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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(mark one)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
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-20200930_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 November 3, 2020 there were 75,848,853 shares of common stock, $1.00 par value per share, issued and outstanding.

Table of Contents
Pinnacle Financial Partners, Inc.
Report on Form 10-Q
September 30, 2020

TABLE OF CONTENTSPage No.
  
  

2
Table of Contents
FORWARD-LOOKING STATEMENTS

All statements, other than statements of historical fact, included in this report, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "expect," "anticipate," "intend," "may," "aims," "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) further deterioration in the financial condition of borrowers of Pinnacle Bank and its subsidiaries or Bankers Healthcare Group, LLC (BHG) resulting in significant increases in loan losses and provisions for those losses and, in the case of BHG, substitutions; (ii) the further effects of the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its 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) the inability of Pinnacle Financial, or entities in which it has significant investments, like BHG, to maintain the historical growth rate of its, or such entities', loan portfolio; (iv) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (v) effectiveness of Pinnacle Financial's asset management activities in improving, resolving or liquidating lower-quality assets; (vi) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on Pinnacle Financial’s results, including as a result of compression to net interest margin; (vii) adverse conditions in the national or local economies including in Pinnacle Financial's markets throughout Tennessee, North Carolina, South Carolina, Georgia and Virginia,  particularly in commercial and residential real estate markets; (viii) fluctuations or differences in interest rates on loans or deposits from those that Pinnacle Financial is modeling or anticipating, 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; (ix) the results of regulatory examinations; (x) 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; (xi) Pinnacle Financial's ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions; (xii) difficulties and delays in integrating acquired businesses or fully realizing costs savings and other benefits from acquisitions; (xiii) BHG's ability to profitably grow its business and successfully execute on its business plans; (xiv) risks of expansion into new geographic or product markets including the recent expansion into the Atlanta, Georgia metro market; (xv) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including goodwill or other intangible assets; (xvi) 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; (xvii) deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xviii) 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; (xix) approval of the declaration of any dividend by Pinnacle Financial's board of directors; (xx) 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; (xxi) 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;  (xxii) the risks associated with Pinnacle Financial and Pinnacle Bank being a minority investor in BHG, including the risk that the owners of a majority of the equity interests in BHG decide to sell the company if not prohibited from doing so by Pinnacle Financial or Pinnacle Bank; (xxiii) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (xxiv) the availability of and access to capital; (xxv) 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 (xxvi) general competitive, economic, political and market conditions. Additional factors which could affect the forward looking statements can be found in Pinnacle Financial's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q (including this report), 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.

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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, 2020December 31, 2019
ASSETS  
Cash and noninterest-bearing due from banks$179,231 $157,901 
Restricted cash 247,761 137,045 
Interest-bearing due from banks2,604,646 210,784 
Federal funds sold and other11,687 20,977 
Cash and cash equivalents3,043,325 526,707 
Securities available-for-sale, at fair value3,463,422 3,539,995 
Securities held-to-maturity (fair value of $1.1 billion, net of allowance for credit losses of $191,000 at Sept. 30, 2020 and fair value of $201.2 million at Dec. 31, 2019, respectively)1,039,650 188,996 
Consumer loans held-for-sale82,748 81,820 
Commercial loans held-for-sale12,290 17,585 
Loans22,477,409 19,787,876 
Less allowance for credit losses(288,645)(94,777)
Loans, net22,188,764 19,693,099 
Premises and equipment, net287,711 273,932 
Equity method investment289,301 278,037 
Accrued interest receivable101,762 84,462 
Goodwill1,819,811 1,819,811 
Core deposits and other intangible assets44,713 51,130 
Other real estate owned19,445 29,487 
Other assets1,431,989 1,220,435 
Total assets$33,824,931 $27,805,496 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Deposits:  
Noninterest-bearing$7,050,670 $4,795,476 
Interest-bearing4,995,769 3,630,168 
Savings and money market accounts10,513,645 7,813,939 
Time3,983,872 3,941,445 
Total deposits26,543,956 20,181,028 
Securities sold under agreements to repurchase127,059 126,354 
Federal Home Loan Bank advances1,287,738 2,062,534 
Subordinated debt and other borrowings670,273 749,080 
Accrued interest payable26,101 42,183 
Other liabilities382,496 288,569 
Total liabilities29,037,623 23,449,748 
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, 2020 and no shares issued and outstanding at Dec. 31, 2019, respectively.217,126 — 
Common stock, par value $1.00; 180.0 million shares authorized; 75.8 million and 76.6 million shares issued and outstanding at Sept. 30, 2020 and Dec. 31, 2019, respectively75,835 76,564 
Additional paid-in capital3,023,430 3,064,467 
Retained earnings1,312,929 1,184,183 
Accumulated other comprehensive income, net of taxes157,988 30,534 
Total shareholders' equity4,787,308 4,355,748 
Total liabilities and shareholders' equity$33,824,931 $27,805,496 
See accompanying notes to consolidated financial statements (unaudited).
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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,
 2020201920202019
Interest income:  
Loans, including fees$224,482 $247,147 $687,183 $714,179 
Securities:  
Taxable8,276 10,655 28,133 36,438 
Tax-exempt15,001 13,313 43,421 37,541 
Federal funds sold and other1,429 4,634 5,258 11,325 
Total interest income249,188 275,749 763,995 799,483 
Interest expense:  
Deposits28,401 62,531 112,826 175,736 
Securities sold under agreements to repurchase77 152 286 439 
Federal Home Loan Bank advances and other borrowings14,116 17,260 50,080 51,338 
Total interest expense42,594 79,943 163,192 227,513 
Net interest income206,594 195,806 600,803 571,970 
Provision for credit losses16,333 8,260 184,554 22,639 
Net interest income after provision for credit losses190,261 187,546 416,249 549,331 
Noninterest income:  
Service charges on deposit accounts9,854 10,193 25,796 27,675 
Investment services6,734 6,270 21,944 17,607 
Insurance sales commissions2,284 2,252 7,755 7,327 
Gain on mortgage loans sold, net19,453 7,402 47,655 18,291 
Investment gains (losses) on sales, net651 417 986 (6,009)
Trust fees3,986 3,593 12,114 10,349 
Income from equity method investment26,445 32,248 59,245 77,799 
Other noninterest income21,658 20,244 58,901 51,325 
Total noninterest income91,065 82,619 234,396 204,364 
Noninterest expense:  
Salaries and employee benefits90,103 85,919 244,470 231,915 
Equipment and occupancy21,622 20,348 64,626 63,523 
Other real estate expense, net1,795 655 7,098 3,424 
Marketing and other business development2,321 2,723 7,714 8,953 
Postage and supplies1,761 1,766 5,821 5,737 
Amortization of intangibles2,417 2,430 7,416 7,012 
Other noninterest expense24,258 19,100 76,086 54,114 
Total noninterest expense144,277 132,941 413,231 374,678 
Income before income taxes137,049 137,224 237,414 379,017 
Income tax expense26,404 26,703 35,969 74,215 
Net income110,645 $110,521 $201,445 $304,802 
Preferred stock dividends(3,798)— (3,798)— 
Net income available to common shareholders$106,847 $110,521 $197,647 $304,802 
Per share information:  
Basic net income per common share$1.42 $1.45 $2.62 $3.99 
Diluted net income per common share$1.42 $1.44 $2.62 $3.97 
Weighted average common shares outstanding:  
Basic75,240,664 76,301,010 75,417,663 76,480,757 
Diluted75,360,033 76,556,309 75,544,677 76,761,167 

See accompanying notes to consolidated financial statements (unaudited).
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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,
 2020201920202019
Net income$110,645 $110,521 $201,445 $304,802 
Other comprehensive income (loss), net of tax:  
Change in fair value on available-for-sale securities, net of tax523 25,259 69,402 87,153 
Change in fair value of cash flow hedges, net of tax(5,213)494 60,426 6,584 
Amortization (accretion) of net unrealized losses (gains) on securities transferred from available-for-sale to held-to-maturity, net of tax(1,523)56 (3,504)126 
Net loss on cash flow hedges reclassified from other comprehensive income into net income, net of tax156 1,129 1,858 946 
Net loss (gain) on sale of investment securities reclassified from other comprehensive income into net income, net of tax(481)(308)(728)4,438 
Total other comprehensive income (loss), net of tax(6,538)26,630 127,454 99,247 
Total comprehensive income$104,107 $137,151 $328,899 $404,049 

See accompanying notes to consolidated financial statements (unaudited).
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PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(dollars and shares in thousands)Common Stock  
 Preferred Stock
Amount		SharesAmountsAdditional Paid-in CapitalRetained EarningsAccumulated Other Comp. Income (Loss), netTotal Shareholders' Equity
Balance at December 31, 2018$— 77,484 $77,484 $3,107,431 $833,130 $(52,105)$3,965,940 
Exercise of employee common stock options & related tax benefits— 5 5 125 — — 130 
Common stock dividends paid ($0.16 per share)— — — — (12,545)— (12,545)
Repurchase of common stock— (543)(543)(29,506)— — (30,049)
Issuance of restricted common shares, net of forfeitures— 180 180 (180)— — — 
Restricted shares withheld for taxes & related tax benefit— (62)(62)(3,425)— — (3,487)
Compensation expense for restricted shares & performance stock units— — — 4,913 — — 4,913 
Net income— — — — 93,960 — 93,960 
Other comprehensive income— — — — — 37,077 37,077 
Balance at March 31, 2019$— 77,064 $77,064 $3,079,358 $914,545 $(15,028)$4,055,939 
Exercise of employee common stock options & related tax benefits— 1 $1 $8 — $— $9 
Common stock dividends paid ($0.16 per share)— — — — (12,432)— (12,432)
Repurchase of common stock— (132)(132)(7,243)— — (7,375)
Issuance of restricted common shares, net of forfeitures— 10 10 (10)— — — 
Restricted shares withheld for taxes & related tax benefit— (14)(14)(787)— — (801)
Compensation expense for restricted shares & performance stock units— — — 5,160 — — 5,160 
Net income— — — — 100,321 — 100,321 
Other comprehensive income— — — — — 35,540 35,540 
Balance at June 30, 2019$— 76,929 $76,929 $3,076,486 $1,002,434 $20,512 $4,176,361 
Exercise of employee common stock options & related tax benefits— 4 4 104 — — 108 
Common stock dividends paid ($0.16 per share)— — — — (12,438)— (12,438)
Repurchase of common stock— (198)(198)(10,867)— — (11,065)
Issuance of restricted common shares, net of forfeitures— 10 10 (10)— — — 
Restricted shares withheld for taxes & related tax benefit— (9)(9)(496)— — (505)
Compensation expense for restricted shares & performance stock units— — — 5,018 — — 5,018 
Net income— — — — 110,521 — 110,521 
Other comprehensive income— — — — — 26,630 26,630 
Balance at September 30, 2019$— 76,736 $76,736 $3,070,235 $1,100,517 $47,142 $4,294,630 


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 Preferred Stock
Amount		Common Stock Accumulated Other Comp. Income (Loss), netTotal Shareholders' Equity
 SharesAmountsAdditional Paid-in CapitalRetained Earnings
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 dividends paid ($0.16 per share)— — — — (12,442)— (12,442)
Repurchase of common stock— (1,015)(1,015)(49,775)— — (50,790)
Issuance of restricted common shares, net of forfeitures— 198 198 (198)— — — 
Restricted shares withheld for taxes & related tax benefits— (32)(32)(1,925)— — (1,957)
Issuance of common stock pursuant to restricted stock unit agreement, net of shares withheld for taxes & related tax benefits — 84 84 (2,553)— — (2,469)
Compensation expense for restricted shares & performance stock units— — — 5,501 — — 5,501 
Net income— — — — 28,356 — 28,356 
Cumulative effect of change in accounting principle— — — — (31,796)— (31,796)
Other comprehensive income— — — — — 94,972 94,972 
Balance at March 31, 2020$— 75,800 $75,800 $3,015,521 $1,168,301 $125,506 $4,385,128 
Issuance of preferred stock, net of issuance costs$217,632 — $— $— $— $— $217,632 
Exercise of employee common stock options & related tax benefits— 9 9 216 — — 225 
Common 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 benefits— (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 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 benefits— (7)(7)(293)— — (300)
Compensation expense for restricted shares & performance stock units— — — 4,443 — — 4,443 
Net income— — — —