
$
|
1,568,937
|
$
|
158,931
|
$
|
4,181,687
|
(1)
|
Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have doubts about the borrower's ability to comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by Pinnacle Bank's primary regulators for loans classified as substandard, excluding the impact of substandard nonaccrual loans and substandard troubled debt restructurings. Potential problem loans, which are not included in nonaccrual loans, amounted to approximately $83.9 million at March 31, 2014, compared to $65.0 million at December 31, 2013.
|
(2)
|
Troubled debt restructurings are presented as an impaired loan; however, they continue to accrue interest at contractual rates.
|
|
Commercial real estate - mortgage
|
Consumer real estate - mortgage
|
Construction and land development
|
Commercial and industrial
|
Consumer
and other
|
Total
|
||||||||||||||||||
December 31, 2013
|
||||||||||||||||||||||||
Accruing loans
|
||||||||||||||||||||||||
Pass
|
$
|
1,332,387
|
$
|
670,412
|
$
|
275,876
|
$
|
1,557,923
|
$
|
143,032
|
$
|
3,979,630
|
||||||||||||
Special Mention
|
8,282
|
1,824
|
31,835
|
20,065
|
-
|
62,006
|
||||||||||||||||||
Substandard (1)
|
20,296
|
14,107
|
7,297
|
23,174
|
154
|
65,028
|
||||||||||||||||||
Total
|
1,360,965
|
686,343
|
315,008
|
1,601,162
|
143,186
|
4,106,664
|
||||||||||||||||||
Impaired loans
|
||||||||||||||||||||||||
Nonaccrual loans
|
||||||||||||||||||||||||
Substandard-nonaccrual
|
9,017
|
5,289
|
1,070
|
2,565
|
242
|
18,183
|
||||||||||||||||||
Doubtful-nonaccrual
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total nonaccrual loans
|
9,017
|
5,289
|
1,070
|
2,565
|
242
|
18,183
|
||||||||||||||||||
Troubled debt restructurings(2)
|
||||||||||||||||||||||||
Pass
|
2,564
|
1,666
|
113
|
320
|
276
|
4,939
|
||||||||||||||||||
Special Mention
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Substandard
|
10,889
|
2,318
|
-
|
1,500
|
-
|
14,707
|
||||||||||||||||||
Total troubled debt restructurings
|
13,453
|
3,984
|
113
|
1,820
|
276
|
19,646
|
||||||||||||||||||
Total impaired loans
|
22,470
|
9,273
|
1,183
|
4,385
|
518
|
37,829
|
||||||||||||||||||
Total loans
|
$
|
1,383,435
|
$
|
695,616
|
$
|
316,191
|
$
|
1,605,547
|
$
|
143,704
|
$
|
4,144,493
|
(1)
|
Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have doubts about the borrower's ability to comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by Pinnacle Bank's primary regulators for loans classified as substandard, excluding the impact of substandard nonaccrual loans and substandard troubled debt restructurings. Potential problem loans, which are not included in nonaccrual loans, amounted to approximately $83.9 million at March 31, 2014, compared to $65.0 million at December 31, 2013.
|
(2)
|
Troubled debt restructurings are presented as an impaired loan; however, they continue to accrue interest at contractual rates.
|
|
At March 31, 2014
|
Three Months Ended
March 31, 2014
|
||||||||||||||||||
|
Recorded investment
|
Unpaid principal balance
|
Related allowance(1)
|
Average recorded investment
|
Interest income recognized
|
|||||||||||||||
Collateral dependent nonaccrual loans:
|
||||||||||||||||||||
Commercial real estate – mortgage
|
$
|
5,192
|
$
|
5,712
|
$
|
-
|
$
|
5,225
|
$
|
-
|
||||||||||
Consumer real estate – mortgage
|
2,413
|
2,476
|
-
|
2,427
|
-
|
|||||||||||||||
Construction and land development
|
545
|
545
|
-
|
545
|
-
|
|||||||||||||||
Commercial and industrial
|
1,060
|
1,168
|
-
|
1,074
|
-
|
|||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
9,210
|
$
|
9,901
|
$
|
-
|
$
|
9,271
|
$
|
-
|
||||||||||
|
||||||||||||||||||||
Cash flow dependent nonaccrual loans:
|
||||||||||||||||||||
Commercial real estate – mortgage
|
$
|
1,953
|
$
|
2,152
|
$
|
161
|
$
|
1,964
|
$
|
-
|
||||||||||
Consumer real estate – mortgage
|
3,266
|
3,514
|
875
|
3,289
|
-
|
|||||||||||||||
Construction and land development
|
445
|
516
|
14
|
450
|
-
|
|||||||||||||||
Commercial and industrial
|
478
|
658
|
162
|
879
|
-
|
|||||||||||||||
Consumer and other
|
254
|
270
|
86
|
260
|
-
|
|||||||||||||||
Total
|
$
|
6,396
|
$
|
7,110
|
$
|
1,298
|
$
|
6,842
|
$
|
-
|
||||||||||
Total nonaccrual loans
|
$
|
15,606
|
$
|
17,011
|
$
|
1,298
|
$
|
16,113
|
$
|
-
|
|
At December 31, 2013:
|
For the year ended
December 31, 2013
|
||||||||||||||||||
|
Recorded investment
|
Unpaid principal balance
|
Related allowance(1)
|
Average recorded investment
|
Interest income recognized
|
|||||||||||||||
Collateral dependent nonaccrual loans:
|
||||||||||||||||||||
Commercial real estate – mortgage
|
$
|
7,035
|
$
|
7,481
|
$
|
-
|
$
|
6,522
|
$
|
-
|
||||||||||
Consumer real estate – mortgage
|
2,162
|
2,209
|
-
|
2,234
|
-
|
|||||||||||||||
Construction and land development
|
545
|
545
|
-
|
938
|
-
|
|||||||||||||||
Commercial and industrial
|
1,828
|
1,901
|
-
|
3,911
|
-
|
|||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
11,570
|
$
|
12,136
|
$
|
-
|
$
|
13,605
|
$
|
-
|
||||||||||
|
||||||||||||||||||||
Cash flow dependent nonaccrual loans:
|
||||||||||||||||||||
Commercial real estate – mortgage
|
$
|
1,982
|
$
|
2,166
|
$
|
142
|
$
|
2,448
|
$
|
-
|
||||||||||
Consumer real estate – mortgage
|
3,127
|
3,334
|
722
|
3,405
|
-
|
|||||||||||||||
Construction and land development
|
525
|
609
|
33
|
568
|
-
|
|||||||||||||||
Commercial and industrial
|
737
|
1,029
|
218
|
1,216
|
-
|
|||||||||||||||
Consumer and other
|
242
|
252
|
72
|
242
|
-
|
|||||||||||||||
Total
|
$
|
6,613
|
$
|
7,390
|
$
|
1,187
|
$
|
7,879
|
$
|
-
|
||||||||||
Total nonaccrual loans
|
$
|
18,183
|
$
|
19,526
|
$
|
1,187
|
$
|
21,484
|
$
|
-
|
(1)
|
Collateral dependent loans are typically charged-off to their net realizable value pursuant to requirements of our primary regulators and no specific allowance is carried related to those loans.
|
|
Three months ended March 31, 2014
|
Three months ended March 31, 2013
|
||||||||||||||||||||||
|
Number
of contracts
|
Pre
Modification Outstanding Recorded Investment
|
Post Modification Outstanding Recorded Investment, net of related allowance
|
Number of contracts
|
Pre
Modification Outstanding Recorded Investment
|
Post
Modification Outstanding Recorded Investment, net of related allowance
|
||||||||||||||||||
Commercial real estate – mortgage
|
-
|
$
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||
Consumer real estate – mortgage
|
-
|
-
|
-
|
1
|
432
|
359
|
||||||||||||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial and industrial
|
6
|
2,584
|
565
|
-
|
-
|
-
|
||||||||||||||||||
Consumer and other
|
-
|
-
|
-
|
1
|
200
|
170
|
||||||||||||||||||
|
6
|
$
|
2,584
|
$
|
565
|
2
|
$
|
632
|
$
|
529
|
|
At March 31, 2014:
|
|||||||||||||||
|
Outstanding Principal Balances
|
Unfunded Commitments
|
Total exposure
|
Total Exposure at December 31, 2013
|
||||||||||||
|
||||||||||||||||
Lessors of nonresidential buildings
|
$
|
501,891
|
$
|
53,584
|
$
|
555,475
|
$
|
515,240
|
||||||||
Lessors of residential buildings
|
240,296
|
27,544
|
267,840
|
270,773
|
March 31, 2014
|
30-89 days past due and accruing
|
90 days or more past due and accruing
|
Total past due and accruing
|
Nonaccrual(1)
|
Current
and accruing
|
Total
Loans
|
||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Owner-occupied
|
$
|
125
|
$
|
-
|
$
|
125
|
$
|
6,906
|
$
|
694,296
|
$
|
701,327
|
||||||||||||
All other
|
844
|
7,736
|
(2)
|
8,580
|
239
|
746,026
|
754,845
|
|||||||||||||||||
Consumer real estate – mortgage
|
5,239
|
-
|
5,239
|
5,679
|
692,674
|
703,592
|
||||||||||||||||||
Construction and land development
|
849
|
147
|
996
|
990
|
292,069
|
294,055
|
||||||||||||||||||
Commercial and industrial
|
1,191
|
52
|
1,243
|
1,538
|
1,566,156
|
1,568,937
|
||||||||||||||||||
Consumer and other
|
2,096
|
8
|
2,104
|
254
|
156,573
|
158,931
|
||||||||||||||||||
|
$
|
10,344
|
$
|
7,943
|
$
|
18,287
|
$
|
15,606
|
$
|
4,147,794
|
$
|
4,181,687
|
December 31, 2013
|
30-89 days past due and accruing
|
90 days or more past due and accruing
|
Total past due and accruing
|
Nonaccrual(1)
|
Current
and accruing
|
Total
Loans
|
||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Owner-occupied
|
$
|
2,534
|
$
|
-
|
$
|
2,534
|
$
|
7,750
|
$
|
669,014
|
$
|
679,298
|
||||||||||||
All other
|
27
|
2,232
|
2,259
|
1,267
|
700,611
|
704,137
|
||||||||||||||||||
Consumer real estate – mortgage
|
2,215
|
-
|
2,215
|
5,289
|
688,112
|
695,616
|
||||||||||||||||||
Construction and land development
|
4,839
|
-
|
4,839
|
1,070
|
310,282
|
316,191
|
||||||||||||||||||
Commercial and industrial
|
1,847
|
825
|
2,672
|
2,565
|
1,600,310
|
1,605,547
|
||||||||||||||||||
Consumer and other
|
1,488
|
289
|
1,777
|
242
|
141,685
|
143,704
|
||||||||||||||||||
|
$
|
12,950
|
$
|
3,346
|
$
|
16,296
|
$
|
18,183
|
$
|
4,110,014
|
$
|
4,144,493
|
|
Impaired Loans
|
|||||||||||||||||||||||||||||||
|
Accruing Loans
|
Nonaccrual Loans
|
Troubled Debt Restructurings(1)
|
Total Allowance
for Loan Losses
|
||||||||||||||||||||||||||||
|
March 31, 2014
|
December 31, 2013
|
March 31, 2014
|
December 31, 2013
|
March 31, 2014
|
December 31, 2013
|
March 31, 2014
|
December 31, 2013
|
||||||||||||||||||||||||
Commercial real estate –mortgage
|
$
|
19,636
|
$
|
19,298
|
$
|
161
|
$
|
142
|
$
|
753
|
$
|
1,932
|
$
|
20,550
|
$
|
21,372
|
||||||||||||||||
Consumer real estate – mortgage
|
6,426
|
7,090
|
875
|
722
|
521
|
543
|
7,822
|
8,355
|
||||||||||||||||||||||||
Construction and land development
|
6,737
|
7,186
|
14
|
33
|
14
|
16
|
6,765
|
7,235
|
||||||||||||||||||||||||
Commercial and industrial
|
25,951
|
24,660
|
162
|
218
|
597
|
256
|
26,710
|
25,134
|
||||||||||||||||||||||||
Consumer and other
|
1,764
|
1,521
|
86
|
72
|
36
|
39
|
1,886
|
1,632
|
||||||||||||||||||||||||
Unallocated
|
-
|
-
|
-
|
-
|
-
|
-
|
3,791
|
4,242
|
||||||||||||||||||||||||
|
$
|
60,514
|
$
|
59,755
|
$
|
1,298
|
$
|
1,187
|
$
|
1,921
|
$
|
2,786
|
$
|
67,524
|
$
|
67,970
|
(1)
|
Troubled debt restructurings of $15.1 million and $19.6 million as of March 31, 2014 and December 31, 2013, respectively, are classified as impaired loans pursuant to U.S. GAAP; however, these loans continue to accrue interest at contractual rates.
|
|
Commercial
real estate –
mortgage
|
Consumer
real estate – mortgage
|
Construction and
land development
|
Commercial and industrial
|
Consumer and other
|
Unallocated
|
Total
|
||||||||||||||
Allowance for Loan Losses:
|
|||||||||||||||||||||
Balance at December 31, 2012
|
$
|
19,634
|
$
|
8,762
|
$
|
9,164
|
$
|
24,738
|
$
|
1,094
|
$
|
6,025
|
$
|
69,417
|
|||||||
Charged-off loans
|
(4,123
|
)
|
(2,250
|
)
|
(1,351
|
)
|
(8,159
|
)
|
(1,369
|
)
|
-
|
(17,252
|
)
|
||||||||
Recovery of previously charged-off loans
|
500
|
1,209
|
1,464
|
4,531
|
244
|
-
|
7,948
|
||||||||||||||
Provision for loan losses
|
5,361
|
634
|
(2,042
|
)
|
4,024
|
1,663
|
(1,783
|
)
|
7,857
|
||||||||||||
Balance at December 31, 2013
|
$
|
21,372
|
$
|
8,355
|
$
|
7,235
|
$
|
25,134
|
$
|
1,632
|
$
|
4,242
|
$
|
67,970
|
|||||||
|
|||||||||||||||||||||
Collectively evaluated for impairment
|
$
|
19,298
|
$
|
7,090
|
$
|
7,186
|
$
|
24,660
|
$
|
1,521
|
$
|
59,755
|
|||||||||
Individually evaluated for impairment
|
2,074
|
1,265
|
49
|
474
|
111
|
3,973
|
|||||||||||||||
Loans acquired with deteriorated credit quality
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Balance at December 31, 2013
|
$
|
21,372
|
$
|
8,355
|
$
|
7,235
|
$
|
25,134
|
$
|
1,632
|
$
|
67,970
|
|||||||||
|
|||||||||||||||||||||
Loans:
|
|||||||||||||||||||||
Collectively evaluated for impairment
|
$
|
1,360,965
|
$
|
686,343
|
$
|
315,008
|
$
|
1,601,162
|
$
|
143,186
|
$
|
4,106,664
|
|||||||||
Individually evaluated for impairment
|
22,470
|
9,273
|
1,183
|
4,385
|
518
|
37,829
|
|||||||||||||||
Loans acquired with deteriorated credit quality
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Balance at December 31, 2013
|
$
|
1,383,435
|
$
|
695,616
|
$
|
316,191
|
$
|
1,605,547
|
$
|
143,704
|
$
|
4,144
|
|||||||||
|
|
Commercial
real estate -
mortgage
|
Consumer
real estate -
mortgage
|
Construction and
land development
|
Commercial and industrial
|
Consumer and other
|
Unallocated
|
Total
|
||||||||||||||
Allowance for Loan Losses:
|
|||||||||||||||||||||
Balance at December 31, 2013
|
$
|
21,372
|
$
|
8,355
|
$
|
7,235
|
$
|
25,134
|
$
|
1,632
|
$
|
4,242
|
$
|
67,970
|
|||||||
Charged-off loans
|
(123
|
)
|
(334
|
)
|
(7
|
)
|
(824
|
)
|
(214
|
)
|
-
|
(1,502
|
)
|
||||||||
Recovery of previously charged-off loans
|
1
|
72
|
31
|
398
|
66
|
-
|
568
|
||||||||||||||
Provision for loan losses
|
(700
|
)
|
(271
|
)
|
(494
|
)
|
2,002
|
402
|
(451
|
)
|
488
|
||||||||||
Balance at March 31, 2014
|
$
|
20,550
|
$
|
7,822
|
$
|
6,765
|
$
|
26,710
|
$
|
1,886
|
$
|
3,791
|
$
|
67,524
|
|||||||
|
|||||||||||||||||||||
Collectively evaluated for impairment
|
$
|
19,636
|
$
|
6,426
|
$
|
6,737
|
$
|
25,951
|
$
|
1,764
|
$
|
60,514
|
|||||||||
Individually evaluated for impairment
|
914
|
$
|
1,396
|
28
|
759
|
122
|
7,010
|
||||||||||||||
Loans acquired with deteriorated credit quality
|
-
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Balance at March 31, 2014
|
$
|
20,550
|
$
|
7,822
|
$
|
6,765
|
$
|
26,710
|
$
|
1,886
|
$
|
67,524
|
|||||||||
|
|||||||||||||||||||||
Loans:
|
|||||||||||||||||||||
Collectively evaluated for impairment
|
$
|
1,441,148
|
$
|
693,943
|
$
|
292,954
|
$
|
1,564,538
|
$
|
158,391
|
$
|
4,150,974
|
|||||||||
Individually evaluated for impairment
|
$
|
15,024
|
$
|
9,649
|
$
|
1,101
|
$
|
4,399
|
$
|
540
|
$
|
30,713
|
|||||||||
Loans acquired with deteriorated credit quality
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||
Balance at March 31, 2014
|
$
|
1,456,172
|
$
|
703,592
|
$
|
294,055
|
$
|
1,568,937
|
$
|
158,931
|
$
|
4,182
|
(i)
|
Consolidation of the two existing equity incentive plans, the Pinnacle Financial Partners, Inc. 2004 Amended and Restated Equity Incentive Plan (the "2004 Plan") and the Mid-America Bancshares, Inc. 2006 Omnibus Equity Incentive Plan (the "Mid-America Plan") including approximately 396,000 shares in the aggregate that remain available for issuance under those two plans; and
|
(ii)
|
Increased the maximum number of shares of common stock that may be issued to associates and directors by an additional 930,000 shares.
|
|
Number
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Contractual
Remaining Term
(in years)
|
Aggregate
Intrinsic
Value
(000's)
|
||||||||||||
Outstanding at December 31, 2013
|
1,002,500
|
$
|
25.77
|
2.48
|
$
|
7,097
|
(1)
|
|||||||||
Granted
|
-
|
|||||||||||||||
Exercised
|
(136,178
|
)
|
||||||||||||||
Stock appreciation rights exercised
|
(813
|
)
|
||||||||||||||
Forfeited
|
(200
|
)
|
||||||||||||||
Outstanding at March 31, 2014
|
865,309
|
$
|
26.60
|
2.41
|
$
|
8,858
|
(2)
|
|||||||||
Options exercisable at March 31, 2014
|
865,309
|
$
|
26.60
|
2.41
|
$
|
8,858
|
(2)
|
(1)
|
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted closing price of Pinnacle Financial common stock of $32.53 per common share at December 31, 2013 for the approximately 931,425 options and stock appreciation rights that were in-the-money at December 31, 2013.
|
(2)
|
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted closing price of Pinnacle Financial common stock of $37.49 per common share at March 31, 2014 for the approximately 865,309 options and stock appreciation rights that were in-the-money at March 31, 2014.
|
|
Number
|
Grant Date Weighted-Average Cost
|
||||||
Unvested at December 31, 2013
|
821,695
|
$
|
19.18
|
|||||
Shares awarded
|
90,979
|
32.28
|
||||||
Conversion of restricted share units to restricted share awards
|
186,943
|
31.68
|
||||||
Restrictions lapsed and shares released to associates/directors
|
(189,014
|
)
|
19.05
|
|||||
Shares forfeited(1)
|
(16,985
|
)
|
21.11
|
|||||
Unvested at March 31, 2014
|
893,618
|
$
|
23.12
|
(1)
|
Represents shares forfeited due to employee termination and/or retirement. No shares were forfeited due to failure to meet performance targets.
|
Grant
Year
|
Group(1)
|
Vesting
Period in years
|
Shares
awarded
|
Restrictions Lapsed and shares released to participants
|
Shares Forfeited by participants(5)
|
Shares Unvested
|
Time Based Awards(2)
|
|
|
|
|
|
|
2014
|
Associates
|
5
|
78,780
|
-
|
274
|
78,506
|
Performance Based Awards(3)
|
|
|
|
|
|
|
2014
|
Leadership team
|
5
|
186,943
|
-
|
3,096
|
183,847
|
Outside Director Awards(4)
|
|
|
|
|
|
|
2014
|
Outside directors
|
1
|
12,199
|
-
|
-
|
12,199
|
(1)
|
Groups include employees (referred to as associates above), the leadership team- which includes our named executive officers and other key senior leadership members and, outside directors. When the restricted shares are awarded, a participant receives voting rights and forfeitable dividend rights with respect to the shares, but is not able to transfer the shares until the restrictions have lapsed. Once the restrictions lapse, the participant is taxed on the value of the award and may elect to sell some shares to pay the applicable income taxes associated with the award. For time-based restricted share awards, dividends paid on shares for which the forfeiture restrictions do not lapse are subject to clawback at the time of termination. For performance-based awards, dividends are placed into escrow until the forfeiture restrictions on such shares lapse.
|
(2)
|
The forfeiture restrictions on these restricted share awards lapse in equal annual installments on the anniversary date of the grant.
|
(3)
|
The forfeiture restrictions on these restricted share awards lapse in separate equal installments should Pinnacle Financial achieve certain earnings and soundness targets over each year of the subsequent vesting period.
|
(4)
|
Restricted share awards are issued to the outside members of the board of directors in accordance with their board compensation plan. Restrictions lapse on the one year anniversary date of the award based on each individual board member meeting their attendance goals for the various board and board committee meetings to which each member was scheduled to attend.
|
(5)
|
These shares represent forfeitures resulting from terminations during the year-to-date period ended March 31, 2014. Any dividends paid on shares for which the forfeiture restrictions do not lapse are subject to clawback.
|
|
Actual
|
Minimum Capital
Requirement
|
Minimum
To Be Well-Capitalized
|
|||||||||||||||||||||
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
At March 31, 2014
|
||||||||||||||||||||||||
Total capital to risk weighted assets:
|
||||||||||||||||||||||||
Pinnacle Financial
|
$
|
636,469
|
13.5
|
%
|
$
|
378,473
|
8.0
|
%
|
$
|
474,055
|
10.0
|
% | ||||||||||||
Pinnacle Bank
|
$
|
610,921
|
12.9
|
%
|
$
|
377,709
|
8.0
|
%
|
$
|
473,112
|
10.0
|
% | ||||||||||||
Tier I capital to risk weighted assets:
|
||||||||||||||||||||||||
Pinnacle Financial
|
$
|
577,212
|
12.2
|
%
|
$
|
189,236
|
4.0
|
%
|
$
|
284,433
|
6.0
|
% | ||||||||||||
Pinnacle Bank
|
$
|
551,782
|
11.7
|
%
|
$
|
188,854
|
4.0
|
%
|
$
|
283,867
|
6.0
|
% | ||||||||||||
Tier I capital to average assets (*):
|
||||||||||||||||||||||||
Pinnacle Financial
|
$
|
577,212
|
11.0
|
%
|
$
|
210,731
|
4.0
|
%
|
$
|
N/A
|
|
N/A
|
|
|||||||||||
Pinnacle Bank
|
$
|
551,782
|
10.5
|
%
|
$
|
210,003
|
4.0
|
%
|
$
|
262,504
|
5.0
|
% |
|
March 31, 2014
|
December 31, 2013
|
||||||||||||||
|
Notional
Amount
|
Estimated
Fair Value
|
Notional
Amount
|
Estimated Fair Value
|
||||||||||||
Interest rate swap agreements:
|
||||||||||||||||
Pay fixed / receive variable swaps
|
$
|
280,806
|
$
|
13,099
|
$
|
294,486
|
$
|
13,296
|
||||||||
Pay variable / receive fixed swaps
|
280,806
|
(13,476
|
)
|
294,486
|
(13,670
|
)
|
||||||||||
Total
|
$
|
561,612
|
$
|
(377
|
)
|
$
|
588,972
|
$
|
(374
|
)
|
|
|
|
March 31, 2014
|
December 31, 2013
|
||||||||||||||||||||||
|
Forecasted
Notional
Amount
|
Variable
Interest
Rate(1)
|
Fixed
Interest
Rate(1)
|
Term(2)
|
Asset/
(Liabilities)
|
Unrealized Gain in Accumulated Other Comprehensive Income
|
Asset/ (Liabilities)
|
Unrealized Gain in Accumulated Other Comprehensive Income
|
||||||||||||||||||
Interest Rate Swap
|
$
|
33,000
|
3 month LIBOR
|
1.428
|
%
|
April 2015-April 2018
|
$
|
380
|
$
|
231
|
$
|
463
|
$
|
281
|
||||||||||||
Interest Rate Swap
|
33,000
|
3 month LIBOR
|
1.857
|
%
|
Oct. 2015-April 2019
|
627
|
$
|
381
|
837
|
509
|
||||||||||||||||
Interest Rate Swap
|
33,000
|
3 month LIBOR
|
1.996
|
%
|
Oct. 2015-Oct. 2019
|
717
|
$
|
436
|
1,007
|
612
|
||||||||||||||||
Interest Rate Swap
|
33,000
|
3 month LIBOR
|
2.265
|
%
|
April 2016-April 2020
|
798
|
$
|
485
|
1,172
|
712
|
||||||||||||||||
Interest Rate Swap
|
33,000
|
3 month LIBOR
|
2.646
|
%
|
April 2016-April 2022
|
1,114
|
$
|
677
|
1,818
|
1,105
|
||||||||||||||||
Interest Rate Swap
|
33,000
|
3 month LIBOR
|
2.523
|
%
|
Oct. 2016-Oct. 2020
|
838
|
$
|
509
|
1,307
|
795
|
||||||||||||||||
|
$
|
198,000
|
|
|
$
|
4,474
|
$
|
$ 2,719
|
$
|
6,604
|
$
|
4,014
|
||||||||||||||
(1)
|
Pinnacle Financial will pay the fixed interest rate and the counterparties pay Pinnacle Financial the variable rate.
|
(2)
|
No cash will be exchanged prior to the term.
|
|
Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
|
Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
|
Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
March 31, 2014
|
Total carrying value in the consolidated balance sheet
|
Quoted market prices in an active market
(Level 1)
|
Models with significant observable market parameters
(Level 2)
|
Models with significant unobservable market parameters
(Level 3)
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
U.S. Treasury securities
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
U.S. government agency securities
|
107,368
|
-
|
107,368
|
-
|
||||||||||||
Mortgage-backed securities
|
452,195
|
-
|
452,195
|
-
|
||||||||||||
State and municipal securities
|
148,773
|
-
|
148,773
|
-
|
||||||||||||
Agency-backed securities
|
15,822
|
-
|
15,822
|
-
|
||||||||||||
Corporate notes and other
|
11,243
|
-
|
11,243
|
-
|
||||||||||||
Total investment securities available-for-sale
|
$
|
735,401
|
$
|
-
|
$
|
735,401
|
$
|
-
|
||||||||
Other equity investments
|
7,137
|
-
|
-
|
7,137
|
||||||||||||
Other assets
|
17,860
|
-
|
17,860
|
-
|
||||||||||||
Total assets at fair value
|
$
|
760,398
|
$
|
-
|
$
|
753,261
|
$
|
7,137
|
||||||||
|
||||||||||||||||
Other liabilities
|
$
|
13,476
|
$
|
-
|
$
|
13,476
|
$
|
-
|
||||||||
Total liabilities at fair value
|
$
|
13,476
|
$
|
-
|
$
|
13,476
|
$
|
-
|
||||||||
|
||||||||||||||||
December 31, 2013
|
||||||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
U.S. government agency securities
|
$
|
103,873
|
$
|
-
|
$
|
103,873
|
$
|
-
|
||||||||
Mortgage-backed securities
|
412,936
|
-
|
412,936
|
-
|
||||||||||||
State and municipal securities
|
148,411
|
-
|
148,411
|
-
|
||||||||||||
Agency-backed securities
|
17,007
|
-
|
17,007
|
-
|
||||||||||||
Corporate notes and other
|
11,229
|
-
|
11,229
|
-
|
||||||||||||
Total investment securities available-for-sale
|
693,456
|
-
|
693,456
|
-
|
||||||||||||
Other equity investments
|
6,701
|
-
|
-
|
6,701
|
||||||||||||
Other assets
|
19,900
|
-
|
19,900
|
-
|
||||||||||||
Total assets at fair value
|
$
|
720,057
|
$
|
-
|
$
|
713,356
|
$
|
6,701
|
||||||||
|
||||||||||||||||
Other liabilities
|
$
|
13,670
|
$
|
-
|
$
|
13,670
|
$
|
-
|
||||||||
Total liabilities at fair value
|
$
|
13,670
|
$
|
-
|
$
|
13,670
|
$
|
-
|
March 31, 2014
|
Total carrying value in the consolidated balance sheet
|
Quoted market prices in an active market
(Level 1)
|
Models with significant observable market parameters
(Level 2)
|
Models with significant unobservable market
parameters
(Level 3)
|
Total
losses for the year-to-date period then ended
|
|||||||||||||||
Other real estate owned
|
$
|
15,038
|
$
|
-
|
$
|
-
|
$
|
15,038
|
$
|
(310
|
)
|
|||||||||
Nonaccrual loans, net (1)
|
14,308
|
-
|
-
|
14,308
|
(153
|
)
|
||||||||||||||
Total
|
$
|
29,346
|
$
|
-
|
$
|
-
|
$
|
29,346
|
$
|
(463
|
)
|
|||||||||
|
||||||||||||||||||||
December 31, 2013
|
||||||||||||||||||||
Other real estate owned
|
$
|
15,226
|
$
|
-
|
$
|
-
|
$
|
15,226
|
$
|
(2,258
|
)
|
|||||||||
Nonaccrual loans, net (1)
|
16,996
|
-
|
-
|
16,996
|
(2,921
|
)
|
||||||||||||||
Total
|
$
|
32,222
|
$
|
-
|
$
|
-
|
$
|
32,222
|
$
|
(5,179
|
)
|
(1)
|
Amount is net of a valuation allowance of $1.3 at March 31, 2014 and $1.2 million at December 31, 2013 as required by ASC 310-10, "Receivables."
|
|
For the three months ended March 31,
|
|||||||||||||||
|
2014
|
2013
|
||||||||||||||
|
Other assets
|
Other liabilities
|
Other assets
|
Other liabilities
|
||||||||||||
Fair value, January 1
|
$
|
6,701
|
$
|
-
|
$
|
4,681
|
$
|
-
|
||||||||
Total realized gains (losses) included in income
|
130
|
-
|
100
|
-
|
||||||||||||
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at March 31
|
-
|
-
|
-
|
-
|
||||||||||||
Purchases
|
306
|
-
|
304
|
-
|
||||||||||||
Issuances
|
-
|
-
|
-
|
-
|
||||||||||||
Settlements
|
-
|
-
|
-
|
-
|
||||||||||||
Transfers out of Level 3
|
-
|
-
|
-
|
-
|
||||||||||||
Fair value, March 31
|
7,137
|
-
|
5,085
|
-
|
||||||||||||
Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at March 31
|
$
|
130
|
$
|
-
|
$
|
100
|
$
|
-
|
(dollars in thousands)
March 31, 2014
|
Carrying/
Notional
Amount
|
Estimated
Fair Value(1)
|
Quoted market prices in an active market
(Level 1)
|
Models with significant observable market parameters
(Level 2)
|
Models with significant unobservable market
parameters
(Level 3)
|
|||||||||||||||
Financial assets:
|
||||||||||||||||||||
Securities held-to-maturity
|
$
|
38,733
|
$
|
38,195
|
$
|
-
|
$
|
38,195
|
$
|
-
|
||||||||||
Loans, net
|
4,114,163
|
4,062,235
|
-
|
-
|
4,062,235
|
|||||||||||||||
Mortgage loans held-for-sale
|
13,971
|
14,437
|
-
|
14,437
|
-
|
|||||||||||||||
|
||||||||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits and securities sold under
|
||||||||||||||||||||
agreements to repurchase
|
4,568,669
|
4,210,590
|
-
|
-
|
4,210,590
|
|||||||||||||||
Federal Home Loan Bank advances
|
150,604
|
150,556
|
-
|
-
|
150,556
|
|||||||||||||||
Subordinated debt and other borrowings
|
98,033
|
72,483
|
-
|
-
|
72,483
|
|||||||||||||||
|
||||||||||||||||||||
Off-balance sheet instruments:
|
||||||||||||||||||||
Commitments to extend credit (2)
|
1,221,891
|
1,051
|
-
|
-
|
1,051
|
|||||||||||||||
Standby letters of credit (3)
|
68,419
|
320
|
-
|
-
|
320
|
|||||||||||||||
|
||||||||||||||||||||
December 31, 2013
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Securities held-to-maturity
|
$
|
39,796
|
$
|
38,817
|
$
|
-
|
$
|
38,817
|
$
|
-
|
||||||||||
Loans, net
|
4,076,524
|
4,021,675
|
-
|
-
|
4,021,675
|
|||||||||||||||
Mortgage loans held for sale
|
12,850
|
12,999
|
-
|
12,999
|
-
|
|||||||||||||||
|
||||||||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits and securities sold under
|
||||||||||||||||||||
agreements to repurchase
|
4,603,938
|
4,378,805
|
-
|
-
|
4,378,805
|
|||||||||||||||
Federal Home Loan Bank advances
|
90,637
|
90,652
|
-
|
-
|
90,652
|
|||||||||||||||
Subordinated debt and other borrowings
|
98,658
|
73,083
|
-
|
-
|
73,083
|
|||||||||||||||
|
||||||||||||||||||||
Off-balance sheet instruments:
|
||||||||||||||||||||
Commitments to extend credit (2)
|
1,206,528
|
1,040
|
-
|
-
|
1,040
|
|||||||||||||||
Standby letters of credit (3)
|
69,231
|
331
|
-
|
-
|
331
|
(1)
|
Estimated fair values are consistent with an exit-price concept. The assumptions used to estimate the fair values are intended to approximate those that a market-participant would realize in a hypothetical orderly transaction.
|
(2)
|
At the end of each quarter, Pinnacle Financial evaluates the inherent risks of the outstanding off-balance sheet commitments. In making this evaluation, Pinnacle Financial evaluates the credit worthiness of the borrower, the collateral supporting the commitments and any other factors similar to those used to evaluate the inherent risks of our loan portfolio. Additionally, Pinnacle Financial evaluates the probability that the outstanding commitment will eventually become a funded loan. As a result, at March 31, 2014 and December 31, 2013, Pinnacle Financial included in other liabilities $1.3 million representing the inherent risks associated with these off-balance sheet commitments.
|
(3)
|
At March 31, 2014 and December 31, 2013, the fair value of Pinnacle Financial's standby letters of credit was $320,000 and $331,000, respectively. This amount represents the unamortized fee associated with these standby letters of credit and is included in the consolidated balance sheet of Pinnacle Financial and is believed to approximate fair value. This fair value will decrease over time as the existing standby letters of credit approach their expiration dates.
|
|
March 31, 2014
|
December 31, 2013
|
||||||||||||||||||
Type
|
Assets Recognized (maximum loss)
|
Liability
Recognized
|
Assets Recognized (maximum loss)
|
Liability
Recognized
|
Balance Sheet
Classification
|
|||||||||||||||
Low income housing partnerships
|
$
|
7,902
|
$
|
-
|
$
|
7,945
|
$
|
-
|
Other assets
|
|||||||||||
Trust preferred issuances
|
N/
|
A
|
82,476
|
N/
|
A
|
82,476
|
Subordinated debt
|
|||||||||||||
Commercial troubled debt restructurings
|
10,740
|
-
|
15,273
|
-
|
Loans
|
|||||||||||||||
Managed discretionary trusts
|
N/
|
A
|
N/
|
A
|
N/
|
A
|
N/
|
A
|
N/
|
A
|
||||||||||
|
|
Three months ended
|
2014-2013
|
||||||||||
|
March 31
|
Percent
|
||||||||||
|
2014
|
2013
|
Increase
(Decrease)
|
|||||||||
Interest income
|
$
|
49,291
|
$
|
47,156
|
4.5
|
%
|
||||||
Interest expense
|
3,383
|
4,398
|
(23.1
|
)%
|
||||||||
Net interest income
|
45,908
|
42,758
|
7.4
|
%
|
||||||||
Provision for loan losses
|
488
|
2,172
|
(77.6
|
)%
|
||||||||
Net interest income after provision for loan losses
|
45,420
|
40,585
|
11.9
|
%
|
||||||||
Noninterest income
|
12,736
|
11,902
|
7.0
|
%
|
||||||||
Noninterest expense
|
33,650
|
32,440
|
3.7
|
%
|
||||||||
Net income before income taxes
|
24,507
|
20,048
|
22.2
|
%
|
||||||||
Income tax expense
|
8,140
|
6,600
|
23.3
|
%
|
||||||||
Net Income
|
$
|
16,367
|
$
|
13,448
|
21.7
|
%
|
||||||
|
||||||||||||
Basic net income per common share
|
$
|
0.47
|
$
|
0.40
|
17.5
|
%
|
||||||
|
||||||||||||
Diluted net income per common share
|
$
|
0.47
|
$
|
0.39
|
20.5
|
%
|
|
Three months ended
March 31, 2014
|
Three months ended
March 31, 2013
|
||||||||||||||||||||||
|
Average Balances
|
Interest
|
Rates/ Yields
|
Average
Balances
|
Interest
|
Rates/ Yields
|
||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans (1)
|
$
|
4,130,289
|
$
|
43,696
|
4.30
|
%
|
$
|
3,681,686
|
$
|
41,514
|
4.58
|
%
|
||||||||||||
Securities:
|
||||||||||||||||||||||||
Taxable
|
573,330
|
3,720
|
2.63
|
%
|
537,951
|
3,671
|
2.77
|
%
|
||||||||||||||||
Tax-exempt (2)
|
175,209
|
1,598
|
4.94
|
%
|
176,153
|
1,656
|
5.09
|
%
|
||||||||||||||||
Federal funds sold and other
|
144,864
|
277
|
0.92
|
%
|
117,483
|
315
|
1.25
|
%
|
||||||||||||||||
Total interest-earning assets
|
5,023,692
|
$
|
49,291
|
4.04
|
%
|
4,513,273
|
$
|
47,156
|
4.30
|
%
|
||||||||||||||
Nonearning assets
|
||||||||||||||||||||||||
Intangible assets
|
247,360
|
248,940
|
||||||||||||||||||||||
Other nonearning assets
|
242,979
|
229,805
|
||||||||||||||||||||||
Total assets
|
$
|
5,514,031
|
$
|
4,992,018
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing deposits:
|
||||||||||||||||||||||||
Interest checking
|
$
|
921,034
|
$
|
429
|
0.19
|
%
|
$
|
775,136
|
$
|
606
|
0.32
|
%
|
||||||||||||
Savings and money market
|
1,951,787
|
1,427
|
0.30
|
%
|
1,632,715
|
1,624
|
0.40
|
%
|
||||||||||||||||
Time
|
507,929
|
739
|
0.59
|
%
|
589,038
|
1,182
|
0.81
|
%
|
||||||||||||||||
Total interest-bearing deposits
|
3,380,750
|
2,595
|
0.31
|
%
|
2,996,889
|
3,412
|
0.46
|
%
|
||||||||||||||||
Securities sold under agreements to repurchase
|
62,500
|
31
|
0.20
|
%
|
130,740
|
78
|
0.24
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
83,787
|
123
|
0.59
|
%
|
98,989
|
191
|
0.78
|
%
|
||||||||||||||||
Subordinated debt and other borrowings
|
98,651
|
634
|
2.61
|
%
|
106,777
|
717
|
2.72
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
3,625,688
|
3,383
|
0.38
|
%
|
3,333,395
|
4,398
|
0.54
|
%
|
||||||||||||||||
Noninterest-bearing deposits
|
1,128,743
|
-
|
-
|
952,853
|
-
|
-
|
||||||||||||||||||
Total deposits and interest-bearing liabilities
|
4,754,431
|
$
|
3,383
|
0.29
|
%
|
4,286,248
|
$
|
4,398
|
0.42
|
%
|
||||||||||||||
Other liabilities
|
18,857
|
17,529
|
||||||||||||||||||||||
Stockholders' equity
|
740,743
|
688,241
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
5,514,031
|
$
|
4,992,018
|
||||||||||||||||||||
Net interest income
|
$
|
45,908
|
$
|
42,758
|
||||||||||||||||||||
Net interest spread (3)
|
3.66
|
%
|
3.76
|
%
|
||||||||||||||||||||
Net interest margin (4)
|
3.76
|
%
|
3.90
|
%
|
1.
|
Average balances of nonaccrual loans are included in the above amounts.
|
2.
|
Yields based on the carrying value of those tax exempt instruments are shown on a fully tax equivalent basis.
|
3.
|
Yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. The net interest spread calculation excludes the impact of demand deposits. Had the impact of demand deposits been included, the net interest spread for the three months ended March 31, 2014 would have been 3.75% compared to a net interest spread of 3.88% for the three months ended March 31, 2013.
|
4.
|
Net interest margin is the result of annualized net interest income calculated on a tax-equivalent basis divided by average interest-earning assets for the period.
|
|
Three months ended
|
2014-2013
|
||||||||||
|
March 31,
|
Percent
|
||||||||||
|
2014
|
2013
|
Increase
(Decrease)
|
|||||||||
Noninterest income:
|
||||||||||||
Service charges on deposit accounts
|
$
|
2,791
|
$
|
2,480
|
12.5
|
%
|
||||||
Investment services
|
2,128
|
1,793
|
18.7
|
%
|
||||||||
Insurance sales commissions
|
1,385
|
1,393
|
(0.6
|
)%
|
||||||||
Gains on mortgage loans sold, net
|
952
|
1,813
|
(47.5
|
)%
|
||||||||
Trust fees
|
1,146
|
944
|
21.3
|
%
|
||||||||
Other noninterest income:
|
||||||||||||
ATM and other consumer fees
|
2,225
|
1,807
|
23.1
|
%
|
||||||||
Bank-owned life insurance
|
616
|
270
|
128.1
|
%
|
||||||||
Loan swap fees
|
28
|
473
|
(94.1
|
%)
|
||||||||
Other equity investments
|
131
|
167
|
(21.6
|
%)
|
||||||||
Other noninterest income
|
1,334
|
761
|
75.3
|
%
|
||||||||
Total other noninterest income
|
4,334
|
3,478
|
24.6
|
%
|
||||||||
Total noninterest income
|
$
|
12,736
|
$
|
11,902
|
7.0
|
%
|
|
Three months ended
|
2014-2013
|
||||||||||
|
March 31,
|
Percent
|
||||||||||
|
2014
|
2013
|
Increase
(Decrease)
|
|||||||||
Noninterest expense:
|
||||||||||||
Salaries and employee benefits:
|
||||||||||||
Salaries
|
$
|
12,455
|
$
|
11,444
|
8.8
|
%
|
||||||
Commissions
|
1,337
|
1,119
|
19.5
|
%
|
||||||||
Cash incentives
|
3,375
|
2,850
|
18.4
|
%
|
||||||||
Employee benefits and other
|
4,583
|
4,159
|
10.2
|
%
|
||||||||
Total salaries and employee benefits
|
21,750
|
19,572
|
11.1
|
%
|
||||||||
Equipment and occupancy
|
5,709
|
5,113
|
11.7
|
%
|
||||||||
Other real estate expense
|
651
|
721
|
(9.7
|
)%
|
||||||||
Marketing and business development
|
909
|
791
|
15.0
|
%
|
||||||||
Postage and supplies
|
561
|
591
|
(5.2
|
)%
|
||||||||
Amortization of intangibles
|
238
|
521
|
(54.4
|
)%
|
||||||||
Other noninterest expense
|
3,832
|
5,130
|
(25.3
|
)%
|
||||||||
Total noninterest expense
|
$
|
33,650
|
$
|
32,440
|
3.7
|
%
|
|
March 31, 2014
|
December 31, 2013
|
||||||||||||||
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||
Commercial real estate – mortgage
|
$
|
1,456,172
|
34.8
|
%
|
$
|
1,383,435
|
33.4
|
%
|
||||||||
Consumer real estate – mortgage
|
703,592
|
16.8
|
%
|
695,616
|
16.8
|
%
|
||||||||||
Construction and land development
|
294,055
|
7.0
|
%
|
316,191
|
7.6
|
%
|
||||||||||
Commercial and industrial
|
1,568,937
|
37.5
|
%
|
1,605,547
|
38.7
|
%
|
||||||||||
Consumer and other
|
158,931
|
3.8
|
%
|
143,704
|
3.5
|
%
|
||||||||||
Total loans
|
$
|
4,181,687
|
100.0
|
%
|
$
|
4,144,493
|
100.0
|
%
|
|
Amounts at March 31, 2014
|
Percentage
|
||||||||||||||
|
Fixed
|
Variable
|
At March 31,
|
|||||||||||||
|
Rates
|
Rates
|
Totals
|
2014
|
||||||||||||
Based on contractual maturity:
|
||||||||||||||||
Due within one year
|
$
|
205,097
|
$
|
732,583
|
$
|
937,680
|
22.4
|
%
|
||||||||
Due in one year to five years
|
993,448
|
839,504
|
1,832,952
|
43.8
|
%
|
|||||||||||
Due after five years
|
595,951
|
815,105
|
1,411,056
|
33.8
|
%
|
|||||||||||
Totals
|
$
|
1,794,496
|
$
|
2,387,192
|
$
|
4,181,688
|
100.0
|
%
|
||||||||
|
||||||||||||||||
Based on contractual repricing dates:
|
||||||||||||||||
Daily floating rate (*)
|
$
|
-
|
$
|
1,278,748
|
$
|
1,278,748
|
30.6
|
%
|
||||||||
Due within one year
|
205,097
|
386,201
|
591,298
|
14.1
|
%
|
|||||||||||
Due in one year to five years
|
993,448
|
445,104
|
1,438,552
|
34.4
|
%
|
|||||||||||
Due after five years
|
595,951
|
277,139
|
873,090
|
20.9
|
%
|
|||||||||||
Totals
|
$
|
1,794,496
|
$
|
2,387,192
|
$
|
4,181,688
|
100.0
|
%
|
|
March 31,
|
December 31,
|
||||
Accruing loans past due 30 to 89 days:
|
2014
|
2013
|
||||
Commercial real estate – mortgage
|
$
|
969
|
$
|
2,561
|
||
Consumer real estate – mortgage
|
5,239
|
2,215
|
||||
Construction and land development
|
849
|
4,839
|
||||
Commercial and industrial
|
1,191
|
1,847
|
||||
Consumer and other
|
2,096
|
1,488
|
||||
Total accruing loans past due 30 to 89 days
|
$
|
10,344
|
$
|
12,950
|
||
|
||||||
Accruing loans past due 90 days or more:
|
||||||
Commercial real estate – mortgage(1)
|
$
|
7,736
|
$
|
2,232
|
||
Consumer real estate – mortgage
|
-
|
-
|
||||
Construction and land development
|
147
|
-
|
||||
Commercial and industrial
|
52
|
825
|
||||
Consumer and other
|
8
|
289
|
||||
Total accruing loans past due 90 days or more
|
$
|
7,943
|
$
|
3,346
|
||
|
||||||
Ratios:
|
||||||
Accruing loans past due 30 to 89 days as a percentage of total loans
|
0.25
|
%
|
0.31
|
%
|
||
Accruing loans past due 90 days or more as a percentage of total loans
|
0.19
|
%
|
0.08
|
%
|
||
Total accruing loans in past due status as a percentage of total loans
|
0.44
|
%
|
0.39
|
%
|
|
At
December 31, 2013
|
Payments, Sales and Reductions(1)
|
Foreclosures(2)
|
Inflows (3)
|
At
March 31, 2014
|
|||||||||||||||
Nonperforming assets:
|
||||||||||||||||||||
Nonaccrual loans:
|
||||||||||||||||||||
Commercial real estate – mortgage
|
$
|
9,017
|
$
|
(306
|
)
|
$
|
(1,572
|
)
|
$
|
6
|
$
|
7,145
|
||||||||
Consumer real estate – mortgage
|
5,289
|
(441
|
)
|
(73
|
)
|
904
|
5,679
|
|||||||||||||
Construction and land development
|
1,070
|
(80
|
)
|
-
|
0
|
990
|
||||||||||||||
Commercial and industrial
|
2,565
|
(1,891
|
)
|
-
|
864
|
1,538
|
||||||||||||||
Consumer and other
|
242
|
(926
|
)
|
-
|
938
|
254
|
||||||||||||||
Total nonaccrual loans (4)
|
18,183
|
(3,644
|
)
|
(1,645
|
)
|
2,712
|
15,606
|
|||||||||||||
Other real estate owned
|
15,226
|
(1,833
|
)
|
1,645
|
-
|
15,038
|
||||||||||||||
Total nonperforming assets
|
33,409
|
(5,477
|
)
|
-
|
2,712
|
30,644
|
||||||||||||||
Troubled debt restructurings:
|
||||||||||||||||||||
Commercial real estate – mortgage
|
13,453
|
(5,574
|
)
|
-
|
-
|
7,879
|
||||||||||||||
Consumer real estate – mortgage
|
3,984
|
(14
|
)
|
-
|
-
|
3,970
|
||||||||||||||
Construction and land development
|
113
|
(2
|
)
|
-
|
-
|
111
|
||||||||||||||
Commercial and industrial
|
1,820
|
(1,544
|
)
|
-
|
2,585
|
2,861
|
||||||||||||||
Consumer and other
|
276
|
-
|
10
|
286
|
||||||||||||||||
Total troubled debt restructurings
|
19,646
|
(7,134
|
)
|
-
|
2,595
|
15,107
|
||||||||||||||
Total nonperforming assets and troubled debt restructurings
|
$
|
53,055
|
$
|
(12,611
|
)
|
$
|
-
|
$
|
5,307
|
$
|
45,751
|
|||||||||
Ratios:
|
||||||||||||||||||||
Nonaccrual loans to total loans
|
0.44
|
%
|
0.37
|
%
|
||||||||||||||||
Nonperforming assets to total loans plus other
|
||||||||||||||||||||
real estate owned
|
0.88
|
%
|
0.73
|
%
|
||||||||||||||||
Nonperforming assets plus troubled debt
|
||||||||||||||||||||
restructurings to total loans and
|
||||||||||||||||||||
other real estate owned
|
1.28
|
%
|
1.09
|
%
|
||||||||||||||||
Nonperforming assets, potential problem loans
|
||||||||||||||||||||
and troubled debt restructurings
|
||||||||||||||||||||
to Pinnacle Bank Tier I capital and
|
||||||||||||||||||||
allowance for loan losses
|
19.02
|
%
|
20.93
|
%
|
||||||||||||||||
Classified asset ratio (Pinnacle Bank)(5)
|
18.50
|
%
|
21.18
|
%
|
||||||||||||||||
Allowance for loan loss coverage ratio
|
373.8
|
%
|
432.7
|
%
|
||||||||||||||||
|
(1)
|
Payments, sales and reductions in nonaccrual loans are primarily attributable to payments we have collected from borrowers, charge-offs of recorded balances and nonaccrual loans that have been returned to accruing status during the three months ended March 31, 2014. Payments, sales and reductions in other real estate owned represent either the sale, disposition or valuation adjustment on properties which had previously been foreclosed upon or acquired by deed in lieu of foreclosure. Payments, sales and reductions in troubled debt restructurings are those loans which were previously restructured whereby the borrower has reduced the outstanding balance of the loan or re-defaulted on the terms of the loan and therefore been charged-off.
|
(2)
|
Foreclosures in nonaccrual loans and troubled debt restructurings are representative of transfers of balances to OREO during the three months ended March 31, 2014.
|
(3)
|
Inflows in nonaccrual loans are attributable to loans where we have discontinued the accrual of interest at some point during the three months ended March 31, 2014. These concessions can be in the form of a reduced interest rate, extended maturity date or other matters.
|
(4)
|
Approximately $10.9 million, as of each of March 31, 2014 and December 31, 2013 of nonaccrual loans included above are currently paying pursuant to their contractual terms.
|
(5)
|
Classified assets as a percentage of Tier 1 capital plus allowance for loan losses.
|
|
March 31,
|
December 31,
|
||||||
|
2014
|
2013
|
||||||
Developed lots
|
$
|
847
|
$
|
1,296
|
||||
Undeveloped land
|
11,303
|
11,564
|
||||||
Other
|
2,888
|
2,366
|
||||||
|
$
|
15,038
|
$
|
15,226
|
|
March 31, 2014
|
December 31, 2013
|
||||||||||||||
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||
Commercial real estate - mortgage
|
$
|
20,550
|
34.8
|
%
|
$
|
21,372
|
33.4
|
%
|
||||||||
Consumer real estate - mortgage
|
7,822
|
16.8
|
%
|
8,355
|
16.8
|
%
|
||||||||||
Construction and land development
|
6,765
|
7.0
|
%
|
7,235
|
7.6
|
%
|
||||||||||
Commercial and industrial
|
26,710
|
37.5
|
%
|
25,134
|
38.7
|
%
|
||||||||||
Consumer and other
|
1,886
|
3.8
|
%
|
1,632
|
3.5
|
%
|
||||||||||
Unallocated
|
3,791
|
NA
|
4,242
|
NA
|
||||||||||||
Total allowance for loan losses
|
$
|
67,524
|
100.0
|
%
|
$
|
67,970
|
100.0
|
%
|
|
Three months ended
March 31, 2014
|
Year ended
December 31, 2013
|
||||||
Balance at beginning of period
|
$
|
67,970
|
$
|
69,417
|
||||
Provision for loan losses
|
488
|
7,857
|
||||||
Charged-off loans:
|
||||||||
Commercial real estate – mortgage
|
(123
|
)
|
(4,123
|
)
|
||||
Consumer real estate – mortgage
|
(334
|
)
|
(2,250
|
)
|
||||
Construction and land development
|
(7
|
)
|
(1,351
|
)
|
||||
Commercial and industrial
|
(824
|
)
|
(8,159
|
)
|
||||
Consumer and other loans
|
(214
|
)
|
(1,369
|
)
|
||||
Total charged-off loans
|
(1,502
|
)
|
(17,252
|
)
|
||||
Recoveries of previously charged-off loans:
|
||||||||
Commercial real estate – mortgage
|
1
|
500
|
||||||
Consumer real estate – mortgage
|
72
|
1,209
|
||||||
Construction and land development
|
31
|
1,464
|
||||||
Commercial and industrial
|
398
|
4,531
|
||||||
Consumer and other loans
|
66
|
244
|
||||||
Total recoveries of previously charged-off loans
|
568
|
7,948
|
||||||
Net charge-offs
|
(934
|
)
|
(9,304
|
)
|
||||
Balance at end of period
|
$
|
67,524
|
$
|
67,970
|
||||
Ratio of allowance for loan losses to total loans outstanding at end of period
|
1.61
|
%
|
1.64
|
%
|
||||
Ratio of net charge-offs to average total loans outstanding for the period (1)
|
0.27
|
%
|
0.24
|
%
|
(1)
|
Net charge-offs for the year-to-date period ended March 31, 2014 have been annualized.
|
|
March 31, 2014
|
December 31, 2013
|
Weighted average life
|
4.83 years
|
5.22 years
|
Effective duration
|
3.69%
|
4.61%
|
Weighted average coupon
|
3.43%
|
3.50%
|
Tax equivalent yield
|
3.17%
|
3.15%
|
|
March 31,
|
December 31,
|
||||||||||||||
|
2014
|
Percent
|
2013
|
Percent
|
||||||||||||
Core funding:
|
||||||||||||||||
Noninterest-bearing deposit accounts
|
$
|
1,180,202
|
24.50
|
%
|
$
|
1,167,763
|
24.35
|
%
|
||||||||
Interest-bearing demand accounts
|
903,681
|
18.76
|
%
|
870,662
|
18.16
|
%
|
||||||||||
Savings and money market accounts
|
1,605,783
|
33.33
|
%
|
1,655,087
|
34.52
|
%
|
||||||||||
Time deposit accounts less than $250,000
|
397,811
|
8.26
|
%
|
408,520
|
8.52
|
%
|
||||||||||
Total core funding
|
4,087,477
|
84.85
|
%
|
4,102,032
|
85.54
|
%
|
||||||||||
Non-core funding:
|
||||||||||||||||
Relationship based non-core funding:
|
||||||||||||||||
Reciprocating NOW deposits (1)
|
8,706
|
0.18
|
%
|
13,633
|
0.28
|
%
|
||||||||||
Reciprocating money market accounts (1)
|
296,670
|
6.16
|
%
|
309,276
|
6.45
|
%
|
||||||||||
Reciprocating time deposits
|
32,483
|
0.67
|
%
|
32,689
|
0.68
|
%
|
||||||||||
Other time deposits
|
75,241
|
1.56
|
%
|
77,838
|
1.62
|
%
|
||||||||||
Securities sold under agreements to repurchase
|
68,093
|
1.41
|
%
|
70,465
|
1.47
|
%
|
||||||||||
Total relationship based non-core funding
|
481,193
|
9.99
|
%
|
503,901
|
10.51
|
%
|
||||||||||
Wholesale funding:
|
||||||||||||||||
Brokered deposits
|
-
|
0.00
|
%
|
-
|
0.00
|
%
|
||||||||||
Federal Home Loan Bank advances
|
150,604
|
3.13
|
%
|
90,637
|
1.89
|
%
|
||||||||||
Holding company loan
|
15,557
|
0.32
|
%
|
16,182
|
0.34
|
%
|
||||||||||
Subordinated debt – Pinnacle Financial
|
82,476
|
1.71
|
%
|
82,476
|
1.72
|
%
|
||||||||||
Total wholesale funding
|
248,637
|
5.16
|
%
|
189,295
|
3.95
|
%
|
||||||||||
Total non-core funding
|
729,830
|
15.15
|
%
|
693,196
|
14.46
|
%
|
||||||||||
Totals
|
$
|
4,817,307
|
100.00
|
%
|
$
|
4,795,228
|
100.00
|
%
|
(1)
|
The reciprocating categories consists of deposits we receive from a bank network (the CDARS network) in connection with deposits of our customers in excess of our FDIC coverage limit that we place with the CDARS network.
|
|
Balances
|
Weighted Avg. Rate
|
||||||
Denominations less than $250,000
|
||||||||
Three months or less
|
$
|
136,348
|
0.40
|
%
|
||||
Over three but less than six months
|
85,623
|
0.49
|
%
|
|||||
Over six but less than twelve months
|
105,932
|
0.49
|
%
|
|||||
Over twelve months
|
102,391
|
0.92
|
%
|
|||||
|
$
|
430,294
|
0.56
|
%
|
||||
Denomination $250,000 and greater
|
||||||||
Three months or less
|
$
|
32,019
|
0.45
|
%
|
||||
Over three but less than six months
|
11,273
|
0.40
|
%
|
|||||
Over six but less than twelve months
|
17,716
|
0.71
|
%
|
|||||
Over twelve months
|
14,233
|
1.41
|
%
|
|||||
|
$
|
75,241
|
0.68
|
%
|
||||
Totals
|
$
|
505,535
|
0.58
|
%
|
Date
Established
|
Maturity
|
Common Securities
|
Subordinated Debentures
|
Floating Interest Rate
|
Interest Rate at March 31, 2014
|
||||||||||
Trust I
|
December 29, 2003
|
December 30, 2033
|
$
|
310,000
|
$
|
10,000,000
|
Libor + 2.80%
|
3.03
|
%
|
||||||
Trust II
|
September 15, 2005
|
September 30, 2035
|
619,000
|
20,000,000
|
Libor + 1.40%
|
1.63
|
%
|
||||||||
Trust III
|
September 7, 2006
|
September 30, 2036
|
619,000
|
20,000,000
|
Libor + 1.65%
|
1.88
|
%
|
||||||||
Trust IV
|
October 31, 2007
|
September 30, 2037
|
928,000
|
30,000,000
|
Libor + 2.85%
|
3.08
|
%
|
|
•
|
|
A base rate generally defined as the sum of (i) the highest of (x) the lender's "base" or "prime" rate, (y) the average overnight federal funds effective rate plus one-half percent (0.50%) per annum or (z) one-month LIBOR plus one percent (1%) per annum and (ii) an applicable margin as noted below; or
|
|
•
|
|
A LIBOR rate generally defined as the sum of (i) the average of the offered rates of interest quoted in the London Inter-Bank Eurodollar Market for U.S. Dollar deposits with prime banks (as published by Reuters or other commercially available source) for one, two or three months (all as selected by the Company), and (ii) an applicable margin.
|
·
|
Earnings simulation model. We believe interest rate risk is best measured by our earnings simulation modeling. Earning assets, interest-bearing liabilities and off-balance sheet financial instruments are combined with ALCO forecasts of interest rates for the next 12 months and are combined with other factors in order to produce various earnings simulations. To limit interest rate risk, we have guidelines for our earnings at risk which seek to limit the variance of net interest income in both gradual and instantaneous changes to interest rates. For changes up or down in rates from management's flat interest rate forecast over the next twelve months, limits in the decline in net interest income are as follows:
|
·
|
+/- 10.0% for a gradual change of 400 points; +/-20.0% for an instantaneous change of 400 basis points
|
·
|
+/- 7.5% for a gradual change of 300 points; +/- 15.0% for an instantaneous change of 300 basis points
|
·
|
+/- 5.0% for a gradual change of 200 points; +/- 10.0% for an instantaneous change of 200 basis points
|
·
|
+/- 2.5% for a gradual change of 100 points; +/- 5.0% for an instantaneous change of 100 basis points
|
·
|
Economic value of equity. Our economic value of equity model measures the extent that estimated economic values of our assets, liabilities and off-balance sheet items will change as a result of interest rate changes. Economic values are determined by discounting expected cash flows from assets, liabilities and off-balance sheet items, which establishes a base case economic value of equity. To help limit interest rate risk, we have a guideline stating that for an instantaneous 400 basis point change in interest rates up or down, the economic value of equity should not decrease by more than 40 percent from the base case; for a 300 basis point instantaneous change in interest rates up or down, the economic value of equity should not decrease by more than 30 percent; for a 200 basis point instantaneous change in interest rates up or down, the economic value of equity should not decrease by more than 20 percent; and for a 100 basis point instantaneous change in interest rates up or down, the economic value of equity should not decrease by more than 10 percent.
|
Scheduled
Maturities
|
Amount
|
Interest Rates(1)
|
||||||
2014
|
$
|
135,000
|
0.20
|
%
|
||||
2015
|
-
|
-
|
||||||
2016
|
15,000
|
2.35
|
%
|
|||||
2017
|
-
|
-
|
||||||
2018
|
12
|
2.00
|
%
|
|||||
Thereafter
|
451
|
2.46
|
%
|
|||||
Total
|
$
|
150,463
|
||||||
Weighted average interest rate
|
0.42
|
%
|
(1)
|
Some FHLB advances include variable interest rates and could increase in the future. The table reflects rates in effect as of March 31, 2014.
|
Period
|
Total Number of Shares Repurchased (1)
|
Average Price Paid Per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs
|
||||||||||||
January 1, 2014 to January 31, 2014
|
35,011
|
$
|
31.95
|
-
|
-
|
|||||||||||
February 1, 2014 to February 28, 2014
|
16,491
|
35.48
|
-
|
-
|
||||||||||||
March 1, 2014 to March 31, 2014
|
590
|
36.08
|
-
|
-
|
||||||||||||
Total
|
52,092
|
$
|
33.12
|
-
|
-
|
(1)
|
During the quarter ended March 31, 2014, 189,014 shares of restricted stock previously awarded to certain of our associates and leadership team members vested. We withheld 52,092 shares to satisfy tax withholding requirements associated with the vesting of these restricted shares.
|
31.1
|
Certification pursuant to Rule 13a-14(a)/15d-14(a)
|
31.2
|
Certification pursuant to Rule 13a-14(a)/15d-14(a)
|
32.1
|
Certification pursuant to 18 USC Section 1350 – Sarbanes-Oxley Act of 2002
|
32.2
|
Certification pursuant to 18 USC Section 1350 – Sarbanes-Oxley Act of 2002
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Schema Document
|
101.CAL
|
XBRL Calculation Linkbase Document
|
101.LAB
|
XBRL Label Linkbase Document
|
101.PRE
|
XBRL Presentation Linkbase Document
|
101.DEF
|
XBRL Definition Linkbase Document
|
|
|
PINNACLE FINANCIAL PARTNERS, INC.
|
|
|
|
|
|
|
May 2, 2014
|
|
/s/ M. Terry Turner
|
|
|
M. Terry Turner
|
President and Chief Executive Officer | ||
May 2, 2014
|
|
/s/ Harold R. Carpenter
|
Harold R. Carpenter | ||
Chief Financial Officer | ||
1. | I have reviewed this quarterly report on Form 10-Q of Pinnacle Financial Partners, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
May 2, 2014
|
Signature:
|
/s/ M. Terry Turner
|
|
|
M. Terry Turner
|
|
|
President and Chief Executive Officer
|
|
|
Pinnacle Financial Partners, Inc.
|
1. | I have reviewed this quarterly report on Form 10-Q of Pinnacle Financial Partners, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
May 2, 2014 |
Signature:
|
/s/ Harold R. Carpenter
|
|
|
Harold R. Carpenter
|
|
|
Chief Financial Officer
|
|
|
Pinnacle Financial Partners, Inc.
|
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
May 2, 2014
|
|
/s/ M. Terry Turner
|
|
|
M. Terry Turner
|
|
|
President and Chief Executive Officer
|
|
|
Pinnacle Financial Partners, Inc.
|
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
May 2, 2014
|
|
/s/ Harold R. Carpenter
|
|
|
Harold R. Carpenter
|
|
|
Chief Financial Officer
|
|
|
Pinnacle Financial Partners, Inc.
|
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