(Exact name of registrant as specified in charter) | |||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
N/A |
Title of Each Class | Trading Symbol | Name of Exchange on which Registered | ||||||||||||
Exhibit No. | Description | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
By: | /s/Harold R. Carpenter | |||||||
Name: | Harold R. Carpenter | |||||||
Title: | Executive Vice President and | |||||||
Chief Financial Officer |
MEDIA CONTACT: | Joe Bass, 615-743-8219 | |||||||
FINANCIAL CONTACT: | Harold Carpenter, 615-744-3742 | |||||||
WEBSITE: | www.pnfp.com |
Three Months Ended | Year Ended | |||||||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||||
Diluted earnings per common share | $ | 1.71 | $ | 1.75 | $ | 1.42 | $ | 6.75 | $ | 4.03 | ||||||||||
Adjustments: | ||||||||||||||||||||
Investment (gains) losses on sales of securities, net | (0.01) | — | — | (0.01) | (0.01) | |||||||||||||||
Other real estate (ORE) expense | — | — | 0.02 | (0.01) | 0.11 | |||||||||||||||
FHLB restructuring charges | — | — | 0.14 | — | 0.20 | |||||||||||||||
Hedge termination charges | — | — | 0.06 | — | 0.06 | |||||||||||||||
Tax effect of above noted adjustments | — | — | (0.06) | — | (0.09) | |||||||||||||||
Diluted earnings per common share after adjustments | $ | 1.70 | $ | 1.75 | $ | 1.58 | $ | 6.73 | $ | 4.30 |
Balances at | Balances at | ||||||||||||||||
December 31, 2021 | September 30, 2021 | Linked-Quarter Annualized % Change | December 31, 2020 | Year-over-Year % Change | |||||||||||||
Loans | $ | 23,414,262 | $ | 23,058,461 | 6.2 | % | $ | 22,424,501 | 4.4 | % | |||||||
Less PPP loans | 371,118 | 708,722 | (190.5) | % | 1,798,869 | (79.4) | % | ||||||||||
Loans excluding PPP loans | 23,043,144 | 22,349,739 | 12.4 | % | 20,625,632 | 11.7 | % | ||||||||||
Securities and other interest-earning assets | 11,046,895 | 9,538,824 | 63.2 | % | 8,492,214 | 30.1 | % | ||||||||||
Total interest-earning assets excluding PPP loans | 34,090,039 | 31,888,563 | 27.6 | % | 29,117,846 | 17.1 | % | ||||||||||
Noninterest-bearing deposits(1) | 10,461,071 | 9,809,691 | 26.6 | % | 7,392,325 | 41.5 | % | ||||||||||
Interest-bearing core deposits(2) | 18,855,840 | 17,360,676 | 34.4 | % | 16,118,558 | 17.0 | % | ||||||||||
Noncore funding | 3,452,034 | 3,778,885 | (34.6) | % | 6,081,358 | (43.2) | % | ||||||||||
Total funding | $ | 32,768,945 | $ | 30,949,252 | 23.5 | % | $ | 29,592,241 | 10.7 | % |
Three months ended | Year ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2021 | 2020 | Annualized % change | 2021 | 2020 | % change | |||||||||||||||
Revenues: | ||||||||||||||||||||
Net interest income | $ | 238,763 | $ | 220,985 | 32.2 | % | $ | 932,401 | $ | 821,788 | 13.5 | % | ||||||||
Noninterest income | 100,723 | 83,444 | 82.8 | % | 395,734 | 317,840 | 24.5 | % | ||||||||||||
Total revenues | 339,486 | 304,429 | 46.1 | % | 1,328,135 | 1,139,628 | 16.5 | % | ||||||||||||
Noninterest expense | 170,417 | 161,305 | 22.6 | % | 660,104 | 564,455 | 16.9 | % | ||||||||||||
Pre-tax, pre-provision net revenue (PPNR) | $ | 169,069 | $ | 143,124 | 72.5 | % | $ | 668,031 | $ | 575,173 | 16.1 | % | ||||||||
Adjustments: | ||||||||||||||||||||
Investment (gains) losses on sales of securities, net | (393) | — | NM | (759) | (986) | NM | ||||||||||||||
FHLB restructuring charges | — | 10,307 | NM | — | 15,168 | NM | ||||||||||||||
Hedge termination charges | — | 4,673 | NM | — | 4,673 | NM | ||||||||||||||
ORE expense (benefit) | 37 | 1,457 | NM | (712) | 8,555 | NM | ||||||||||||||
Adjusted PPNR | $ | 168,713 | $ | 159,561 | 22.9 | % | $ | 666,560 | $ | 602,583 | 10.6 | % |
Three months ended | Year ended | |||||||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||||
Net interest margin | 2.96 | % | 3.03 | % | 2.97 | % | 3.02 | % | 2.97 | % | ||||||||||
Efficiency ratio | 50.20 | % | 49.42 | % | 52.99 | % | 49.70 | % | 49.53 | % | ||||||||||
Return on average assets | 1.39 | % | 1.47 | % | 1.24 | % | 1.43 | % | 0.94 | % | ||||||||||
Return on average tangible common equity (TCE) | 16.13 | % | 16.98 | % | 15.37 | % | 16.88 | % | 11.53 | % | ||||||||||
Book value per common share | $ | 66.89 | $ | 65.36 | $ | 61.80 | $ | 66.89 | $ | 61.80 | ||||||||||
Tangible book value per common share | $ | 42.55 | $ | 40.98 | $ | 37.25 | $ | 42.55 | $ | 37.25 | ||||||||||
Three months ended or as of | ||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||||||||||
Annualized net loan charge-offs to avg. loans(1) | 0.14 | % | 0.16 | % | 0.19 | % | ||||||||
Nonperforming assets to total loans, ORE and other nonperforming assets (NPAs) | 0.17 | % | 0.24 | % | 0.38 | % | ||||||||
Classified asset ratio (Pinnacle Bank) (2) | 4.10 | % | 5.60 | % | 8.10 | % | ||||||||
Allowance for credit losses (ACL) to total loans | 1.12 | % | 1.17 | % | 1.27 | % | ||||||||
ACL to total loans, excluding PPP | 1.14 | % | 1.20 | % | 1.38 | % |
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES | |||||||||||
CONSOLIDATED BALANCE SHEETS – UNAUDITED | |||||||||||
(dollars in thousands, except for share and per share data) | December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||||||
ASSETS | |||||||||||
Cash and noninterest-bearing due from banks | $ | 188,287 | $ | 155,965 | $ | 203,296 | |||||
Restricted cash | 82,505 | 104,157 | 223,788 | ||||||||
Interest-bearing due from banks | 3,830,747 | 3,206,383 | 3,522,224 | ||||||||
Federal funds sold and other | — | — | 12,141 | ||||||||
Cash and cash equivalents | 4,101,539 | 3,466,505 | 3,961,449 | ||||||||
Securities purchased with agreement to resell | 1,000,000 | 500,000 | — | ||||||||
Securities available-for-sale, at fair value | 4,914,194 | 4,634,653 | 3,586,681 | ||||||||
Securities held-to-maturity (fair value of $1.2 billion, $1.0 billion and $1.1 billion, net of allowance for credit losses of $161,000, $161,000 and $191,000 at Dec. 31, 2021, Sept. 30, 2021 and Dec. 31, 2020, respectively) | 1,155,958 | 989,237 | 1,028,359 | ||||||||
Consumer loans held-for-sale | 45,806 | 55,273 | 87,821 | ||||||||
Commercial loans held-for-sale | 17,685 | 49,121 | 31,200 | ||||||||
Loans | 23,414,262 | 23,058,461 | 22,424,501 | ||||||||
Less allowance for credit losses | (263,233) | (268,635) | (285,050) | ||||||||
Loans, net | 23,151,029 | 22,789,826 | 22,139,451 | ||||||||
Premises and equipment, net | 288,182 | 288,833 | 290,001 | ||||||||
Equity method investment | 360,833 | 333,764 | 308,556 | ||||||||
Accrued interest receivable | 98,813 | 89,137 | 104,078 | ||||||||
Goodwill | 1,819,811 | 1,819,811 | 1,819,811 | ||||||||
Core deposits and other intangible assets | 33,819 | 35,876 | 42,336 | ||||||||
Other real estate owned | 8,537 | 8,415 | 12,360 | ||||||||
Other assets | 1,473,193 | 1,463,485 | 1,520,757 | ||||||||
Total assets | $ | 38,469,399 | $ | 36,523,936 | $ | 34,932,860 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 10,461,071 | $ | 9,809,691 | $ | 7,392,325 | |||||
Interest-bearing | 6,530,015 | 5,767,286 | 5,689,095 | ||||||||
Savings and money market accounts | 12,179,663 | 11,381,033 | 11,099,523 | ||||||||
Time | 2,133,784 | 2,411,797 | 3,524,632 | ||||||||
Total deposits | 31,304,533 | 29,369,807 | 27,705,575 | ||||||||
Securities sold under agreements to repurchase | 152,559 | 148,240 | 128,164 | ||||||||
Federal Home Loan Bank advances | 888,681 | 888,493 | 1,087,927 | ||||||||
Subordinated debt and other borrowings | 423,172 | 542,712 | 670,575 | ||||||||
Accrued interest payable | 12,504 | 11,838 | 24,934 | ||||||||
Other liabilities | 377,343 | 371,048 | 411,074 | ||||||||
Total liabilities | 33,158,792 | 31,332,138 | 30,028,249 | ||||||||
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 Dec. 31, 2021, Sept. 30, 2021 and Dec. 31, 2020, respectively | 217,126 | 217,126 | 217,126 | ||||||||
Common stock, par value $1.00; 180.0 million shares authorized; 76.1 million, 76.1 million and 75.9 million shares issued and outstanding at Dec. 31, 2021, Sept. 30, 2021 and Dec. 31, 2020, respectively | 76,143 | 76,115 | 75,850 | ||||||||
Additional paid-in capital | 3,045,802 | 3,038,800 | 3,028,063 | ||||||||
Retained earnings | 1,864,350 | 1,748,491 | 1,407,723 | ||||||||
Accumulated other comprehensive income, net of taxes | 107,186 | 111,266 | 175,849 | ||||||||
Total stockholders' equity | 5,310,607 | 5,191,798 | 4,904,611 | ||||||||
Total liabilities and stockholders' equity | $ | 38,469,399 | $ | 36,523,936 | $ | 34,932,860 | |||||
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 | Year ended | |||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
Interest income: | |||||||||||||||||
Loans, including fees | $ | 230,026 | $ | 233,857 | $ | 232,561 | $ | 924,043 | $ | 919,744 | |||||||
Securities | |||||||||||||||||
Taxable | 9,696 | 8,986 | 7,530 | 34,769 | 35,663 | ||||||||||||
Tax-exempt | 16,931 | 15,873 | 15,446 | 64,848 | 58,867 | ||||||||||||
Federal funds sold and other | 2,540 | 2,152 | 1,510 | 7,554 | 6,768 | ||||||||||||
Total interest income | 259,193 | 260,868 | 257,047 | 1,031,214 | 1,021,042 | ||||||||||||
Interest expense: | |||||||||||||||||
Deposits | 10,648 | 12,139 | 22,721 | 54,116 | 135,547 | ||||||||||||
Securities sold under agreements to repurchase | 54 | 57 | 64 | 239 | 350 | ||||||||||||
FHLB advances and other borrowings | 9,728 | 11,129 | 13,277 | 44,458 | 63,357 | ||||||||||||
Total interest expense | 20,430 | 23,325 | 36,062 | 98,813 | 199,254 | ||||||||||||
Net interest income | 238,763 | 237,543 | 220,985 | 932,401 | 821,788 | ||||||||||||
Provision for credit losses | 2,675 | 3,382 | 9,180 | 16,126 | 203,815 | ||||||||||||
Net interest income after provision for credit losses | 236,088 | 234,161 | 211,805 | 916,275 | 617,973 | ||||||||||||
Noninterest income: | |||||||||||||||||
Service charges on deposit accounts | 12,663 | 11,435 | 8,486 | 41,311 | 34,282 | ||||||||||||
Investment services | 11,081 | 9,648 | 7,593 | 37,917 | 29,537 | ||||||||||||
Insurance sales commissions | 2,328 | 2,557 | 2,300 | 10,516 | 10,055 | ||||||||||||
Gains on mortgage loans sold, net | 4,244 | 7,814 | 12,387 | 32,424 | 60,042 | ||||||||||||
Investment gains on sales, net | 393 | — | — | 759 | 986 | ||||||||||||
Trust fees | 5,926 | 5,049 | 4,382 | 20,724 | 16,496 | ||||||||||||
Income from equity method investment | 30,844 | 30,409 | 24,294 | 122,274 | 83,539 | ||||||||||||
Other noninterest income | 33,244 | 37,183 | 24,002 | 129,809 | 82,903 | ||||||||||||
Total noninterest income | 100,723 | 104,095 | 83,444 | 395,734 | 317,840 | ||||||||||||
Noninterest expense: | |||||||||||||||||
Salaries and employee benefits | 110,048 | 112,406 | 90,013 | 436,006 | 334,483 | ||||||||||||
Equipment and occupancy | 24,997 | 23,712 | 23,849 | 95,250 | 88,475 | ||||||||||||
Other real estate, net | 37 | (79) | 1,457 | (712) | 8,555 | ||||||||||||
Marketing and other business development | 4,562 | 3,325 | 2,979 | 12,888 | 10,693 | ||||||||||||
Postage and supplies | 2,191 | 2,083 | 1,998 | 8,195 | 7,819 | ||||||||||||
Amortization of intangibles | 2,057 | 2,088 | 2,377 | 8,518 | 9,793 | ||||||||||||
Other noninterest expense | 26,525 | 25,316 | 38,632 | 99,959 | 104,637 | ||||||||||||
Total noninterest expense | 170,417 | 168,851 | 161,305 | 660,104 | 564,455 | ||||||||||||
Income before income taxes | 166,394 | 169,405 | 133,944 | 651,905 | 371,358 | ||||||||||||
Income tax expense | 32,866 | 32,828 | 23,068 | 124,582 | 59,037 | ||||||||||||
Net income | 133,528 | 136,577 | 110,876 | 527,323 | 312,321 | ||||||||||||
Preferred stock dividends | (3,798) | (3,798) | (3,798) | (15,192) | (7,596) | ||||||||||||
Net income available to common shareholders | $ | 129,730 | $ | 132,779 | $ | 107,078 | $ | 512,131 | $ | 304,725 | |||||||
Per share information: | |||||||||||||||||
Basic net income per common share | $ | 1.72 | $ | 1.76 | $ | 1.42 | $ | 6.79 | $ | 4.04 | |||||||
Diluted net income per common share | $ | 1.71 | $ | 1.75 | $ | 1.42 | $ | 6.75 | $ | 4.03 | |||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 75,523,052 | 75,494,286 | 75,253,862 | 75,468,339 | 75,376,489 | ||||||||||||
Diluted | 76,024,700 | 75,836,142 | 75,583,986 | 75,927,147 | 75,654,385 |
PINNACLE FINANCIAL PARTNERS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA – UNAUDITED | ||||||||||||||||||||
(dollars in thousands) | December | September | June | March | December | September | ||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||||||
Balance sheet data, at quarter end: | ||||||||||||||||||||
Commercial and industrial loans | $ | 7,703,428 | 7,079,431 | 6,771,254 | 6,355,119 | 6,239,588 | 6,144,949 | |||||||||||||
Commercial real estate - owner occupied loans | 3,048,822 | 2,954,519 | 2,817,689 | 2,869,785 | 2,802,227 | 2,748,075 | ||||||||||||||
Commercial real estate - investment loans | 4,607,048 | 4,597,736 | 4,644,551 | 4,782,712 | 4,565,040 | 4,648,457 | ||||||||||||||
Commercial real estate - multifamily and other loans | 614,656 | 621,471 | 724,253 | 790,469 | 638,344 | 571,995 | ||||||||||||||
Consumer real estate - mortgage loans | 3,680,684 | 3,540,439 | 3,335,537 | 3,086,916 | 3,099,172 | 3,041,019 | ||||||||||||||
Construction and land development loans | 2,903,017 | 3,096,961 | 2,791,611 | 2,568,969 | 2,901,746 | 2,728,439 | ||||||||||||||
Consumer and other loans | 485,489 | 459,182 | 440,124 | 411,322 | 379,515 | 343,461 | ||||||||||||||
Paycheck protection program loans | 371,118 | 708,722 | 1,372,916 | 2,221,409 | 1,798,869 | 2,251,014 | ||||||||||||||
Total loans | 23,414,262 | 23,058,461 | 22,897,935 | 23,086,701 | 22,424,501 | 22,477,409 | ||||||||||||||
Allowance for credit losses | (263,233) | (268,635) | (273,747) | (280,881) | (285,050) | (288,645) | ||||||||||||||
Securities | 6,070,152 | 5,623,890 | 5,326,908 | 4,691,364 | 4,615,040 | 4,503,072 | ||||||||||||||
Total assets | 38,469,399 | 36,523,936 | 35,412,309 | 35,299,705 | 34,932,860 | 33,824,931 | ||||||||||||||
Noninterest-bearing deposits | 10,461,071 | 9,809,691 | 8,926,200 | 8,103,943 | 7,392,325 | 7,050,670 | ||||||||||||||
Total deposits | 31,304,533 | 29,369,807 | 28,217,603 | 28,292,940 | 27,705,575 | 26,543,956 | ||||||||||||||
Securities sold under agreements to repurchase | 152,559 | 148,240 | 177,661 | 172,117 | 128,164 | 127,059 | ||||||||||||||
FHLB advances | 888,681 | 888,493 | 888,304 | 888,115 | 1,087,927 | 1,287,738 | ||||||||||||||
Subordinated debt and other borrowings | 423,172 | 542,712 | 671,994 | 671,002 | 670,575 | 670,273 | ||||||||||||||
Total stockholders' equity | 5,310,607 | 5,191,798 | 5,101,231 | 4,959,524 | 4,904,611 | 4,787,308 | ||||||||||||||
Balance sheet data, quarterly averages: | ||||||||||||||||||||
Total loans | $ | 23,225,735 | 22,986,835 | 23,179,803 | 22,848,086 | 22,524,683 | 22,493,192 | |||||||||||||
Securities | 5,813,636 | 5,451,232 | 5,036,786 | 4,666,269 | 4,567,872 | 4,420,280 | ||||||||||||||
Federal funds sold and other | 4,356,113 | 3,743,074 | 3,143,078 | 3,356,199 | 3,621,623 | 3,279,248 | ||||||||||||||
Total earning assets | 33,395,484 | 32,181,141 | 31,359,667 | 30,870,554 | 30,714,178 | 30,192,720 | ||||||||||||||
Total assets | 37,132,078 | 35,896,130 | 35,053,772 | 34,659,132 | 34,436,765 | 33,838,716 | ||||||||||||||
Noninterest-bearing deposits | 10,240,393 | 9,247,382 | 8,500,465 | 7,620,665 | 7,322,393 | 6,989,439 | ||||||||||||||
Total deposits | 30,034,026 | 28,739,871 | 28,013,659 | 27,620,784 | 27,193,256 | 26,352,823 | ||||||||||||||
Securities sold under agreements to repurchase | 141,781 | 164,837 | 173,268 | 143,586 | 121,331 | 147,211 | ||||||||||||||
FHLB advances | 888,559 | 888,369 | 888,184 | 934,662 | 1,250,848 | 1,515,879 | ||||||||||||||
Subordinated debt and other borrowings | 484,389 | 586,387 | 674,162 | 673,662 | 673,419 | 715,138 | ||||||||||||||
Total stockholders' equity | 5,262,586 | 5,176,625 | 5,039,608 | 4,953,656 | 4,852,373 | 4,765,864 | ||||||||||||||
Statement of operations data, for the three months ended: | ||||||||||||||||||||
Interest income | $ | 259,193 | 260,868 | 259,236 | 251,917 | 257,047 | 249,188 | |||||||||||||
Interest expense | 20,430 | 23,325 | 26,011 | 29,047 | 36,062 | 42,594 | ||||||||||||||
Net interest income | 238,763 | 237,543 | 233,225 | 222,870 | 220,985 | 206,594 | ||||||||||||||
Provision for credit losses | 2,675 | 3,382 | 2,834 | 7,235 | 9,180 | 16,758 | ||||||||||||||
Net interest income after provision for credit losses | 236,088 | 234,161 | 230,391 | 215,635 | 211,805 | 189,836 | ||||||||||||||
Noninterest income | 100,723 | 104,095 | 98,207 | 92,709 | 83,444 | 91,065 | ||||||||||||||
Noninterest expense | 170,417 | 168,851 | 166,140 | 154,696 | 161,305 | 143,852 | ||||||||||||||
Income before taxes | 166,394 | 169,405 | 162,458 | 153,648 | 133,944 | 137,049 | ||||||||||||||
Income tax expense | 32,866 | 32,828 | 30,668 | 28,220 | 23,068 | 26,404 | ||||||||||||||
Net income | 133,528 | 136,577 | 131,790 | 125,428 | 110,876 | 110,645 | ||||||||||||||
Preferred stock dividends | (3,798) | (3,798) | (3,798) | (3,798) | (3,798) | (3,798) | ||||||||||||||
Net income available to common shareholders | $ | 129,730 | 132,779 | 127,992 | 121,630 | 107,078 | 106,847 | |||||||||||||
Profitability and other ratios: | ||||||||||||||||||||
Return on avg. assets (1) | 1.39 | % | 1.47 | % | 1.46 | % | 1.42 | % | 1.24 | % | 1.26 | % | ||||||||
Return on avg. equity (1) | 9.78 | % | 10.18 | % | 10.19 | % | 9.96 | % | 8.78 | % | 8.92 | % | ||||||||
Return on avg. common equity (1) | 10.20 | % | 10.62 | % | 10.65 | % | 10.41 | % | 9.19 | % | 9.35 | % | ||||||||
Return on avg. tangible common equity (1) | 16.13 | % | 16.98 | % | 17.32 | % | 17.16 | % | 15.37 | % | 15.85 | % | ||||||||
Common stock dividend payout ratio (16) | 10.65 | % | 11.13 | % | 11.73 | % | 13.69 | % | 15.84 | % | 16.49 | % | ||||||||
Net interest margin (2) | 2.96 | % | 3.03 | % | 3.08 | % | 3.02 | % | 2.97 | % | 2.82 | % | ||||||||
Noninterest income to total revenue (3) | 29.67 | % | 30.47 | % | 29.63 | % | 29.38 | % | 27.41 | % | 30.59 | % | ||||||||
Noninterest income to avg. assets (1) | 1.08 | % | 1.15 | % | 1.12 | % | 1.08 | % | 0.96 | % | 1.07 | % | ||||||||
Noninterest exp. to avg. assets (1) | 1.82 | % | 1.87 | % | 1.90 | % | 1.81 | % | 1.86 | % | 1.69 | % | ||||||||
Efficiency ratio (4) | 50.20 | % | 49.42 | % | 50.13 | % | 49.02 | % | 52.99 | % | 48.33 | % | ||||||||
Avg. loans to avg. deposits | 77.33 | % | 79.98 | % | 82.74 | % | 82.72 | % | 82.83 | % | 85.35 | % | ||||||||
Securities to total assets | 15.78 | % | 15.40 | % | 15.04 | % | 13.29 | % | 13.21 | % | 13.31 | % | ||||||||
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 | |||||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Average Balances | Interest | Rates/ Yields | Average Balances | Interest | Rates/ Yields | ||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||
Loans (1) (2) | $ | 23,225,735 | $ | 230,026 | 4.04 | % | $ | 22,524,683 | $ | 232,561 | 4.20 | % | |||||||||||
Securities | |||||||||||||||||||||||
Taxable | 3,112,605 | 9,696 | 1.24 | % | 2,235,953 | 7,530 | 1.34 | % | |||||||||||||||
Tax-exempt (2) | 2,701,031 | 16,931 | 3.04 | % | 2,331,919 | 15,446 | 3.16 | % | |||||||||||||||
Federal funds sold and other | 4,356,113 | 2,540 | 0.23 | % | 3,621,623 | 1,510 | 0.17 | % | |||||||||||||||
Total interest-earning assets | 33,395,484 | $ | 259,193 | 3.20 | % | 30,714,178 | $ | 257,047 | 3.44 | % | |||||||||||||
Nonearning assets | |||||||||||||||||||||||
Intangible assets | 1,854,963 | 1,863,696 | |||||||||||||||||||||
Other nonearning assets | 1,881,631 | 1,858,891 | |||||||||||||||||||||
Total assets | $ | 37,132,078 | $ | 34,436,765 | |||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||
Interest checking | 5,799,700 | 2,427 | 0.17 | % | 5,232,181 | 3,086 | 0.23 | % | |||||||||||||||
Savings and money market | 11,777,899 | 5,153 | 0.17 | % | 10,882,070 | 7,651 | 0.28 | % | |||||||||||||||
Time | 2,216,034 | 3,068 | 0.55 | % | 3,756,612 | 11,984 | 1.27 | % | |||||||||||||||
Total interest-bearing deposits | 19,793,633 | 10,648 | 0.21 | % | 19,870,863 | 22,721 | 0.45 | % | |||||||||||||||
Securities sold under agreements to repurchase | 141,781 | 54 | 0.15 | % | 121,331 | 64 | 0.21 | % | |||||||||||||||
Federal Home Loan Bank advances | 888,559 | 4,558 | 2.04 | % | 1,250,848 | 6,282 | 2.00 | % | |||||||||||||||
Subordinated debt and other borrowings | 484,389 | 5,170 | 4.23 | % | 673,419 | 6,995 | 4.13 | % | |||||||||||||||
Total interest-bearing liabilities | 21,308,362 | 20,430 | 0.38 | % | 21,916,461 | 36,062 | 0.65 | % | |||||||||||||||
Noninterest-bearing deposits | 10,240,393 | — | — | 7,322,393 | — | — | |||||||||||||||||
Total deposits and interest-bearing liabilities | 31,548,755 | $ | 20,430 | 0.26 | % | 29,238,854 | $ | 36,062 | 0.49 | % | |||||||||||||
Other liabilities | 320,737 | 345,538 | |||||||||||||||||||||
Stockholders' equity | 5,262,586 | 4,852,373 | |||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 37,132,078 | $ | 34,436,765 | |||||||||||||||||||
Net interest income | $ | 238,763 | $ | 220,985 | |||||||||||||||||||
Net interest spread (3) | 2.82 | % | 2.78 | % | |||||||||||||||||||
Net interest margin (4) | 2.96 | % | 2.97 | % | |||||||||||||||||||
(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 $10.1 million of taxable equivalent income for the three months ended Dec. 31, 2021 compared to $8.4 million for the three months ended Dec. 31, 2020. 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 Dec. 31, 2021 would have been 2.94% compared to a net interest spread of 2.95% for the three months ended Dec. 31, 2020. | |||||||||||||||||||||||
(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 | |||||||||||||||||||||||
ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS-UNAUDITED | |||||||||||||||||||||||
(dollars in thousands) | Year ended | Year ended | |||||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Average Balances | Interest | Rates/ Yields | Average Balances | Interest | Rates/ Yields | ||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||
Loans (1) (2) | $ | 23,060,949 | $ | 924,043 | 4.09 | % | $ | 21,824,841 | $ | 919,744 | 4.30 | % | |||||||||||
Securities | |||||||||||||||||||||||
Taxable | 2,711,044 | 34,769 | 1.28 | % | 2,136,437 | 35,663 | 1.67 | % | |||||||||||||||
Tax-exempt (2) | 2,534,653 | 64,848 | 3.09 | % | 2,114,277 | 58,867 | 3.35 | % | |||||||||||||||
Federal funds sold and other | 3,652,612 | 7,554 | 0.21 | % | 2,586,298 | 6,768 | 0.26 | % | |||||||||||||||
Total interest-earning assets | 31,959,258 | $ | 1,031,214 | 3.33 | % | 28,661,853 | $ | 1,021,042 | 3.67 | % | |||||||||||||
Nonearning assets | |||||||||||||||||||||||
Intangible assets | 1,858,119 | 1,867,007 | |||||||||||||||||||||
Other nonearning assets | 1,875,255 | 1,805,677 | |||||||||||||||||||||
Total assets | $ | 35,692,632 | $ | 32,334,537 | |||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||
Interest checking | 5,578,632 | 9,887 | 0.18 | % | 4,602,683 | 19,542 | 0.42 | % | |||||||||||||||
Savings and money market | 11,437,779 | 22,823 | 0.20 | % | 9,623,790 | 45,364 | 0.47 | % | |||||||||||||||
Time | 2,682,315 | 21,406 | 0.80 | % | 4,162,523 | 70,641 | 1.70 | % | |||||||||||||||
Total interest-bearing deposits | 19,698,726 | 54,116 | 0.27 | % | 18,388,996 | 135,547 | 0.74 | % | |||||||||||||||
Securities sold under agreements to repurchase | 155,888 | 239 | 0.15 | % | 150,118 | 350 | 0.23 | % | |||||||||||||||
Federal Home Loan Bank advances | 899,785 | 18,111 | 2.01 | % | 1,750,578 | 33,135 | 1.89 | % | |||||||||||||||
Subordinated debt and other borrowings | 604,081 | 26,347 | 4.36 | % | 692,169 | 30,222 | 4.37 | % | |||||||||||||||
Total interest-bearing liabilities | 21,358,480 | 98,813 | 0.46 | % | 20,981,861 | 199,254 | 0.95 | % | |||||||||||||||
Noninterest-bearing deposits | 8,910,349 | — | — | 6,380,155 | — | — | |||||||||||||||||
Total deposits and interest-bearing liabilities | 30,268,829 | $ | 98,813 | 0.33 | % | 27,362,016 | $ | 199,254 | 0.73 | % | |||||||||||||
Other liabilities | 314,650 | 337,855 | |||||||||||||||||||||
Stockholders' equity | 5,109,153 | 4,634,666 | |||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 35,692,632 | $ | 32,334,537 | |||||||||||||||||||
Net interest income | $ | 932,401 | $ | 821,788 | |||||||||||||||||||
Net interest spread (3) | 2.87 | % | 2.72 | % | |||||||||||||||||||
Net interest margin (4) | 3.02 | % | 2.97 | % | |||||||||||||||||||
(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 $33.8 million of taxable equivalent income for the year ended Dec. 31, 2021 compared to $29.9 million for the year ended Dec. 31, 2020. 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 year ended Dec. 31, 2021 would have been 3.01% compared to a net interest spread of 2.94% for the year ended Dec. 31, 2020. | |||||||||||||||||||||||
(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) | December | September | June | March | December | September | ||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||||||
Asset quality information and ratios: | ||||||||||||||||||||
Nonperforming assets: | ||||||||||||||||||||
Nonaccrual loans | $ | 31,569 | 46,692 | 53,105 | 72,135 | 73,836 | 71,390 | |||||||||||||
ORE and other nonperforming assets (NPAs) | 8,537 | 8,415 | 9,602 | 10,651 | 12,360 | 19,445 | ||||||||||||||
Total nonperforming assets | $ | 40,106 | 55,107 | 62,707 | 82,786 | 86,196 | 90,835 | |||||||||||||
Past due loans over 90 days and still accruing interest | $ | 1,607 | 1,914 | 1,810 | 2,833 | 2,362 | 1,313 | |||||||||||||
Accruing troubled debt restructurings (5) | $ | 2,354 | 2,397 | 2,428 | 2,460 | 2,494 | 2,588 | |||||||||||||
Accruing purchase credit deteriorated loans | $ | 13,086 | 12,158 | 12,400 | 13,904 | 14,091 | 14,346 | |||||||||||||
Net loan charge-offs | $ | 8,077 | 9,281 | 9,968 | 11,397 | 10,775 | 13,057 | |||||||||||||
Allowance for credit losses to nonaccrual loans | 833.8 | % | 575.3 | % | 515.5 | % | 389.4 | % | 386.1 | % | 404.3 | % | ||||||||
As a percentage of total loans: | ||||||||||||||||||||
Past due accruing loans over 30 days | 0.09 | % | 0.09 | % | 0.07 | % | 0.09 | % | 0.19 | % | 0.11 | % | ||||||||
Potential problem loans (6) | 0.47 | % | 0.60 | % | 0.74 | % | 0.70 | % | 0.77 | % | 0.96 | % | ||||||||
Allowance for credit losses (20) | 1.12 | % | 1.17 | % | 1.20 | % | 1.22 | % | 1.27 | % | 1.28 | % | ||||||||
Nonperforming assets to total loans, ORE and other NPAs | 0.17 | % | 0.24 | % | 0.27 | % | 0.36 | % | 0.38 | % | 0.40 | % | ||||||||
Classified asset ratio (Pinnacle Bank) (8) | 4.1 | % | 5.6 | % | 6.8 | % | 7.3 | % | 8.1 | % | 9.9 | % | ||||||||
Annualized net loan charge-offs to avg. loans (7) | 0.14 | % | 0.16 | % | 0.17 | % | 0.20 | % | 0.19 | % | 0.23 | % | ||||||||
Wtd. avg. commercial loan internal risk ratings (6) | 45.3 | 46.0 | 46.1 | 45.2 | 45.1 | 45.2 | ||||||||||||||
Interest rates and yields: | ||||||||||||||||||||
Loans | 4.04 | % | 4.13 | % | 4.11 | % | 4.11 | % | 4.20 | % | 4.04 | % | ||||||||
Securities | 2.08 | % | 2.04 | % | 2.25 | % | 2.29 | % | 2.27 | % | 2.38 | % | ||||||||
Total earning assets | 3.20 | % | 3.32 | % | 3.42 | % | 3.41 | % | 3.44 | % | 3.38 | % | ||||||||
Total deposits, including non-interest bearing | 0.14 | % | 0.17 | % | 0.20 | % | 0.26 | % | 0.33 | % | 0.43 | % | ||||||||
Securities sold under agreements to repurchase | 0.15 | % | 0.14 | % | 0.13 | % | 0.20 | % | 0.21 | % | 0.21 | % | ||||||||
FHLB advances | 2.04 | % | 2.04 | % | 2.03 | % | 1.95 | % | 2.00 | % | 1.82 | % | ||||||||
Subordinated debt and other borrowings | 4.23 | % | 4.45 | % | 4.52 | % | 4.22 | % | 4.13 | % | 3.99 | % | ||||||||
Total deposits and interest-bearing liabilities | 0.26 | % | 0.30 | % | 0.35 | % | 0.40 | % | 0.49 | % | 0.59 | % | ||||||||
Capital and other ratios (8): | ||||||||||||||||||||
Pinnacle Financial ratios: | ||||||||||||||||||||
Stockholders' equity to total assets | 13.8 | % | 14.2 | % | 14.4 | % | 14.0 | % | 14.0 | % | 14.2 | % | ||||||||
Common equity Tier one | 10.9 | % | 10.5 | % | 10.5 | % | 10.3 | % | 10.0 | % | 9.9 | % | ||||||||
Tier one risk-based | 11.7 | % | 11.3 | % | 11.3 | % | 11.2 | % | 10.9 | % | 10.7 | % | ||||||||
Total risk-based | 13.8 | % | 14.0 | % | 14.5 | % | 14.5 | % | 14.3 | % | 14.2 | % | ||||||||
Leverage | 9.7 | % | 9.3 | % | 9.2 | % | 8.9 | % | 8.6 | % | 8.5 | % | ||||||||
Tangible common equity to tangible assets | 8.8 | % | 9.0 | % | 9.0 | % | 8.6 | % | 8.5 | % | 8.5 | % | ||||||||
Pinnacle Bank ratios: | ||||||||||||||||||||
Common equity Tier one | 11.9 | % | 11.7 | % | 11.9 | % | 11.8 | % | 11.4 | % | 11.3 | % | ||||||||
Tier one risk-based | 11.9 | % | 11.7 | % | 11.9 | % | 11.8 | % | 11.4 | % | 11.3 | % | ||||||||
Total risk-based | 12.6 | % | 12.5 | % | 13.1 | % | 13.0 | % | 12.7 | % | 12.6 | % | ||||||||
Leverage | 9.9 | % | 9.7 | % | 9.6 | % | 9.4 | % | 9.1 | % | 8.9 | % | ||||||||
Construction and land development loans as a percentage of total capital (19) | 79.1 | % | 89.3 | % | 80.1 | % | 76.0 | % | 89.0 | % | 86.7 | % | ||||||||
Non-owner occupied commercial real estate and multi-family as a percentage of total capital (19) | 234.1 | % | 252.4 | % | 248.8 | % | 256.0 | % | 264.0 | % | 268.8 | % | ||||||||
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) | December | September | June | March | December | September | |||||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2020 | ||||||||||||||||||
Per share data: | |||||||||||||||||||||||
Earnings per common share – basic | $ | 1.72 | 1.76 | 1.70 | 1.61 | 1.42 | 1.42 | ||||||||||||||||
Earnings per common share - basic, excluding non-GAAP adjustments | $ | 1.71 | 1.76 | 1.69 | 1.61 | 1.58 | 1.45 | ||||||||||||||||
Earnings per common share – diluted | $ | 1.71 | 1.75 | 1.69 | 1.61 | 1.42 | 1.42 | ||||||||||||||||
Earnings per common share - diluted, excluding non-GAAP adjustments | $ | 1.70 | 1.75 | 1.68 | 1.61 | 1.58 | 1.45 | ||||||||||||||||
Common dividends per share | $ | 0.18 | 0.18 | 0.18 | 0.18 | 0.16 | 0.16 | ||||||||||||||||
Book value per common share at quarter end (9) | $ | 66.89 | 65.36 | 64.19 | 62.33 | 61.80 | 60.26 | ||||||||||||||||
Tangible book value per common share at quarter end (9) | $ | 42.55 | 40.98 | 39.77 | 37.88 | 37.25 | 35.68 | ||||||||||||||||
Revenue per diluted common share | $ | 4.47 | 4.50 | 4.37 | 4.17 | 4.03 | 3.95 | ||||||||||||||||
Revenue per diluted common share, excluding non-GAAP adjustments | $ | 4.46 | 4.50 | 4.37 | 4.17 | 4.03 | 3.94 | ||||||||||||||||
Investor information: | |||||||||||||||||||||||
Closing sales price of common stock on last trading day of quarter | $ | 95.50 | 94.08 | 88.29 | 88.66 | 64.40 | 35.59 | ||||||||||||||||
High closing sales price of common stock during quarter | $ | 104.72 | 98.00 | 92.94 | 93.58 | 65.51 | 44.47 | ||||||||||||||||
Low closing sales price of common stock during quarter | $ | 90.20 | 83.84 | 84.25 | 63.48 | 35.97 | 33.28 | ||||||||||||||||
Closing sales price of depositary shares on last trading day of quarter | $ | 28.21 | 28.14 | 29.13 | 27.62 | 27.69 | 26.49 | ||||||||||||||||
High closing sales price of depositary shares during quarter | $ | 28.99 | 29.23 | 29.13 | 27.83 | 27.94 | 26.82 | ||||||||||||||||
Low closing sales price of depositary shares during quarter | $ | 27.42 | 28.00 | 27.38 | 26.83 | 26.45 | 25.51 | ||||||||||||||||
Other information: | |||||||||||||||||||||||
Residential mortgage loan sales: | |||||||||||||||||||||||
Gross loans sold | $ | 352,342 | 347,664 | 394,299 | 546,963 | 479,867 | 511,969 | ||||||||||||||||
Gross fees (10) | $ | 10,098 | 11,215 | 15,552 | 18,793 | 23,729 | 23,557 | ||||||||||||||||
Gross fees as a percentage of loans originated | 2.87 | % | 3.23 | % | 3.94 | % | 3.44 | % | 4.94 | % | 4.60 | % | |||||||||||
Net gain on residential mortgage loans sold | $ | 4,244 | 7,814 | 6,700 | 13,666 | 12,387 | 19,453 | ||||||||||||||||
Investment gains on sales of securities, net (15) | $ | 393 | — | 366 | — | — | 651 | ||||||||||||||||
Brokerage account assets, at quarter end (11) | $ | 7,187,085 | 6,597,152 | 6,344,416 | 5,974,884 | 5,509,560 | 4,866,726 | ||||||||||||||||
Trust account managed assets, at quarter end | $ | 4,720,290 | 4,155,510 | 3,640,932 | 3,443,373 | 3,295,198 | 2,978,035 | ||||||||||||||||
Core deposits (12) | $ | 29,316,911 | 27,170,367 | 25,857,639 | 24,971,177 | 23,510,883 | 22,003,989 | ||||||||||||||||
Core deposits to total funding (12) | 89.5 | % | 87.8 | % | 86.3 | % | 83.1 | % | 79.5 | % | 76.9 | % | |||||||||||
Risk-weighted assets | $ | 29,349,534 | 27,945,624 | 26,819,277 | 26,105,158 | 25,791,896 | 25,189,944 | ||||||||||||||||
Number of offices | 118 | 117 | 116 | 115 | 114 | 114 | |||||||||||||||||
Total core deposits per office | $ | 248,448 | 232,225 | 222,911 | 217,141 | 206,236 | 193,017 | ||||||||||||||||
Total assets per full-time equivalent employee | $ | 13,541 | 13,188 | 13,087 | 13,468 | 13,262 | 13,027 | ||||||||||||||||
Annualized revenues per full-time equivalent employee | $ | 474.1 | 489.4 | 491.3 | 488.3 | 459.8 | 456.1 | ||||||||||||||||
Annualized expenses per full-time equivalent employee | $ | 238.0 | 241.9 | 246.3 | 239.4 | 246.6 | 221.1 | ||||||||||||||||
Number of employees (full-time equivalent) | 2,841.0 | 2,769.5 | 2,706.0 | 2,621.0 | 2,634.0 | 2,596.5 | |||||||||||||||||
Associate retention rate (13) | 93.4 | % | 93.4 | % | 93.3 | % | 94.4 | % | 94.8 | % | 94.4 | % | |||||||||||
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 | Year ended | |||||||||||||||||||
(dollars in thousands, except per share data) | December | September | December | December | December | |||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Net interest income | $ | 238,763 | 237,543 | 220,985 | 932,401 | 821,788 | ||||||||||||||
Noninterest income | 100,723 | 104,095 | 83,444 | 395,734 | 317,840 | |||||||||||||||
Total revenues | 339,486 | 341,638 | 304,429 | 1,328,135 | 1,139,628 | |||||||||||||||
Less: Investment (gains) losses on sales of securities, net | (393) | — | — | (759) | (986) | |||||||||||||||
Total revenues excluding the impact of adjustments noted above | $ | 339,093 | 341,638 | 304,429 | 1,327,376 | 1,138,642 | ||||||||||||||
Noninterest expense | $ | 170,417 | 168,851 | 161,305 | 660,104 | 564,455 | ||||||||||||||
Less: ORE expense | 37 | (79) | 1,457 | (712) | 8,555 | |||||||||||||||
FHLB restructuring charges | — | — | 10,307 | — | 15,168 | |||||||||||||||
Hedge termination charges | — | — | 4,673 | — | 4,673 | |||||||||||||||
Noninterest expense excluding the impact of adjustments noted above | $ | 170,380 | 168,930 | 144,868 | 660,816 | 536,059 | ||||||||||||||
Pre-tax income | $ | 166,394 | 169,405 | 133,944 | 651,905 | 371,358 | ||||||||||||||
Provision for credit losses | 2,675 | 3,382 | 9,180 | 16,126 | 203,815 | |||||||||||||||
Pre-tax pre-provision net revenue | 169,069 | 172,787 | 143,124 | 668,031 | 575,173 | |||||||||||||||
Adjustments noted above | (356) | (79) | 16,437 | (1,471) | 27,410 | |||||||||||||||
Adjusted pre-tax pre-provision net revenue (14) | $ | 168,713 | 172,708 | 159,561 | 666,560 | 602,583 | ||||||||||||||
Noninterest income | $ | 100,723 | 104,095 | 83,444 | 395,734 | 317,840 | ||||||||||||||
Less: Adjustments as noted above | (393) | — | — | (759) | (986) | |||||||||||||||
Noninterest income excluding the impact of adjustments noted above | $ | 100,330 | 104,095 | 83,444 | 394,975 | 316,854 | ||||||||||||||
Efficiency ratio (4) | 50.20 | % | 49.42 | % | 52.99 | % | 49.70 | % | 49.53 | % | ||||||||||
Adjustments as noted above | 0.05 | % | 0.03 | % | (5.40) | % | 0.08 | % | (2.45) | % | ||||||||||
Efficiency ratio (excluding adjustments noted above) (4) | 50.25 | % | 49.45 | % | 47.59 | % | 49.78 | % | 47.08 | % | ||||||||||
Total average assets | $ | 37,132,078 | 35,896,130 | 34,436,765 | 35,692,632 | 32,334,537 | ||||||||||||||
Noninterest income to average assets (1) | 1.08 | % | 1.15 | % | 0.96 | % | 1.11 | % | 0.98 | % | ||||||||||
Adjustments as noted above | (0.01) | % | — | % | — | % | — | % | — | % | ||||||||||
Noninterest income (excluding adjustments noted above) to average assets (1) | 1.07 | % | 1.15 | % | 0.96 | % | 1.11 | % | 0.98 | % | ||||||||||
Noninterest expense to average assets (1) | 1.82 | % | 1.87 | % | 1.86 | % | 1.85 | % | 1.75 | % | ||||||||||
Adjustments as noted above | — | % | — | % | (0.19) | % | — | % | (0.09) | % | ||||||||||
Noninterest expense (excluding adjustments noted above) to average assets (1) | 1.82 | % | 1.87 | % | 1.67 | % | 1.85 | % | 1.66 | % | ||||||||||
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) | December | September | June | March | December | September | ||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2020 | |||||||||||||||
Net income available to common shareholders | $ | 129,730 | 132,779 | 127,992 | 121,630 | 107,078 | 106,847 | |||||||||||||
Investment (gains) losses on sales of securities, net | (393) | — | (366) | — | — | (651) | ||||||||||||||
ORE expense | 37 | (79) | (657) | (13) | 1,457 | 1,795 | ||||||||||||||
FHLB restructuring charges | — | — | — | — | 10,307 | 1,991 | ||||||||||||||
Hedge termination charges | — | — | — | — | 4,673 | — | ||||||||||||||
Tax effect on adjustments noted above (18) | 93 | 21 | 267 | 3 | (4,297) | (819) | ||||||||||||||
Net income available to common shareholders excluding adjustments noted above | $ | 129,467 | 132,721 | 127,236 | 121,620 | 119,218 | 109,163 | |||||||||||||
Basic earnings per common share | $ | 1.72 | 1.76 | 1.70 | 1.61 | 1.42 | 1.42 | |||||||||||||
Adjustment due to investment (gains) losses on sales of securities, net | (0.01) | — | — | — | — | (0.01) | ||||||||||||||
Adjustment due to ORE expense | — | — | (0.01) | — | 0.02 | 0.02 | ||||||||||||||
Adjustment due to FHLB restructuring charges | — | — | — | — | 0.14 | 0.03 | ||||||||||||||
Adjustment due to hedge termination charges | — | — | — | — | 0.06 | — | ||||||||||||||
Adjustment due to tax effect on adjustments noted above (18) | — | — | — | — | (0.06) | (0.01) | ||||||||||||||
Basic earnings per common share excluding adjustments noted above | $ | 1.71 | 1.76 | 1.69 | 1.61 | 1.58 | 1.45 | |||||||||||||
Diluted earnings per common share | $ | 1.71 | 1.75 | 1.69 | 1.61 | 1.42 | 1.42 | |||||||||||||
Adjustment due to investment (gains) losses on sales of securities, net | (0.01) | — | — | — | — | (0.01) | ||||||||||||||
Adjustment due to ORE expense | — | — | (0.01) | — | 0.02 | 0.02 | ||||||||||||||
Adjustment due to FHLB restructuring charges | — | — | — | — | 0.14 | 0.03 | ||||||||||||||
Adjustment due to hedge termination charges | — | — | — | — | 0.06 | — | ||||||||||||||
Adjustment due to tax effect on adjustments noted above (18) | — | — | — | — | (0.06) | (0.01) | ||||||||||||||
Diluted earnings per common share excluding the adjustments noted above | $ | 1.70 | 1.75 | 1.68 | 1.61 | 1.58 | 1.45 | |||||||||||||
Revenue per diluted common share | $ | 4.47 | 4.50 | 4.37 | 4.17 | 4.03 | 3.95 | |||||||||||||
Adjustments as noted above | (0.01) | — | — | — | — | (0.01) | ||||||||||||||
Revenue per diluted common share excluding adjustments noted above | $ | 4.46 | 4.50 | 4.37 | 4.17 | 4.03 | 3.94 | |||||||||||||
Book value per common share at quarter end (9) | $ | 66.89 | 65.36 | 64.19 | 62.33 | 61.80 | 60.26 | |||||||||||||
Adjustment due to goodwill, core deposit and other intangible assets | (24.34) | (24.38) | (24.42) | (24.45) | (24.55) | (24.59) | ||||||||||||||
Tangible book value per common share at quarter end (9) | $ | 42.55 | 40.98 | 39.77 | 37.88 | 37.25 | 35.68 | |||||||||||||
Equity method investment (17) | ||||||||||||||||||||
Fee income from BHG, net of amortization | $ | 30,844 | 30,409 | 32,071 | 28,950 | 24,294 | 26,445 | |||||||||||||
Funding cost to support investment | 388 | 379 | 1,230 | 1,205 | 1,222 | 1,231 | ||||||||||||||
Pre-tax impact of BHG | 30,456 | 30,030 | 30,841 | 27,745 | 23,072 | 25,214 | ||||||||||||||
Income tax expense at statutory rates (18) | 7,961 | 7,850 | 8,062 | 7,253 | 6,031 | 6,591 | ||||||||||||||
Earnings attributable to BHG | $ | 22,495 | 22,180 | 22,779 | 20,492 | 17,041 | 18,623 | |||||||||||||
Basic earnings per common share attributable to BHG | $ | 0.30 | 0.29 | 0.30 | 0.27 | 0.23 | 0.25 | |||||||||||||
Diluted earnings per common share attributable to BHG | $ | 0.30 | 0.29 | 0.30 | 0.27 | 0.23 | 0.25 | |||||||||||||
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 | |||||||||||
Year ended | |||||||||||
(dollars in thousands, except per share data) | December | ||||||||||
2021 | 2020 | ||||||||||
Net income available to common shareholders | $ | 512,131 | 304,725 | ||||||||
Investment (gains) losses on sales of securities, net | (759) | (986) | |||||||||
ORE expense | (712) | 8,555 | |||||||||
FHLB restructuring charges | — | 15,168 | |||||||||
Hedge termination charges | — | 4,673 | |||||||||
Tax effect on adjustments noted above (18) | 385 | (7,165) | |||||||||
Net income available to common shareholders excluding adjustments noted above | $ | 511,045 | 324,970 | ||||||||
Basic earnings per common share | $ | 6.79 | 4.04 | ||||||||
Adjustment due to investment (gains) losses on sales of securities, net | (0.01) | (0.01) | |||||||||
Adjustment due to ORE expense | (0.01) | 0.11 | |||||||||
Adjustment due to FHLB restructuring charges | — | 0.20 | |||||||||
Adjustment due to hedge termination charges | — | 0.06 | |||||||||
Adjustment due to tax effect on adjustments noted above (18) | — | (0.10) | |||||||||
Basic earnings per common share excluding adjustments noted above | $ | 6.77 | 4.30 | ||||||||
Diluted earnings per common share | 6.75 | 4.03 | |||||||||
Adjustment due to investment (gains) losses on sales of securities, net | (0.01) | (0.01) | |||||||||
Adjustment due to ORE expense | (0.01) | 0.11 | |||||||||
Adjustment due to FHLB restructuring charges | — | 0.20 | |||||||||
Adjustment due to hedge termination charges | — | 0.06 | |||||||||
Adjustment due to tax effect on adjustments noted above (18) | — | (0.09) | |||||||||
Diluted earnings per common share excluding the adjustments noted above | $ | 6.73 | 4.30 | ||||||||
Revenue per diluted common share | $ | 17.49 | 15.06 | ||||||||
Adjustments as noted above | (0.01) | (0.01) | |||||||||
Revenue per diluted common share excluding adjustments noted above | $ | 17.48 | 15.05 | ||||||||
Equity method investment (17) | |||||||||||
Fee income from BHG, net of amortization | $ | 122,274 | 83,539 | ||||||||
Funding cost to support investment | 3,202 | 6,709 | |||||||||
Pre-tax impact of BHG | 119,072 | 76,830 | |||||||||
Income tax expense at statutory rates (18) | 31,125 | 20,083 | |||||||||
Earnings attributable to BHG | $ | 87,947 | 56,747 | ||||||||
Basic earnings per common share attributable to BHG | $ | 1.17 | 0.75 | ||||||||
Diluted earnings per common share attributable to BHG | $ | 1.16 | 0.75 | ||||||||
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 | Year ended | |||||||||||||||||||
(dollars in thousands, except per share data) | December | September | December | December | December | |||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Return on average assets (1) | 1.39 | % | 1.47 | % | 1.24 | % | 1.43 | % | 0.94 | % | ||||||||||
Adjustments as noted above | (0.01) | % | — | % | 0.14 | % | — | % | 0.07 | % | ||||||||||
Return on average assets excluding adjustments noted above (1) | 1.38 | % | 1.47 | % | 1.38 | % | 1.43 | % | 1.01 | % | ||||||||||
Tangible assets: | ||||||||||||||||||||
Total assets | $ | 38,469,399 | 36,523,936 | 34,932,860 | $ | 38,469,399 | 34,932,860 | |||||||||||||
Less: Goodwill | (1,819,811) | (1,819,811) | (1,819,811) | (1,819,811) | (1,819,811) | |||||||||||||||
Core deposit and other intangible assets | (33,819) | (35,876) | (42,336) | (33,819) | (42,336) | |||||||||||||||
Net tangible assets | $ | 36,615,769 | 34,668,249 | 33,070,713 | $ | 36,615,769 | 33,070,713 | |||||||||||||
Tangible common equity: | ||||||||||||||||||||
Total stockholders' equity | $ | 5,310,607 | 5,191,798 | 4,904,611 | $ | 5,310,607 | 4,904,611 | |||||||||||||
Less: Preferred stockholders' equity | (217,126) | (217,126) | (217,126) | (217,126) | (217,126) | |||||||||||||||
Total common stockholders' equity | 5,093,481 | 4,974,672 | 4,687,485 | 5,093,481 | 4,687,485 | |||||||||||||||
Less: Goodwill | (1,819,811) | (1,819,811) | (1,819,811) | (1,819,811) | (1,819,811) | |||||||||||||||
Core deposit and other intangible assets | (33,819) | (35,876) | (42,336) | (33,819) | (42,336) | |||||||||||||||
Net tangible common equity | $ | 3,239,851 | 3,118,985 | 2,825,338 | $ | 3,239,851 | 2,825,338 | |||||||||||||
Ratio of tangible common equity to tangible assets | 8.85 | % | 9.00 | % | 8.54 | % | 8.85 | % | 8.54 | % | ||||||||||
Average tangible assets: | ||||||||||||||||||||
Average assets | $ | 37,132,078 | 35,896,130 | 34,436,765 | $ | 35,692,632 | 32,334,537 | |||||||||||||
Less: Average goodwill | (1,819,811) | (1,819,811) | (1,819,811) | (1,819,811) | (1,819,811) | |||||||||||||||
Average core deposit and other intangible assets | (35,152) | (37,228) | (43,886) | (38,308) | (47,196) | |||||||||||||||
Net average tangible assets | $ | 35,277,115 | 34,039,091 | 32,573,068 | $ | 33,834,513 | 30,467,530 | |||||||||||||
Return on average assets (1) | 1.39 | % | 1.47 | % | 1.24 | % | 1.43 | % | 0.94 | % | ||||||||||
Adjustment due to goodwill, core deposit and other intangible assets | 0.07 | % | 0.08 | % | 0.07 | % | 0.08 | % | 0.06 | % | ||||||||||
Return on average tangible assets (1) | 1.46 | % | 1.55 | % | 1.31 | % | 1.51 | % | 1.00 | % | ||||||||||
Adjustments as noted above | — | % | — | % | 0.15 | % | — | % | 0.07 | % | ||||||||||
Return on average tangible assets excluding adjustments noted above (1) | 1.46 | % | 1.55 | % | 1.46 | % | 1.51 | % | 1.07 | % | ||||||||||
Average tangible common equity: | ||||||||||||||||||||
Average stockholders' equity | $ | 5,262,586 | 5,176,625 | 4,852,373 | $ | 5,109,153 | 4,634,666 | |||||||||||||
Less: Average preferred equity | (217,126) | (217,126) | (217,126) | (217,126) | (124,074) | |||||||||||||||
Average common equity | 5,045,460 | 4,959,499 | 4,635,247 | 4,892,027 | 4,510,592 | |||||||||||||||
Less: Average goodwill | (1,819,811) | (1,819,811) | (1,819,811) | (1,819,811) | (1,819,811) | |||||||||||||||
Average core deposit and other intangible assets | (35,152) | (37,228) | (43,886) | (38,308) | (47,196) | |||||||||||||||
Net average tangible common equity | $ | 3,190,497 | 3,102,460 | 2,771,550 | $ | 3,033,908 | 2,643,585 | |||||||||||||
Return on average equity (1) | 9.78 | % | 10.18 | % | 8.78 | % | 10.02 | % | 6.57 | % | ||||||||||
Adjustment due to average preferred stockholders' equity | 0.42 | % | 0.44 | % | 0.41 | % | 0.45 | % | 0.19 | % | ||||||||||
Return on average common equity (1) | 10.20 | % | 10.62 | % | 9.19 | % | 10.47 | % | 6.76 | % | ||||||||||
Adjustment due to goodwill, core deposit and other intangible assets | 5.93 | % | 6.36 | % | 6.18 | % | 6.41 | % | 4.77 | % | ||||||||||
Return on average tangible common equity (1) | 16.13 | % | 16.98 | % | 15.37 | % | 16.88 | % | 11.53 | % | ||||||||||
Adjustments as noted above | (0.03) | % | (0.01) | % | 1.74 | % | (0.04) | % | 0.76 | % | ||||||||||
Return on average tangible common equity excluding adjustments noted above (1) | 16.10 | % | 16.97 | % | 17.11 | % | 16.84 | % | 12.29 | % | ||||||||||
Allowance for credit losses on loans as a percent of total loans (20) | 1.12 | % | 1.17 | % | 1.27 | % | 1.12 | % | 1.27 | % | ||||||||||
Impact of excluding PPP loans from total loans | 0.02 | % | 0.03 | % | 0.11 | % | 0.02 | % | 0.11 | % | ||||||||||
Allowance as adjusted for the above exclusion of PPP loans from total loans (20) | 1.14 | % | 1.20 | % | 1.38 | % | 1.14 | % | 1.38 | % | ||||||||||
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. |
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