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Parent Company Only Financial Information
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Parent Company Only Financial Information
Note 20.  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, 2019 and 2018 and for each of the years in the three-year period ended December 31, 2019 (in thousands):

CONDENSED BALANCE SHEETS
 20192018
Assets:  
Cash and cash equivalents$182,091  $94,043  
Investments in bank subsidiaries4,653,310  4,096,349  
Investments in consolidated subsidiaries7,816  6,511  
Investment in unconsolidated subsidiaries:  
Statutory Trusts3,995  3,995  
Other investments97,459  79,646  
Current income tax receivable11,696  19,032  
Other assets29,566  26,668  
 $4,985,933  $4,326,244  
Liabilities and stockholders' equity:    
Income taxes payable to subsidiaries2,467  —  
Subordinated debt and other borrowings620,256  357,153  
Other liabilities7,462  3,151  
Stockholders' equity4,355,748  3,965,940  
 $4,985,933  $4,326,244  

CONDENSED STATEMENTS OF OPERATIONS
 201920182017
Revenues:   
Income from bank subsidiaries$113,982  $83,090  $63,100  
Income from nonbank subsidiaries178  170  101  
Income from equity method investment24,298  13,731  10,126  
Other income3,485  1,310  576  
Expenses:   
Interest expense18,425  17,703  13,583  
Personnel expense, including stock compensation21,226  17,636  16,629  
Other expense1,496  1,312  4,349  
Income before income taxes and equity in undistributed income of subsidiaries100,796  61,650  39,342  
Income tax benefit(4,457) (8,570) (12,748) 
Income before equity in undistributed income of subsidiaries105,253  70,220  52,090  
Equity in undistributed income of bank subsidiaries294,354  288,728  121,341  
Equity in undistributed income of nonbank subsidiaries1,274  492  548  
Net income$400,881  $359,440  $173,979  
CONDENSED STATEMENTS OF CASH FLOWS
 201920182017
Operating activities:
   
Net income$400,881  $359,440  $173,979  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:   
Amortization and accretion(3,094) 105  48  
Stock-based compensation expense21,226  17,636  19,538  
Increase (decrease) in income tax payable, net2,467  (24) 24  
Deferred tax expense (benefit)(2,857) (549) 5,919  
Income from equity method investments, net(24,298) (13,731) (10,126) 
Dividends received from equity method investment8,953  5,872  5,655  
Excess tax benefit from stock compensation(1,011) (2,966) (5,365) 
Loss (gain) on other investments(1,057) (209) (350) 
Decrease (increase) in other assets7,295  4,390  (3,990) 
Increase (decrease) in other liabilities5,322  2,758  (9,194) 
Equity in undistributed income of bank subsidiary(294,354) (288,728) (121,341) 
Equity in undistributed income of nonbank subsidiary(1,274) (492) (548) 
Net cash provided by operating activities118,199  83,502  54,249  
Investing activities:
   
Investment in consolidated banking subsidiaries(180,000) —  (182,288) 
Increase in other investments(1,411) (2,321) (815) 
Net cash used in investing activities(181,411) (2,321) (183,103) 
Financing activities:
   
Proceeds from subordinated debt and other borrowings, net of issuance costs316,078  19,850  —  
Repayment of other borrowings(49,880) (620) (60) 
Proceeds from common stock issuance—  —  192,194  
Exercise of common stock options and stock appreciation rights, net of repurchase of restricted shares(3,694) (5,071) 494  
Repurchase of common stock(61,416) (20,694) —  
Common dividends paid(49,828) (45,454) (35,907) 
Net cash provided by (used in) financing activities151,260  (51,989) 156,721  
Net increase in cash88,048  29,192  27,867  
Cash and cash equivalents, beginning of year94,043  64,851  36,984  
Cash and cash equivalents, end of year$182,091  $94,043  $64,851  

Pinnacle Bank is subject to restrictions on the payment of dividends to Pinnacle Financial under Tennessee banking laws. Pinnacle Bank paid dividends of $114.0 million, $83.1 million and $63.1 million, respectively to Pinnacle Financial in each of the years ended December 31, 2019, 2018 and 2017.