Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2015

Parent Company Only Financial Information [Abstract]

Parent Company Only Financial Information

Note 23.  Parent Company Only Financial Information

The following information presents the condensed balance sheets, statements of operations, and cash flows of Pinnacle Financial as of December 31, 2015 and 2014 and for each of the years in the three-year period ended December 31, 2015 (in thousands):

CONDENSED BALANCE SHEETS

	2015		2014
Assets:
Cash and cash equivalents	$	21,740	$	36,497
Investments in consolidated subsidiaries		1,194,713		850,583
Investment in unconsolidated subsidiaries:
PNFP Statutory Trust I		310		310
PNFP Statutory Trust II		619		619
PNFP Statutory Trust III		619		619
PNFP Statutory Trust IV		928		928
Other investments		5,453		5,254
Current income tax receivable		10,132		(181	)
Other assets		4,260		4,493
	$	1,238,774	$	899,122
Liabilities and stockholders' equity:
Income taxes payable to subsidiaries		12		-
Subordinated debt and other borrowings		82,476		96,158
Other liabilities		675		271
Stockholders' equity		1,155,611		802,693
	$	1,238,774	$	899,122

CONDENSED STATEMENTS OF OPERATIONS

	2015			2014			2013
Revenues	$	78		$	907		$	266
Expenses:
Interest expense		2,288			2,488			2,730
Stock-based compensation expense		7,342			5,308			4,082
Other expense		820			768			770
Loss before income taxes and equity in undistributed income (loss) of subsidiaries		(10,372	)		(7,657	)		(7,316	)
Income tax benefit		(4,119	)		(3,065	)		(2,870	)
(Loss) income before equity in undistributed income of subsidiaries and accretion on preferred stock discount		(6,253	)		(4,592	)		(4,446	)
Equity in undistributed income of subsidiaries		101,762			75,063			62,172
Net income		95,509			70,471			57,726

CONDENSED STATEMENTS OF CASH FLOWS

	2015			2014			2013
Operating activities:
Net income	$	95,509		$	70,471		$	57,726
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense		7,342			5,308			4,082
Loss (gain) on other investments		136			(710	)		22
Increase in income tax payable, net		(10,870	)		-			81
Decrease (increase) in other assets		1,194			1,854			1,608
Increase in other liabilities		3,771			203			9
Excess tax benefit from stock compensation		(4,116	)		(1,699	)		(389	)
Deferred tax expense		(394	)		27			(454	)
Equity in undistributed income of subsidiaries		(101,762	)		(75,063	)		(62,172	)
Net cash provided by (used in) operating activities		(9,190	)		391			513
Investing activities:
Investment in consolidated subsidiaries:
Banking subsidiaries		19,038			21,185			14,910
Investments in other entities		(335	)		(398	)		(954	)
Net cash provided by investing activities		18,703			20,787			13,956
Financing activities:
Net decrease in subordinated debt and other borrowings		(13,682	)		(2,500	)		(7,500	)
Exercise of common stock options		3,603			6,422			2,895
Common dividends paid		(18,307	)		(11,398	)		(2,815	)
Excess tax benefit from stock compensation arrangements		4,116			1,699			389
Net cash used in financing activities		(24,270	)		(5,778	)		(7,030	)
Net increase (decrease) in cash		(14,757	)		15,401			7,439
Cash and cash equivalents, beginning of year		36,497			21,096			13,657
Cash and cash equivalents, end of year	$	21,740		$	36,497		$	21,096

Pinnacle Bank is subject to restrictions on the payment of dividends to Pinnacle Financial under Tennessee banking laws. Pinnacle Bank paid dividends of $19.0 million, $21.2 million and $14.9 million, respectively to Pinnacle Financial in each of the years ended December 31, 2015, 2014 and 2013.