– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Annualized linked-quarter loan growth of 18.5% for 1Q2022, 22.5% exclusive of PPP paydowns
NASHVILLE, Tenn.--(BUSINESS WIRE)--Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) reported net income per diluted common share of $1.65 for the quarter ended March 31, 2022, compared to net income per diluted common share of $1.61 for the quarter ended March 31, 2021, an increase of approximately 2.5 percent. Items significantly impacting the comparability between the two periods were:
"In our view, the economic landscape remains fragile," said M. Terry Turner, Pinnacle's president and chief executive officer. "Russia's invasion of Ukraine and the various economic sanctions enacted in response are likely to continue to weigh on our economy. The full impact of the ongoing supply chain issues, inflation, inverted yield curves and a potential recession are as yet unknown. Our response thus far has been to seek to protect tangible book value, to initiate a number of targeted loan portfolio reviews, including our COVID-impacted and commercial real estate portfolios, and to heighten our diligence on cybersecurity and fraud detection.
"Despite the uncertain economic environment, we are pleased with our first quarter performance and remain optimistic for 2022," Turner said. "As a result of our prolific hiring over the last few years, we had anticipated rapid loan growth this year based primarily on market share movement as the new revenue producers continue to consolidate their clients from their previous employers to us. Not only are we realizing outsized loan growth in our legacy Tennessee, Carolinas and Virginia markets, but we are also having great success in our market extensions to Atlanta, Washington, D.C., Birmingham, and Huntsville. The prolific hiring continued during the first quarter with 28 additional revenue producers. The loan growth we experienced during the first quarter, along with our current loan pipelines and our continued ability to attract new associates, have bolstered our confidence that we could meet or exceed mid-teen percentage loan growth for this year."
BALANCE SHEET GROWTH:
Total assets at March 31, 2022 were $39.4 billion, an increase of approximately $4.1 billion from March 31, 2021, reflecting a year-over-year increase of 11.6 percent. A further analysis of select balance sheet trends follows:
|
Balances at |
|
Balances at |
|
||||||
(dollars in thousands) |
March 31,
|
December 31,
|
Linked-Quarter
|
March 31,
|
Year-over-Year
|
|||||
Loans |
$ |
24,499,022 |
$ |
23,414,262 |
18.5 |
% |
$ |
23,086,701 |
6.1 |
% |
Less PPP loans |
|
157,180 |
|
371,118 |
(230.6 |
)% |
|
2,221,409 |
(92.9 |
)% |
Loans excluding PPP loans |
|
24,341,842 |
|
23,043,144 |
22.5 |
% |
|
20,865,292 |
16.7 |
% |
Securities and other interest-earning assets |
|
10,704,157 |
|
11,046,895 |
(12.4 |
)% |
|
8,237,831 |
29.9 |
% |
Total interest-earning assets excluding PPP loans |
$ |
35,045,999 |
$ |
34,090,039 |
11.2 |
% |
$ |
29,103,123 |
20.4 |
% |
|
|
|
|
|
|
|||||
Core Deposits: |
|
|
|
|
|
|||||
Noninterest-bearing deposits |
|
10,986,194 |
|
10,461,071 |
20.1 |
% |
|
8,103,943 |
35.6 |
% |
Interest-bearing core deposits(1) |
|
19,412,489 |
|
18,855,840 |
11.8 |
% |
|
16,857,447 |
15.2 |
% |
Noncore deposits and other funding(2) |
|
3,428,850 |
|
3,452,034 |
(2.7 |
)% |
|
5,062,784 |
(32.3 |
)% |
Total funding |
$ |
33,827,533 |
$ |
32,768,945 |
12.9 |
% |
$ |
30,024,174 |
12.7 |
% |
(1): Interest-bearing core deposits are interest-bearing deposits, money market accounts, time deposits less than $250,000 and reciprocating time and money market deposits issued through the IntraFi Network. (2): Noncore deposits and other funding consists of time deposits greater than $250,000, securities sold under agreements to repurchase, public funds, brokered deposits, FHLB advances and subordinated debt. |
||||||||||
"During the first quarter, loan growth approximated an annualized rate of 18.5 percent when compared to balances at Dec. 31, 2021. Excluding the impact of PPP, loans increased at an annualized rate of 22.5 percent," Turner said. "As we have been highlighting for the past several quarters, replacing last year's PPP revenue and extraordinary volume of mortgage origination fees is primarily a function of new loan growth this year, and we are off to a tremendous start. Additionally, we were pleased with our core deposit growth in the first quarter of 14.7 percent and that our average deposit costs decreased during the quarter to 13 basis points."
PRE-TAX, PRE-PROVISION NET REVENUES (PPNR):
Pre-tax, pre-provision net revenues (PPNR) for the quarter ended March 31, 2022 were $160.3 million, a decrease of 1.4 percent from the $160.9 million recognized in the quarter ended March 31, 2021.
|
Three months ended |
||||||
|
March 31, |
||||||
(dollars in thousands) |
2022 |
2021 |
% change |
||||
Revenues: |
|
|
|
||||
Net interest income |
$ |
239,475 |
$ |
222,870 |
|
7.5 |
% |
Noninterest income |
|
103,496 |
|
92,709 |
|
11.6 |
% |
Total revenues |
|
342,971 |
|
315,579 |
|
8.7 |
% |
Noninterest expense |
|
182,661 |
|
154,696 |
|
18.1 |
% |
Pre-tax, pre-provision net revenue (PPNR) |
$ |
160,310 |
$ |
160,883 |
|
(0.4 |
)% |
Adjustments: |
|
|
|
||||
Investment losses on sales of securities, net |
|
61 |
|
— |
|
NM |
|
ORE expense (benefit) |
|
105 |
|
(13 |
) |
NM |
|
Adjusted PPNR |
$ |
160,476 |
$ |
160,870 |
|
(0.2 |
)% |
"We continue to highlight PPNR and our efforts to grow PPNR consistently," said Harold R. Carpenter, Pinnacle’s chief financial officer. "PPNR was flattish compared to last year’s first quarter, but given the headwinds of reduced PPP revenues and reduced revenues from our residential mortgage business, we are pleased with our first quarter PPNR results. In addition to our anticipated loan growth this year, we believe that BHG's performance will result in at least 20 percent noninterest income growth in 2022 and that our wealth management businesses will also have a strong year given market volatility and several significant hires that were accomplished in 2021. As to expenses, compensation costs increased nearly 19 percent over last year, due primarily to increased headcount, annual merit raises and seasonal payroll taxes. We are optimistic that our hiring model will continue to provide us even more opportunities to add revenue producers this year. As a result, including the impact of inflation and the addition of JB&B on our expense base, we believe our noninterest expenses for 2022 will approximate mid-teen percentage increase over 2021 noninterest expense.
"We all appreciated that growing PPNR in 2022 would be challenging for the entire banking industry. We believe our loan growth momentum going into the second quarter is very strong, and assuming rates continue to increase and eliminate the impact of a larger percentage of our loan floors, not only should our revenue growth accelerate, but our margins should begin to expand as well."
|
Three months ended |
||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||
Net interest margin |
|
2.89 |
% |
|
2.96 |
% |
|
3.02 |
% |
Efficiency ratio |
|
53.26 |
% |
|
50.20 |
% |
|
49.02 |
% |
Return on average assets |
|
1.32 |
% |
|
1.39 |
% |
|
1.42 |
% |
Return on average tangible common equity (TCE) |
|
15.63 |
% |
|
16.13 |
% |
|
17.16 |
% |
Book value per common share |
$ |
66.30 |
|
$ |
66.89 |
|
$ |
62.33 |
|
Tangible book value per common share |
$ |
41.65 |
|
$ |
42.55 |
|
$ |
37.88 |
|
"We remain pleased with our profitability metrics for the first quarter," Carpenter said. "There is much discussion about the rate environment and its impact on our balance sheet sensitivity going forward. We believe our balance sheet is positioned more conservatively than most given our disciplined adherence to loan floors over the last few years. Over the course of the last few weeks and since the most recent increase in Fed funds rates, our loan yields have expanded by almost 6 basis points, while our total deposit costs have increased approximately 2 basis points. Thus far, and we are very early in the up-rate cycle, we are pleased with how our relationship managers are working with their clients and setting expectations for the next several quarters.
"Additionally, the impact of increased rates on tangible book value has garnered attention. Our tangible book value per share decreased by 2.1 percent this quarter, primarily due to the impact of rising rates on accumulated other comprehensive income. Early in the first quarter of 2022, we transferred approximately $1.1 billion of available-for-sale securities to held-to-maturity to help counter the impact of rising rates on tangible equity. Tangible book value per share is a key initiative of ours, so we will continue to position our firm to grow tangible book value over the long term."
MAINTAINING A STRONG BALANCE SHEET:
|
Three months ended or as of |
|||||
|
March 31,
|
December 31,
|
March 31,
|
|||
Annualized net loan charge-offs to avg. loans(1) |
0.05 |
% |
0.14 |
% |
0.20 |
% |
Nonperforming assets to total loans, ORE and other nonperforming assets (NPAs) |
0.14 |
% |
0.17 |
% |
0.36 |
% |
Classified asset ratio (Pinnacle Bank) (2) |
3.60 |
% |
4.10 |
% |
7.30 |
% |
Allowance for credit losses (ACL) to total loans |
1.07 |
% |
1.12 |
% |
1.22 |
% |
ACL to total loans, excluding PPP |
1.07 |
% |
1.14 |
% |
1.35 |
% |
(1): Annualized net loan charge-offs to average loans ratios are computed by annualizing quarterly net loan charge-offs and dividing the result by average loans for the quarter. (2): Classified assets as a percentage of Tier 1 capital plus allowance for credit losses. |
||||||
"Our credit performance has been strong for many years, and this was even more evident in the first quarter," Carpenter said. "Several of our loan credit metrics are at the lowest point they have been at in many years. During the first quarter, our allowance for credit losses to total loans (excluding PPP loans) (ACL) decreased from 1.14 percent at year end 2021 to 1.07 percent at March 31, 2022. We believe that continued reductions in our ACL are possible through most of 2022."
WEBCAST AND CONFERENCE CALL INFORMATION
Pinnacle will host a webcast and conference call at 8:30 a.m. CT on April 19, 2022, to discuss first quarter 2022 results and other matters. To access the call for audio only, please call 1-877-602-7944. For the presentation and streaming audio, please access the webcast on the investor relations page of Pinnacle's website at www.pnfp.com.
For those unable to participate in the webcast, it will be archived on the investor relations page of Pinnacle's website at www.pnfp.com for 90 days following the presentation.
Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2021 deposit data from the FDIC, is listed by Forbes among the top 25 banks in the nation and earned a spot on the 2022 list of 100 Best Companies to Work For® in the U.S., its sixth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For nine years in a row and No. 1 among banks with more than $11 billion in assets in 2021.
Pinnacle owns a 49 percent interest in Bankers Healthcare Group (BHG), which provides innovative, hassle-free financial solutions to healthcare practitioners and other licensed professionals. Great Place to Work and FORTUNE ranked BHG No. 4 on its 2021 list of Best Workplaces in New York State in the small/medium business category.
The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $39.4 billion in assets as of March 31, 2022. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 15 primarily urban markets across the Southeast.
Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.
Forward-Looking Statements
All statements, other than statements of historical fact, included in this press release, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "expect," "anticipate," "intend," "may," "should," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to: (i) deterioration in the financial condition of borrowers of Pinnacle Bank and its subsidiaries or BHG resulting in significant increases in loan losses and provisions for those losses and, in the case of BHG, substitutions; (ii) the effects of new outbreaks of COVID-19, including actions taken by governmental officials to curb the spread of the virus, and the resulting impact on general economic and financial market conditions and on Pinnacle Financial's and its customers' business, results of operations, asset quality and financial condition; (iii) further public acceptance of the booster shots of the vaccines that were developed against the virus as well as the decisions of governmental agencies with respect to vaccines including recommendations related to booster shots and requirements that seek to mandate that individuals receive or employers require that their employees receive the vaccine; (iv) those vaccines' efficacy against the virus, including new variants; (v) 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; (vi) the inability of Pinnacle Financial, or entities in which it has significant investments, like BHG, to maintain the long-term historical growth rate of its, or such entities', loan portfolio; (vii) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (viii) effectiveness of Pinnacle Financial's asset management activities in improving, resolving or liquidating lower-quality assets; (ix) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on Pinnacle Financial’s results, including as a result of compression to net interest margin; (x) adverse conditions in the national or local economies including in Pinnacle Financial's markets throughout Tennessee, North Carolina, South Carolina, Georgia, Alabama and Virginia, particularly in commercial and residential real estate markets, including the negative impact of inflationary pressures on our customers and their businesses; (xi) the results of regulatory examinations; (xii) Pinnacle Financial's ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions; (xiii) difficulties and delays in integrating acquired businesses or fully realizing costs savings and other benefits from acquisitions; (xiv) BHG's ability to profitably grow its business and successfully execute on its business plans; (xv) risks of expansion into new geographic or product markets; (xvi) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits, including during times when Pinnacle Bank is seeking to lower rates it pays on deposits; (xvii) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including goodwill or other intangible assets; (xviii) the ineffectiveness of Pinnacle Bank's hedging strategies, or the unexpected counterparty failure or hedge failure of the underlying hedges; (xix) reduced ability to attract additional financial advisors (or failure of such advisors to cause their clients to switch to Pinnacle Bank), to retain financial advisors (including as a result of the competitive environment for associates) or otherwise to attract customers from other financial institutions; (xx) deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xxi) inability to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies, required capital maintenance levels or regulatory requests or directives, particularly if Pinnacle Bank's level of applicable commercial real estate loans were to exceed percentage levels of total capital in guidelines recommended by its regulators; (xxii) approval of the declaration of any dividend by Pinnacle Financial's board of directors; (xxiii) the vulnerability of Pinnacle Bank's network and online banking portals, and the systems of parties with whom Pinnacle Bank contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xxiv) the possibility of increased compliance and operational costs as a result of increased regulatory oversight (including by the Consumer Financial Protection Bureau), including oversight of companies in which Pinnacle Financial or Pinnacle Bank have significant investments, like BHG, and the development of additional banking products for Pinnacle Bank's corporate and consumer clients; (xxv) the risks associated with Pinnacle Financial and Pinnacle Bank being a minority investor in BHG, including the risk that the owners of a majority of the equity interests in BHG decide to sell the company or all or a portion of their ownership interests in BHG (triggering a similar sale by Pinnacle Financial and Pinnacle Bank) if not prohibited from doing so by Pinnacle Financial or Pinnacle Bank; (xxvi) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (xxvii) fluctuations in the valuations of Pinnacle Financial's equity investments and the ultimate success of such investments; (xxiii) the availability of and access to capital; (xxix) adverse results (including costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of Pinnacle Bank's participation in and execution of government programs related to the COVID-19 pandemic; and (xxx) general competitive, economic, political and market conditions. Additional factors which could affect the forward looking statements can be found in Pinnacle Financial's Annual Report on Form 10-K for the year ended December 31, 2021, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC and available on the SEC's website at http://www.sec.gov. Pinnacle Financial disclaims any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Matters
This release contains certain non-GAAP financial measures, including, without limitation, earnings per diluted common share, PPNR, efficiency ratio and the ratio of noninterest expense to average assets, excluding in certain instances the impact of expenses related to other real estate owned, gains or losses on sale of investment securities, FHLB restructuring charges, hedge termination charges and other matters for the accounting periods presented. This release also includes non-GAAP financial measures which exclude the impact of loans originated under the PPP. This release may also contain certain other non-GAAP capital ratios and performance measures that exclude the impact of goodwill and core deposit intangibles associated with Pinnacle Financial's acquisitions of BNC, Avenue Bank, Magna Bank, CapitalMark Bank & Trust, Mid-America Bancshares, Inc., Cavalry Bancorp, Inc. and other acquisitions which collectively are less material to the non-GAAP measure as well as the impact of Pinnacle Financial's Series B Preferred Stock. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Because non-GAAP financial measures presented in this release are not measurements determined in accordance with GAAP and are susceptible to varying calculations, these non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures presented by other companies.
Pinnacle Financial believes that these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of its operating performance. In addition, because intangible assets such as goodwill and the core deposit intangible, and the other items excluded each vary extensively from company to company, Pinnacle Financial believes that the presentation of this information allows investors to more easily compare Pinnacle Financial's results to the results of other companies. Pinnacle Financial's management utilizes this non-GAAP financial information to compare Pinnacle Financial's operating performance for 2022 versus certain periods in 2021 and to internally prepared projections.
| PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED BALANCE SHEETS – UNAUDITED |
|||||||||
|
|
|
|
||||||
(dollars in thousands, except for share and per share data) |
March 31,
|
December 31,
|
March 31,
|
||||||
ASSETS |
|
|
|
||||||
Cash and noninterest-bearing due from banks |
$ |
187,093 |
|
$ |
188,287 |
|
$ |
189,251 |
|
Restricted cash |
|
29,680 |
|
|
82,505 |
|
|
162,834 |
|
Interest-bearing due from banks |
|
3,103,008 |
|
|
3,830,747 |
|
|
2,780,137 |
|
Federal funds sold and other |
|
— |
|
|
— |
|
|
55,186 |
|
Cash and cash equivalents |
|
3,319,781 |
|
|
4,101,539 |
|
|
3,187,408 |
|
Securities purchased with agreement to resell |
|
1,332,753 |
|
|
1,000,000 |
|
|
450,000 |
|
Securities available-for-sale, at fair value |
|
3,569,723 |
|
|
4,914,194 |
|
|
3,677,019 |
|
Securities held-to-maturity (fair value of $2.4 billion, $1.2 billion and $1.0 billion, net of allowance for credit losses of $1.1 million, $161 and $198 at March 31, 2022, Dec. 31, 2021 and March 31, 2021, respectively) |
|
2,566,386 |
|
|
1,155,958 |
|
|
1,014,345 |
|
Consumer loans held-for-sale |
|
67,224 |
|
|
45,806 |
|
|
85,769 |
|
Commercial loans held-for-sale |
|
35,383 |
|
|
17,685 |
|
|
12,541 |
|
Loans |
|
24,499,022 |
|
|
23,414,262 |
|
|
23,086,701 |
|
Less allowance for credit losses |
|
(261,618 |
) |
|
(263,233 |
) |
|
(280,881 |
) |
Loans, net |
|
24,237,404 |
|
|
23,151,029 |
|
|
22,805,820 |
|
Premises and equipment, net |
|
296,779 |
|
|
288,182 |
|
|
289,515 |
|
Equity method investment |
|
382,256 |
|
|
360,833 |
|
|
327,512 |
|
Accrued interest receivable |
|
95,147 |
|
|
98,813 |
|
|
98,477 |
|
Goodwill |
|
1,850,951 |
|
|
1,819,811 |
|
|
1,819,811 |
|
Core deposits and other intangible assets |
|
31,997 |
|
|
33,819 |
|
|
40,130 |
|
Other real estate owned |
|
8,237 |
|
|
8,537 |
|
|
10,651 |
|
Other assets |
|
1,606,357 |
|
|
1,473,193 |
|
|
1,480,707 |
|
Total assets |
$ |
39,400,378 |
|
$ |
38,469,399 |
|
$ |
35,299,705 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||||
Deposits: |
|
|
|
||||||
Noninterest-bearing |
$ |
10,986,194 |
|
$ |
10,461,071 |
|
$ |
8,103,943 |
|
Interest-bearing |
|
6,838,659 |
|
|
6,530,015 |
|
|
5,814,689 |
|
Savings and money market accounts |
|
12,416,101 |
|
|
12,179,663 |
|
|
11,361,620 |
|
Time |
|
2,054,860 |
|
|
2,133,784 |
|
|
3,012,688 |
|
Total deposits |
|
32,295,814 |
|
|
31,304,533 |
|
|
28,292,940 |
|
Securities sold under agreements to repurchase |
|
219,530 |
|
|
152,559 |
|
|
172,117 |
|
Federal Home Loan Bank advances |
|
888,870 |
|
|
888,681 |
|
|
888,115 |
|
Subordinated debt and other borrowings |
|
423,319 |
|
|
423,172 |
|
|
671,002 |
|
Accrued interest payable |
|
8,575 |
|
|
12,504 |
|
|
15,359 |
|
Other liabilities |
|
283,320 |
|
|
377,343 |
|
|
300,648 |
|
Total liabilities |
|
34,119,428 |
|
|
33,158,792 |
|
|
30,340,181 |
|
Preferred stock, no par value, 10.0 million shares authorized; 225,000 shares non-cumulative perpetual preferred stock, Series B, liquidation preference $225.0 million, issued and outstanding at March 31, 2022, Dec. 31, 2021 and March 31, 2021, respectively |
|
217,126 |
|
|
217,126 |
|
|
217,126 |
|
Common stock, par value $1.00; 180.0 million shares authorized; 76.4 million, 76.1 million and 76.1 million shares issued and outstanding at March 31, 2022, Dec. 31, 2021, and March 31, 2021, respectively |
|
76,377 |
|
|
76,143 |
|
|
76,088 |
|
Additional paid-in capital |
|
3,045,914 |
|
|
3,045,802 |
|
|
3,027,311 |
|
Retained earnings |
|
1,972,686 |
|
|
1,864,350 |
|
|
1,515,451 |
|
Accumulated other comprehensive income (loss), net of taxes |
|
(31,153 |
) |
|
107,186 |
|
|
123,548 |
|
Total stockholders' equity |
|
5,280,950 |
|
|
5,310,607 |
|
|
4,959,524 |
|
Total liabilities and stockholders' equity |
$ |
39,400,378 |
|
$ |
38,469,399 |
|
$ |
35,299,705 |
|
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES |
|||||||||
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED |
|||||||||
(dollars in thousands, except for share and per share data) |
Three months ended |
||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||
Interest income: |
|
|
|
||||||
Loans, including fees |
$ |
227,047 |
|
$ |
230,026 |
|
$ |
227,372 |
|
Securities |
|
|
|
||||||
Taxable |
|
11,048 |
|
|
9,696 |
|
|
7,728 |
|
Tax-exempt |
|
17,446 |
|
|
16,931 |
|
|
15,498 |
|
Federal funds sold and other |
|
3,076 |
|
|
2,540 |
|
|
1,319 |
|
Total interest income |
|
258,617 |
|
|
259,193 |
|
|
251,917 |
|
Interest expense: |
|
|
|
||||||
Deposits |
|
10,250 |
|
|
10,648 |
|
|
17,468 |
|
Securities sold under agreements to repurchase |
|
56 |
|
|
54 |
|
|
72 |
|
FHLB advances and other borrowings |
|
8,836 |
|
|
9,728 |
|
|
11,507 |
|
Total interest expense |
|
19,142 |
|
|
20,430 |
|
|
29,047 |
|
Net interest income |
|
239,475 |
|
|
238,763 |
|
|
222,870 |
|
Provision for credit losses |
|
2,720 |
|
|
2,675 |
|
|
7,235 |
|
Net interest income after provision for credit losses |
|
236,755 |
|
|
236,088 |
|
|
215,635 |
|
Noninterest income: |
|
|
|
||||||
Service charges on deposit accounts |
|
11,030 |
|
|
12,663 |
|
|
8,307 |
|
Investment services |
|
10,691 |
|
|
11,081 |
|
|
8,191 |
|
Insurance sales commissions |
|
4,036 |
|
|
2,328 |
|
|
3,225 |
|
Gains on mortgage loans sold, net |
|
4,066 |
|
|
4,244 |
|
|
13,666 |
|
Investment gains (losses) on sales, net |
|
(61 |
) |
|
393 |
|
|
— |
|
Trust fees |
|
5,973 |
|
|
5,926 |
|
|
4,687 |
|
Income from equity method investment |
|
33,655 |
|
|
30,844 |
|
|
28,950 |
|
Other noninterest income |
|
34,106 |
|
|
33,244 |
|
|
25,683 |
|
Total noninterest income |
|
103,496 |
|
|
100,723 |
|
|
92,709 |
|
Noninterest expense: |
|
|
|
||||||
Salaries and employee benefits |
|
121,852 |
|
|
110,048 |
|
|
102,728 |
|
Equipment and occupancy |
|
25,536 |
|
|
24,997 |
|
|
23,220 |
|
Other real estate, net |
|
105 |
|
|
37 |
|
|
(13 |
) |
Marketing and other business development |
|
3,777 |
|
|
4,562 |
|
|
2,349 |
|
Postage and supplies |
|
2,371 |
|
|
2,191 |
|
|
1,806 |
|
Amortization of intangibles |
|
1,871 |
|
|
2,057 |
|
|
2,206 |
|
Other noninterest expense |
|
27,149 |
|
|
26,525 |
|
|
22,400 |
|
Total noninterest expense |
|
182,661 |
|
|
170,417 |
|
|
154,696 |
|
Income before income taxes |
|
157,590 |
|
|
166,394 |
|
|
153,648 |
|
Income tax expense |
|
28,480 |
|
|
32,866 |
|
|
28,220 |
|
Net income |
|
129,110 |
|
|
133,528 |
|
|
125,428 |
|
Preferred stock dividends |
|
(3,798 |
) |
|
(3,798 |
) |
|
(3,798 |
) |
Net income available to common shareholders |
$ |
125,312 |
|
$ |
129,730 |
|
$ |
121,630 |
|
Per share information: |
|
|
|
||||||
Basic net income per common share |
$ |
1.66 |
|
$ |
1.72 |
|
$ |
1.61 |
|
Diluted net income per common share |
$ |
1.65 |
|
$ |
1.71 |
|
$ |
1.61 |
|
Weighted average common shares outstanding: |
|
|
|
||||||
Basic |
|
75,654,986 |
|
|
75,523,052 |
|
|
75,372,883 |
|
Diluted |
|
75,930,372 |
|
|
76,024,700 |
|
|
75,657,149 |
|
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES |
|||||||||||||
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||||||||
|
|
|
|
|
|
|
|||||||
(dollars in thousands) |
March |
December |
September |
June |
March |
December |
|||||||
2022 |
2021 |
2021 |
2021 |
2021 |
2020 |
||||||||
Balance sheet data, at quarter end: |
|
|
|
|
|
|
|||||||
Commercial and industrial loans |
$ |
8,213,204 |
|
7,703,428 |
|
7,079,431 |
|
6,771,254 |
|
6,355,119 |
|
6,239,588 |
|
Commercial real estate - owner occupied loans |
|
3,124,275 |
|
3,048,822 |
|
2,954,519 |
|
2,817,689 |
|
2,869,785 |
|
2,802,227 |
|
Commercial real estate - investment loans |
|
4,707,761 |
|
4,607,048 |
|
4,597,736 |
|
4,644,551 |
|
4,782,712 |
|
4,565,040 |
|
Commercial real estate - multifamily and other loans |
|
718,822 |
|
614,656 |
|
621,471 |
|
724,253 |
|
790,469 |
|
638,344 |
|
Consumer real estate - mortgage loans |
|
3,813,252 |
|
3,680,684 |
|
3,540,439 |
|
3,335,537 |
|
3,086,916 |
|
3,099,172 |
|
Construction and land development loans |
|
3,277,029 |
|
2,903,017 |
|
3,096,961 |
|
2,791,611 |
|
2,568,969 |
|
2,901,746 |
|
Consumer and other loans |
|
487,499 |
|
485,489 |
|
459,182 |
|
440,124 |
|
411,322 |
|
379,515 |
|
Paycheck protection program loans |
|
157,180 |
|
371,118 |
|
708,722 |
|
1,372,916 |
|
2,221,409 |
|
1,798,869 |
|
Total loans |
|
24,499,022 |
|
23,414,262 |
|
23,058,461 |
|
22,897,935 |
|
23,086,701 |
|
22,424,501 |
|
Allowance for credit losses |
|
(261,618 |
) |
(263,233 |
) |
(268,635 |
) |
(273,747 |
) |
(280,881 |
) |
(285,050 |
) |
Securities |
|
6,136,109 |
|
6,070,152 |
|
5,623,890 |
|
5,326,908 |
|
4,691,364 |
|
4,615,040 |
|
Total assets |
|
39,400,378 |
|
38,469,399 |
|
36,523,936 |
|
35,412,309 |
|
35,299,705 |
|
34,932,860 |
|
Noninterest-bearing deposits |
|
10,986,194 |
|
10,461,071 |
|
9,809,691 |
|
8,926,200 |
|
8,103,943 |
|
7,392,325 |
|
Total deposits |
|
32,295,814 |
|
31,304,533 |
|
29,369,807 |
|
28,217,603 |
|
28,292,940 |
|
27,705,575 |
|
Securities sold under agreements to repurchase |
|
219,530 |
|
152,559 |
|
148,240 |
|
177,661 |
|
172,117 |
|
128,164 |
|
FHLB advances |
|
888,870 |
|
888,681 |
|
888,493 |
|
888,304 |
|
888,115 |
|
1,087,927 |
|
Subordinated debt and other borrowings |
|
423,319 |
|
423,172 |
|
542,712 |
|
671,994 |
|
671,002 |
|
670,575 |
|
Total stockholders' equity |
|
5,280,950 |
|
5,310,607 |
|
5,191,798 |
|
5,101,231 |
|
4,959,524 |
|
4,904,611 |
|
Balance sheet data, quarterly averages: |
|
|
|
|
|
|
|||||||
Total loans |
$ |
23,848,533 |
|
23,225,735 |
|
22,986,835 |
|
23,179,803 |
|
22,848,086 |
|
22,524,683 |
|
Securities |
|
6,143,664 |
|
5,813,636 |
|
5,451,232 |
|
5,036,786 |
|
4,666,269 |
|
4,567,872 |
|
Federal funds sold and other |
|
4,799,946 |
|
4,356,113 |
|
3,743,074 |
|
3,143,078 |
|
3,356,199 |
|
3,621,623 |
|
Total earning assets |
|
34,792,143 |
|
33,395,484 |
|
32,181,141 |
|
31,359,667 |
|
30,870,554 |
|
30,714,178 |
|
Total assets |
|
38,637,221 |
|
37,132,078 |
|
35,896,130 |
|
35,053,772 |
|
34,659,132 |
|
34,436,765 |
|
Noninterest-bearing deposits |
|
10,478,403 |
|
10,240,393 |
|
9,247,382 |
|
8,500,465 |
|
7,620,665 |
|
7,322,393 |
|
Total deposits |
|
31,538,985 |
|
30,034,026 |
|
28,739,871 |
|
28,013,659 |
|
27,620,784 |
|
27,193,256 |
|
Securities sold under agreements to repurchase |
|
179,869 |
|
141,781 |
|
164,837 |
|
173,268 |
|
143,586 |
|
121,331 |
|
FHLB advances |
|
888,746 |
|
888,559 |
|
888,369 |
|
888,184 |
|
934,662 |
|
1,250,848 |
|
Subordinated debt and other borrowings |
|
441,755 |
|
484,389 |
|
586,387 |
|
674,162 |
|
673,662 |
|
673,419 |
|
Total stockholders' equity |
|
5,331,405 |
|
5,262,586 |
|
5,176,625 |
|
5,039,608 |
|
4,953,656 |
|
4,852,373 |
|
Statement of operations data, for the three months ended: |
|||||||||||||
Interest income |
$ |
258,617 |
|
259,193 |
|
260,868 |
|
259,236 |
|
251,917 |
|
257,047 |
|
Interest expense |
|
19,142 |
|
20,430 |
|
23,325 |
|
26,011 |
|
29,047 |
|
36,062 |
|
Net interest income |
|
239,475 |
|
238,763 |
|
237,543 |
|
233,225 |
|
222,870 |
|
220,985 |
|
Provision for credit losses |
|
2,720 |
|
2,675 |
|
3,382 |
|
2,834 |
|
7,235 |
|
9,180 |
|
Net interest income after provision for credit losses |
|
236,755 |
|
236,088 |
|
234,161 |
|
230,391 |
|
215,635 |
|
211,805 |
|
Noninterest income |
|
103,496 |
|
100,723 |
|
104,095 |
|
98,207 |
|
92,709 |
|
83,444 |
|
Noninterest expense |
|
182,661 |
|
170,417 |
|
168,851 |
|
166,140 |
|
154,696 |
|
161,305 |
|
Income before taxes |
|
157,590 |
|
166,394 |
|
169,405 |
|
162,458 |
|
153,648 |
|
133,944 |
|
Income tax expense |
|
28,480 |
|
32,866 |
|
32,828 |
|
30,668 |
|
28,220 |
|
23,068 |
|
Net income |
|
129,110 |
|
133,528 |
|
136,577 |
|
131,790 |
|
125,428 |
|
110,876 |
|
Preferred stock dividends |
|
(3,798 |
) |
(3,798 |
) |
(3,798 |
) |
(3,798 |
) |
(3,798 |
) |
(3,798 |
) |
Net income available to common shareholders |
$ |
125,312 |
|
129,730 |
|
132,779 |
|
127,992 |
|
121,630 |
|
107,078 |
|
Profitability and other ratios: |
|
|
|
|
|
|
|||||||
Return on avg. assets (1) |
|
1.32 |
% |
1.39 |
% |
1.47 |
% |
1.46 |
% |
1.42 |
% |
1.24 |
% |
Return on avg. equity (1) |
|
9.53 |
% |
9.78 |
% |
10.18 |
% |
10.19 |
% |
9.96 |
% |
8.78 |
% |
Return on avg. common equity (1) |
|
9.94 |
% |
10.20 |
% |
10.62 |
% |
10.65 |
% |
10.41 |
% |
9.19 |
% |
Return on avg. tangible common equity (1) |
|
15.63 |
% |
16.13 |
% |
16.98 |
% |
17.32 |
% |
17.16 |
% |
15.37 |
% |
Common stock dividend payout ratio (16) |
|
12.94 |
% |
10.65 |
% |
11.13 |
% |
11.73 |
% |
13.69 |
% |
15.84 |
% |
Net interest margin (2) |
|
2.89 |
% |
2.96 |
% |
3.03 |
% |
3.08 |
% |
3.02 |
% |
2.97 |
% |
Noninterest income to total revenue (3) |
|
30.18 |
% |
29.67 |
% |
30.47 |
% |
29.63 |
% |
29.38 |
% |
27.41 |
% |
Noninterest income to avg. assets (1) |
|
1.09 |
% |
1.08 |
% |
1.15 |
% |
1.12 |
% |
1.08 |
% |
0.96 |
% |
Noninterest exp. to avg. assets (1) |
|
1.92 |
% |
1.82 |
% |
1.87 |
% |
1.90 |
% |
1.81 |
% |
1.86 |
% |
Efficiency ratio (4) |
|
53.26 |
% |
50.20 |
% |
49.42 |
% |
50.13 |
% |
49.02 |
% |
52.99 |
% |
Avg. loans to avg. deposits |
|
75.62 |
% |
77.33 |
% |
79.98 |
% |
82.74 |
% |
82.72 |
% |
82.83 |
% |
Securities to total assets |
|
15.57 |
% |
15.78 |
% |
15.40 |
% |
15.04 |
% |
13.29 |
% |
13.21 |
% |
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||||||
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES |
|||||||||||||
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS-UNAUDITED |
|||||||||||||
|
|
|
|
||||||||||
(dollars in thousands) |
Three months ended |
|
Three months ended |
||||||||||
March 31, 2022 |
|
March 31, 2021 |
|||||||||||
|
Average
|
Interest |
Rates/
|
|
Average
|
Interest |
Rates/
|
||||||
Interest-earning assets |
|
|
|
|
|
|
|
||||||
Loans (1) (2) |
$ |
23,848,533 |
$ |
227,047 |
3.94 |
% |
|
$ |
22,848,086 |
$ |
227,372 |
4.11 |
% |
Securities |
|
|
|
|
|
|
|
||||||
Taxable |
|
3,234,641 |
|
11,048 |
1.39 |
% |
|
|
2,271,325 |
|
7,728 |
1.38 |
% |
Tax-exempt (2) |
|
2,909,023 |
|
17,446 |
2.94 |
% |
|
|
2,394,944 |
|
15,498 |
3.15 |
% |
Interest-bearing due from banks |
|
3,347,804 |
|
1,303 |
0.16 |
% |
|
|
3,168,308 |
|
713 |
0.09 |
% |
Resell agreements |
|
1,281,746 |
|
1,214 |
0.38 |
% |
|
|
5,000 |
|
— |
— |
% |
Federal funds sold |
|
— |
|
— |
— |
% |
|
|
22,809 |
|
— |
— |
% |
Other |
|
170,396 |
|
559 |
1.33 |
% |
|
|
160,082 |
|
606 |
1.54 |
% |
Total interest-earning assets |
|
34,792,143 |
$ |
258,617 |
3.11 |
% |
|
|
30,870,554 |
$ |
251,917 |
3.41 |
% |
Nonearning assets |
|
|
|
|
|
|
|
||||||
Intangible assets |
|
1,863,730 |
|
|
|
|
1,861,386 |
|
|
||||
Other nonearning assets |
|
1,981,348 |
|
|
|
|
1,927,192 |
|
|
||||
Total assets |
$ |
38,637,221 |
|
|
|
$ |
34,659,132 |
|
|
||||
|
|
|
|
|
|
|
|
||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
||||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
||||||
Interest checking |
|
6,391,316 |
|
2,599 |
0.16 |
% |
|
|
5,466,389 |
|
2,599 |
0.19 |
% |
Savings and money market |
|
12,587,219 |
|
5,124 |
0.17 |
% |
|
|
11,321,344 |
|
6,713 |
0.24 |
% |
Time |
|
2,082,047 |
|
2,527 |
0.49 |
% |
|
|
3,212,386 |
|
8,156 |
1.03 |
% |
Total interest-bearing deposits |
|
21,060,582 |
|
10,250 |
0.20 |
% |
|
|
20,000,119 |
|
17,468 |
0.35 |
% |
Securities sold under agreements to repurchase |
|
179,869 |
|
56 |
0.13 |
% |
|
|
143,586 |
|
72 |
0.20 |
% |
Federal Home Loan Bank advances |
|
888,746 |
|
4,474 |
2.04 |
% |
|
|
934,662 |
|
4,494 |
1.95 |
% |
Subordinated debt and other borrowings |
|
441,755 |
|
4,362 |
4.00 |
% |
|
|
673,662 |
|
7,013 |
4.22 |
% |
Total interest-bearing liabilities |
|
22,570,952 |
|
19,142 |
0.34 |
% |
|
|
21,752,029 |
|
29,047 |
0.54 |
% |
Noninterest-bearing deposits |
|
10,478,403 |
|
— |
— |
|
|
|
7,620,665 |
|
— |
— |
|
Total deposits and interest-bearing liabilities |
|
33,049,355 |
$ |
19,142 |
0.23 |
% |
|
|
29,372,694 |
$ |
29,047 |
0.40 |
% |
Other liabilities |
|
256,461 |
|
|
|
|
332,782 |
|
|
||||
Stockholders' equity |
|
5,331,405 |
|
|
|
|
4,953,656 |
|
|
||||
Total liabilities and stockholders' equity |
$ |
38,637,221 |
|
|
|
$ |
34,659,132 |
|
|
||||
Net interest income |
|
$ |
239,475 |
|
|
|
$ |
222,870 |
|
||||
Net interest spread (3) |
|
|
2.77 |
% |
|
|
|
2.86 |
% |
||||
Net interest margin (4) |
|
|
2.89 |
% |
|
|
|
3.02 |
% |
||||
|
|
|
|
|
|
|
|
||||||
(1) Average balances of nonperforming loans are included in the above amounts. |
|||||||||||||
(2) Yields computed on tax-exempt instruments on a tax equivalent basis and included $8.5 million of taxable equivalent income for the three months ended March 31, 2022 compared to $7.3 million for the three months ended March 31, 2021. The tax-exempt benefit has been reduced by the projected impact of tax-exempt income that will be disallowed pursuant to IRS Regulations as of and for the then current period presented. |
|||||||||||||
(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, 2022 would have been 2.88% compared to a net interest spread of 3.00% for the three months ended March 31, 2021. |
|||||||||||||
(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. |
|||||||||||||
|
|
|
|||||||||||
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||||||
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES |
|||||||||||||
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||||||||
|
|
|
|
|
|
|
|||||||
(dollars in thousands) |
March |
December |
September |
June |
March |
December |
|||||||
2022 |
2021 |
2021 |
2021 |
2021 |
2020 |
||||||||
Asset quality information and ratios: |
|
|
|
|
|
|
|||||||
Nonperforming assets: |
|
|
|
|
|
|
|||||||
Nonaccrual loans |
$ |
26,616 |
|
31,569 |
|
46,692 |
|
53,105 |
|
72,135 |
|
73,836 |
|
ORE and other nonperforming assets (NPAs) |
|
8,437 |
|
8,537 |
|
8,415 |
|
9,602 |
|
10,651 |
|
12,360 |
|
Total nonperforming assets |
$ |
35,053 |
|
40,106 |
|
55,107 |
|
62,707 |
|
82,786 |
|
86,196 |
|
Past due loans over 90 days and still accruing interest |
$ |
1,605 |
|
1,607 |
|
1,914 |
|
1,810 |
|
2,833 |
|
2,362 |
|
Accruing troubled debt restructurings (5) |
$ |
2,317 |
|
2,354 |
|
2,397 |
|
2,428 |
|
2,460 |
|
2,494 |
|
Accruing purchase credit deteriorated loans |
$ |
12,661 |
|
13,086 |
|
12,158 |
|
12,400 |
|
13,904 |
|
14,091 |
|
Net loan charge-offs |
$ |
2,958 |
|
8,077 |
|
9,281 |
|
9,968 |
|
11,397 |
|
10,775 |
|
Allowance for credit losses to nonaccrual loans |
|
982.9 |
% |
833.8 |
% |
575.3 |
% |
515.5 |
% |
389.4 |
% |
386.1 |
% |
As a percentage of total loans: |
|
|
|
|
|
|
|||||||
Past due accruing loans over 30 days |
|
0.11 |
% |
0.09 |
% |
0.09 |
% |
0.07 |
% |
0.09 |
% |
0.19 |
% |
Potential problem loans (6) |
|
0.41 |
% |
0.47 |
% |
0.60 |
% |
0.74 |
% |
0.70 |
% |
0.77 |
% |
Allowance for credit losses (20) |
|
1.07 |
% |
1.12 |
% |
1.17 |
% |
1.20 |
% |
1.22 |
% |
1.27 |
% |
Nonperforming assets to total loans, ORE and other NPAs |
|
0.14 |
% |
0.17 |
% |
0.24 |
% |
0.27 |
% |
0.36 |
% |
0.38 |
% |
Classified asset ratio (Pinnacle Bank) (8) |
|
3.6 |
% |
4.1 |
% |
5.6 |
% |
6.8 |
% |
7.3 |
% |
8.1 |
% |
Annualized net loan charge-offs to avg. loans (7) |
|
0.05 |
% |
0.14 |
% |
0.16 |
% |
0.17 |
% |
0.20 |
% |
0.19 |
% |
Wtd. avg. commercial loan internal risk ratings (6) |
|
44.9 |
|
45.3 |
|
46.0 |
|
46.1 |
|
45.2 |
|
45.1 |
|
|
|
|
|
|
|
|
|||||||
Interest rates and yields: |
|
|
|
|
|
|
|||||||
Loans |
|
3.94 |
% |
4.04 |
% |
4.13 |
% |
4.11 |
% |
4.11 |
% |
4.20 |
% |
Securities |
|
2.12 |
% |
2.08 |
% |
2.04 |
% |
2.25 |
% |
2.29 |
% |
2.27 |
% |
Total earning assets |
|
3.11 |
% |
3.20 |
% |
3.32 |
% |
3.42 |
% |
3.41 |
% |
3.44 |
% |
Total deposits, including non-interest bearing |
|
0.13 |
% |
0.14 |
% |
0.17 |
% |
0.20 |
% |
0.26 |
% |
0.33 |
% |
Securities sold under agreements to repurchase |
|
0.13 |
% |
0.15 |
% |
0.14 |
% |
0.13 |
% |
0.20 |
% |
0.21 |
% |
FHLB advances |
|
2.04 |
% |
2.04 |
% |
2.04 |
% |
2.03 |
% |
1.95 |
% |
2.00 |
% |
Subordinated debt and other borrowings |
|
4.00 |
% |
4.23 |
% |
4.45 |
% |
4.52 |
% |
4.22 |
% |
4.13 |
% |
Total deposits and interest-bearing liabilities |
|
0.23 |
% |
0.26 |
% |
0.30 |
% |
0.35 |
% |
0.40 |
% |
0.49 |
% |
|
|
|
|
|
|
|
|||||||
Capital and other ratios (8): |
|
|
|
|
|
|
|||||||
Pinnacle Financial ratios: |
|
|
|
|
|
|
|||||||
Stockholders' equity to total assets |
|
13.4 |
% |
13.8 |
% |
14.2 |
% |
14.4 |
% |
14.0 |
% |
14.0 |
% |
Common equity Tier one |
|
10.5 |
% |
10.9 |
% |
10.5 |
% |
10.5 |
% |
10.3 |
% |
10.0 |
% |
Tier one risk-based |
|
11.2 |
% |
11.7 |
% |
11.3 |
% |
11.3 |
% |
11.2 |
% |
10.9 |
% |
Total risk-based |
|
13.3 |
% |
13.8 |
% |
14.0 |
% |
14.5 |
% |
14.5 |
% |
14.3 |
% |
Leverage |
|
9.5 |
% |
9.7 |
% |
9.3 |
% |
9.2 |
% |
8.9 |
% |
8.6 |
% |
Tangible common equity to tangible assets |
|
8.5 |
% |
8.8 |
% |
9.0 |
% |
9.0 |
% |
8.6 |
% |
8.5 |
% |
Pinnacle Bank ratios: |
|
|
|
|
|
|
|||||||
Common equity Tier one |
|
11.4 |
% |
11.9 |
% |
11.7 |
% |
11.9 |
% |
11.8 |
% |
11.4 |
% |
Tier one risk-based |
|
11.4 |
% |
11.9 |
% |
11.7 |
% |
11.9 |
% |
11.8 |
% |
11.4 |
% |
Total risk-based |
|
12.1 |
% |
12.6 |
% |
12.5 |
% |
13.1 |
% |
13.0 |
% |
12.7 |
% |
Leverage |
|
9.6 |
% |
9.9 |
% |
9.7 |
% |
9.6 |
% |
9.4 |
% |
9.1 |
% |
Construction and land development loans as a percentage of total capital (19) |
|
87.4 |
% |
79.1 |
% |
89.3 |
% |
80.1 |
% |
76.0 |
% |
89.0 |
% |
Non-owner occupied commercial real estate and multi-family as a percentage of total capital (19) |
|
243.7 |
% |
234.1 |
% |
252.4 |
% |
248.8 |
% |
256.0 |
% |
264.0 |
% |
|
|
|
|
|
|
|
|||||||
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||||||
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES |
|||||||||||||
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
(dollars in thousands, except per share data) |
March |
December |
September |
June |
March |
December |
|||||||
2022 |
2021 |
2021 |
2021 |
2021 |
2020 |
||||||||
|
|
|
|
|
|
|
|
||||||
Per share data: |
|
|
|
|
|
|
|
||||||
Earnings per common share – basic |
$ |
1.66 |
|
1.72 |
|
1.76 |
|
1.70 |
|
1.61 |
|
1.42 |
|
Earnings per common share - basic, excluding non-GAAP adjustments |
$ |
1.66 |
|
1.71 |
|
1.76 |
|
1.69 |
|
1.61 |
|
1.58 |
|
Earnings per common share – diluted |
$ |
1.65 |
|
1.71 |
|
1.75 |
|
1.69 |
|
1.61 |
|
1.42 |
|
Earnings per common share - diluted, excluding non-GAAP adjustments |
$ |
1.65 |
|
1.70 |
|
1.75 |
|
1.68 |
|
1.61 |
|
1.58 |
|
Common dividends per share |
$ |
0.22 |
|
0.18 |
|
0.18 |
|
0.18 |
|
0.18 |
|
0.16 |
|
Book value per common share at quarter end (9) |
$ |
66.30 |
|
66.89 |
|
65.36 |
|
64.19 |
|
62.33 |
|
61.80 |
|
Tangible book value per common share at quarter end (9) |
$ |
41.65 |
|
42.55 |
|
40.98 |
|
39.77 |
|
37.88 |
|
37.25 |
|
Revenue per diluted common share |
$ |
4.52 |
|
4.47 |
|
4.50 |
|
4.37 |
|
4.17 |
|
4.03 |
|
Revenue per diluted common share, excluding non-GAAP adjustments |
$ |
4.52 |
|
4.46 |
|
4.50 |
|
4.37 |
|
4.17 |
|
4.03 |
|
|
|
|
|
|
|
|
|
||||||
Investor information: |
|
|
|
|
|
|
|
||||||
Closing sales price of common stock on last trading day of quarter |
$ |
92.08 |
95.50 |
94.08 |
88.29 |
88.66 |
64.40 |
||||||
High closing sales price of common stock during quarter |
$ |
110.41 |
|
104.72 |
|
98.00 |
|
92.94 |
|
93.58 |
|
65.51 |
|
Low closing sales price of common stock during quarter |
$ |
90.46 |
|
90.20 |
|
83.84 |
|
84.25 |
|
63.48 |
|
35.97 |
|
|
|
|
|
|
|
|
|
||||||
Closing sales price of depositary shares on last trading day of quarter |
$ |
26.72 |
|
28.21 |
|
28.14 |
|
29.13 |
|
27.62 |
|
27.69 |
|
High closing sales price of depositary shares during quarter |
$ |
28.53 |
|
28.99 |
|
29.23 |
|
29.13 |
|
27.83 |
|
27.94 |
|
Low closing sales price of depositary shares during quarter |
$ |
25.63 |
|
27.42 |
|
28.00 |
|
27.38 |
|
26.83 |
|
26.45 |
|
|
|
|
|
|
|
|
|
||||||
Other information: |
|
|
|
|
|
|
|
||||||
Residential mortgage loan sales: |
|
|
|
|
|
|
|
||||||
Gross loans sold |
$ |
270,793 |
|
352,342 |
|
347,664 |
|
394,299 |
|
546,963 |
|
479,867 |
|
Gross fees (10) |
$ |
5,700 |
|
10,098 |
|
11,215 |
|
15,552 |
|
18,793 |
|
23,729 |
|
Gross fees as a percentage of loans originated |
|
2.11 |
% |
2.87 |
% |
3.23 |
% |
3.94 |
% |
3.44 |
% |
4.94 |
% |
Net gain on residential mortgage loans sold |
$ |
4,066 |
|
4,244 |
|
7,814 |
|
6,700 |
|
13,666 |
|
12,387 |
|
Investment gains (losses) on sales of securities, net (15) |
$ |
(61 |
) |
393 |
|
— |
|
366 |
|
— |
|
— |
|
Brokerage account assets, at quarter end (11) |
$ |
7,158,939 |
|
7,187,085 |
|
6,597,152 |
|
6,344,416 |
|
5,974,884 |
|
5,509,560 |
|
Trust account managed assets, at quarter end |
$ |
4,499,911 |
|
4,720,290 |
|
4,155,510 |
|
3,640,932 |
|
3,443,373 |
|
3,295,198 |
|
Core deposits (12) |
$ |
30,398,683 |
|
29,316,911 |
|
27,170,367 |
|
25,857,639 |
|
24,961,390 |
|
23,510,883 |
|
Core deposits to total funding (12) |
|
89.9 |
% |
89.5 |
% |
87.8 |
% |
86.3 |
% |
83.1 |
% |
79.5 |
% |
Risk-weighted assets |
$ |
31,170,258 |
|
29,349,534 |
|
27,945,624 |
|
26,819,277 |
|
26,105,158 |
|
25,791,896 |
|
Number of offices |
|
119 |
|
118 |
|
117 |
|
116 |
|
115 |
|
114 |
|
Total core deposits per office |
$ |
255,451 |
|
248,448 |
|
232,225 |
|
222,911 |
|
217,141 |
|
206,236 |
|
Total assets per full-time equivalent employee |
$ |
13,186 |
|
13,541 |
|
13,188 |
|
13,087 |
|
13,468 |
|
13,262 |
|
Annualized revenues per full-time equivalent employee |
$ |
465.5 |
|
474.1 |
|
489.4 |
|
491.3 |
|
488.3 |
|
459.8 |
|
Annualized expenses per full-time equivalent employee |
$ |
247.9 |
|
238.0 |
|
241.9 |
|
246.3 |
|
239.4 |
|
246.6 |
|
Number of employees (full-time equivalent) |
|
2,988.0 |
|
2,841.0 |
|
2,769.5 |
|
2,706.0 |
|
2,621.0 |
|
2,634.0 |
|
Associate retention rate (13) |
|
93.1 |
% |
93.4 |
% |
93.4 |
% |
93.3 |
% |
94.4 |
% |
94.8 |
% |
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||||||
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES |
|||||||
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||
|
Three months ended |
||||||
(dollars in thousands, except per share data) |
March |
December |
March |
||||
2022 |
2021 |
2021 |
|||||
Net interest income |
$ |
239,475 |
|
238,763 |
|
222,870 |
|
Noninterest income |
|
103,496 |
|
100,723 |
|
92,709 |
|
Total revenues |
|
342,971 |
|
339,486 |
|
315,579 |
|
Less: Investment (gains) losses on sales of securities, net |
|
61 |
|
(393 |
) |
— |
|
Total revenues excluding the impact of adjustments noted above |
$ |
343,032 |
|
339,093 |
|
315,579 |
|
Noninterest expense |
$ |
182,661 |
|
170,417 |
|
154,696 |
|
Less: ORE expense |
|
105 |
|
37 |
|
(13 |
) |
Noninterest expense excluding the impact of adjustments noted above |
$ |
182,556 |
|
170,380 |
|
154,709 |
|
Pre-tax income |
$ |
157,590 |
|
166,394 |
|
153,648 |
|
Provision for credit losses |
|
2,720 |
|
2,675 |
|
7,235 |
|
Pre-tax pre-provision net revenue |
|
160,310 |
|
169,069 |
|
160,883 |
|
Adjustments noted above |
|
166 |
|
(356 |
) |
(13 |
) |
Adjusted pre-tax pre-provision net revenue (14) |
$ |
160,476 |
|
168,713 |
|
160,870 |
|
Noninterest income |
$ |
103,496 |
|
100,723 |
|
92,709 |
|
Less: Adjustments as noted above |
|
61 |
|
(393 |
) |
— |
|
Noninterest income excluding the impact of adjustments noted above |
$ |
103,557 |
|
100,330 |
|
92,709 |
|
Efficiency ratio (4) |
|
53.26 |
% |
50.20 |
% |
49.02 |
% |
Adjustments as noted above |
|
(0.04 |
)% |
0.05 |
% |
— |
% |
Efficiency ratio (excluding adjustments noted above) (4) |
|
53.22 |
% |
50.25 |
% |
49.02 |
% |
Total average assets |
$ |
38,637,221 |
|
37,132,078 |
|
34,659,132 |
|
Noninterest income to average assets (1) |
|
1.09 |
% |
1.08 |
% |
1.08 |
% |
Adjustments as noted above |
|
— |
% |
(0.01 |
)% |
— |
% |
Noninterest income (excluding adjustments noted above) to average assets (1) |
|
1.09 |
% |
1.07 |
% |
1.08 |
% |
Noninterest expense to average assets (1) |
|
1.92 |
% |
1.82 |
% |
1.81 |
% |
Adjustments as noted above |
|
— |
% |
— |
% |
— |
% |
Noninterest expense (excluding adjustments noted above) to average assets (1) |
|
1.92 |
% |
1.82 |
% |
1.81 |
% |
This information is preliminary and based on company data available at the time of the presentation. |
|||||||
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES |
|||||||||||||
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||||||||
|
Three months ended |
||||||||||||
(dollars in thousands, except per share data) |
March |
December |
September |
June |
March |
December |
|||||||
2022 |
2021 |
2021 |
2021 |
2021 |
2020 |
||||||||
Net income available to common shareholders |
$ |
125,312 |
|
129,730 |
|
132,779 |
|
127,992 |
|
121,630 |
|
107,078 |
|
Investment (gains) losses on sales of securities, net |
|
61 |
|
(393 |
) |
— |
|
(366 |
) |
— |
|
— |
|
ORE expense |
|
105 |
|
37 |
|
(79 |
) |
(657 |
) |
(13 |
) |
1,457 |
|
FHLB restructuring charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
10,307 |
|
Hedge termination charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
4,673 |
|
Tax effect on adjustments noted above (18) |
|
(43 |
) |
93 |
|
21 |
|
267 |
|
3 |
|
(4,297 |
) |
Net income available to common shareholders excluding adjustments noted above |
$ |
125,435 |
|
129,467 |
|
132,721 |
|
127,236 |
|
121,620 |
|
119,218 |
|
|
|
|
|
|
|
|
|||||||
Basic earnings per common share |
$ |
1.66 |
|
1.72 |
|
1.76 |
|
1.70 |
|
1.61 |
|
1.42 |
|
Adjustment due to investment (gains) losses on sales of securities, net |
|
— |
|
(0.01 |
) |
— |
|
— |
|
— |
|
— |
|
Adjustment due to ORE expense |
|
— |
|
— |
|
— |
|
(0.01 |
) |
— |
|
0.02 |
|
Adjustment due to FHLB restructuring charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
0.14 |
|
Adjustment due to hedge termination charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
0.06 |
|
Adjustment due to tax effect on adjustments noted above (18) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(0.06 |
) |
Basic earnings per common share excluding adjustments noted above |
$ |
1.66 |
|
1.71 |
|
1.76 |
|
1.69 |
|
1.61 |
|
1.58 |
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per common share |
$ |
1.65 |
|
1.71 |
|
1.75 |
|
1.69 |
|
1.61 |
|
1.42 |
|
Adjustment due to investment (gains) losses on sales of securities, net |
|
— |
|
(0.01 |
) |
— |
|
— |
|
— |
|
— |
|
Adjustment due to ORE expense |
|
— |
|
— |
|
— |
|
(0.01 |
) |
— |
|
0.02 |
|
Adjustment due to FHLB restructuring charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
0.14 |
|
Adjustment due to hedge termination charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
0.06 |
|
Adjustment due to tax effect on adjustments noted above (18) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(0.06 |
) |
Diluted earnings per common share excluding the adjustments noted above |
$ |
1.65 |
|
1.70 |
|
1.75 |
|
1.68 |
|
1.61 |
|
1.58 |
|
|
|
|
|
|
|
|
|||||||
Revenue per diluted common share |
$ |
4.52 |
|
4.47 |
|
4.50 |
|
4.37 |
|
4.17 |
|
4.03 |
|
Adjustments as noted above |
|
— |
|
(0.01 |
) |
— |
|
— |
|
— |
|
— |
|
Revenue per diluted common share excluding adjustments noted above |
$ |
4.52 |
|
4.46 |
|
4.50 |
|
4.37 |
|
4.17 |
|
4.03 |
|
|
|
|
|
|
|
|
|||||||
Book value per common share at quarter end (9) |
$ |
66.30 |
|
66.89 |
|
65.36 |
|
64.19 |
|
62.33 |
|
61.80 |
|
Adjustment due to goodwill, core deposit and other intangible assets |
|
(24.65 |
) |
(24.34 |
) |
(24.38 |
) |
(24.42 |
) |
(24.45 |
) |
(24.55 |
) |
Tangible book value per common share at quarter end (9) |
$ |
41.65 |
|
42.55 |
|
40.98 |
|
39.77 |
|
37.88 |
|
37.25 |
|
|
|
|
|
|
|
|
|||||||
Equity method investment (17) |
|
|
|
|
|
|
|||||||
Fee income from BHG, net of amortization |
$ |
33,655 |
|
30,844 |
|
30,409 |
|
32,071 |
|
28,950 |
|
24,294 |
|
Funding cost to support investment |
|
666 |
|
388 |
|
379 |
|
1,230 |
|
1,205 |
|
1,222 |
|
Pre-tax impact of BHG |
|
32,989 |
|
30,456 |
|
30,030 |
|
30,841 |
|
27,745 |
|
23,072 |
|
Income tax expense at statutory rates (18) |
|
8,623 |
|
7,961 |
|
7,850 |
|
8,062 |
|
7,253 |
|
6,031 |
|
Earnings attributable to BHG |
$ |
24,366 |
|
22,495 |
|
22,180 |
|
22,779 |
|
20,492 |
|
17,041 |
|
|
|
|
|
|
|
|
|||||||
Basic earnings per common share attributable to BHG |
$ |
0.32 |
|
0.30 |
|
0.29 |
|
0.30 |
|
0.27 |
|
0.23 |
|
Diluted earnings per common share attributable to BHG |
$ |
0.32 |
|
0.30 |
|
0.29 |
|
0.30 |
|
0.27 |
|
0.23 |
|
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||||||
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES |
|||||||
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||
|
Three months ended |
||||||
(dollars in thousands, except per share data) |
March |
December |
March |
||||
2022 |
2021 |
2021 |
|||||
|
|
|
|
||||
Return on average assets (1) |
|
1.32 |
% |
1.39 |
% |
1.42 |
% |
Adjustments as noted above |
|
— |
% |
(0.01 |
) % |
— |
% |
Return on average assets excluding adjustments noted above (1) |
|
1.32 |
% |
1.38 |
% |
1.42 |
% |
|
|
|
|
||||
Tangible assets: |
|
|
|
||||
Total assets |
$ |
39,400,378 |
|
38,469,399 |
|
35,299,705 |
|
Less: Goodwill |
|
(1,850,951 |
) |
(1,819,811 |
) |
(1,819,811 |
) |
Core deposit and other intangible assets |
|
(31,997 |
) |
(33,819 |
) |
(40,130 |
) |
Net tangible assets |
$ |
37,517,430 |
|
36,615,769 |
|
33,439,764 |
|
|
|
|
|
||||
Tangible common equity: |
|
|
|
||||
Total stockholders' equity |
$ |
5,280,950 |
|
5,310,607 |
|
4,959,524 |
|
Less: Preferred stockholders' equity |
|
(217,126 |
) |
(217,126 |
) |
(217,126 |
) |
Total common stockholders' equity |
|
5,063,824 |
|
5,093,481 |
|
4,742,398 |
|
Less: Goodwill |
|
(1,850,951 |
) |
(1,819,811 |
) |
(1,819,811 |
) |
Core deposit and other intangible assets |
|
(31,997 |
) |
(33,819 |
) |
(40,130 |
) |
Net tangible common equity |
$ |
3,180,876 |
|
3,239,851 |
|
2,882,457 |
|
|
|
|
|
||||
Ratio of tangible common equity to tangible assets |
|
8.48 |
% |
8.85 |
% |
8.62 |
% |
|
|
|
|
||||
Average tangible assets: |
|
|
|
||||
Average assets |
$ |
38,637,221 |
|
37,132,078 |
|
34,659,132 |
|
Less: Average goodwill |
|
(1,830,553 |
) |
(1,819,811 |
) |
(1,819,811 |
) |
Average core deposit and other intangible assets |
|
(33,177 |
) |
(35,152 |
) |
(41,575 |
) |
Net average tangible assets |
$ |
36,773,491 |
|
35,277,115 |
|
32,797,746 |
|
|
|
|
|
||||
Return on average assets (1) |
|
1.32 |
% |
1.39 |
% |
1.42 |
% |
Adjustment due to goodwill, core deposit and other intangible assets |
|
0.06 |
% |
0.07 |
% |
0.08 |
% |
Return on average tangible assets (1) |
|
1.38 |
% |
1.46 |
% |
1.50 |
% |
Adjustments as noted above |
|
— |
% |
— |
% |
— |
% |
Return on average tangible assets excluding adjustments noted above (1) |
|
1.38 |
% |
1.46 |
% |
1.50 |
% |
|
|
|
|
||||
Average tangible common equity: |
|
|
|
||||
Average stockholders' equity |
$ |
5,331,405 |
|
5,262,586 |
|
4,953,656 |
|
Less: Average preferred equity |
|
(217,126 |
) |
(217,126 |
) |
(217,126 |
) |
Average common equity |
|
5,114,279 |
|
5,045,460 |
|
4,736,530 |
|
Less: Average goodwill |
|
(1,830,553 |
) |
(1,819,811 |
) |
(1,819,811 |
) |
Average core deposit and other intangible assets |
|
(33,177 |
) |
(35,152 |
) |
(41,575 |
) |
Net average tangible common equity |
$ |
3,250,549 |
|
3,190,497 |
|
2,875,144 |
|
|
|
|
|
||||
Return on average equity (1) |
|
9.53 |
% |
9.78 |
% |
9.96 |
% |
Adjustment due to average preferred stockholders' equity |
|
0.41 |
% |
0.42 |
% |
0.45 |
% |
Return on average common equity (1) |
|
9.94 |
% |
10.20 |
% |
10.41 |
% |
Adjustment due to goodwill, core deposit and other intangible assets |
|
5.69 |
% |
5.93 |
% |
6.75 |
% |
Return on average tangible common equity (1) |
|
15.63 |
% |
16.13 |
% |
17.16 |
% |
Adjustments as noted above |
|
0.02 |
% |
(0.03 |
)% |
— |
% |
Return on average tangible common equity excluding adjustments noted above (1) |
|
15.65 |
% |
16.10 |
% |
17.16 |
% |
|
|
|
|
||||
Allowance for credit losses on loans as a percent of total loans (20) |
|
1.07 |
% |
1.12 |
% |
1.22 |
% |
Impact of excluding PPP loans from total loans |
|
— |
% |
0.02 |
% |
0.13 |
% |
Allowance as adjusted for the above exclusion of PPP loans from total loans (20) |
|
1.07 |
% |
1.14 |
% |
1.35 |
% |
This information is preliminary and based on company data available at the time of the presentation. |
|||||||
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES |
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|
1. Ratios are presented on an annualized basis. |
2. Net interest margin is the result of net interest income on a tax equivalent basis divided by average interest earning assets. |
3. Total revenue is equal to the sum of net interest income and noninterest income. |
4. Efficiency ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income. |
5. Troubled debt restructurings include loans where the Company, as a result of the borrower's financial difficulties, has granted a credit concession to the borrower (i.e., interest only payments for a significant period of time, extending the maturity of the loan, etc.). All of these loans continue to accrue interest at the contractual rate. Troubled debt restructurings do not include, beginning with the quarter ended March 31, 2020, loans for which the Company has granted a deferral of interest and/or principal or other modification pursuant to the guidance issued by the FDIC providing for relief under the Coronavirus Aid, Relief and Economic Security Act. |
6. Average risk ratings are based on an internal loan review system which assigns a numeric value of 10 to 100 to all loans to commercial entities based on their underlying risk characteristics as of the end of each quarter. The risk rating scale was changed to allow for granularity, if needed, in criticized and classified risk ratings to distinguish accrual status or structural loan issues. A "10" risk rating is assigned to credits that exhibit Excellent risk characteristics, "20" exhibit Very Good risk characteristics, "30" Good, "40" Satisfactory, "50" Acceptable or Average, "60" Watch List, "70" Criticized, "80" Classified or Substandard, "90" Doubtful and "100" Loss (which are charged-off immediately). Additionally, loans rated "80" or worse that are not nonperforming or restructured loans are considered potential problem loans. Generally, consumer loans are not subjected to internal risk ratings. |
7. Annualized net loan charge-offs to average loans ratios are computed by annualizing quarter-to-date net loan charge-offs and dividing the result by average loans for the quarter-to-date period. |
8. Capital ratios are calculated using regulatory reporting regulations enacted for such period and are defined as follows: |
Equity to total assets – End of period total stockholders' equity as a percentage of end of period assets. |
Tangible common equity to tangible assets - End of period total stockholders' equity less end of period preferred stock, goodwill, core deposit and other intangibles as a percentage of end of period assets less end of period goodwill, core deposit and other intangibles. |
Leverage – Tier I capital (pursuant to risk-based capital guidelines) as a percentage of adjusted average assets. |
Tier I risk-based – Tier I capital (pursuant to risk-based capital guidelines) as a percentage of total risk-weighted assets. |
Total risk-based – Total capital (pursuant to risk-based capital guidelines) as a percentage of total risk-weighted assets. |
Classified asset - Classified assets as a percentage of Tier 1 capital plus allowance for credit losses. |
Tier I common equity to risk weighted assets - Tier 1 capital (pursuant to risk-based capital guidelines) less the amount of any preferred stock or subordinated indebtedness that is considered as a component of Tier 1 capital as a percentage of total risk-weighted assets. |
9. Book value per common share computed by dividing total common stockholders' equity by common shares outstanding. Tangible book value per common share computed by dividing total common stockholders' equity, less goodwill, core deposit and other intangibles by common shares outstanding. |
10. Amounts are included in the statement of operations in "Gains on mortgage loans sold, net", net of commissions paid on such amounts. |
11. At fair value, based on information obtained from Pinnacle's third party broker/dealer for non-FDIC insured financial products and services. |
12. Core deposits include all transaction deposit accounts, money market and savings accounts and all certificates of deposit issued in a denomination of less than $250,000. The ratio noted above represents total core deposits divided by total funding, which includes total deposits, FHLB advances, securities sold under agreements to repurchase, subordinated indebtedness and all other interest-bearing liabilities. |
13. Associate retention rate is computed by dividing the number of associates employed at quarter end less the number of associates that have resigned in the last 12 months by the number of associates employed at quarter end. Associate retention rate does not include associates at acquired institutions displaced by merger. |
14. Adjusted pre-tax, pre-provision net revenue excludes the impact of ORE expenses and income, investment gains and losses on sales of securities, FHLB restructuring charges and hedge termination charges. |
15. Represents investment gains (losses) on sales and impairments, net occurring as a result of gains or losses incurred as the result of a change in management's intention to sell a bond prior to the recovery of its amortized cost basis. |
16. The dividend payout ratio is calculated as the sum of the annualized dividend rate for dividends paid on common shares divided by the trailing 12-months fully diluted earnings per common share as of the dividend declaration date. |
17. Earnings from equity method investment includes the impact of the issuance of subordinated debt as well as the funding costs of the overall franchise. Income tax expense is calculated using statutory tax rates. |
18. Tax effect calculated using the blended statutory rate of 26.14 percent. |
19. Calculated using the same guidelines as are used in the Federal Financial Institutions Examination Council's Uniform Bank Performance Report. |
20. Effective January 1, 2020 Pinnacle Financial adopted the current expected credit loss accounting standard which requires the recognition of all losses expected to be recorded over a loan's life. |
В годовом исчислении рост кредитов за 1 квартал составил 18,5% за 1кв2022, 22,5% без учета выплат по ППС
НЭШВИЛЛ, ТЕННЕССИ. - (ДЕЛОВАЯ ПЕРЕПИСКА) -Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) сообщила о чистой прибыли на разводненную обыкновенную акцию в размере 1,65 доллара США за квартал, закончившийся 31 марта 2022 года, по сравнению с чистой прибылью на разводненную обыкновенную акцию в размере 1,61 доллара США за квартал, закончившийся 31 марта 2021 года, увеличившись примерно на 2,5 процента. Пункты, существенно влияющие на сопоставимость между двумя периодами, были:
"На наш взгляд, экономическая ситуация остается нестабильной", - сказал М. Терри Тернер, президент и главный исполнительный директор Pinnacle. "Вторжение России в Украину и различные экономические санкции, введенные в ответ, вероятно, продолжат оказывать давление на нашу экономику. Полное влияние продолжающихся проблем с цепочками поставок, инфляции, перевернутых кривых доходности и потенциальной рецессии пока неизвестно. До сих пор наша реакция заключалась в том, чтобы попытаться защитить материальную балансовую стоимость, инициировать ряд целевых проверок кредитных портфелей, включая наши портфели, пострадавшие от COVID, и портфели коммерческой недвижимости, а также усилить нашу осмотрительность в области кибербезопасности и выявления мошенничества.
"Несмотря на неопределенную экономическую ситуацию, мы довольны нашими показателями за первый квартал и сохраняем оптимизм в отношении 2022 года", - сказал Тернер. "В результате нашего плодотворного найма за последние несколько лет мы ожидали быстрого роста кредитования в этом году, основанного в первую очередь на изменении доли рынка, поскольку новые производители доходов продолжают консолидировать своих клиентов от своих предыдущих работодателей к нам. Мы не только наблюдаем значительный рост кредитования на наших традиционных рынках Теннесси, Каролины и Вирджинии, но и добиваемся больших успехов в расширении нашего рынка в Атланте, Вашингтоне, округ Колумбия, Бирмингеме и Хантсвилле. Плодотворный найм продолжался в течение первого квартала, и 28 дополнительных производителей получили дополнительный доход. Рост кредитования, который мы наблюдали в течение первого квартала, наряду с нашими текущими кредитными портфелями и нашей постоянной способностью привлекать новых партнеров, укрепили нашу уверенность в том, что мы сможем достичь или превысить средний процентный рост кредитования в этом году".
рост баланса:
Совокупные активы на 31 марта 2022 года составили 39,4 миллиарда долларов, увеличившись примерно на 4,1 миллиарда долларов по сравнению с 31 марта 2021 года, что отражает рост на 11,6 процента по сравнению с аналогичным периодом прошлого года. Далее следует дальнейший анализ отдельных тенденций баланса:
|
Balances at |
|
Balances at |
|
||||||
(dollars in thousands) |
March 31,
|
December 31,
|
Linked-Quarter
|
March 31,
|
Year-over-Year
|
|||||
Loans |
$ |
24,499,022 |
$ |
23,414,262 |
18.5 |
% |
$ |
23,086,701 |
6.1 |
% |
Less PPP loans |
|
157,180 |
|
371,118 |
(230.6 |
)% |
|
2,221,409 |
(92.9 |
)% |
Loans excluding PPP loans |
|
24,341,842 |
|
23,043,144 |
22.5 |
% |
|
20,865,292 |
16.7 |
% |
Securities and other interest-earning assets |
|
10,704,157 |
|
11,046,895 |
(12.4 |
)% |
|
8,237,831 |
29.9 |
% |
Total interest-earning assets excluding PPP loans |
$ |
35,045,999 |
$ |
34,090,039 |
11.2 |
% |
$ |
29,103,123 |
20.4 |
% |
|
|
|
|
|
|
|||||
Core Deposits: |
|
|
|
|
|
|||||
Noninterest-bearing deposits |
|
10,986,194 |
|
10,461,071 |
20.1 |
% |
|
8,103,943 |
35.6 |
% |
Interest-bearing core deposits(1) |
|
19,412,489 |
|
18,855,840 |
11.8 |
% |
|
16,857,447 |
15.2 |
% |
Noncore deposits and other funding(2) |
|
3,428,850 |
|
3,452,034 |
(2.7 |
)% |
|
5,062,784 |
(32.3 |
)% |
Total funding |
$ |
33,827,533 |
$ |
32,768,945 |
12.9 |
% |
$ |
30,024,174 |
12.7 |
% |
(1): Interest-bearing core deposits are interest-bearing deposits, money market accounts, time deposits less than $250,000 and reciprocating time and money market deposits issued through the IntraFi Network. (2): Noncore deposits and other funding consists of time deposits greater than $250,000, securities sold under agreements to repurchase, public funds, brokered deposits, FHLB advances and subordinated debt. |
||||||||||
"В течение первого квартала рост кредитов составил приблизительно 18,5 процента в годовом исчислении по сравнению с остатками на 31 декабря 2021 года. Без учета влияния ППС кредиты увеличились в годовом исчислении на 22,5 процента", - сказал Тернер. "Как мы подчеркивали в течение последних нескольких кварталов, замещение прошлогоднего дохода по ППС и экстраординарного объема сборов за выдачу ипотечных кредитов в первую очередь зависит от роста новых кредитов в этом году, и мы начинаем с потрясающего старта. Кроме того, мы были довольны нашим основным ростом депозитов в первом квартале на 14,7 процента и тем, что наши средние затраты на депозиты снизились в течение квартала до 13 базисных пунктов".
чистая прибыль до налогообложения, до резервирования (ppnr):
Чистая прибыль до налогообложения и резервирования (PPNR) за квартал, закончившийся 31 марта 2022 года, составила 160,3 миллиона долларов, что на 1,4 процента меньше, чем 160,9 миллиона долларов, признанных в квартале, закончившемся 31 марта 2021 года.
|
Three months ended |
||||||
|
March 31, |
||||||
(dollars in thousands) |
2022 |
2021 |
% change |
||||
Revenues: |
|
|
|
||||
Net interest income |
$ |
239,475 |
$ |
222,870 |
|
7.5 |
% |
Noninterest income |
|
103,496 |
|
92,709 |
|
11.6 |
% |
Total revenues |
|
342,971 |
|
315,579 |
|
8.7 |
% |
Noninterest expense |
|
182,661 |
|
154,696 |
|
18.1 |
% |
Pre-tax, pre-provision net revenue (PPNR) |
$ |
160,310 |
$ |
160,883 |
|
(0.4 |
)% |
Adjustments: |
|
|
|
||||
Investment losses on sales of securities, net |
|
61 |
|
— |
|
NM |
|
ORE expense (benefit) |
|
105 |
|
(13 |
) |
NM |
|
Adjusted PPNR |
$ |
160,476 |
$ |
160,870 |
|
(0.2 |
)% |
"Мы продолжаем подчеркивать PPNR и наши усилия по постоянному росту PPNR", - сказал Гарольд Р. Карпентер, финансовый директор Pinnacle. "Показатель PPNR остался на прежнем уровне по сравнению с первым кварталом прошлого года, но, учитывая встречные ветры, связанные со снижением доходов от ГЧП и снижением доходов от нашего бизнеса по ипотечному жилищному кредитованию, мы довольны нашими результатами PPNR за первый квартал. В дополнение к нашему ожидаемому росту кредитования в этом году, мы считаем, что результаты деятельности BHG приведут к росту непроцентного дохода по крайней мере на 20 процентов в 2022 году и что наш бизнес по управлению капиталом также будет иметь сильный год, учитывая волатильность рынка и несколько значительных наймов, которые были осуществлены в 2021 году. Что касается расходов, то расходы на компенсацию выросли почти на 19 процентов по сравнению с прошлым годом, в основном из-за увеличения численности персонала, ежегодных повышений за заслуги и сезонных налогов на заработную плату. Мы с оптимизмом смотрим на то, что наша модель найма продолжит предоставлять нам еще больше возможностей для увеличения доходов в этом году. В результате, включая влияние инфляции и добавления JB & B на нашу базу расходов, мы полагаем, что наши незаинтересованные расходы на 2022 год увеличатся примерно на средний процент по сравнению с незаинтересованными расходами 2021 года.
"Мы все понимаем, что рост PPNR в 2022 году будет сложной задачей для всей банковской отрасли. Мы считаем, что наш импульс роста кредитования во втором квартале очень силен, и, если предположить, что ставки продолжат расти и устранят влияние большего процента наших минимальных кредитных лимитов, рост нашей выручки должен не только ускориться, но и наша маржа также должна начать увеличиваться ".
|
Three months ended |
||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||
Net interest margin |
|
2.89 |
% |
|
2.96 |
% |
|
3.02 |
% |
Efficiency ratio |
|
53.26 |
% |
|
50.20 |
% |
|
49.02 |
% |
Return on average assets |
|
1.32 |
% |
|
1.39 |
% |
|
1.42 |
% |
Return on average tangible common equity (TCE) |
|
15.63 |
% |
|
16.13 |
% |
|
17.16 |
% |
Book value per common share |
$ |
66.30 |
|
$ |
66.89 |
|
$ |
62.33 |
|
Tangible book value per common share |
$ |
41.65 |
|
$ |
42.55 |
|
$ |
37.88 |
|
"Мы по-прежнему довольны нашими показателями прибыльности за первый квартал", - сказал Карпентер. "Существует много дискуссий о ситуации с процентными ставками и ее влиянии на чувствительность нашего баланса в будущем. Мы считаем, что наш баланс позиционируется более консервативно, чем у большинства, учитывая наше дисциплинированное соблюдение минимальных уровней кредитования в течение последних нескольких лет. В течение последних нескольких недель и с момента последнего повышения ставок по федеральным фондам доходность по нашим кредитам выросла почти на 6 базисных пунктов, в то время как общая стоимость наших депозитов увеличилась примерно на 2 базисных пункта. На данный момент, и мы находимся на очень ранней стадии цикла повышения ставок, мы довольны тем, как наши менеджеры по работе с клиентами работают со своими клиентами и устанавливают ожидания на следующие несколько кварталов.
"Кроме того, внимание привлекло влияние повышения ставок на материальную балансовую стоимость. Наша ощутимая балансовая стоимость на акцию снизилась на 2,1 процента в этом квартале, главным образом из-за влияния растущих ставок на накопленный прочий совокупный доход. В начале первого квартала 2022 года мы перевели около 1,1 миллиарда долларов ценных бумаг, имеющихся в наличии для продажи, в ценные бумаги, удерживаемые до погашения, чтобы помочь противостоять влиянию растущих ставок на материальный капитал. Ощутимая балансовая стоимость на акцию является нашей ключевой инициативой, поэтому мы продолжим позиционировать нашу фирму так, чтобы в долгосрочной перспективе она увеличивала ощутимую балансовую стоимость".
поддержание сильного баланса:
|
Three months ended or as of |
|||||
|
March 31,
|
December 31,
|
March 31,
|
|||
Annualized net loan charge-offs to avg. loans(1) |
0.05 |
% |
0.14 |
% |
0.20 |
% |
Nonperforming assets to total loans, ORE and other nonperforming assets (NPAs) |
0.14 |
% |
0.17 |
% |
0.36 |
% |
Classified asset ratio (Pinnacle Bank) (2) |
3.60 |
% |
4.10 |
% |
7.30 |
% |
Allowance for credit losses (ACL) to total loans |
1.07 |
% |
1.12 |
% |
1.22 |
% |
ACL to total loans, excluding PPP |
1.07 |
% |
1.14 |
% |
1.35 |
% |
(1): Annualized net loan charge-offs to average loans ratios are computed by annualizing quarterly net loan charge-offs and dividing the result by average loans for the quarter. (2): Classified assets as a percentage of Tier 1 capital plus allowance for credit losses. |
||||||
"Наши кредитные показатели были высокими в течение многих лет, и это стало еще более очевидным в первом квартале", - сказал Карпентер. "Некоторые из наших показателей кредитоспособности по кредитам находятся на самом низком уровне за многие годы. В течение первого квартала наш резерв на возможные потери по кредитам к общему объему кредитов (без учета кредитов по ППС) (ACL) снизился с 1,14 процента на конец 2021 года до 1,07 процента на 31 марта 2022 года. Мы считаем, что дальнейшее сокращение нашего ACL возможно в течение большей части 2022 года".
информация о веб-трансляции и конференц-звонках
Pinnacle проведет веб-трансляцию и телефонную конференцию в 8:30 утра по Восточному времени 19 апреля 2022 года, чтобы обсудить результаты первого квартала 2022 года и другие вопросы. Чтобы получить доступ к вызову только для аудио, пожалуйста, позвоните по телефону 1-877-602-7944. Для просмотра презентации и потокового аудио, пожалуйста, зайдите на веб-трансляцию на странице по связям с инвесторами веб-сайта Pinnacle по адресу www.pnfp.com .
Для тех, кто не сможет принять участие в веб-трансляции, она будет заархивирована на странице по связям с инвесторами веб-сайта Pinnacle по адресу www.pnfp.com в течение 90 дней после презентации.
Pinnacle Financial Partners предоставляет полный спектр банковских, инвестиционных, трастовых, ипотечных и страховых продуктов и услуг, предназначенных для предприятий, их владельцев и частных лиц, заинтересованных во всесторонних отношениях со своим финансовым учреждением. Фирма является банком № 1 в MSA Нэшвилл-Мерфрисборо-Франклин, согласно данным FDIC о депозитах за 2021 год, входит в список Forbes среди 25 лучших банков страны и заняла место в списке 100 лучших компаний для работы в США за 2022 год, шестое место подряд. внешний вид. American Banker признал Pinnacle одним из лучших банков Америки, работавших девять лет подряд, и №1 среди банков с активами более 11 миллиардов долларов в 2021 году.
Pinnacle владеет 49-процентной долей в Bankers Healthcare Group (BHG), которая предоставляет инновационные, беспроблемные финансовые решения практикующим врачам и другим лицензированным специалистам. Отличное место для работы, и FORTUNE поставила BHG на 4-е место в своем списке лучших рабочих мест штата Нью-Йорк за 2021 год в категории малого и среднего бизнеса.
Фирма начала свою деятельность в одном месте в центре Нэшвилла, штат Теннесси, в октябре 2000 года, и с тех пор ее активы выросли примерно до 39,4 миллиарда долларов по состоянию на 31 марта 2022 года. Являясь второй по величине банковской холдинговой компанией со штаб-квартирой в Теннесси, Pinnacle работает на 15 преимущественно городских рынках по всему Юго-востоку.
Дополнительную информацию о Pinnacle, которая включена в индекс Nasdaq Financial-100, можно получить по адресу www.pnfp.com .
Прогнозные заявления
Все заявления, кроме заявлений об исторических фактах, включенные в этот пресс-релиз, являются прогнозными заявлениями по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года, Раздела 27A Закона о ценных бумагах 1933 года и Раздела 21E Закона о ценных бумагах 1934 года. Слова "ожидать", "предвидеть", "намереваться", "может", "должен", "планировать", "полагать", "стремиться", "оценивать" и подобные выражения предназначены для обозначения таких прогнозных заявлений, но другие заявления, не основанные на исторической информации, также могут следует рассматривать как прогнозные заявления. Эти прогнозные заявления подвержены известные и неизвестные риски, неопределенности и другие факторы, которые могут вызвать фактические результаты будут существенно отличаться от выписок, в том числе, но не ограничиваясь: (а) ухудшение финансового состояния заемщиков Pinnacle банка и его дочерних и БХГ что привело к существенному увеличению убытков по кредитам и положения для тех потерь и, в случае БХГ, замены материалов; (II) воздействие новых вспышек COVID-19, в том числе меры, принимаемые правительственными чиновниками, чтобы сдержать распространение вируса, и в результате влияние на общие экономические и финансовые условия на рынке, а на вершине финансового и бизнеса своих клиентов, результаты деятельности, качество активов и финансового состояния; и (III) дальнейшее общественное признание укола вакцины, разработанные против вирусов, а также на решения государственных органов в отношении вакцин, в том числе рекомендации, касающиеся укола и требования, которые стремятся мандата, которые человек получает или работодатели требуют, чтобы их сотрудники получают вакцину; (IV) все те вакцины, эффективность против вируса, в том числе новых вариантов; (в) колебания или разницы в процентных ставках по кредитам и вкладам от тех, которые вершине финансового моделирования и прогнозирования, в том числе в результате вершина Банка невозможностью лучше матч ставки по депозитам с изменениями на краткосрочные ставки, или которые влияют на кривой доходности; (ви) невозможность вершина финансовых или юридических лиц, в которых он имеет значительные инвестиции, как БХГ, чтобы сохранить на долгую историческую перспективу росту оцените его, или таких лиц, кредитного портфеля; (VII) и изменения в оценке кредитоспособности заемщиков, кредитная комментарий или убытка резерва политики, связанные с экономическими условиями, выводам экспертизы, или регуляторные изменения; (VIII в) эффективность вершине финансового управления активами мероприятий по улучшению, устранению или ликвидации низкокачественных активов; (іх), влияние конкуренции со стороны других финансовых институтов, в том числе и ценовое давление и воздействие на вершине финансовых результатов, в том числе в результате сжатие чистой процентной маржи; (х) неблагоприятные условия в национальных или местных экономик, в том числе в Pinnacle финансовых рынков по всему Теннесси, Северной Каролине, Южной Каролине, Джорджии, Алабаме и Вирджинии, в частности, в коммерческой и жилой недвижимости на рынках, в том числе негативные последствия инфляционного давления на наших клиентов и их бизнеса; (Си) результаты проверок; (ХІІ) вершина финансовые возможности для выявления потенциальных кандидатов, непревзойденный, и достижения синергетических эффектов, потенциальных будущих приобретений; (XIII в) трудности и задержки в интеграции приобретенных компаний или полностью понимая, экономия затрат и другие выгоды от приобретений; (XIV век) БХГ-это способность прибыльно выращивать свой бизнес и успешно осуществлять свою бизнес-планов; (XV В) риски экспансии на новые географические или товарные рынки; (XVI в) способность к росту и сохранения низкой стоимости основных отложений и сохраняют большие, незастрахованных депозитов, в том числе в периоды, когда вершина банк пытается снизить ставки он платит по вкладам; (XVII в.) о любом вопросе, который вызвал бы вершиной финансовой сделать вывод о наличии нарушения каких-либо актив, включая гудвил и прочие нематериальные активы; (XVIII в.) При неэффективности вершина Банка стратегий хеджирования, или неожиданное контрагента сбоя или отказа хеджирования базового хеджирования; (XIX в.) снижается способность привлекать дополнительные финансовые консультанты (или провал таких советников, чтобы вызвать у своих клиентов, чтобы переключиться на Pinnacle банка), чтобы сохранить финансовые консультанты (в том числе в результате конкурентной среды для сотрудников) или иным образом для привлечения клиентов из других финансовых учреждений; (ХХ) ухудшение оценки другого недвижимого имущества, находящегося в собственности и увеличением затрат, связанных с ними; (XXI) и невозможность соблюдать регулятивные требования к капиталу, в том числе в связи с изменением методологии расчета капитала, требуется кап. ремонт уровни или иными властными распоряжениями, особенно если вершина Банка уровне применяется коммерческая недвижимость кредиты, должны были превышать процент уровнях общего капитала в соответствии с рекомендациям регуляторов; (ХХІІ) утверждения декларации дивиденда по вершине финансового совета директоров; (ХХІІІ) уязвимость вершиной сеть Банка и интернет-банкинга порталов и систем лиц, с которыми Pinnacle Банка контрактов, несанкционированного доступа, компьютерных вирусов, фишинга, спам-атаки, человеческие ошибки, стихийные бедствия, отключения электроэнергии и других нарушений требований безопасности; (ХХIV) возможность дальнейшего выполнения обязательств и эксплуатационных затрат в результате увеличения регулятивного надзора (в том числе по защите прав потребителей финансовых услуг бюро), включая надзор за деятельностью компаний, в которых вершиной финансовой или Pinnacle банк имеет значительные инвестиции, как БХГ, и разработка дополнительных банковских продуктов для Pinnacle банка для корпоративных и розничных клиентов; (XXV) Генеральной Ассамблеи риски, связанные с Pinnacle финансовых и Pinnacle Банка миноритарным инвестором в БХГ, включая риск того, что владельцы большинства долей в БХГ решили продать компанию или всех или части принадлежащих им долей владения в БХГ (запуска похожие продажи на вершину финансовой и Pinnacle банке), если не запрещено по вершине финансового или Pinnacle Банка; (XXVI) Генеральной Ассамблеи изменения в федеральное законодательство, нормативные акты или правила, применяемые к банкам и другим поставщикам финансовых услуг, как БХГ, в том числе нормативных или законодательных изменений; (ХХVII) колебания в оценках вершине финансового капитала, инвестиции и предельная успеха таких инвестиций; (ХХІІІ) наличие и доступа к капиталу; (ХХІХ) неблагоприятные результаты (включая расходы, штрафы, моральный ущерб, невозможность получения необходимых одобрений и/или иного негативного воздействия) с текущих или будущих судебных разбирательств, проверок или других правовых и/или нормативных действий, в том числе в результате вершина Банка участие в разработке и исполнении государственных программ, связанных с COVID-19 пандемии; и (ХХХ) общие конкурентные, экономические, политические и рыночные условия. Дополнительные факторы, которые могут повлиять на прогнозные заявления, можно найти в Годовом отчете Pinnacle Financial по форме 10-K за год, закончившийся 31 декабря 2021 года, а также в последующих Ежеквартальных отчетах по форме 10-Q и Текущих отчетах по форме 8-K, поданных в SEC и доступных на сайте SEC. веб-сайт по адресу http://www.sec.gov . Pinnacle Financial отказывается от каких-либо обязательств по обновлению или пересмотру любых прогнозных заявлений, содержащихся в настоящем пресс-релизе, которые касаются только даты настоящего документа, будь то в результате новой информации, будущих событий или иным образом.
Финансовые вопросы, не связанные с ОПБУ
В этом выпуске содержатся определенные финансовые показатели, не относящиеся к GAAP, включая, помимо прочего, прибыль на разводненную обыкновенную акцию, PPNR, коэффициент эффективности и отношение непроцентных расходов к средним активам, исключая в некоторых случаях влияние расходов, связанных с другой недвижимостью, принадлежащей, прибыли или убытки от продажи инвестиционных ценных бумаг, FHLB расходы на реструктуризацию, расходы на прекращение хеджирования и другие вопросы за представленные отчетные периоды. Этот выпуск также включает финансовые показатели, не относящиеся к GAAP, которые исключают влияние займов, выданных в рамках ППС. Этот выпуск может также содержать некоторые другие коэффициенты капитала и показатели эффективности, не относящиеся к GAAP, которые исключают влияние гудвила и основных нематериальных активов, связанных с приобретениями Pinnacle Financial BNC, Avenue Bank, Magna Bank, CapitalMark Bank & Trust, Mid-America Bancshares, Inc., Cavalry Bancorp, Inc. и других приобретения, которые в совокупности менее существенны для показателя, не связанного с GAAP, а также влияние привилегированных акций Pinnacle Financial серии B. Представление финансовой информации, не относящейся к ОПБУ, не предназначено для рассмотрения изолированно или в качестве замены какого-либо показателя, подготовленного в соответствии с ОПБУ. Поскольку финансовые показатели, не относящиеся к GAAP, представленные в этом выпуске, не являются показателями, определенными в соответствии с GAAP, и могут быть подвержены различным расчетам, эти финансовые показатели, не относящиеся к GAAP, в том виде, в каком они представлены, могут быть несопоставимы с другими показателями с аналогичным названием, представленными другими компаниями.
Pinnacle Financial считает, что эти финансовые показатели, не относящиеся к GAAP, облегчают сравнение между периодами и являются значимыми показателями ее операционной деятельности. Кроме того, поскольку нематериальные активы, такие как гудвилл и нематериальный основной депозит, а также другие исключенные статьи сильно различаются от компании к компании, Pinnacle Financial считает, что представление этой информации позволяет инвесторам легче сравнивать результаты Pinnacle Financial с результатами других компаний. Руководство Pinnacle Financial использует эту финансовую информацию, не относящуюся к GAAP, для сравнения операционных показателей Pinnacle Financial за 2022 год с определенными периодами в 2021 году и с внутренне подготовленными прогнозами.
| Pinnacle Financial Partners, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED BALANCE SHEETS – UNAUDITED |
|||||||||
|
|
|
|
||||||
(dollars in thousands, except for share and per share data) |
March 31,
|
December 31,
|
March 31,
|
||||||
ASSETS |
|
|
|
||||||
Cash and noninterest-bearing due from banks |
$ |
187,093 |
|
$ |
188,287 |
|
$ |
189,251 |
|
Restricted cash |
|
29,680 |
|
|
82,505 |
|
|
162,834 |
|
Interest-bearing due from banks |
|
3,103,008 |
|
|
3,830,747 |
|
|
2,780,137 |
|
Federal funds sold and other |
|
— |
|
|
— |
|
|
55,186 |
|
Cash and cash equivalents |
|
3,319,781 |
|
|
4,101,539 |
|
|
3,187,408 |
|
Securities purchased with agreement to resell |
|
1,332,753 |
|
|
1,000,000 |
|
|
450,000 |
|
Securities available-for-sale, at fair value |
|
3,569,723 |
|
|
4,914,194 |
|
|
3,677,019 |
|
Securities held-to-maturity (fair value of $2.4 billion, $1.2 billion and $1.0 billion, net of allowance for credit losses of $1.1 million, $161 and $198 at March 31, 2022, Dec. 31, 2021 and March 31, 2021, respectively) |
|
2,566,386 |
|
|
1,155,958 |
|
|
1,014,345 |
|
Consumer loans held-for-sale |
|
67,224 |
|
|
45,806 |
|
|
85,769 |
|
Commercial loans held-for-sale |
|
35,383 |
|
|
17,685 |
|
|
12,541 |
|
Loans |
|
24,499,022 |
|
|
23,414,262 |
|
|
23,086,701 |
|
Less allowance for credit losses |
|
(261,618 |
) |
|
(263,233 |
) |
|
(280,881 |
) |
Loans, net |
|
24,237,404 |
|
|
23,151,029 |
|
|
22,805,820 |
|
Premises and equipment, net |
|
296,779 |
|
|
288,182 |
|
|
289,515 |
|
Equity method investment |
|
382,256 |
|
|
360,833 |
|
|
327,512 |
|
Accrued interest receivable |
|
95,147 |
|
|
98,813 |
|
|
98,477 |
|
Goodwill |
|
1,850,951 |
|
|
1,819,811 |
|
|
1,819,811 |
|
Core deposits and other intangible assets |
|
31,997 |
|
|
33,819 |
|
|
40,130 |
|
Other real estate owned |
|
8,237 |
|
|
8,537 |
|
|
10,651 |
|
Other assets |
|
1,606,357 |
|
|
1,473,193 |
|
|
1,480,707 |
|
Total assets |
$ |
39,400,378 |
|
$ |
38,469,399 |
|
$ |
35,299,705 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||||
Deposits: |
|
|
|
||||||
Noninterest-bearing |
$ |
10,986,194 |
|
$ |
10,461,071 |
|
$ |
8,103,943 |
|
Interest-bearing |
|
6,838,659 |
|
|
6,530,015 |
|
|
5,814,689 |
|
Savings and money market accounts |
|
12,416,101 |
|
|
12,179,663 |
|
|
11,361,620 |
|
Time |
|
2,054,860 |
|
|
2,133,784 |
|
|
3,012,688 |
|
Total deposits |
|
32,295,814 |
|
|
31,304,533 |
|
|
28,292,940 |
|
Securities sold under agreements to repurchase |
|
219,530 |
|
|
152,559 |
|
|
172,117 |
|
Federal Home Loan Bank advances |
|
888,870 |
|
|
888,681 |
|
|
888,115 |
|
Subordinated debt and other borrowings |
|
423,319 |
|
|
423,172 |
|
|
671,002 |
|
Accrued interest payable |
|
8,575 |
|
|
12,504 |
|
|
15,359 |
|
Other liabilities |
|
283,320 |
|
|
377,343 |
|
|
300,648 |
|
Total liabilities |
|
34,119,428 |
|
|
33,158,792 |
|
|
30,340,181 |
|
Preferred stock, no par value, 10.0 million shares authorized; 225,000 shares non-cumulative perpetual preferred stock, Series B, liquidation preference $225.0 million, issued and outstanding at March 31, 2022, Dec. 31, 2021 and March 31, 2021, respectively |
|
217,126 |
|
|
217,126 |
|
|
217,126 |
|
Common stock, par value $1.00; 180.0 million shares authorized; 76.4 million, 76.1 million and 76.1 million shares issued and outstanding at March 31, 2022, Dec. 31, 2021, and March 31, 2021, respectively |
|
76,377 |
|
|
76,143 |
|
|
76,088 |
|
Additional paid-in capital |
|
3,045,914 |
|
|
3,045,802 |
|
|
3,027,311 |
|
Retained earnings |
|
1,972,686 |
|
|
1,864,350 |
|
|
1,515,451 |
|
Accumulated other comprehensive income (loss), net of taxes |
|
(31,153 |
) |
|
107,186 |
|
|
123,548 |
|
Total stockholders' equity |
|
5,280,950 |
|
|
5,310,607 |
|
|
4,959,524 |
|
Total liabilities and stockholders' equity |
$ |
39,400,378 |
|
$ |
38,469,399 |
|
$ |
35,299,705 |
|
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||
Pinnacle Financial Partners, INC. AND SUBSIDIARIES |
|||||||||
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED |
|||||||||
(dollars in thousands, except for share and per share data) |
Three months ended |
||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||
Interest income: |
|
|
|
||||||
Loans, including fees |
$ |
227,047 |
|
$ |
230,026 |
|
$ |
227,372 |
|
Securities |
|
|
|
||||||
Taxable |
|
11,048 |
|
|
9,696 |
|
|
7,728 |
|
Tax-exempt |
|
17,446 |
|
|
16,931 |
|
|
15,498 |
|
Federal funds sold and other |
|
3,076 |
|
|
2,540 |
|
|
1,319 |
|
Total interest income |
|
258,617 |
|
|
259,193 |
|
|
251,917 |
|
Interest expense: |
|
|
|
||||||
Deposits |
|
10,250 |
|
|
10,648 |
|
|
17,468 |
|
Securities sold under agreements to repurchase |
|
56 |
|
|
54 |
|
|
72 |
|
FHLB advances and other borrowings |
|
8,836 |
|
|
9,728 |
|
|
11,507 |
|
Total interest expense |
|
19,142 |
|
|
20,430 |
|
|
29,047 |
|
Net interest income |
|
239,475 |
|
|
238,763 |
|
|
222,870 |
|
Provision for credit losses |
|
2,720 |
|
|
2,675 |
|
|
7,235 |
|
Net interest income after provision for credit losses |
|
236,755 |
|
|
236,088 |
|
|
215,635 |
|
Noninterest income: |
|
|
|
||||||
Service charges on deposit accounts |
|
11,030 |
|
|
12,663 |
|
|
8,307 |
|
Investment services |
|
10,691 |
|
|
11,081 |
|
|
8,191 |
|
Insurance sales commissions |
|
4,036 |
|
|
2,328 |
|
|
3,225 |
|
Gains on mortgage loans sold, net |
|
4,066 |
|
|
4,244 |
|
|
13,666 |
|
Investment gains (losses) on sales, net |
|
(61 |
) |
|
393 |
|
|
— |
|
Trust fees |
|
5,973 |
|
|
5,926 |
|
|
4,687 |
|
Income from equity method investment |
|
33,655 |
|
|
30,844 |
|
|
28,950 |
|
Other noninterest income |
|
34,106 |
|
|
33,244 |
|
|
25,683 |
|
Total noninterest income |
|
103,496 |
|
|
100,723 |
|
|
92,709 |
|
Noninterest expense: |
|
|
|
||||||
Salaries and employee benefits |
|
121,852 |
|
|
110,048 |
|
|
102,728 |
|
Equipment and occupancy |
|
25,536 |
|
|
24,997 |
|
|
23,220 |
|
Other real estate, net |
|
105 |
|
|
37 |
|
|
(13 |
) |
Marketing and other business development |
|
3,777 |
|
|
4,562 |
|
|
2,349 |
|
Postage and supplies |
|
2,371 |
|
|
2,191 |
|
|
1,806 |
|
Amortization of intangibles |
|
1,871 |
|
|
2,057 |
|
|
2,206 |
|
Other noninterest expense |
|
27,149 |
|
|
26,525 |
|
|
22,400 |
|
Total noninterest expense |
|
182,661 |
|
|
170,417 |
|
|
154,696 |
|
Income before income taxes |
|
157,590 |
|
|
166,394 |
|
|
153,648 |
|
Income tax expense |
|
28,480 |
|
|
32,866 |
|
|
28,220 |
|
Net income |
|
129,110 |
|
|
133,528 |
|
|
125,428 |
|
Preferred stock dividends |
|
(3,798 |
) |
|
(3,798 |
) |
|
(3,798 |
) |
Net income available to common shareholders |
$ |
125,312 |
|
$ |
129,730 |
|
$ |
121,630 |
|
Per share information: |
|
|
|
||||||
Basic net income per common share |
$ |
1.66 |
|
$ |
1.72 |
|
$ |
1.61 |
|
Diluted net income per common share |
$ |
1.65 |
|
$ |
1.71 |
|
$ |
1.61 |
|
Weighted average common shares outstanding: |
|
|
|
||||||
Basic |
|
75,654,986 |
|
|
75,523,052 |
|
|
75,372,883 |
|
Diluted |
|
75,930,372 |
|
|
76,024,700 |
|
|
75,657,149 |
|
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||
Pinnacle Financial Partners, INC. AND SUBSIDIARIES |
|||||||||||||
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||||||||
|
|
|
|
|
|
|
|||||||
(dollars in thousands) |
March |
December |
September |
June |
March |
December |
|||||||
2022 |
2021 |
2021 |
2021 |
2021 |
2020 |
||||||||
Balance sheet data, at quarter end: |
|
|
|
|
|
|
|||||||
Commercial and industrial loans |
$ |
8,213,204 |
|
7,703,428 |
|
7,079,431 |
|
6,771,254 |
|
6,355,119 |
|
6,239,588 |
|
Commercial real estate - owner occupied loans |
|
3,124,275 |
|
3,048,822 |
|
2,954,519 |
|
2,817,689 |
|
2,869,785 |
|
2,802,227 |
|
Commercial real estate - investment loans |
|
4,707,761 |
|
4,607,048 |
|
4,597,736 |
|
4,644,551 |
|
4,782,712 |
|
4,565,040 |
|
Commercial real estate - multifamily and other loans |
|
718,822 |
|
614,656 |
|
621,471 |
|
724,253 |
|
790,469 |
|
638,344 |
|
Consumer real estate - mortgage loans |
|
3,813,252 |
|
3,680,684 |
|
3,540,439 |
|
3,335,537 |
|
3,086,916 |
|
3,099,172 |
|
Construction and land development loans |
|
3,277,029 |
|
2,903,017 |
|
3,096,961 |
|
2,791,611 |
|
2,568,969 |
|
2,901,746 |
|
Consumer and other loans |
|
487,499 |
|
485,489 |
|
459,182 |
|
440,124 |
|
411,322 |
|
379,515 |
|
Paycheck protection program loans |
|
157,180 |
|
371,118 |
|
708,722 |
|
1,372,916 |
|
2,221,409 |
|
1,798,869 |
|
Total loans |
|
24,499,022 |
|
23,414,262 |
|
23,058,461 |
|
22,897,935 |
|
23,086,701 |
|
22,424,501 |
|
Allowance for credit losses |
|
(261,618 |
) |
(263,233 |
) |
(268,635 |
) |
(273,747 |
) |
(280,881 |
) |
(285,050 |
) |
Securities |
|
6,136,109 |
|
6,070,152 |
|
5,623,890 |
|
5,326,908 |
|
4,691,364 |
|
4,615,040 |
|
Total assets |
|
39,400,378 |
|
38,469,399 |
|
36,523,936 |
|
35,412,309 |
|
35,299,705 |
|
34,932,860 |
|
Noninterest-bearing deposits |
|
10,986,194 |
|
10,461,071 |
|
9,809,691 |
|
8,926,200 |
|
8,103,943 |
|
7,392,325 |
|
Total deposits |
|
32,295,814 |
|
31,304,533 |
|
29,369,807 |
|
28,217,603 |
|
28,292,940 |
|
27,705,575 |
|
Securities sold under agreements to repurchase |
|
219,530 |
|
152,559 |
|
148,240 |
|
177,661 |
|
172,117 |
|
128,164 |
|
FHLB advances |
|
888,870 |
|
888,681 |
|
888,493 |
|
888,304 |
|
888,115 |
|
1,087,927 |
|
Subordinated debt and other borrowings |
|
423,319 |
|
423,172 |
|
542,712 |
|
671,994 |
|
671,002 |
|
670,575 |
|
Total stockholders' equity |
|
5,280,950 |
|
5,310,607 |
|
5,191,798 |
|
5,101,231 |
|
4,959,524 |
|
4,904,611 |
|
Balance sheet data, quarterly averages: |
|
|
|
|
|
|
|||||||
Total loans |
$ |
23,848,533 |
|
23,225,735 |
|
22,986,835 |
|
23,179,803 |
|
22,848,086 |
|
22,524,683 |
|
Securities |
|
6,143,664 |
|
5,813,636 |
|
5,451,232 |
|
5,036,786 |
|
4,666,269 |
|
4,567,872 |
|
Federal funds sold and other |
|
4,799,946 |
|
4,356,113 |
|
3,743,074 |
|
3,143,078 |
|
3,356,199 |
|
3,621,623 |
|
Total earning assets |
|
34,792,143 |
|
33,395,484 |
|
32,181,141 |
|
31,359,667 |
|
30,870,554 |
|
30,714,178 |
|
Total assets |
|
38,637,221 |
|
37,132,078 |
|
35,896,130 |
|
35,053,772 |
|
34,659,132 |
|
34,436,765 |
|
Noninterest-bearing deposits |
|
10,478,403 |
|
10,240,393 |
|
9,247,382 |
|
8,500,465 |
|
7,620,665 |
|
7,322,393 |
|
Total deposits |
|
31,538,985 |
|
30,034,026 |
|
28,739,871 |
|
28,013,659 |
|
27,620,784 |
|
27,193,256 |
|
Securities sold under agreements to repurchase |
|
179,869 |
|
141,781 |
|
164,837 |
|
173,268 |
|
143,586 |
|
121,331 |
|
FHLB advances |
|
888,746 |
|
888,559 |
|
888,369 |
|
888,184 |
|
934,662 |
|
1,250,848 |
|
Subordinated debt and other borrowings |
|
441,755 |
|
484,389 |
|
586,387 |
|
674,162 |
|
673,662 |
|
673,419 |
|
Total stockholders' equity |
|
5,331,405 |
|
5,262,586 |
|
5,176,625 |
|
5,039,608 |
|
4,953,656 |
|
4,852,373 |
|
Statement of operations data, for the three months ended: |
|||||||||||||
Interest income |
$ |
258,617 |
|
259,193 |
|
260,868 |
|
259,236 |
|
251,917 |
|
257,047 |
|
Interest expense |
|
19,142 |
|
20,430 |
|
23,325 |
|
26,011 |
|
29,047 |
|
36,062 |
|
Net interest income |
|
239,475 |
|
238,763 |
|
237,543 |
|
233,225 |
|
222,870 |
|
220,985 |
|
Provision for credit losses |
|
2,720 |
|
2,675 |
|
3,382 |
|
2,834 |
|
7,235 |
|
9,180 |
|
Net interest income after provision for credit losses |
|
236,755 |
|
236,088 |
|
234,161 |
|
230,391 |
|
215,635 |
|
211,805 |
|
Noninterest income |
|
103,496 |
|
100,723 |
|
104,095 |
|
98,207 |
|
92,709 |
|
83,444 |
|
Noninterest expense |
|
182,661 |
|
170,417 |
|
168,851 |
|
166,140 |
|
154,696 |
|
161,305 |
|
Income before taxes |
|
157,590 |
|
166,394 |
|
169,405 |
|
162,458 |
|
153,648 |
|
133,944 |
|
Income tax expense |
|
28,480 |
|
32,866 |
|
32,828 |
|
30,668 |
|
28,220 |
|
23,068 |
|
Net income |
|
129,110 |
|
133,528 |
|
136,577 |
|
131,790 |
|
125,428 |
|
110,876 |
|
Preferred stock dividends |
|
(3,798 |
) |
(3,798 |
) |
(3,798 |
) |
(3,798 |
) |
(3,798 |
) |
(3,798 |
) |
Net income available to common shareholders |
$ |
125,312 |
|
129,730 |
|
132,779 |
|
127,992 |
|
121,630 |
|
107,078 |
|
Profitability and other ratios: |
|
|
|
|
|
|
|||||||
Return on avg. assets (1) |
|
1.32 |
% |
1.39 |
% |
1.47 |
% |
1.46 |
% |
1.42 |
% |
1.24 |
% |
Return on avg. equity (1) |
|
9.53 |
% |
9.78 |
% |
10.18 |
% |
10.19 |
% |
9.96 |
% |
8.78 |
% |
Return on avg. common equity (1) |
|
9.94 |
% |
10.20 |
% |
10.62 |
% |
10.65 |
% |
10.41 |
% |
9.19 |
% |
Return on avg. tangible common equity (1) |
|
15.63 |
% |
16.13 |
% |
16.98 |
% |
17.32 |
% |
17.16 |
% |
15.37 |
% |
Common stock dividend payout ratio (16) |
|
12.94 |
% |
10.65 |
% |
11.13 |
% |
11.73 |
% |
13.69 |
% |
15.84 |
% |
Net interest margin (2) |
|
2.89 |
% |
2.96 |
% |
3.03 |
% |
3.08 |
% |
3.02 |
% |
2.97 |
% |
Noninterest income to total revenue (3) |
|
30.18 |
% |
29.67 |
% |
30.47 |
% |
29.63 |
% |
29.38 |
% |
27.41 |
% |
Noninterest income to avg. assets (1) |
|
1.09 |
% |
1.08 |
% |
1.15 |
% |
1.12 |
% |
1.08 |
% |
0.96 |
% |
Noninterest exp. to avg. assets (1) |
|
1.92 |
% |
1.82 |
% |
1.87 |
% |
1.90 |
% |
1.81 |
% |
1.86 |
% |
Efficiency ratio (4) |
|
53.26 |
% |
50.20 |
% |
49.42 |
% |
50.13 |
% |
49.02 |
% |
52.99 |
% |
Avg. loans to avg. deposits |
|
75.62 |
% |
77.33 |
% |
79.98 |
% |
82.74 |
% |
82.72 |
% |
82.83 |
% |
Securities to total assets |
|
15.57 |
% |
15.78 |
% |
15.40 |
% |
15.04 |
% |
13.29 |
% |
13.21 |
% |
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||||||
Pinnacle Financial Partners, INC. AND SUBSIDIARIES |
|||||||||||||
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS-UNAUDITED |
|||||||||||||
|
|
|
|
||||||||||
(dollars in thousands) |
Three months ended |
|
Three months ended |
||||||||||
March 31, 2022 |
|
March 31, 2021 |
|||||||||||
|
Average
|
Interest |
Rates/
|
|
Average
|
Interest |
Rates/
|
||||||
Interest-earning assets |
|
|
|
|
|
|
|
||||||
Loans (1) (2) |
$ |
23,848,533 |
$ |
227,047 |
3.94 |
% |
|
$ |
22,848,086 |
$ |
227,372 |
4.11 |
% |
Securities |
|
|
|
|
|
|
|
||||||
Taxable |
|
3,234,641 |
|
11,048 |
1.39 |
% |
|
|
2,271,325 |
|
7,728 |
1.38 |
% |
Tax-exempt (2) |
|
2,909,023 |
|
17,446 |
2.94 |
% |
|
|
2,394,944 |
|
15,498 |
3.15 |
% |
Interest-bearing due from banks |
|
3,347,804 |
|
1,303 |
0.16 |
% |
|
|
3,168,308 |
|
713 |
0.09 |
% |
Resell agreements |
|
1,281,746 |
|
1,214 |
0.38 |
% |
|
|
5,000 |
|
— |
— |
% |
Federal funds sold |
|
— |
|
— |
— |
% |
|
|
22,809 |
|
— |
— |
% |
Other |
|
170,396 |
|
559 |
1.33 |
% |
|
|
160,082 |
|
606 |
1.54 |
% |
Total interest-earning assets |
|
34,792,143 |
$ |
258,617 |
3.11 |
% |
|
|
30,870,554 |
$ |
251,917 |
3.41 |
% |
Nonearning assets |
|
|
|
|
|
|
|
||||||
Intangible assets |
|
1,863,730 |
|
|
|
|
1,861,386 |
|
|
||||
Other nonearning assets |
|
1,981,348 |
|
|
|
|
1,927,192 |
|
|
||||
Total assets |
$ |
38,637,221 |
|
|
|
$ |
34,659,132 |
|
|
||||
|
|
|
|
|
|
|
|
||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
||||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
||||||
Interest checking |
|
6,391,316 |
|
2,599 |
0.16 |
% |
|
|
5,466,389 |
|
2,599 |
0.19 |
% |
Savings and money market |
|
12,587,219 |
|
5,124 |
0.17 |
% |
|
|
11,321,344 |
|
6,713 |
0.24 |
% |
Time |
|
2,082,047 |
|
2,527 |
0.49 |
% |
|
|
3,212,386 |
|
8,156 |
1.03 |
% |
Total interest-bearing deposits |
|
21,060,582 |
|
10,250 |
0.20 |
% |
|
|
20,000,119 |
|
17,468 |
0.35 |
% |
Securities sold under agreements to repurchase |
|
179,869 |
|
56 |
0.13 |
% |
|
|
143,586 |
|
72 |
0.20 |
% |
Federal Home Loan Bank advances |
|
888,746 |
|
4,474 |
2.04 |
% |
|
|
934,662 |
|
4,494 |
1.95 |
% |
Subordinated debt and other borrowings |
|
441,755 |
|
4,362 |
4.00 |
% |
|
|
673,662 |
|
7,013 |
4.22 |
% |
Total interest-bearing liabilities |
|
22,570,952 |
|
19,142 |
0.34 |
% |
|
|
21,752,029 |
|
29,047 |
0.54 |
% |
Noninterest-bearing deposits |
|
10,478,403 |
|
— |
— |
|
|
|
7,620,665 |
|
— |
— |
|
Total deposits and interest-bearing liabilities |
|
33,049,355 |
$ |
19,142 |
0.23 |
% |
|
|
29,372,694 |
$ |
29,047 |
0.40 |
% |
Other liabilities |
|
256,461 |
|
|
|
|
332,782 |
|
|
||||
Stockholders' equity |
|
5,331,405 |
|
|
|
|
4,953,656 |
|
|
||||
Total liabilities and stockholders' equity |
$ |
38,637,221 |
|
|
|
$ |
34,659,132 |
|
|
||||
Net interest income |
|
$ |
239,475 |
|
|
|
$ |
222,870 |
|
||||
Net interest spread (3) |
|
|
2.77 |
% |
|
|
|
2.86 |
% |
||||
Net interest margin (4) |
|
|
2.89 |
% |
|
|
|
3.02 |
% |
||||
|
|
|
|
|
|
|
|
||||||
(1) Average balances of nonperforming loans are included in the above amounts. |
|||||||||||||
(2) Yields computed on tax-exempt instruments on a tax equivalent basis and included $8.5 million of taxable equivalent income for the three months ended March 31, 2022 compared to $7.3 million for the three months ended March 31, 2021. The tax-exempt benefit has been reduced by the projected impact of tax-exempt income that will be disallowed pursuant to IRS Regulations as of and for the then current period presented. |
|||||||||||||
(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, 2022 would have been 2.88% compared to a net interest spread of 3.00% for the three months ended March 31, 2021. |
|||||||||||||
(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. |
|||||||||||||
|
|
|
|||||||||||
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||||||
Pinnacle Financial Partners, INC. AND SUBSIDIARIES |
|||||||||||||
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||||||||
|
|
|
|
|
|
|
|||||||
(dollars in thousands) |
March |
December |
September |
June |
March |
December |
|||||||
2022 |
2021 |
2021 |
2021 |
2021 |
2020 |
||||||||
Asset quality information and ratios: |
|
|
|
|
|
|
|||||||
Nonperforming assets: |
|
|
|
|
|
|
|||||||
Nonaccrual loans |
$ |
26,616 |
|
31,569 |
|
46,692 |
|
53,105 |
|
72,135 |
|
73,836 |
|
ORE and other nonperforming assets (NPAs) |
|
8,437 |
|
8,537 |
|
8,415 |
|
9,602 |
|
10,651 |
|
12,360 |
|
Total nonperforming assets |
$ |
35,053 |
|
40,106 |
|
55,107 |
|
62,707 |
|
82,786 |
|
86,196 |
|
Past due loans over 90 days and still accruing interest |
$ |
1,605 |
|
1,607 |
|
1,914 |
|
1,810 |
|
2,833 |
|
2,362 |
|
Accruing troubled debt restructurings (5) |
$ |
2,317 |
|
2,354 |
|
2,397 |
|
2,428 |
|
2,460 |
|
2,494 |
|
Accruing purchase credit deteriorated loans |
$ |
12,661 |
|
13,086 |
|
12,158 |
|
12,400 |
|
13,904 |
|
14,091 |
|
Net loan charge-offs |
$ |
2,958 |
|
8,077 |
|
9,281 |
|
9,968 |
|
11,397 |
|
10,775 |
|
Allowance for credit losses to nonaccrual loans |
|
982.9 |
% |
833.8 |
% |
575.3 |
% |
515.5 |
% |
389.4 |
% |
386.1 |
% |
As a percentage of total loans: |
|
|
|
|
|
|
|||||||
Past due accruing loans over 30 days |
|
0.11 |
% |
0.09 |
% |
0.09 |
% |
0.07 |
% |
0.09 |
% |
0.19 |
% |
Potential problem loans (6) |
|
0.41 |
% |
0.47 |
% |
0.60 |
% |
0.74 |
% |
0.70 |
% |
0.77 |
% |
Allowance for credit losses (20) |
|
1.07 |
% |
1.12 |
% |
1.17 |
% |
1.20 |
% |
1.22 |
% |
1.27 |
% |
Nonperforming assets to total loans, ORE and other NPAs |
|
0.14 |
% |
0.17 |
% |
0.24 |
% |
0.27 |
% |
0.36 |
% |
0.38 |
% |
Classified asset ratio (Pinnacle Bank) (8) |
|
3.6 |
% |
4.1 |
% |
5.6 |
% |
6.8 |
% |
7.3 |
% |
8.1 |
% |
Annualized net loan charge-offs to avg. loans (7) |
|
0.05 |
% |
0.14 |
% |
0.16 |
% |
0.17 |
% |
0.20 |
% |
0.19 |
% |
Wtd. avg. commercial loan internal risk ratings (6) |
|
44.9 |
|
45.3 |
|
46.0 |
|
46.1 |
|
45.2 |
|
45.1 |
|
|
|
|
|
|
|
|
|||||||
Interest rates and yields: |
|
|
|
|
|
|
|||||||
Loans |
|
3.94 |
% |
4.04 |
% |
4.13 |
% |
4.11 |
% |
4.11 |
% |
4.20 |
% |
Securities |
|
2.12 |
% |
2.08 |
% |
2.04 |
% |
2.25 |
% |
2.29 |
% |
2.27 |
% |
Total earning assets |
|
3.11 |
% |
3.20 |
% |
3.32 |
% |
3.42 |
% |
3.41 |
% |
3.44 |
% |
Total deposits, including non-interest bearing |
|
0.13 |
% |
0.14 |
% |
0.17 |
% |
0.20 |
% |
0.26 |
% |
0.33 |
% |
Securities sold under agreements to repurchase |
|
0.13 |
% |
0.15 |
% |
0.14 |
% |
0.13 |
% |
0.20 |
% |
0.21 |
% |
FHLB advances |
|
2.04 |
% |
2.04 |
% |
2.04 |
% |
2.03 |
% |
1.95 |
% |
2.00 |
% |
Subordinated debt and other borrowings |
|
4.00 |
% |
4.23 |
% |
4.45 |
% |
4.52 |
% |
4.22 |
% |
4.13 |
% |
Total deposits and interest-bearing liabilities |
|
0.23 |
% |
0.26 |
% |
0.30 |
% |
0.35 |
% |
0.40 |
% |
0.49 |
% |
|
|
|
|
|
|
|
|||||||
Capital and other ratios (8): |
|
|
|
|
|
|
|||||||
Pinnacle Financial ratios: |
|
|
|
|
|
|
|||||||
Stockholders' equity to total assets |
|
13.4 |
% |
13.8 |
% |
14.2 |
% |
14.4 |
% |
14.0 |
% |
14.0 |
% |
Common equity Tier one |
|
10.5 |
% |
10.9 |
% |
10.5 |
% |
10.5 |
% |
10.3 |
% |
10.0 |
% |
Tier one risk-based |
|
11.2 |
% |
11.7 |
% |
11.3 |
% |
11.3 |
% |
11.2 |
% |
10.9 |
% |
Total risk-based |
|
13.3 |
% |
13.8 |
% |
14.0 |
% |
14.5 |
% |
14.5 |
% |
14.3 |
% |
Leverage |
|
9.5 |
% |
9.7 |
% |
9.3 |
% |
9.2 |
% |
8.9 |
% |
8.6 |
% |
Tangible common equity to tangible assets |
|
8.5 |
% |
8.8 |
% |
9.0 |
% |
9.0 |
% |
8.6 |
% |
8.5 |
% |
Pinnacle Bank ratios: |
|
|
|
|
|
|
|||||||
Common equity Tier one |
|
11.4 |
% |
11.9 |
% |
11.7 |
% |
11.9 |
% |
11.8 |
% |
11.4 |
% |
Tier one risk-based |
|
11.4 |
% |
11.9 |
% |
11.7 |
% |
11.9 |
% |
11.8 |
% |
11.4 |
% |
Total risk-based |
|
12.1 |
% |
12.6 |
% |
12.5 |
% |
13.1 |
% |
13.0 |
% |
12.7 |
% |
Leverage |
|
9.6 |
% |
9.9 |
% |
9.7 |
% |
9.6 |
% |
9.4 |
% |
9.1 |
% |
Construction and land development loans as a percentage of total capital (19) |
|
87.4 |
% |
79.1 |
% |
89.3 |
% |
80.1 |
% |
76.0 |
% |
89.0 |
% |
Non-owner occupied commercial real estate and multi-family as a percentage of total capital (19) |
|
243.7 |
% |
234.1 |
% |
252.4 |
% |
248.8 |
% |
256.0 |
% |
264.0 |
% |
|
|
|
|
|
|
|
|||||||
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||||||
Pinnacle Financial Partners, INC. AND SUBSIDIARIES |
|||||||||||||
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
(dollars in thousands, except per share data) |
March |
December |
September |
June |
March |
December |
|||||||
2022 |
2021 |
2021 |
2021 |
2021 |
2020 |
||||||||
|
|
|
|
|
|
|
|
||||||
Per share data: |
|
|
|
|
|
|
|
||||||
Earnings per common share – basic |
$ |
1.66 |
|
1.72 |
|
1.76 |
|
1.70 |
|
1.61 |
|
1.42 |
|
Earnings per common share - basic, excluding non-GAAP adjustments |
$ |
1.66 |
|
1.71 |
|
1.76 |
|
1.69 |
|
1.61 |
|
1.58 |
|
Earnings per common share – diluted |
$ |
1.65 |
|
1.71 |
|
1.75 |
|
1.69 |
|
1.61 |
|
1.42 |
|
Earnings per common share - diluted, excluding non-GAAP adjustments |
$ |
1.65 |
|
1.70 |
|
1.75 |
|
1.68 |
|
1.61 |
|
1.58 |
|
Common dividends per share |
$ |
0.22 |
|
0.18 |
|
0.18 |
|
0.18 |
|
0.18 |
|
0.16 |
|
Book value per common share at quarter end (9) |
$ |
66.30 |
|
66.89 |
|
65.36 |
|
64.19 |
|
62.33 |
|
61.80 |
|
Tangible book value per common share at quarter end (9) |
$ |
41.65 |
|
42.55 |
|
40.98 |
|
39.77 |
|
37.88 |
|
37.25 |
|
Revenue per diluted common share |
$ |
4.52 |
|
4.47 |
|
4.50 |
|
4.37 |
|
4.17 |
|
4.03 |
|
Revenue per diluted common share, excluding non-GAAP adjustments |
$ |
4.52 |
|
4.46 |
|
4.50 |
|
4.37 |
|
4.17 |
|
4.03 |
|
|
|
|
|
|
|
|
|
||||||
Investor information: |
|
|
|
|
|
|
|
||||||
Closing sales price of common stock on last trading day of quarter |
$ |
92.08 |
95.50 |
94.08 |
88.29 |
88.66 |
64.40 |
||||||
High closing sales price of common stock during quarter |
$ |
110.41 |
|
104.72 |
|
98.00 |
|
92.94 |
|
93.58 |
|
65.51 |
|
Low closing sales price of common stock during quarter |
$ |
90.46 |
|
90.20 |
|
83.84 |
|
84.25 |
|
63.48 |
|
35.97 |
|
|
|
|
|
|
|
|
|
||||||
Closing sales price of depositary shares on last trading day of quarter |
$ |
26.72 |
|
28.21 |
|
28.14 |
|
29.13 |
|
27.62 |
|
27.69 |
|
High closing sales price of depositary shares during quarter |
$ |
28.53 |
|
28.99 |
|
29.23 |
|
29.13 |
|
27.83 |
|
27.94 |
|
Low closing sales price of depositary shares during quarter |
$ |
25.63 |
|
27.42 |
|
28.00 |
|
27.38 |
|
26.83 |
|
26.45 |
|
|
|
|
|
|
|
|
|
||||||
Other information: |
|
|
|
|
|
|
|
||||||
Residential mortgage loan sales: |
|
|
|
|
|
|
|
||||||
Gross loans sold |
$ |
270,793 |
|
352,342 |
|
347,664 |
|
394,299 |
|
546,963 |
|
479,867 |
|
Gross fees (10) |
$ |
5,700 |
|
10,098 |
|
11,215 |
|
15,552 |
|
18,793 |
|
23,729 |
|
Gross fees as a percentage of loans originated |
|
2.11 |
% |
2.87 |
% |
3.23 |
% |
3.94 |
% |
3.44 |
% |
4.94 |
% |
Net gain on residential mortgage loans sold |
$ |
4,066 |
|
4,244 |
|
7,814 |
|
6,700 |
|
13,666 |
|
12,387 |
|
Investment gains (losses) on sales of securities, net (15) |
$ |
(61 |
) |
393 |
|
— |
|
366 |
|
— |
|
— |
|
Brokerage account assets, at quarter end (11) |
$ |
7,158,939 |
|
7,187,085 |
|
6,597,152 |
|
6,344,416 |
|
5,974,884 |
|
5,509,560 |
|
Trust account managed assets, at quarter end |
$ |
4,499,911 |
|
4,720,290 |
|
4,155,510 |
|
3,640,932 |
|
3,443,373 |
|
3,295,198 |
|
Core deposits (12) |
$ |
30,398,683 |
|
29,316,911 |
|
27,170,367 |
|
25,857,639 |
|
24,961,390 |
|
23,510,883 |
|
Core deposits to total funding (12) |
|
89.9 |
% |
89.5 |
% |
87.8 |
% |
86.3 |
% |
83.1 |
% |
79.5 |
% |
Risk-weighted assets |
$ |
31,170,258 |
|
29,349,534 |
|
27,945,624 |
|
26,819,277 |
|
26,105,158 |
|
25,791,896 |
|
Number of offices |
|
119 |
|
118 |
|
117 |
|
116 |
|
115 |
|
114 |
|
Total core deposits per office |
$ |
255,451 |
|
248,448 |
|
232,225 |
|
222,911 |
|
217,141 |
|
206,236 |
|
Total assets per full-time equivalent employee |
$ |
13,186 |
|
13,541 |
|
13,188 |
|
13,087 |
|
13,468 |
|
13,262 |
|
Annualized revenues per full-time equivalent employee |
$ |
465.5 |
|
474.1 |
|
489.4 |
|
491.3 |
|
488.3 |
|
459.8 |
|
Annualized expenses per full-time equivalent employee |
$ |
247.9 |
|
238.0 |
|
241.9 |
|
246.3 |
|
239.4 |
|
246.6 |
|
Number of employees (full-time equivalent) |
|
2,988.0 |
|
2,841.0 |
|
2,769.5 |
|
2,706.0 |
|
2,621.0 |
|
2,634.0 |
|
Associate retention rate (13) |
|
93.1 |
% |
93.4 |
% |
93.4 |
% |
93.3 |
% |
94.4 |
% |
94.8 |
% |
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||||||
Pinnacle Financial Partners, INC. AND SUBSIDIARIES |
|||||||
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||
|
Three months ended |
||||||
(dollars in thousands, except per share data) |
March |
December |
March |
||||
2022 |
2021 |
2021 |
|||||
Net interest income |
$ |
239,475 |
|
238,763 |
|
222,870 |
|
Noninterest income |
|
103,496 |
|
100,723 |
|
92,709 |
|
Total revenues |
|
342,971 |
|
339,486 |
|
315,579 |
|
Less: Investment (gains) losses on sales of securities, net |
|
61 |
|
(393 |
) |
— |
|
Total revenues excluding the impact of adjustments noted above |
$ |
343,032 |
|
339,093 |
|
315,579 |
|
Noninterest expense |
$ |
182,661 |
|
170,417 |
|
154,696 |
|
Less: ORE expense |
|
105 |
|
37 |
|
(13 |
) |
Noninterest expense excluding the impact of adjustments noted above |
$ |
182,556 |
|
170,380 |
|
154,709 |
|
Pre-tax income |
$ |
157,590 |
|
166,394 |
|
153,648 |
|
Provision for credit losses |
|
2,720 |
|
2,675 |
|
7,235 |
|
Pre-tax pre-provision net revenue |
|
160,310 |
|
169,069 |
|
160,883 |
|
Adjustments noted above |
|
166 |
|
(356 |
) |
(13 |
) |
Adjusted pre-tax pre-provision net revenue (14) |
$ |
160,476 |
|
168,713 |
|
160,870 |
|
Noninterest income |
$ |
103,496 |
|
100,723 |
|
92,709 |
|
Less: Adjustments as noted above |
|
61 |
|
(393 |
) |
— |
|
Noninterest income excluding the impact of adjustments noted above |
$ |
103,557 |
|
100,330 |
|
92,709 |
|
Efficiency ratio (4) |
|
53.26 |
% |
50.20 |
% |
49.02 |
% |
Adjustments as noted above |
|
(0.04 |
)% |
0.05 |
% |
— |
% |
Efficiency ratio (excluding adjustments noted above) (4) |
|
53.22 |
% |
50.25 |
% |
49.02 |
% |
Total average assets |
$ |
38,637,221 |
|
37,132,078 |
|
34,659,132 |
|
Noninterest income to average assets (1) |
|
1.09 |
% |
1.08 |
% |
1.08 |
% |
Adjustments as noted above |
|
— |
% |
(0.01 |
)% |
— |
% |
Noninterest income (excluding adjustments noted above) to average assets (1) |
|
1.09 |
% |
1.07 |
% |
1.08 |
% |
Noninterest expense to average assets (1) |
|
1.92 |
% |
1.82 |
% |
1.81 |
% |
Adjustments as noted above |
|
— |
% |
— |
% |
— |
% |
Noninterest expense (excluding adjustments noted above) to average assets (1) |
|
1.92 |
% |
1.82 |
% |
1.81 |
% |
This information is preliminary and based on company data available at the time of the presentation. |
|||||||
Pinnacle Financial Partners, INC. AND SUBSIDIARIES |
|||||||||||||
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||||||||
|
Three months ended |
||||||||||||
(dollars in thousands, except per share data) |
March |
December |
September |
June |
March |
December |
|||||||
2022 |
2021 |
2021 |
2021 |
2021 |
2020 |
||||||||
Net income available to common shareholders |
$ |
125,312 |
|
129,730 |
|
132,779 |
|
127,992 |
|
121,630 |
|
107,078 |
|
Investment (gains) losses on sales of securities, net |
|
61 |
|
(393 |
) |
— |
|
(366 |
) |
— |
|
— |
|
ORE expense |
|
105 |
|
37 |
|
(79 |
) |
(657 |
) |
(13 |
) |
1,457 |
|
FHLB restructuring charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
10,307 |
|
Hedge termination charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
4,673 |
|
Tax effect on adjustments noted above (18) |
|
(43 |
) |
93 |
|
21 |
|
267 |
|
3 |
|
(4,297 |
) |
Net income available to common shareholders excluding adjustments noted above |
$ |
125,435 |
|
129,467 |
|
132,721 |
|
127,236 |
|
121,620 |
|
119,218 |
|
|
|
|
|
|
|
|
|||||||
Basic earnings per common share |
$ |
1.66 |
|
1.72 |
|
1.76 |
|
1.70 |
|
1.61 |
|
1.42 |
|
Adjustment due to investment (gains) losses on sales of securities, net |
|
— |
|
(0.01 |
) |
— |
|
— |
|
— |
|
— |
|
Adjustment due to ORE expense |
|
— |
|
— |
|
— |
|
(0.01 |
) |
— |
|
0.02 |
|
Adjustment due to FHLB restructuring charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
0.14 |
|
Adjustment due to hedge termination charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
0.06 |
|
Adjustment due to tax effect on adjustments noted above (18) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(0.06 |
) |
Basic earnings per common share excluding adjustments noted above |
$ |
1.66 |
|
1.71 |
|
1.76 |
|
1.69 |
|
1.61 |
|
1.58 |
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per common share |
$ |
1.65 |
|
1.71 |
|
1.75 |
|
1.69 |
|
1.61 |
|
1.42 |
|
Adjustment due to investment (gains) losses on sales of securities, net |
|
— |
|
(0.01 |
) |
— |
|
— |
|
— |
|
— |
|
Adjustment due to ORE expense |
|
— |
|
— |
|
— |
|
(0.01 |
) |
— |
|
0.02 |
|
Adjustment due to FHLB restructuring charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
0.14 |
|
Adjustment due to hedge termination charges |
|
— |
|
— |
|
— |
|
— |
|
— |
|
0.06 |
|
Adjustment due to tax effect on adjustments noted above (18) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(0.06 |
) |
Diluted earnings per common share excluding the adjustments noted above |
$ |
1.65 |
|
1.70 |
|
1.75 |
|
1.68 |
|
1.61 |
|
1.58 |
|
|
|
|
|
|
|
|
|||||||
Revenue per diluted common share |
$ |
4.52 |
|
4.47 |
|
4.50 |
|
4.37 |
|
4.17 |
|
4.03 |
|
Adjustments as noted above |
|
— |
|
(0.01 |
) |
— |
|
— |
|
— |
|
— |
|
Revenue per diluted common share excluding adjustments noted above |
$ |
4.52 |
|
4.46 |
|
4.50 |
|
4.37 |
|
4.17 |
|
4.03 |
|
|
|
|
|
|
|
|
|||||||
Book value per common share at quarter end (9) |
$ |
66.30 |
|
66.89 |
|
65.36 |
|
64.19 |
|
62.33 |
|
61.80 |
|
Adjustment due to goodwill, core deposit and other intangible assets |
|
(24.65 |
) |
(24.34 |
) |
(24.38 |
) |
(24.42 |
) |
(24.45 |
) |
(24.55 |
) |
Tangible book value per common share at quarter end (9) |
$ |
41.65 |
|
42.55 |
|
40.98 |
|
39.77 |
|
37.88 |
|
37.25 |
|
|
|
|
|
|
|
|
|||||||
Equity method investment (17) |
|
|
|
|
|
|
|||||||
Fee income from BHG, net of amortization |
$ |
33,655 |
|
30,844 |
|
30,409 |
|
32,071 |
|
28,950 |
|
24,294 |
|
Funding cost to support investment |
|
666 |
|
388 |
|
379 |
|
1,230 |
|
1,205 |
|
1,222 |
|
Pre-tax impact of BHG |
|
32,989 |
|
30,456 |
|
30,030 |
|
30,841 |
|
27,745 |
|
23,072 |
|
Income tax expense at statutory rates (18) |
|
8,623 |
|
7,961 |
|
7,850 |
|
8,062 |
|
7,253 |
|
6,031 |
|
Earnings attributable to BHG |
$ |
24,366 |
|
22,495 |
|
22,180 |
|
22,779 |
|
20,492 |
|
17,041 |
|
|
|
|
|
|
|
|
|||||||
Basic earnings per common share attributable to BHG |
$ |
0.32 |
|
0.30 |
|
0.29 |
|
0.30 |
|
0.27 |
|
0.23 |
|
Diluted earnings per common share attributable to BHG |
$ |
0.32 |
|
0.30 |
|
0.29 |
|
0.30 |
|
0.27 |
|
0.23 |
|
This information is preliminary and based on company data available at the time of the presentation. |
|||||||||||||
Pinnacle Financial Partners, INC. AND SUBSIDIARIES |
|||||||
RECONCILIATION OF NON-GAAP SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|||||||
|
Three months ended |
||||||
(dollars in thousands, except per share data) |
March |
December |
March |
||||
2022 |
2021 |
2021 |
|||||
|
|
|
|
||||
Return on average assets (1) |
|
1.32 |
% |
1.39 |
% |
1.42 |
% |
Adjustments as noted above |
|
— |
% |
(0.01 |
) % |
— |
% |
Return on average assets excluding adjustments noted above (1) |
|
1.32 |
% |
1.38 |
% |
1.42 |
% |
|
|
|
|
||||
Tangible assets: |
|
|
|
||||
Total assets |
$ |
39,400,378 |
|
38,469,399 |
|
35,299,705 |
|
Less: Goodwill |
|
(1,850,951 |
) |
(1,819,811 |
) |
(1,819,811 |
) |
Core deposit and other intangible assets |
|
(31,997 |
) |
(33,819 |
) |
(40,130 |
) |
Net tangible assets |
$ |
37,517,430 |
|
36,615,769 |
|
33,439,764 |
|
|
|
|
|
||||
Tangible common equity: |
|
|
|
||||
Total stockholders' equity |
$ |
5,280,950 |
|
5,310,607 |
|
4,959,524 |
|
Less: Preferred stockholders' equity |
|
(217,126 |
) |
(217,126 |
) |
(217,126 |
) |
Total common stockholders' equity |
|
5,063,824 |
|
5,093,481 |
|
4,742,398 |
|
Less: Goodwill |
|
(1,850,951 |
) |
(1,819,811 |
) |
(1,819,811 |
) |
Core deposit and other intangible assets |
|
(31,997 |
) |
(33,819 |
) |
(40,130 |
) |
Net tangible common equity |
$ |
3,180,876 |
|
3,239,851 |
|
2,882,457 |
|
|
|
|
|
||||
Ratio of tangible common equity to tangible assets |
|
8.48 |
% |
8.85 |
% |
8.62 |
% |
|
|
|
|
||||
Average tangible assets: |
|
|
|
||||
Average assets |
$ |
38,637,221 |
|
37,132,078 |
|
34,659,132 |
|
Less: Average goodwill |
|
(1,830,553 |
) |
(1,819,811 |
) |
(1,819,811 |
) |
Average core deposit and other intangible assets |
|
(33,177 |
) |
(35,152 |
) |
(41,575 |
) |
Net average tangible assets |
$ |
36,773,491 |
|
35,277,115 |
|
32,797,746 |
|
|
|
|
|
||||
Return on average assets (1) |
|
1.32 |
% |
1.39 |
% |
1.42 |
% |
Adjustment due to goodwill, core deposit and other intangible assets |
|
0.06 |
% |
0.07 |
% |
0.08 |
% |
Return on average tangible assets (1) |
|
1.38 |
% |
1.46 |
% |
1.50 |
% |
Adjustments as noted above |
|
— |
% |
— |
% |
— |
% |
Return on average tangible assets excluding adjustments noted above (1) |
|
1.38 |
% |
1.46 |
% |
1.50 |
% |
|
|
|
|
||||
Average tangible common equity: |
|
|
|
||||
Average stockholders' equity |
$ |
5,331,405 |
|
5,262,586 |
|
4,953,656 |
|
Less: Average preferred equity |
|
(217,126 |
) |
(217,126 |
) |
(217,126 |
) |
Average common equity |
|
5,114,279 |
|
5,045,460 |
|
4,736,530 |
|
Less: Average goodwill |
|
(1,830,553 |
) |
(1,819,811 |
) |
(1,819,811 |
) |
Average core deposit and other intangible assets |
|
(33,177 |
) |
(35,152 |
) |
(41,575 |
) |
Net average tangible common equity |
$ |
3,250,549 |
|
3,190,497 |
|
2,875,144 |
|
|
|
|
|
||||
Return on average equity (1) |
|
9.53 |
% |
9.78 |
% |
9.96 |
% |
Adjustment due to average preferred stockholders' equity |
|
0.41 |
% |
0.42 |
% |
0.45 |
% |
Return on average common equity (1) |
|
9.94 |
% |
10.20 |
% |
10.41 |
% |
Adjustment due to goodwill, core deposit and other intangible assets |
|
5.69 |
% |
5.93 |
% |
6.75 |
% |
Return on average tangible common equity (1) |
|
15.63 |
% |
16.13 |
% |
17.16 |
% |
Adjustments as noted above |
|
0.02 |
% |
(0.03 |
)% |
— |
% |
Return on average tangible common equity excluding adjustments noted above (1) |
|
15.65 |
% |
16.10 |
% |
17.16 |
% |
|
|
|
|
||||
Allowance for credit losses on loans as a percent of total loans (20) |
|
1.07 |
% |
1.12 |
% |
1.22 |
% |
Impact of excluding PPP loans from total loans |
|
— |
% |
0.02 |
% |
0.13 |
% |
Allowance as adjusted for the above exclusion of PPP loans from total loans (20) |
|
1.07 |
% |
1.14 |
% |
1.35 |
% |
This information is preliminary and based on company data available at the time of the presentation. |
|||||||
Pinnacle Financial Partners, INC. AND SUBSIDIARIES |
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED |
|
1. Ratios are presented on an annualized basis. |
2. Net interest margin is the result of net interest income on a tax equivalent basis divided by average interest earning assets. |
3. Total revenue is equal to the sum of net interest income and noninterest income. |
4. Efficiency ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income. |
5. Troubled debt restructurings include loans where the Company, as a result of the borrower's financial difficulties, has granted a credit concession to the borrower (i.e., interest only payments for a significant period of time, extending the maturity of the loan, etc.). All of these loans continue to accrue interest at the contractual rate. Troubled debt restructurings do not include, beginning with the quarter ended March 31, 2020, loans for which the Company has granted a deferral of interest and/or principal or other modification pursuant to the guidance issued by the FDIC providing for relief under the Coronavirus Aid, Relief and Economic Security Act. |
6. Average risk ratings are based on an internal loan review system which assigns a numeric value of 10 to 100 to all loans to commercial entities based on their underlying risk characteristics as of the end of each quarter. The risk rating scale was changed to allow for granularity, if needed, in criticized and classified risk ratings to distinguish accrual status or structural loan issues. A "10" risk rating is assigned to credits that exhibit Excellent risk characteristics, "20" exhibit Very Good risk characteristics, "30" Good, "40" Satisfactory, "50" Acceptable or Average, "60" Watch List, "70" Criticized, "80" Classified or Substandard, "90" Doubtful and "100" Loss (which are charged-off immediately). Additionally, loans rated "80" or worse that are not nonperforming or restructured loans are considered potential problem loans. Generally, consumer loans are not subjected to internal risk ratings. |
7. Annualized net loan charge-offs to average loans ratios are computed by annualizing quarter-to-date net loan charge-offs and dividing the result by average loans for the quarter-to-date period. |
8. Capital ratios are calculated using regulatory reporting regulations enacted for such period and are defined as follows: |
Equity to total assets – End of period total stockholders' equity as a percentage of end of period assets. |
Tangible common equity to tangible assets - End of period total stockholders' equity less end of period preferred stock, goodwill, core deposit and other intangibles as a percentage of end of period assets less end of period goodwill, core deposit and other intangibles. |
Leverage – Tier I capital (pursuant to risk-based capital guidelines) as a percentage of adjusted average assets. |
Tier I risk-based – Tier I capital (pursuant to risk-based capital guidelines) as a percentage of total risk-weighted assets. |
Total risk-based – Total capital (pursuant to risk-based capital guidelines) as a percentage of total risk-weighted assets. |
Classified asset - Classified assets as a percentage of Tier 1 capital plus allowance for credit losses. |
Tier I common equity to risk weighted assets - Tier 1 capital (pursuant to risk-based capital guidelines) less the amount of any preferred stock or subordinated indebtedness that is considered as a component of Tier 1 capital as a percentage of total risk-weighted assets. |
9. Book value per common share computed by dividing total common stockholders' equity by common shares outstanding. Tangible book value per common share computed by dividing total common stockholders' equity, less goodwill, core deposit and other intangibles by common shares outstanding. |
10. Amounts are included in the statement of operations in "Gains on mortgage loans sold, net", net of commissions paid on such amounts. |
11. At fair value, based on information obtained from Pinnacle's third party broker/dealer for non-FDIC insured financial products and services. |
12. Core deposits include all transaction deposit accounts, money market and savings accounts and all certificates of deposit issued in a denomination of less than $250,000. The ratio noted above represents total core deposits divided by total funding, which includes total deposits, FHLB advances, securities sold under agreements to repurchase, subordinated indebtedness and all other interest-bearing liabilities. |
13. Associate retention rate is computed by dividing the number of associates employed at quarter end less the number of associates that have resigned in the last 12 months by the number of associates employed at quarter end. Associate retention rate does not include associates at acquired institutions displaced by merger. |
14. Adjusted pre-tax, pre-provision net revenue excludes the impact of ORE expenses and income, investment gains and losses on sales of securities, FHLB restructuring charges and hedge termination charges. |
15. Represents investment gains (losses) on sales and impairments, net occurring as a result of gains or losses incurred as the result of a change in management's intention to sell a bond prior to the recovery of its amortized cost basis. |
16. The dividend payout ratio is calculated as the sum of the annualized dividend rate for dividends paid on common shares divided by the trailing 12-months fully diluted earnings per common share as of the dividend declaration date. |
17. Earnings from equity method investment includes the impact of the issuance of subordinated debt as well as the funding costs of the overall franchise. Income tax expense is calculated using statutory tax rates. |
18. Tax effect calculated using the blended statutory rate of 26.14 percent. |
19. Calculated using the same guidelines as are used in the Federal Financial Institutions Examination Council's Uniform Bank Performance Report. |
20. Effective January 1, 2020 Pinnacle Financial adopted the current expected credit loss accounting standard which requires the recognition of all losses expected to be recorded over a loan's life. |
