Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PINNACLE FINANCIAL PARTNERS INC | ' |
Entity Central Index Key | '0001115055 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 35,567,991 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash and noninterest-bearing due from banks | $94,172,230 | $79,785,004 |
Interest-bearing due from banks | 75,826,385 | 124,509,486 |
Federal funds sold and other | 938,792 | 4,644,247 |
Cash and cash equivalents | 170,937,407 | 208,938,737 |
Securities available-for-sale, at fair value | 735,400,911 | 693,456,314 |
Securities held-to-maturity (fair value of $38,194,567 and $38,817,467 at March 31, 2014 and December 31, 2013, respectively) | 38,733,099 | 39,795,649 |
Mortgage loans held-for-sale | 13,970,926 | 12,850,339 |
Loans | 4,181,686,799 | 4,144,493,486 |
Less allowance for loan losses | -67,523,575 | -67,969,693 |
Loans, net | 4,114,163,224 | 4,076,523,793 |
Premises and equipment, net | 71,627,370 | 72,649,574 |
Other investments | 33,358,506 | 33,226,195 |
Accrued interest receivable | 17,219,090 | 15,406,389 |
Goodwill | 243,568,203 | 243,651,006 |
Core deposits and other intangible assets | 3,603,074 | 3,840,750 |
Other real estate owned | 15,037,823 | 15,226,136 |
Other assets | 143,312,957 | 148,210,975 |
Total assets | 5,600,932,590 | 5,563,775,857 |
Deposits: | ' | ' |
Noninterest-bearing | 1,180,202,107 | 1,167,414,487 |
Interest-bearing | 912,387,013 | 884,294,802 |
Savings and money market accounts | 1,902,452,916 | 1,962,714,398 |
Time | 505,534,750 | 519,049,037 |
Total deposits | 4,500,576,786 | 4,533,472,724 |
Securities sold under agreements to repurchase | 68,092,650 | 70,465,326 |
Federal Home Loan Bank advances | 150,604,286 | 90,637,328 |
Subordinated debt and other borrowings | 98,033,292 | 98,658,292 |
Accrued interest payable | 745,180 | 792,703 |
Other liabilities | 40,383,743 | 46,041,823 |
Total liabilities | 4,858,435,937 | 4,840,068,196 |
Stockholders' equity: | ' | ' |
Preferred stock, no par value, 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, par value $1.00; 90,000,000 shares authorized; 35,567,268 and 35,221,941 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 35,567,268 | 35,221,941 |
Additional paid-in capital | 551,461,564 | 550,212,135 |
Retained earnings | 155,840,829 | 142,298,199 |
Accumulated other comprehensive income, net of taxes | -373,008 | -4,024,614 |
Total stockholders' equity | 742,496,653 | 723,707,661 |
Total liabilities and stockholders' equity | $5,600,932,590 | $5,563,775,857 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Securities held-to-maturity, fair value | $38,194,567 | $38,817,467 |
Stockholders' equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, shares issued (in shares) | 35,567,268 | 35,221,941 |
Common stock, shares outstanding (in shares) | 35,567,268 | 35,221,941 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Interest income: | ' | ' |
Loans, including fees | $43,695,658 | $41,514,213 |
Securities: | ' | ' |
Taxable | 3,720,279 | 3,670,934 |
Tax-exempt | 1,597,797 | 1,656,408 |
Federal funds sold and other | 277,058 | 314,772 |
Total interest income | 49,290,792 | 47,156,327 |
Interest expense: | ' | ' |
Deposits | 2,595,240 | 3,412,396 |
Securities sold under agreements to repurchase | 30,515 | 77,816 |
Federal Home Loan Bank advances and other borrowings | 757,222 | 907,641 |
Total interest expense | 3,382,977 | 4,397,853 |
Net interest income | 45,907,815 | 42,758,474 |
Provision for loan losses | 487,638 | 2,172,404 |
Net interest income after provision for loan losses | 45,420,177 | 40,586,070 |
Noninterest income: | ' | ' |
Service charges on deposit accounts | 2,790,968 | 2,480,244 |
Investment services | 2,127,834 | 1,792,640 |
Insurance sales commissions | 1,384,921 | 1,393,304 |
Gain on mortgage loans sold, net | 952,222 | 1,813,488 |
Trust fees | 1,145,751 | 944,332 |
Other noninterest income | 4,334,360 | 3,478,348 |
Total noninterest income | 12,736,056 | 11,902,356 |
Noninterest expense: | ' | ' |
Salaries and employee benefits | 21,749,960 | 19,572,356 |
Equipment and occupancy | 5,709,030 | 5,113,050 |
Other real estate expense | 651,152 | 720,962 |
Marketing and other business development | 908,901 | 790,671 |
Postage and supplies | 560,614 | 591,488 |
Amortization of intangibles | 237,675 | 520,987 |
Other noninterest expense | 3,832,221 | 5,130,495 |
Total noninterest expense | 33,649,553 | 32,440,009 |
Income before income taxes | 24,506,680 | 20,048,417 |
Income tax expense | 8,139,557 | 6,600,292 |
Net income | $16,367,123 | $13,448,125 |
Per share information: | ' | ' |
Basic net income per common share (in dollars per share) | $0.47 | $0.40 |
Diluted net income per common share (in dollars per share) | $0.47 | $0.39 |
Weighted average shares outstanding: | ' | ' |
Basic (in shares) | 34,602,337 | 33,987,265 |
Diluted (in shares) | 34,966,600 | 34,206,202 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) [Abstract] | ' | ' |
Net income | $16,367,123 | $13,448,125 |
Other comprehensive income (loss), net of tax: | ' | ' |
Decrease in net gains on securities available-for-sale, net of tax | 4,945,912 | -2,270,910 |
Change in fair value of cash flow hedges, net of tax | -1,294,306 | 0 |
Total comprehensive income | $20,018,729 | $11,177,215 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comp. Income (Loss), Net [Member] | Total |
Balances at Dec. 31, 2012 | $34,696,597 | $543,760,439 | $87,386,689 | $13,227,634 | $679,071,359 |
Balances (in shares) at Dec. 31, 2012 | 34,696,597 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Exercise of employee common stock options and related tax benefits | 88,845 | 902,533 | 0 | 0 | 991,378 |
Exercise of employee common stock options and related tax benefits (in shares) | 88,845 | ' | ' | ' | ' |
Common dividends paid | ' | ' | ' | ' | 0 |
Issuance of restricted common shares, net of forfeitures | 274,545 | -274,545 | 0 | 0 | 0 |
Issuance of restricted common shares, net of forfeitures (in shares) | 274,545 | ' | ' | ' | ' |
Restricted shares withheld for taxes | -37,500 | -731,679 | 0 | 0 | -769,179 |
Restricted shares withheld for taxes (in shares) | -37,500 | ' | ' | ' | ' |
Compensation expense for restricted shares | 0 | 950,498 | 0 | 0 | 950,498 |
Compensation expense for stock options | 0 | 12,471 | 0 | 0 | 12,471 |
Net income | 0 | 0 | 13,448,125 | 0 | 13,448,125 |
Other comprehensive income (loss) | 0 | 0 | 0 | -2,270,910 | -2,270,910 |
Ending Balances at Mar. 31, 2013 | 35,022,487 | 544,619,717 | 100,834,814 | 10,956,724 | 691,433,742 |
Balances (in shares) at Mar. 31, 2013 | 35,022,487 | ' | ' | ' | ' |
Balances at Dec. 31, 2013 | 35,221,941 | 550,212,135 | 142,298,199 | -4,024,614 | 723,707,661 |
Balances (in shares) at Dec. 31, 2013 | 35,221,941 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Exercise of employee common stock options and related tax benefits | 136,482 | 1,981,567 | 0 | 0 | 2,118,049 |
Exercise of employee common stock options and related tax benefits (in shares) | 136,482 | ' | ' | ' | ' |
Common dividends paid | 0 | 0 | -2,824,493 | 0 | -2,824,493 |
Issuance of restricted common shares, net of forfeitures | 260,937 | -260,937 | 0 | 0 | 0 |
Issuance of restricted common shares, net of forfeitures (in shares) | 260,937 | ' | ' | ' | ' |
Restricted shares withheld for taxes | -52,092 | -1,672,312 | 0 | 0 | -1,724,404 |
Restricted shares withheld for taxes (in shares) | -52,092 | ' | ' | ' | ' |
Compensation expense for restricted shares | 0 | 1,201,111 | 0 | 0 | 1,201,111 |
Net income | 0 | 0 | 16,367,123 | 0 | 16,367,123 |
Other comprehensive income (loss) | 0 | 0 | 0 | 3,651,606 | 3,651,606 |
Ending Balances at Mar. 31, 2014 | $35,567,268 | $551,461,564 | $155,840,829 | ($373,008) | $742,496,653 |
Balances (in shares) at Mar. 31, 2014 | 35,567,268 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Operating activities: | ' | ' |
Net income | $16,367,123 | $13,448,125 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Net amortization/accretion of premium/discount on securities | 957,133 | 988,811 |
Depreciation and amortization | 2,258,990 | 2,432,535 |
Provision for loan losses | 487,638 | 2,172,404 |
Gain on mortgage loans sold, net | -952,222 | -1,813,488 |
Stock-based compensation expense | 1,201,111 | 962,969 |
Deferred tax benefit | -16,406 | -698,661 |
(Gains) losses on dispositions of other real estate and other investments | 13,112 | -866,306 |
Excess tax benefit from stock compensation | -1,099,570 | -28,628 |
Mortgage loans held for sale: | ' | ' |
Loans originated | -61,458,365 | -107,845,659 |
Loans sold | 61,290,000 | 120,569,000 |
Decrease in other assets | 527,594 | 3,050,703 |
Decrease in other liabilities | -6,576,105 | -8,339,670 |
Net cash provided by operating activities | 13,000,033 | 24,032,135 |
Activities in securities available-for-sale: | ' | ' |
Purchases | -57,753,116 | -65,204,465 |
Sales | 0 | 0 |
Maturities, prepayments and calls | 23,192,675 | 43,551,916 |
Activities in securities held-to-maturity: | ' | ' |
Purchases | 0 | 0 |
Maturities, prepayments and calls | 860,000 | 75,868 |
Increase in loans, net | -40,306,647 | -63,167,119 |
Purchases of software, premises and equipment | -604,626 | -1,442,076 |
Purchase of bank owned life insurance | 0 | -30,000,000 |
Increase in other investments | -2,216 | -303,750 |
Net cash used in investing activities | -74,613,930 | -116,489,626 |
Financing activities: | ' | ' |
Net decrease in deposits | -32,895,938 | -112,293,132 |
Net increase (decrease) in securities sold under agreements to repurchase | -2,372,676 | 14,432,033 |
Advances from Federal Home Loan Bank: | ' | ' |
Issuances | 175,000,000 | 240,000,000 |
Payments/maturities | -115,016,116 | -115,036,641 |
Decrease in other borrowings | -625,000 | -625,000 |
Exercise of common stock options and stock appreciation rights, net of repurchase of restricted shares | 1,247,220 | 222,200 |
Excess tax benefit from stock compensation | 1,099,570 | 28,628 |
Common stock dividends paid | -2,824,493 | 0 |
Net cash provided by financing activities | 23,612,567 | 26,728,088 |
Net decrease in cash and cash equivalents | -38,001,330 | -65,729,403 |
Cash and cash equivalents, beginning of period | 208,938,737 | 165,288,669 |
Cash and cash equivalents, end of period | $170,937,407 | $99,559,266 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
Note 1. Summary of Significant Accounting Policies | |||||||||
Nature of Business — Pinnacle Financial Partners, Inc. (Pinnacle Financial) is a bank holding company whose primary business is conducted by its wholly-owned subsidiary, Pinnacle Bank. Pinnacle Bank is a commercial bank headquartered in Nashville, Tennessee. Pinnacle Bank provides a full range of banking services in its primary market areas of the Nashville-Davidson-Murfreesboro-Franklin, Tennessee and Knoxville, Tennessee Metropolitan Statistical Areas. | |||||||||
Basis of Presentation — The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (U.S. GAAP). All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Pinnacle Financial consolidated financial statements and related notes appearing in the 2013 Annual Report previously filed on Form 10-K. | |||||||||
These consolidated financial statements include the accounts of Pinnacle Financial and its wholly-owned subsidiaries. PNFP Statutory Trust I, PNFP Statutory Trust II, PNFP Statutory Trust III and PNFP Statutory Trust IV are affiliates of Pinnacle Financial and are included in these consolidated financial statements pursuant to the equity method of accounting. Significant intercompany transactions and accounts are eliminated in consolidation. | |||||||||
Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the allowance for loan losses, any potential impairment of intangible assets, including goodwill and the valuation of deferred tax assets, other real estate owned, and our investment portfolio, including other-than-temporary impairment. These financial statements should be read in conjunction with Pinnacle Financial's Annual Report on Form 10-K for the year ended December 31, 2013. There have been no significant changes to Pinnacle Financial's significant accounting policies as disclosed in Pinnacle Financial's Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||
Cash Flow Information — Supplemental cash flow information addressing certain cash and noncash transactions for each of the three months ended March 31, 2014 and 2013 was as follows: | |||||||||
For the three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Cash Transactions: | |||||||||
Interest paid | $ | 3,447,425 | $ | 4,540,692 | |||||
Income taxes paid, net | 6,100,000 | 7,100,000 | |||||||
Noncash Transactions: | |||||||||
Loans charged-off to the allowance for loan losses | 1,503,511 | 3,557,313 | |||||||
Loans foreclosed upon and transferred to other real estate owned | 1,645,100 | 550,000 | |||||||
Available-for-sale securities transferred to held-to-maturity portfolio | - | 39,959,647 | |||||||
Income Per Common Share — Basic net income per common share available to common stockholders (EPS) is computed by dividing net income available to common stockholders by the weighted average common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The difference between basic and diluted weighted average shares outstanding is attributable to common stock options, common stock appreciation rights, restricted share awards, and restricted share unit awards. The dilutive effect of outstanding options, common stock appreciation rights, restricted share awards, and restricted share unit awards is reflected in diluted EPS by application of the treasury stock method. | |||||||||
The following is a summary of the basic and diluted net income per share calculations for the three months ended March 31, 2014 and 2013: | |||||||||
For the three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Basic net income per share calculation: | |||||||||
Numerator - Net income available to common stockholders | $ | 16,367,123 | $ | 13,448,125 | |||||
Denominator - Average common shares outstanding | 34,602,337 | 33,987,265 | |||||||
Basic net income per share available to common stockholders | $ | 0.47 | $ | 0.4 | |||||
Diluted net income per share calculation: | |||||||||
Numerator – Net income available to common stockholders | $ | 16,367,123 | $ | 13,448,125 | |||||
Denominator - Average common shares outstanding | 34,602,337 | 33,987,265 | |||||||
Dilutive shares contingently issuable | 364,263 | 218,937 | |||||||
Average diluted common shares outstanding | 34,966,600 | 34,206,202 | |||||||
Diluted net income per share available to common stockholders | $ | 0.47 | $ | 0.39 |
Securities
Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
Note 2. Securities | |||||||||||||||||||||||||
The amortized cost and fair value of securities available-for-sale and held-to-maturity at March 31, 2014 and December 31, 2013 are summarized as follows (in thousands): | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
U.S. government agency securities | 116,830 | 19 | 9,481 | 107,368 | |||||||||||||||||||||
Mortgage-backed securities | 448,646 | 9,835 | 6,286 | 452,195 | |||||||||||||||||||||
State and municipal securities | 142,338 | 6,931 | 496 | 148,773 | |||||||||||||||||||||
Asset-backed securities | 16,048 | - | 226 | 15,822 | |||||||||||||||||||||
Corporate notes and other | 10,214 | 1,031 | 2 | 11,243 | |||||||||||||||||||||
$ | 734,076 | $ | 17,816 | $ | 16,491 | $ | 735,401 | ||||||||||||||||||
Securities held-to-maturity: | |||||||||||||||||||||||||
State and municipal securities | $ | 38,733 | $ | 103 | $ | 641 | $ | 38,195 | |||||||||||||||||
$ | 38,733 | $ | 103 | $ | 641 | $ | 38,195 | ||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
U.S. government agency securities | 117,282 | 13 | 13,422 | 103,873 | |||||||||||||||||||||
Mortgage-backed securities | 411,967 | 9,771 | 8,802 | 412,936 | |||||||||||||||||||||
State and municipal securities | 143,763 | 5,504 | 856 | 148,411 | |||||||||||||||||||||
Asset-backed securities | 17,262 | - | 255 | 17,007 | |||||||||||||||||||||
Corporate notes and other | 10,218 | 1,018 | 7 | 11,229 | |||||||||||||||||||||
$ | 700,492 | $ | 16,306 | 23,342 | $ | 693,456 | |||||||||||||||||||
Securities held-to-maturity: | |||||||||||||||||||||||||
State and municipal securities | $ | 39,796 | $ | 72 | $ | 1,051 | $ | 38,817 | |||||||||||||||||
$ | 39,796 | $ | 72 | $ | 1,051 | $ | 38,817 | ||||||||||||||||||
At March 31, 2014, approximately $621,400.0 million of securities within Pinnacle Financial's investment portfolio were either pledged to secure public funds and other deposits or securities sold under agreements to repurchase. | |||||||||||||||||||||||||
During 2013, approximately $40.0 million of available-for-sale securities were transferred to the held-to-maturity portfolio. The transfers of debt securities into the held-to-maturity category from the available-for-sale category were made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer was retained in other comprehensive income and in the carrying value of the held-to-maturity securities. Such amounts will be amortized to interest income over the remaining life of the securities. | |||||||||||||||||||||||||
The amortized cost and fair value of debt securities as of March 31, 2014 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage- and asset-backed securities since the mortgages and assets underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories in the following summary (in thousands): | |||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||||||||||||
March 31, 2014: | Amortized | Fair | Amortized Cost | Fair | |||||||||||||||||||||
Cost | Value | Value | |||||||||||||||||||||||
Due in one year or less | $ | 5,218 | $ | 5,276 | $ | 239 | $ | 241 | |||||||||||||||||
Due in one year to five years | 28,662 | 29,690 | 11,556 | 11,581 | |||||||||||||||||||||
Due in five years to ten years | 130,249 | 131,868 | 14,699 | 14,398 | |||||||||||||||||||||
Due after ten years | 105,253 | 100,550 | 12,239 | 11,975 | |||||||||||||||||||||
Mortgage-backed securities | 448,646 | 452,195 | - | - | |||||||||||||||||||||
Asset-backed securities | 16,048 | 15,822 | - | - | |||||||||||||||||||||
$ | 734,076 | $ | 735,401 | $ | 38,733 | $ | 38,195 | ||||||||||||||||||
At March 31, 2014 and December 31, 2013, the following investments had unrealized losses. The table below classifies these investments according to the term of the unrealized losses of less than twelve months or twelve months or longer (in thousands): | |||||||||||||||||||||||||
Investments with an Unrealized Loss of | Investments with an | Total Investments | |||||||||||||||||||||||
less than 12 months | Unrealized Loss of | with an | |||||||||||||||||||||||
12 months or longer | Unrealized Loss | ||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized | ||||||||||||||||||||
Losses | |||||||||||||||||||||||||
At March 31, 2014: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
U.S. government agency securities | 4,910 | 14 | 96,804 | 9,467 | 101,714 | 9,481 | |||||||||||||||||||
Mortgage-backed securities | 133,216 | 1,172 | 92,296 | 5,114 | 225,512 | 6,286 | |||||||||||||||||||
State and municipal securities | 26,778 | 670 | 9,630 | 467 | 36,408 | 1,137 | |||||||||||||||||||
Asset-backed securities | - | - | 15,823 | 226 | 15,823 | 226 | |||||||||||||||||||
Corporate notes | 749 | 1 | 158 | 1 | 907 | 2 | |||||||||||||||||||
Total temporarily-impaired securities | $ | 165,653 | $ | 1,857 | $ | 214,711 | $ | 15,275 | $ | 380,364 | $ | 17,132 | |||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
U.S. government agency securities | 8,742 | 22 | 92,869 | 13,400 | 101,611 | 13,422 | |||||||||||||||||||
Mortgage-backed securities | 157,262 | 3,913 | 42,903 | 4,889 | 200,165 | 8,802 | |||||||||||||||||||
State and municipal securities | 46,282 | 1,351 | 3,798 | 555 | 50,080 | 1,906 | |||||||||||||||||||
Asset-backed securities | - | - | 17,006 | 255 | 17,006 | 255 | |||||||||||||||||||
Corporate notes | 946 | 6 | 159 | 2 | 1,105 | 8 | |||||||||||||||||||
Total temporarily-impaired securities | $ | 213,232 | $ | 5,292 | $ | 156,735 | $ | 19,101 | $ | 369,967 | $ | 24,393 | |||||||||||||
The applicable dates for determining when securities are in an unrealized loss position are March 31, 2014 and December 31, 2013. As such, it is possible that a security had a market value that exceeded its amortized cost on other days during the past twelve-month periods ended March 31, 2014 and December 31, 2013, but is in the "Investments with an Unrealized Loss of less than 12 months" category above. | |||||||||||||||||||||||||
As shown in the tables above, at March 31, 2014, Pinnacle Financial had approximately $17.1 million in unrealized losses on $380.4 million of securities. The unrealized losses associated with these investment securities are driven by changes in interest rates and the unrealized loss is recorded as a component of equity. These securities will continue to be monitored as a part of our ongoing impairment analysis, but are expected to perform even if the rating agencies reduce the credit rating of the bond issuers. Management evaluates the financial performance of the issuers on a quarterly basis to determine if it is probable that the issuers can make all contractual principal and interest payments. If a shortfall in future cash flows is identified, a credit loss will be deemed to have occurred and will be recognized as a charge to earnings and a new cost basis for the security will be established. | |||||||||||||||||||||||||
Because Pinnacle Financial currently does not intend to sell those securities that have an unrealized loss at March 31, 2014, and it is not more-likely-than-not that Pinnacle Financial will be required to sell the securities before recovery of their amortized cost bases, which may be maturity, Pinnacle Financial does not consider these securities to be other-than-temporarily impaired at March 31, 2014. | |||||||||||||||||||||||||
Periodically, available-for-sale securities may be sold or the composition of the portfolio realigned to improve yields, quality or marketability, or to implement changes in investment or asset/liability strategy, including maintaining collateral requirements and raising funds for liquidity purposes. Additionally, if an available-for-sale security loses its investment grade or tax-exempt status, the underlying credit support is terminated or collection otherwise becomes uncertain based on factors known to management, Pinnacle Financial will consider selling the security, but will review each security on a case-by-case basis as these factors become known. | |||||||||||||||||||||||||
The carrying values of Pinnacle Financial's investment securities could decline in the future if the financial condition of issuers deteriorates and management determines it is probable that Pinnacle Financial will not recover the entire amortized cost bases of the securities. As a result, there is a risk that other-than-temporary impairment charges may occur in the future. There is also a risk that other-than-temporary impairment charges may occur in the future if management's intention to hold these securities to maturity and or recovery changes. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
Note 3. Loans and Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
For financial reporting purposes, Pinnacle Financial classifies its loan portfolio based on the underlying collateral utilized to secure each loan. This classification is consistent with those utilized in the Quarterly Report of Condition and Income filed with the Federal Deposit Insurance Corporation (FDIC). | |||||||||||||||||||||||||||||||||
Commercial loans receive risk ratings by the assigned financial advisor subject to validation by Pinnacle Financial's independent loan review department. Risk ratings are categorized as pass, special mention, substandard, substandard-nonaccrual or doubtful-nonaccrual. Pinnacle Financial believes that its categories follow those used by Pinnacle Bank's primary regulators. At March 31, 2014, approximately 74% of our loan portfolio was analyzed as a commercial loan type with a specifically assigned risk rating in the allowance for loan loss assessment. Consumer loans and small business loans are generally not assigned an individual risk rating but are evaluated as either accrual or nonaccrual based on the performance of the individual loans. However, certain consumer real estate-mortgage loans and certain consumer and other loans receive a specific risk rating due to the loan proceeds being used for commercial purposes even though the collateral may be of a consumer loan nature. | |||||||||||||||||||||||||||||||||
Risk ratings are subject to continual review by the loan officer. At least annually, our credit procedures require that every risk rated loan of $250,000 or more be subject to a formal credit risk review process. Each loan's risk rating is also subject to review by our independent loan review department, which reviews a substantial portion of our risk rated portfolio annually. Included in the coverage are independent loan reviews of loans in targeted higher-risk portfolio segments. | |||||||||||||||||||||||||||||||||
The following table presents our loan balances by primary loan classification and the amount within each risk rating category. Pass rated loans include all credits other than those included in special mention, substandard, substandard-nonaccrual and doubtful-nonaccrual which are defined as follows: | |||||||||||||||||||||||||||||||||
 | Special mention loans have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in Pinnacle Financial's credit position at some future date. | ||||||||||||||||||||||||||||||||
 | Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize collection of the debt. Substandard loans are characterized by the distinct possibility that Pinnacle Financial will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||||||||
ï‚· | Substandard-nonaccrual loans are substandard loans that have been placed on nonaccrual status. | ||||||||||||||||||||||||||||||||
ï‚· | Doubtful-nonaccrual loans have all the characteristics of substandard-nonaccrual loans with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. | ||||||||||||||||||||||||||||||||
The following table outlines the amount of each loan classification categorized into each risk rating category as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Commercial real estate - mortgage | Consumer real estate - mortgage | Construction and land development | Commercial and industrial | Consumer | Total | ||||||||||||||||||||||||||||
and other | |||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Accruing loans | |||||||||||||||||||||||||||||||||
        Pass | $ | 1,410,425 | $ | 676,486 | $ | 252,406 | $ | 1,515,110 | $ | 158,088 | $ | 4,012,515 | |||||||||||||||||||||
        Special Mention | 7,997 | 3,557 | 30,083 | 12,814 | 149 | 54,600 | |||||||||||||||||||||||||||
        Substandard (1) | 22,726 | 13,900 | 10,465 | 36,614 | 154 | 83,859 | |||||||||||||||||||||||||||
        Total | 1,441,148 | 693,943 | 292,954 | 1,564,538 | 158,391 | 4,150,974 | |||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||
        Nonaccrual loans | |||||||||||||||||||||||||||||||||
                Substandard-nonaccrual | 7,145 | 5,679 | 990 | 1,538 | 254 | 15,606 | |||||||||||||||||||||||||||
                Doubtful-nonaccrual | - | - | - | - | - | - | |||||||||||||||||||||||||||
        Total nonaccrual loans | 7,145 | 5,679 | 990 | 1,538 | 254 | 15,606 | |||||||||||||||||||||||||||
        Troubled debt restructurings(2) | |||||||||||||||||||||||||||||||||
                Pass | 143 | 1,657 | 111 | 277 | 286 | 2,474 | |||||||||||||||||||||||||||
                Special Mention | 7,736 | 2,313 | - | 2,584 | - | 12,633 | |||||||||||||||||||||||||||
                Substandard | - | - | - | - | - | - | |||||||||||||||||||||||||||
         Total troubled debt restructurings | 7,879 | 3,970 | 111 | 2,861 | 286 | 15,107 | |||||||||||||||||||||||||||
Total impaired loans | 15,024 | 9,649 | 1,101 | 4,399 | 540 | 30,713 | |||||||||||||||||||||||||||
Total loans | $ | 1,456,172 | $ | 703,592 | $ | 294,055 | $ | 1,568,937 | $ | 158,931 | $ | 4,181,687 | |||||||||||||||||||||
Commercial real estate - mortgage | Consumer real estate - mortgage | Construction and land development | Commercial and industrial | Consumer | Total | ||||||||||||||||||||||||||||
and other | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Accruing loans | |||||||||||||||||||||||||||||||||
        Pass | $ | 1,332,387 | $ | 670,412 | $ | 275,876 | $ | 1,557,923 | $ | 143,032 | $ | 3,979,630 | |||||||||||||||||||||
        Special Mention | 8,282 | 1,824 | 31,835 | 20,065 | - | 62,006 | |||||||||||||||||||||||||||
        Substandard (1) | 20,296 | 14,107 | 7,297 | 23,174 | 154 | 65,028 | |||||||||||||||||||||||||||
        Total | 1,360,965 | 686,343 | 315,008 | 1,601,162 | 143,186 | 4,106,664 | |||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||
        Nonaccrual loans | |||||||||||||||||||||||||||||||||
                Substandard-nonaccrual | 9,017 | 5,289 | 1,070 | 2,565 | 242 | 18,183 | |||||||||||||||||||||||||||
                Doubtful-nonaccrual | - | - | - | - | - | - | |||||||||||||||||||||||||||
        Total nonaccrual loans | 9,017 | 5,289 | 1,070 | 2,565 | 242 | 18,183 | |||||||||||||||||||||||||||
        Troubled debt restructurings(2) | |||||||||||||||||||||||||||||||||
                Pass | 2,564 | 1,666 | 113 | 320 | 276 | 4,939 | |||||||||||||||||||||||||||
                Special Mention | - | - | - | - | - | - | |||||||||||||||||||||||||||
                Substandard | 10,889 | 2,318 | - | 1,500 | - | 14,707 | |||||||||||||||||||||||||||
         Total troubled debt restructurings | 13,453 | 3,984 | 113 | 1,820 | 276 | 19,646 | |||||||||||||||||||||||||||
Total impaired loans | 22,470 | 9,273 | 1,183 | 4,385 | 518 | 37,829 | |||||||||||||||||||||||||||
Total loans | $ | 1,383,435 | $ | 695,616 | $ | 316,191 | $ | 1,605,547 | $ | 143,704 | $ | 4,144,493 | |||||||||||||||||||||
-1 | Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have doubts about the borrower's ability to comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by Pinnacle Bank's primary regulators for loans classified as substandard, excluding the impact of substandard nonaccrual loans and substandard troubled debt restructurings. Potential problem loans, which are not included in nonaccrual loans, amounted to approximately $83.9 million at March 31, 2014, compared to $65.0 million at December 31, 2013. | ||||||||||||||||||||||||||||||||
-2 | Troubled debt restructurings are presented as an impaired loan; however, they continue to accrue interest at contractual rates. | ||||||||||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, all loans classified as nonaccrual were deemed to be impaired. The principal balances of these nonaccrual loans amounted to $15.6 million and $18.2 million at March 31, 2014 and December 31, 2013, respectively, and are included in the tables above. For the three months ended March 31, 2014, the average balance of nonaccrual loans was $16.1 million as compared to $21.5 million for the twelve months ended December 31, 2013. At the date such loans were placed on nonaccrual status, Pinnacle Financial reversed all previously accrued interest income against current year earnings. Had these nonaccrual loans been on accruing status, interest income would have been higher by $283,000 for the three months ended March 31, 2014 and by $292,000 for the three months ended March 31, 2013. | |||||||||||||||||||||||||||||||||
The following table details the recorded investment, unpaid principal balance and related allowance and average recorded investment of our nonaccrual loans at March 31, 2014 and December 31, 2013 by loan classification and the amount of interest income recognized on a cash basis throughout the fiscal year-to-date period then ended, respectively, on these loans that remain on the balance sheets (in thousands): | |||||||||||||||||||||||||||||||||
At March 31, 2014 | Three Months Ended | ||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance(1) | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||||||
Collateral dependent nonaccrual loans: | |||||||||||||||||||||||||||||||||
    Commercial real estate – mortgage | $ | 5,192 | $ | 5,712 | $ | - | $ | 5,225 | $ | - | |||||||||||||||||||||||
    Consumer real estate – mortgage | 2,413 | 2,476 | - | 2,427 | - | ||||||||||||||||||||||||||||
    Construction and land development | 545 | 545 | - | 545 | - | ||||||||||||||||||||||||||||
    Commercial and industrial | 1,060 | 1,168 | - | 1,074 | - | ||||||||||||||||||||||||||||
    Consumer and other | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 9,210 | $ | 9,901 | $ | - | $ | 9,271 | $ | - | |||||||||||||||||||||||
Cash flow dependent nonaccrual loans: | |||||||||||||||||||||||||||||||||
    Commercial real estate – mortgage | $ | 1,953 | $ | 2,152 | $ | 161 | $ | 1,964 | $ | - | |||||||||||||||||||||||
    Consumer real estate – mortgage | 3,266 | 3,514 | 875 | 3,289 | - | ||||||||||||||||||||||||||||
    Construction and land development | 445 | 516 | 14 | 450 | - | ||||||||||||||||||||||||||||
    Commercial and industrial | 478 | 658 | 162 | 879 | - | ||||||||||||||||||||||||||||
    Consumer and other | 254 | 270 | 86 | 260 | - | ||||||||||||||||||||||||||||
Total | $ | 6,396 | $ | 7,110 | $ | 1,298 | $ | 6,842 | $ | - | |||||||||||||||||||||||
Total nonaccrual loans | $ | 15,606 | $ | 17,011 | $ | 1,298 | $ | 16,113 | $ | - | |||||||||||||||||||||||
At December 31, 2013: | For the year ended | ||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance(1) | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||||||
Collateral dependent nonaccrual loans: | |||||||||||||||||||||||||||||||||
    Commercial real estate – mortgage | $ | 7,035 | $ | 7,481 | $ | - | $ | 6,522 | $ | - | |||||||||||||||||||||||
    Consumer real estate – mortgage | 2,162 | 2,209 | - | 2,234 | - | ||||||||||||||||||||||||||||
    Construction and land development | 545 | 545 | - | 938 | - | ||||||||||||||||||||||||||||
    Commercial and industrial | 1,828 | 1,901 | - | 3,911 | - | ||||||||||||||||||||||||||||
    Consumer and other | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 11,570 | $ | 12,136 | $ | - | $ | 13,605 | $ | - | |||||||||||||||||||||||
Cash flow dependent nonaccrual loans: | |||||||||||||||||||||||||||||||||
    Commercial real estate – mortgage | $ | 1,982 | $ | 2,166 | $ | 142 | $ | 2,448 | $ | - | |||||||||||||||||||||||
    Consumer real estate – mortgage | 3,127 | 3,334 | 722 | 3,405 | - | ||||||||||||||||||||||||||||
    Construction and land development | 525 | 609 | 33 | 568 | - | ||||||||||||||||||||||||||||
    Commercial and industrial | 737 | 1,029 | 218 | 1,216 | - | ||||||||||||||||||||||||||||
    Consumer and other | 242 | 252 | 72 | 242 | - | ||||||||||||||||||||||||||||
Total | $ | 6,613 | $ | 7,390 | $ | 1,187 | $ | 7,879 | $ | - | |||||||||||||||||||||||
Total nonaccrual loans | $ | 18,183 | $ | 19,526 | $ | 1,187 | $ | 21,484 | $ | - | |||||||||||||||||||||||
(1)Â Â Â Â | Collateral dependent loans are typically charged-off to their net realizable value pursuant to requirements of our primary regulators and no specific allowance is carried related to those loans. | ||||||||||||||||||||||||||||||||
Pinnacle Financial's policy is that once a loan is placed on nonaccrual status each subsequent payment is reviewed on a case-by-case basis to determine if the payment should be applied to interest or principal pursuant to regulatory guidelines. Pinnacle Financial recognized no interest income from cash payments received on nonaccrual loans during the three months ended March 31, 2014 or during the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||
Impaired loans also include loans that Pinnacle Bank has elected to formally restructure when, due to the weakening credit status of a borrower, the restructuring may facilitate a repayment plan that seeks to minimize the potential losses that Pinnacle Bank may otherwise incur. If on nonaccrual status as of the date of restructuring, the loans are included in nonaccrual loans. Loans that have been restructured that were performing as of the restructure date and continue to perform in accordance with the restructured terms are reported separately as troubled debt restructurings. | |||||||||||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, there were $15.1 million and $19.6 million, respectively, of troubled debt restructurings that were performing as of their restructure date and which were accruing interest. These troubled debt restructurings are considered impaired loans pursuant to U.S. GAAP. Troubled commercial loans are restructured by specialists within our Special Assets Group, and all restructurings are approved by committees and credit officers separate and apart from the normal loan approval process. These specialists are charged with reducing Pinnacle Financial's overall risk and exposure to loss in the event of a restructuring by obtaining some or all of the following: improved documentation, additional guaranties, increase in curtailments, reduction in collateral release terms, additional collateral or other similar strategies. | |||||||||||||||||||||||||||||||||
The following table outlines the amount of each troubled debt restructuring categorized by loan classification made during the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Number | Pre | Post Modification Outstanding Recorded Investment, net of related allowance | Number of contracts | Pre | Post | ||||||||||||||||||||||||||||
of contracts | Modification Outstanding Recorded Investment | Modification Outstanding Recorded Investment | Modification Outstanding Recorded Investment, net of related allowance | ||||||||||||||||||||||||||||||
Commercial real estate – mortgage | - | $ | - | $ | - | - | $ | - | $ | - | |||||||||||||||||||||||
Consumer real estate – mortgage | - | - | - | 1 | 432 | 359 | |||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial and industrial | 6 | 2,584 | 565 | - | - | - | |||||||||||||||||||||||||||
Consumer and other | - | - | - | 1 | 200 | 170 | |||||||||||||||||||||||||||
6 | $ | 2,584 | $ | 565 | 2 | $ | 632 | $ | 529 | ||||||||||||||||||||||||
During the three months ended March 31, 2014, Pinnacle Financial did not have any troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. During the three months ended March 31, 2013, two consumer real estate loans totaling $1.0 million which were previously classified as a troubled debt restructuring subsequently defaulted, within twelve months of the restructuring. A default of a troubled debt restructuring is defined as an occurrence which violates the terms of the receivable's contract. | |||||||||||||||||||||||||||||||||
Pinnacle Financial analyzes its commercial loan portfolio to determine if a concentration of credit risk exists to any industry. Pinnacle Financial utilizes broadly accepted industry classification systems in order to classify borrowers into various industry classifications. Pinnacle Financial has a credit exposure (loans outstanding plus unfunded lines of credit) exceeding 25 % of Pinnacle Bank's total risk-based capital to borrowers in the following industries at March 31, 2014 with the comparative exposures for December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
At March 31, 2014: | |||||||||||||||||||||||||||||||||
Outstanding Principal Balances | Unfunded Commitments | Total exposure | Total Exposure at December 31, 2013 | ||||||||||||||||||||||||||||||
Lessors of nonresidential buildings | $ | 501,891 | $ | 53,584 | $ | 555,475 | $ | 515,240 | |||||||||||||||||||||||||
Lessors of residential buildings | 240,296 | 27,544 | 267,840 | 270,773 | |||||||||||||||||||||||||||||
The table below presents past due balances at March 31, 2014 and December 31, 2013, by loan classification and segment allocated between accruing and nonaccrual status (in thousands): | |||||||||||||||||||||||||||||||||
31-Mar-14 | 30-89 days past due and accruing | 90 days or more past due and accruing | Total past due and accruing | Nonaccrual(1) | Current | Total | |||||||||||||||||||||||||||
and accruing | Loans | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
    Owner-occupied | $ | 125 | $ | - | $ | 125 | $ | 6,906 | $ | 694,296 | $ | 701,327 | |||||||||||||||||||||
    All other | 844 | 7,736 | (2) | 8,580 | 239 | 746,026 | 754,845 | ||||||||||||||||||||||||||
Consumer real estate – mortgage | 5,239 | - | 5,239 | 5,679 | 692,674 | 703,592 | |||||||||||||||||||||||||||
Construction and land development | 849 | 147 | 996 | 990 | 292,069 | 294,055 | |||||||||||||||||||||||||||
Commercial and industrial | 1,191 | 52 | 1,243 | 1,538 | 1,566,156 | 1,568,937 | |||||||||||||||||||||||||||
Consumer and other | 2,096 | 8 | 2,104 | 254 | 156,573 | 158,931 | |||||||||||||||||||||||||||
$ | 10,344 | $ | 7,943 | $ | 18,287 | $ | 15,606 | $ | 4,147,794 | $ | 4,181,687 | ||||||||||||||||||||||
31-Dec-13 | 30-89 days past due and accruing | 90 days or more past due and accruing | Total past due and accruing | Nonaccrual(1) | Current | Total | |||||||||||||||||||||||||||
and accruing | Loans | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
    Owner-occupied | $ | 2,534 | $ | - | $ | 2,534 | $ | 7,750 | $ | 669,014 | $ | 679,298 | |||||||||||||||||||||
    All other | 27 | 2,232 | 2,259 | 1,267 | 700,611 | 704,137 | |||||||||||||||||||||||||||
Consumer real estate – mortgage | 2,215 | - | 2,215 | 5,289 | 688,112 | 695,616 | |||||||||||||||||||||||||||
Construction and land development | 4,839 | - | 4,839 | 1,070 | 310,282 | 316,191 | |||||||||||||||||||||||||||
Commercial and industrial | 1,847 | 825 | 2,672 | 2,565 | 1,600,310 | 1,605,547 | |||||||||||||||||||||||||||
Consumer and other | 1,488 | 289 | 1,777 | 242 | 141,685 | 143,704 | |||||||||||||||||||||||||||
$ | 12,950 | $ | 3,346 | $ | 16,296 | $ | 18,183 | $ | 4,110,014 | $ | 4,144,493 | ||||||||||||||||||||||
(1) Approximately $10.9Â million of nonaccrual loans as of March 31, 2014 and December 31, 2013, respectively, were currently performing pursuant to their contractual terms. | |||||||||||||||||||||||||||||||||
(2) Represents one commercial real estate loan which, subsequent to March 31, 2014, was brought current with a principal curtailment of $7.6 million. | |||||||||||||||||||||||||||||||||
The following table shows the allowance allocation by loan classification and accrual status at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
Accruing Loans | Nonaccrual Loans | Troubled Debt Restructurings(1) | Total Allowance | ||||||||||||||||||||||||||||||
for Loan Losses | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Commercial real estate –mortgage | $ | 19,636 | $ | 19,298 | $ | 161 | $ | 142 | $ | 753 | $ | 1,932 | $ | 20,550 | $ | 21,372 | |||||||||||||||||
Consumer real estate – mortgage | 6,426 | 7,090 | 875 | 722 | 521 | 543 | 7,822 | 8,355 | |||||||||||||||||||||||||
Construction and land development | 6,737 | 7,186 | 14 | 33 | 14 | 16 | 6,765 | 7,235 | |||||||||||||||||||||||||
Commercial and industrial | 25,951 | 24,660 | 162 | 218 | 597 | 256 | 26,710 | 25,134 | |||||||||||||||||||||||||
Consumer and other | 1,764 | 1,521 | 86 | 72 | 36 | 39 | 1,886 | 1,632 | |||||||||||||||||||||||||
Unallocated | - | - | - | - | - | - | 3,791 | 4,242 | |||||||||||||||||||||||||
$ | 60,514 | $ | 59,755 | $ | 1,298 | $ | 1,187 | $ | 1,921 | $ | 2,786 | $ | 67,524 | $ | 67,970 | ||||||||||||||||||
(1)Â Â Â Â | Troubled debt restructurings of $15.1 million and $19.6 million as of March 31, 2014 and December 31, 2013, respectively, are classified as impaired loans pursuant to U.S. GAAP; however, these loans continue to accrue interest at contractual rates. | ||||||||||||||||||||||||||||||||
The following table details the changes in the allowance for loan losses from December 31, 2012 to December 31, 2013 to March 31, 2014 by loan classification and the allocation of the allowance for loan losses (in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Consumer | Construction and | Commercial and industrial | Consumer and other | Unallocated | Total | |||||||||||||||||||||||||||
real estate – |  real estate – mortgage | land development | |||||||||||||||||||||||||||||||
mortgage | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 19,634 | $ | 8,762 | $ | 9,164 | $ | 24,738 | $ | 1,094 | $ | 6,025 | $ | 69,417 | |||||||||||||||||||
    Charged-off loans | (4,123 | ) | (2,250 | ) | (1,351 | ) | (8,159 | ) | (1,369 | ) | - | (17,252 | ) | ||||||||||||||||||||
    Recovery of previously charged-off loans | 500 | 1,209 | 1,464 | 4,531 | 244 | - | 7,948 | ||||||||||||||||||||||||||
    Provision for loan losses | 5,361 | 634 | (2,042 | ) | 4,024 | 1,663 | (1,783 | ) | 7,857 | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 21,372 | $ | 8,355 | $ | 7,235 | $ | 25,134 | $ | 1,632 | $ | 4,242 | $ | 67,970 | |||||||||||||||||||
Collectively evaluated for impairment | $ | 19,298 | $ | 7,090 | $ | 7,186 | $ | 24,660 | $ | 1,521 | $ | 59,755 | |||||||||||||||||||||
Individually evaluated for impairment | 2,074 | 1,265 | 49 | 474 | 111 | 3,973 | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | - | - | - | - | - | - | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 21,372 | $ | 8,355 | $ | 7,235 | $ | 25,134 | $ | 1,632 | $ | 67,970 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,360,965 | $ | 686,343 | $ | 315,008 | $ | 1,601,162 | $ | 143,186 | $ | 4,106,664 | |||||||||||||||||||||
Individually evaluated for impairment | 22,470 | 9,273 | 1,183 | 4,385 | 518 | 37,829 | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | - | - | - | - | - | - | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,383,435 | $ | 695,616 | $ | 316,191 | $ | 1,605,547 | $ | 143,704 | $ | 4,144 | |||||||||||||||||||||
Commercial | Consumer | Construction and | Commercial and industrial | Consumer and other | Unallocated | Total | |||||||||||||||||||||||||||
real estate - | real estate - | land development | |||||||||||||||||||||||||||||||
mortgage | mortgage | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
 Balance at December 31, 2013 | $ | 21,372 | $ | 8,355 | $ | 7,235 | $ | 25,134 | $ | 1,632 | $ | 4,242 | $ | 67,970 | |||||||||||||||||||
    Charged-off loans | (123 | ) | (334 | ) | (7 | ) | (824 | ) | (214 | ) | - | (1,502 | ) | ||||||||||||||||||||
    Recovery of previously charged-off loans | 1 | 72 | 31 | 398 | 66 | - | 568 | ||||||||||||||||||||||||||
    Provision for loan losses | (700 | ) | (271 | ) | (494 | ) | 2,002 | 402 | (451 | ) | 488 | ||||||||||||||||||||||
Balance at March 31, 2014 | $ | 20,550 | $ | 7,822 | $ | 6,765 | $ | 26,710 | $ | 1,886 | $ | 3,791 | $ | 67,524 | |||||||||||||||||||
Collectively evaluated for impairment | $ | 19,636 | $ | 6,426 | $ | 6,737 | $ | 25,951 | $ | 1,764 | $ | 60,514 | |||||||||||||||||||||
Individually evaluated for impairment | 914 | $ | 1,396 | 28 | 759 | 122 | 7,010 | ||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | - | $ | - | - | - | - | - | ||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 20,550 | $ | 7,822 | $ | 6,765 | $ | 26,710 | $ | 1,886 | $ | 67,524 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,441,148 | $ | 693,943 | $ | 292,954 | $ | 1,564,538 | $ | 158,391 | $ | 4,150,974 | |||||||||||||||||||||
Individually evaluated for impairment | $ | 15,024 | $ | 9,649 | $ | 1,101 | $ | 4,399 | $ | 540 | $ | 30,713 | |||||||||||||||||||||
Loans acquired with deteriorated credit quality | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||
Balance at March 31, 2014 | $ | 1,456,172 | $ | 703,592 | $ | 294,055 | $ | 1,568,937 | $ | 158,931 | $ | 4,182 | |||||||||||||||||||||
The adequacy of the allowance for loan losses is assessed at the end of each calendar quarter. The level of the allowance is based upon evaluation of the loan portfolio, current asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrowers' ability to repay (including the timing of future payment), the estimated value of any underlying collateral, composition of the loan portfolio, economic conditions, historical loss experience, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. | |||||||||||||||||||||||||||||||||
At March 31, 2014, Pinnacle Financial had granted loans and other extensions of credit amounting to approximately $10.2 million to current directors, executive officers, and their related entities, of which $7.7 million had been drawn upon. At December 31, 2013, Pinnacle Financial had granted loans and other extensions of credit amounting to approximately $11.2 million to directors, executive officers, and their related entities, of which approximately $8.9 million had been drawn upon. These loans and extensions of credit were made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans to persons not related to Pinnacle Bank and did not involve more that the normal risk of collectability or present other unfavorable features. None of these loans to directors, executive officers, and their related entities were impaired at March 31, 2014 or December 31, 2013. | |||||||||||||||||||||||||||||||||
Residential Lending | |||||||||||||||||||||||||||||||||
At March 31, 2014, Pinnacle Financial had approximately $14.0 million of mortgage loans held-for-sale compared to approximately $12.9 million at December 31, 2013. During the first quarter of 2014, Pinnacle Financial began delivering loans on a mandatory basis to its approved investors. Mandatory delivery exposes Pinnacle to interest rate risk between the initial rate-lock and the ultimate sale of the loan to a third-party. Pinnacle Financial sells loans to third-party investors and has not entered into any forward commitments with investors for future bulk loan sales. All of these loan sales transfer servicing rights to the buyer. During the three months ended March 31, 2014, Pinnacle Financial recognized $952,200 in gains on the sale of these loans, net of commissions paid, compared to $1.8 million during the three months ended March 31, 2013. | |||||||||||||||||||||||||||||||||
These mortgage loans held-for-sale are originated internally and are primarily to borrowers in Pinnacle Bank's geographic markets. These sales are typically on a mandatory basis to investors that follow conventional government sponsored entities (GSE) and the Department of Housing and Urban Development/U.S. Department of Veterans Affairs (HUD/VA) guidelines. | |||||||||||||||||||||||||||||||||
Each purchaser has specific guidelines and criteria for sellers of loans, and the risk of credit loss with regard to the principal amount of the loans sold is generally transferred to the purchasers upon sale. While the loans are sold without recourse, the purchase agreements require Pinnacle Bank to make certain representations and warranties regarding the existence and sufficiency of file documentation and the absence of fraud by borrowers or other third parties such as appraisers in connection with obtaining the loan. If it is determined that the loans sold were in breach of these representations or warranties, Pinnacle Bank has obligations to either repurchase the loan for the unpaid principal balance and related investor fees or make the purchaser whole for the economic benefits of the loan. To date, repurchase activity pursuant to the terms of these representations and warranties has been insignificant to Pinnacle Bank. | |||||||||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 4. Income Taxes | |
  Accounting Standards Codification (ASC) 740, Income Taxes, defines the threshold for recognizing the benefits of tax return positions in the financial statements as "more-likely-than-not" to be sustained by the taxing authority. As of March 31, 2014, Pinnacle Financial had no unrecognized tax benefits related to Federal or State income tax matters and does not currently anticipate any material increase or decrease in unrecognized tax benefits relative to any tax positions taken prior to March 31, 2014. As of March 31, 2014, Pinnacle Financial has accrued no interest and no penalties related to uncertain tax positions. | |
Pinnacle Financial's effective tax rate for the three months ended March 31, 2014 was 33.2% compared to 32.9% for the three months ended March 31, 2013. The effective tax rate differs from the Federal income tax statutory rate of 35% and state income tax rate of 6.50% primarily due to our investments in bank qualified municipal securities, bank-owned life insurance, and tax savings from our captive insurance subsidiary, PNFP Insurance Inc., offset in part by meals and entertainment and executive compensation expense, portions of which are non-deductible. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingent Liabilities [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
Note 5. Commitments and Contingent Liabilities | |
In the normal course of business, Pinnacle Financial has entered into off-balance sheet financial instruments which include commitments to extend credit (i.e., including unfunded lines of credit) and standby letters of credit. Commitments to extend credit are usually the result of lines of credit granted to existing borrowers under agreements that the total outstanding indebtedness will not exceed a specific amount during the term of the indebtedness. Typical borrowers are commercial concerns that use lines of credit to supplement their treasury management functions, thus their total outstanding indebtedness may fluctuate during any time period based on the seasonality of their business and the resultant timing of their cash flows. Other typical lines of credit are related to home equity loans granted to consumers. Commitments to extend credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. At March 31, 2014, these commitments amounted to $1.3 billion. | |
Standby letters of credit are generally issued on behalf of an applicant (our customer) to a specifically named beneficiary and are the result of a particular business arrangement that exists between the applicant and the beneficiary. Standby letters of credit have fixed expiration dates and are usually for terms of two years or less unless terminated beforehand due to criteria specified in the standby letter of credit. A typical arrangement involves the applicant routinely being indebted to the beneficiary for such items as inventory purchases, insurance, utilities, lease guarantees or other third party commercial transactions. The standby letter of credit would permit the beneficiary to obtain payment from Pinnacle Financial under certain prescribed circumstances. Subsequently, Pinnacle Financial would then seek reimbursement from the applicant pursuant to the terms of the standby letter of credit. At March 31, 2014, these commitments amounted to $68.4 million. | |
Pinnacle Financial follows the same credit policies and underwriting practices when making these commitments as it does for on-balance sheet instruments. Each customer's creditworthiness is evaluated on a case-by-case basis, and the amount of collateral obtained, if any, is based on management's credit evaluation of the customer. Collateral held varies but may include cash, real estate and improvements, marketable securities, accounts receivable, inventory, equipment and personal property. | |
The contractual amounts of these commitments are not reflected in the consolidated financial statements and only amounts drawn upon would be reflected in the future. Since many of the commitments are expected to expire without being drawn upon, the contractual amounts do not necessarily represent future cash requirements. However, should the commitments be drawn upon and should our customers default on their resulting obligation to us, Pinnacle Financial's maximum exposure to credit loss, without consideration of collateral, is represented by the contractual amount of those commitments. At March 31, 2014, and December 31, 2013, Pinnacle Financial had accrued $1.4 million for the inherent risks associated with these off balance sheet commitments. | |
During the fourth quarter of 2011, a customer of Pinnacle Bank filed a putative class action lawsuit (styled John Higgins, et al, v. Pinnacle Financial Partners, Inc., d/b/a Pinnacle National Bank) in Davidson County, Tennessee Circuit Court against Pinnacle Bank and Pinnacle Financial, on his own behalf, as well as on behalf of a purported class of Pinnacle Bank's customers within the State of Tennessee alleging that Pinnacle Bank's method of ordering debit card transactions had caused customers of Pinnacle Bank to incur higher overdraft charges than had a different method been used. In April 2014, an order was entered giving final approval to the settlement, and providing a release of claims against Pinnacle Bank and Pinnacle Financial. The order will become final absent the filing of an appeal on or before the thirtieth day following its issuance. Pinnacle Financial does not believe that any liability arising from this legal matter will have a material adverse effect on Pinnacle Financial's consolidated financial condition, operating results, or cash flows. | |
Various legal claims also arise from time to time in the normal course of business. In the opinion of management, the resolution of these claims outstanding at March 31, 2014 will not have a material impact on Pinnacle Financial's consolidated financial condition, operating results or cash flows. |
Stock_Options_Stock_Appreciati
Stock Options, Stock Appreciation Rights and Restricted Shares | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stock Options, Stock Appreciation Rights and Restricted Shares [Abstract] | ' | ||||||||||||||||
Stock Options, Stock Appreciation Rights and Restricted Shares | ' | ||||||||||||||||
Note 6. Stock Options, Stock Appreciation Rights and Restricted Shares | |||||||||||||||||
As described more fully in the Annual Report on Form 10-K, Pinnacle Financial had two equity incentive plans that had been approved by its shareholders at March 31, 2014. Additionally, Pinnacle Financial had assumed equity plans in connection with acquisitions of Cavalry Bancorp, Inc. (Cavalry) and Mid-America Bancshares, Inc. (Mid-America) under which it had granted stock options and stock appreciation rights to its employees to purchase common stock at or above the fair market value on the date of grant and granted restricted share awards to employees and directors. At March 31, 2014, there were approximately 413,000 shares available for future issuances under the plans that have not expired. | |||||||||||||||||
At Pinnacle Financial's annual shareholders' meeting on April 15, 2014, the shareholders of Pinnacle Financial voted in favor of a proposal that adopted the 2014 Equity Incentive Plan (the "2014 Plan"). The issuance of the 2014 Plan proposal addressed the following matters: | |||||||||||||||||
(i) | Consolidation of the two existing equity incentive plans, the Pinnacle Financial Partners, Inc. 2004 Amended and Restated Equity Incentive Plan (the "2004 Plan") and the Mid-America Bancshares, Inc. 2006 Omnibus Equity Incentive Plan (the "Mid-America Plan") including approximately 396,000 shares in the aggregate that remain available for issuance under those two plans; and | ||||||||||||||||
(ii) | Increased the maximum number of shares of common stock that may be issued to associates and directors by an additional 930,000 shares. | ||||||||||||||||
As a result of the adoption of the 2014 Equity Incentive Plan, total shares available for issuance under the 2014 Plan increased to approximately 1,343,000 as of April 15, 2014. The 2014 Plan also permits Pinnacle Financial to reissue awards currently outstanding that are subsequently forfeited, settled in cash or expired unexercised and returned to the 2014 Plan. | |||||||||||||||||
Common Stock Options and Stock Appreciation Rights | |||||||||||||||||
As of March 31, 2014, there were 860,593 stock options and 4,716 stock appreciation rights outstanding to purchase common shares. A summary of the stock option and stock appreciation rights activity within the equity incentive plans during the three months ended March 31, 2014 and information regarding expected vesting, contractual terms remaining, intrinsic values and other matters is as follows: | |||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Remaining Term | (000's) | |||||||||||||||
(in years) | |||||||||||||||||
Outstanding at December 31, 2013 | 1,002,500 | $ | 25.77 | 2.48 | $ | 7,097 | (1)Â | ||||||||||
Granted | - | ||||||||||||||||
Exercised | (136,178 | ) | |||||||||||||||
Stock appreciation rights exercised | (813 | ) | |||||||||||||||
Forfeited | (200 | ) | |||||||||||||||
Outstanding at March 31, 2014 | 865,309 | $ | 26.6 | 2.41 | $ | 8,858 | (2)Â | ||||||||||
Options exercisable at March 31, 2014 | 865,309 | $ | 26.6 | 2.41 | $ | 8,858 | (2)Â | ||||||||||
(1)Â Â Â Â | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted closing price of Pinnacle Financial common stock of $32.53 per common share at December 31, 2013 for the approximately 931,425 options and stock appreciation rights that were in-the-money at December 31, 2013. | ||||||||||||||||
-2 | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted closing price of Pinnacle Financial common stock of $37.49 per common share at March 31, 2014 for the approximately 865,309 options and stock appreciation rights that were in-the-money at March 31, 2014. | ||||||||||||||||
During the three months ended March 31, 2014, Pinnacle Financial recorded no stock option compensation expense compared to $13,000 during the three months ended March 31, 2013. Compensation costs related to unvested stock options granted under Pinnacle Financial's equity incentive plans had been fully recognized at the end of the first quarter of 2013. All outstanding option awards are fully vested. | |||||||||||||||||
Restricted Share Awards | |||||||||||||||||
Additionally, the 2004 plan, certain of the plans assumed in connection with the acquisition of Mid-America and the recently adopted 2014 plan provide for the granting of restricted share awards and other performance or market-based awards. There were no market-based awards outstanding as of March 31, 2014 under any of these plans. | |||||||||||||||||
A summary of activity for unvested restricted share awards for the three months ended March 31, 2014 is as follows: | |||||||||||||||||
Number | Grant Date Weighted-Average Cost | ||||||||||||||||
Unvested at December 31, 2013 | 821,695 | $ | 19.18 | ||||||||||||||
Shares awarded | 90,979 | 32.28 | |||||||||||||||
Conversion of restricted share units to restricted share awards | 186,943 | 31.68 | |||||||||||||||
Restrictions lapsed and shares released to associates/directors | (189,014 | ) | 19.05 | ||||||||||||||
Shares forfeited(1) | (16,985 | ) | 21.11 | ||||||||||||||
Unvested at March 31, 2014 | 893,618 | $ | 23.12 | ||||||||||||||
(1)Â Â Â Â | Represents shares forfeited due to employee termination and/or retirement. No shares were forfeited due to failure to meet performance targets. | ||||||||||||||||
Pinnacle Financial grants restricted share awards to associates, executive management and outside directors with a combination of time and, in the case of executive management, performance vesting criteria. The following table outlines restricted stock grants that were made, grouped by similar vesting criteria, during the three months ended March 31, 2014: | |||||||||||||||||
Grant | Group(1) | Vesting | Shares | Restrictions Lapsed and shares released to participants | Shares Forfeited by participants(5) | Shares Unvested | |||||||||||
Year | Period in years | awarded | |||||||||||||||
Time Based Awards(2) | |||||||||||||||||
2014 | Associates | 5 | 78,780 | - | 274 | 78,506 | |||||||||||
Performance Based Awards(3) | |||||||||||||||||
2014 | Leadership team | 5 | 186,943 | - | 3,096 | 183,847 | |||||||||||
Outside Director Awards(4) | |||||||||||||||||
2014 | Outside directors | 1 | 12,199 | - | - | 12,199 | |||||||||||
(1)    | Groups include employees (referred to as associates above), the leadership team- which includes our named executive officers and other key senior leadership members and, outside directors. When the restricted shares are awarded, a participant receives voting rights and forfeitable dividend rights with respect to the shares, but is not able to transfer the shares until the restrictions have lapsed. Once the restrictions lapse, the participant is taxed on the value of the award and may elect to sell some shares to pay the applicable income taxes associated with the award. For time-based restricted share awards, dividends paid on shares for which the forfeiture restrictions do not lapse are subject to clawback at the time of termination. For performance-based awards, dividends are placed into escrow until the forfeiture restrictions on such shares lapse. | ||||||||||||||||
-2 | The forfeiture restrictions on these restricted share awards lapse in equal annual installments on the anniversary date of the grant. | ||||||||||||||||
-3 | The forfeiture restrictions on these restricted share awards lapse in separate equal installments should Pinnacle Financial achieve certain earnings and soundness targets over each year of the subsequent vesting period. | ||||||||||||||||
-4 | Restricted share awards are issued to the outside members of the board of directors in accordance with their board compensation plan. Restrictions lapse on the one year anniversary date of the award based on each individual board member meeting their attendance goals for the various board and board committee meetings to which each member was scheduled to attend. | ||||||||||||||||
-5 | These shares represent forfeitures resulting from terminations during the year-to-date period ended March 31, 2014. Any dividends paid on shares for which the forfeiture restrictions do not lapse are subject to clawback. | ||||||||||||||||
Compensation expense associated with the time-based restricted share awards is recognized over the time period that the restrictions associated with the awards lapse on a straight-line basis based on the total cost of the award. Compensation expense associated with performance-based restricted share awards is recognized over the time period that the restrictions associated with the awards are anticipated to lapse based on a schedule consistent with the nature of the award. For the three months ended March 31, 2014, Pinnacle Financial recognized approximately $1.2 million in compensation costs attributable to all restricted share awards, compared to $951,000 for the three months ended March 31, 2013. | |||||||||||||||||
Restricted Share Units | |||||||||||||||||
Pinnacle Financial granted restricted share units to the senior executive officers and other members of the leadership team in the first quarter of 2014. The senior executive officers' restricted share unit award included a range from 58,404 units at the target compensation level to 102,209 units at the maximum compensation level. These restricted share units will convert to a number of restricted share awards based on the achievement of certain performance metrics. The Leadership Team restricted share unit award of 29,087 units was granted at a target level of performance. For both senior executive officers and the Leadership Team, approximately one-third of these awards are eligible for conversion to restricted share awards based on the achievement of certain predetermined goals for each of the fiscal years ended December 31, 2014, 2015 and 2016, respectively. Once converted to restricted share awards, the restrictions on these shares will lapse in 50% increments based on the attainment of certain soundness targets in fiscal 2017 and 2018. The performance metrics and soundness criteria for each of the impacted fiscal years were established concurrently with the restricted share unit grants in January 2014 by the Human Resources and Compensation Committee of Pinnacle Financial's board of directors (HRCC). These restricted share units are being expensed based on the requisite service period of the underlying traunche of the award. Each period, the number of shares that is expected to lapse to the recipient is reevaluated and the associated compensation expense is adjusted accordingly. For the three months ended March 31, 2014, Pinnacle Financial recognized expense associated with the first traunche of this award totaling $52,000. The expense is being accrued at the mid-point of the range between target and maximum performance level for the senior executive officers and the target performance level for the Leadership Team. |
Regulatory_Matters
Regulatory Matters | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
Note 7. Regulatory Matters | |||||||||||||||||||||||||
Pursuant to Tennessee banking law, Pinnacle Bank may not, without the prior consent of the Commissioner of the TDFI, pay any dividends to Pinnacle Financial in a calendar year in excess of the total of Pinnacle Bank's retained net income for that year plus the retained net income for the preceding two years. During the three months ended March 31, 2014, Pinnacle Bank paid $4.9 million in dividends to Pinnacle Financial. As of March 31, 2014, Pinnacle Bank could pay approximately $76.5 million of additional dividends to Pinnacle Financial without prior approval of the Commissioner of the TDFI. Pinnacle Financial initiated payment of a quarterly dividend of $0.08 per share of common stock in the fourth quarter of 2013 and has since declared two subsequent dividend payments. The amount and timing of all future dividend payments, if any, is subject to Board discretion and will depend on Pinnacle Financial's earnings, capital position, financial condition and other factors, including new regulatory capital requirements, as they become known to us. | |||||||||||||||||||||||||
 Pinnacle Financial and Pinnacle Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions, by regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Pinnacle Financial and Pinnacle Bank must meet specific capital guidelines that involve quantitative measures of the assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require Pinnacle Financial and Pinnacle Bank to maintain minimum amounts and ratios of Total and Tier I capital to risk-weighted assets and for Pinnacle Bank of Tier I capital to average assets. Management believes, as of March 31, 2014, that Pinnacle Financial and Pinnacle Bank met all capital adequacy requirements to which they are subject. To be categorized as well-capitalized under applicable banking regulations, Pinnacle Financial and Pinnacle Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the following table and not be subject to a written agreement, order or directive to maintain a higher capital level. Pinnacle Financial's and Pinnacle Bank's actual capital amounts and ratios are presented in the following table (in thousands): | |||||||||||||||||||||||||
Actual | Minimum Capital | Minimum | |||||||||||||||||||||||
Requirement | To Be Well-Capitalized | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||
Total capital to risk weighted assets: | |||||||||||||||||||||||||
Pinnacle Financial | $ | 636,469 | 13.5 | % | $ | 378,473 | 8 | % | $ | 474,055 | 10 | % | |||||||||||||
Pinnacle Bank | $ | 610,921 | 12.9 | % | $ | 377,709 | 8 | % | $ | 473,112 | 10 | % | |||||||||||||
Tier I capital to risk weighted assets: | |||||||||||||||||||||||||
Pinnacle Financial | $ | 577,212 | 12.2 | % | $ | 189,236 | 4 | % | $ | 284,433 | 6 | % | |||||||||||||
Pinnacle Bank | $ | 551,782 | 11.7 | % | $ | 188,854 | 4 | % | $ | 283,867 | 6 | % | |||||||||||||
Tier I capital to average assets (*): | |||||||||||||||||||||||||
Pinnacle Financial | $ | 577,212 | 11 | % | $ | 210,731 | 4 | % | $ | N/ | A | N/ | A | ||||||||||||
Pinnacle Bank | $ | 551,782 | 10.5 | % | $ | 210,003 | 4 | % | $ | 262,504 | 5 | % | |||||||||||||
                      | |||||||||||||||||||||||||
(*) Average assets for the above calculations were based on the most recent quarter. | |||||||||||||||||||||||||
In July 2013, the Federal Reserve Board and the FDIC approved final rules that substantially amend the regulatory risk-based capital rules applicable to Pinnacle Bank and Pinnacle Financial. The final rules implement the regulatory capital reforms of the Basel Committee on Banking Supervision reflected in "Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems" (Basel III) and changes required by the Dodd-Frank Act. | |||||||||||||||||||||||||
Under these rules, the leverage and risk-based capital ratios of bank holding companies may not be lower than the leverage and risk-based capital ratios for insured depository institutions. The final rules implementing the Basel III regulatory capital reforms will become effective as to Pinnacle Financial and Pinnacle Bank on January 1, 2015, and include new minimum risk-based capital and leverage ratios. Moreover, these rules refine the definition of what constitutes "capital" for purposes of calculating those ratios, including the definitions of Tier 1 capital and Tier 2 capital. The new minimum capital level requirements applicable to bank holding companies and banks subject to the rules are: (i) a new common equity Tier 1 capital ratio of 4.5%; (ii) a Tier 1 risk-based capital ratio of 6% (increased from 4%); (iii) a total risk-based capital ratio of 8% (unchanged from current rules); (iv) a Tier 1 leverage ratio of 4% for all institutions. The rules also establish a "capital conservation buffer" of 2.5% (to be phased in over three years) above the new regulatory minimum risk-based capital ratios, and result in the following minimum ratios once the capital conservation buffer is fully phased in: (i) a common equity Tier 1 risk-based capital ratio of 7%, (ii) a Tier 1 risk-based capital ratio of 8.5%, and (iii) a total risk-based capital ratio of 10.5%. The capital conservation buffer requirement is to be phased in beginning in January 2016 at 0.625% of risk-weighted assets and would increase each year until fully implemented in January 2019. An institution will be subject to limitations on paying dividends, engaging in share repurchases and paying discretionary bonuses if capital levels fall below minimum plus the buffer amounts. These limitations establish a maximum percentage of eligible retained income that could be utilized for such actions. | |||||||||||||||||||||||||
Under these new rules, Tier 1 capital will generally consist of common stock (plus related surplus) and retained earnings, limited amounts of minority interest in the form of additional Tier 1 capital instruments, and non-cumulative preferred stock and related surplus, subject to certain eligibility standards, less goodwill and other specified intangible assets and other regulatory deductions. Cumulative preferred stock and trust preferred securities issued after May 19, 2010, will no longer qualify as Tier 1 capital, but such securities issued prior to May 19, 2010, including in the case of bank holding companies with less than $15.0 billion in total assets, trust preferred securities issued prior to that date, will continue to count as Tier 1 capital subject to certain limitations. The definition of Tier 2 capital is generally unchanged for most banking organizations, subject to certain new eligibility criteria. | |||||||||||||||||||||||||
Common equity Tier 1 capital will generally consist of common stock (plus related surplus) and retained earnings plus limited amounts of minority interest in the form of common stock, less goodwill and other specified intangible assets and other regulatory deductions. | |||||||||||||||||||||||||
The final rules allow banks and their holding companies with less than $250 billion in assets a one-time opportunity to opt-out of a requirement to include unrealized gains and losses in accumulated other comprehensive income in their capital calculation. Pinnacle Financial expects that it will opt-out of this requirement. | |||||||||||||||||||||||||
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Derivative Instruments [Abstract] | ' | ||||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||||
Note 8. Derivative Instruments | |||||||||||||||||||||||||||
Financial derivatives are reported at fair value in other assets or other liabilities. The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship. For derivatives not designated as hedges, the gain or loss is recognized in current earnings. Pinnacle Financial enters into interest rate swaps (swaps) to facilitate customer transactions and meet their financing needs. Upon entering into these instruments to meet customer needs, Pinnacle Financial enters into offsetting positions with a large U.S. financial institution in order to minimize the risk to Pinnacle Financial. These swaps are derivatives, but are not designated as hedging instruments. | |||||||||||||||||||||||||||
Interest rate swap contracts involve the risk of dealing with counterparties and their ability to meet contractual terms. When the fair value of a derivative instrument contract is positive, this generally indicates that the counter party or customer owes Pinnacle Financial, and results in credit risk to Pinnacle Financial. When the fair value of a derivative instrument contract is negative, Pinnacle Financial owes the customer or counterparty and therefore, has no credit risk. | |||||||||||||||||||||||||||
A summary of Pinnacle Financial's interest rate swaps related to customers as of March 31, 2014 and December 31, 2013 is included in the following table (in thousands): | |||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Notional | Estimated | Notional | Estimated Fair Value | ||||||||||||||||||||||||
Amount | Fair Value | Amount | |||||||||||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||||||||||||
Pay fixed / receive variable swaps | $ | 280,806 | $ | 13,099 | $ | 294,486 | $ | 13,296 | |||||||||||||||||||
Pay variable / receive fixed swaps | 280,806 | (13,476 | ) | 294,486 | (13,670 | ) | |||||||||||||||||||||
Total | $ | 561,612 | $ | (377 | ) | $ | 588,972 | $ | (374 | ) | |||||||||||||||||
Pinnacle Financial has a forward cash flow hedge relationship to manage future interest rate exposure. The hedging strategy converts the LIBOR based variable interest rate on forecasted borrowings to a fixed interest rate and protects Pinnacle Financial from floating interest rate variability. The terms of the individual contracts within the relationship are as follows (in thousands): | |||||||||||||||||||||||||||
     | 31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||
Forecasted | Variable | Fixed | Term(2) | Asset/ | Unrealized Gain in Accumulated Other Comprehensive Income | Asset/ (Liabilities) | Unrealized Gain in Accumulated Other Comprehensive Income | ||||||||||||||||||||
Notional | Interest | Interest | (Liabilities) | ||||||||||||||||||||||||
Amount | Rate(1) | Rate(1) | |||||||||||||||||||||||||
Interest Rate Swap | $ | 33,000 | 3 month LIBOR | 1.428 | % | April 2015-April 2018 | $ | 380 | $ | 231 | $ | 463 | $ | 281 | |||||||||||||
Interest Rate Swap | 33,000 | 3 month LIBOR | 1.857 | % | Oct. 2015-April 2019 | 627 | $ | 381 | 837 | 509 | |||||||||||||||||
Interest Rate Swap | 33,000 | 3 month LIBOR | 1.996 | % | Oct. 2015-Oct. 2019 | 717 | $ | 436 | 1,007 | 612 | |||||||||||||||||
Interest Rate Swap | 33,000 | 3 month LIBOR | 2.265 | % | April 2016-April 2020 | 798 | $ | 485 | 1,172 | 712 | |||||||||||||||||
Interest Rate Swap | 33,000 | 3 month LIBOR | 2.646 | % | April 2016-April 2022 | 1,114 | $ | 677 | 1,818 | 1,105 | |||||||||||||||||
Interest Rate Swap | 33,000 | 3 month LIBOR | 2.523 | % | Oct. 2016-Oct. 2020 | 838 | $ | 509 | 1,307 | 795 | |||||||||||||||||
$ | 198,000 | Â Â Â | $ | 4,474 | $ | $2,719 | $ | 6,604 | $ | 4,014 | |||||||||||||||||
-1 | Pinnacle Financial will pay the fixed interest rate and the counterparties pay Pinnacle Financial the variable rate. | ||||||||||||||||||||||||||
-2 | No cash will be exchanged prior to the term. | ||||||||||||||||||||||||||
      The cash flow hedges were determined to be fully effective during the period presented. And therefore, no amount of ineffectiveness has been included in net income. The aggregate fair value of the swaps is recorded in other assets with changes in fair value recorded in accumulated other comprehensive (loss) income, net of tax. If a hedge was deemed to be ineffective, the amount included in accumulated other comprehensive (loss) income would be reclassified to current earnings. The hedge would no longer be considered effective if a portion of the hedge becomes ineffective, the item hedged is no longer in existence or Pinnacle Financial discontinues hedge accounting. Pinnacle Financial expects the hedges to remain fully effective during the remaining terms of the swaps. Pinnacle Financial does not expect any amounts to be reclassified from accumulated other comprehensive (loss) income related to these swaps over the next twelve months. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
Note 9. Fair Value of Financial Instruments | |||||||||||||||||||||
FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements. The definition of fair value focuses on the exit price, i.e., the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not the entry price, i.e., the price that would be paid to acquire the asset or received to assume the liability at the measurement date. The statement emphasizes that fair value is a market-based measurement; not an entity-specific measurement. Therefore, the fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. | |||||||||||||||||||||
Valuation Hierarchy | |||||||||||||||||||||
FASB ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | |||||||||||||||||||||
 | Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||||||||
 | Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||||||||||||
 | Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. | ||||||||||||||||||||
A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Securities available-for-sale – Where quoted prices are available for identical securities in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities and certain other financial products. If quoted market prices are not available, then fair values are estimated by using pricing models that use observable inputs or quoted prices of securities with similar characteristics and are classified within Level 2 of the valuation hierarchy. In certain cases where there is limited activity or less transparency around inputs to the valuation and more complex pricing models or discounted cash flows are used, securities are classified within Level 3 of the valuation hierarchy. | |||||||||||||||||||||
Other equity investments – Included in other investments are other equity investments in certain nonpublic private equity funds. The valuation of nonpublic private equity investments requires management judgment due to the absence of observable quoted market prices, inherent lack of liquidity and the long-term nature of such assets. These investments are valued initially based upon transaction price. The carrying values of other investments are adjusted either upwards or downwards from the transaction price to reflect expected exit values as evidenced by financing and sale transactions with third parties, or when determination of a valuation adjustment is confirmed through ongoing reviews by senior investment managers. A variety of factors are reviewed and monitored to assess positive and negative changes in valuation including, but not limited to, current operating performance and future expectations of the particular investment, industry valuations of comparable public companies and changes in market outlook and the third-party financing environment over time. In determining valuation adjustments resulting from the investment review process, emphasis is placed on current company performance and market conditions. These investments are included in Level 3 of the valuation hierarchy as these funds are not widely traded and the underling investments of such funds are often privately-held and/or start-up companies for which market values are not readily available. | |||||||||||||||||||||
Other assets – Included in other assets are certain assets carried at fair value, including interest rate swap agreements, the cash flow hedge and interest rate locks associated with the mortgage loan pipeline. The carrying amount of interest rate swap agreements is based on Pinnacle Financial's pricing models that utilize observable market inputs. The fair value of the cash flow hedge is determined by calculating the difference between the discounted fixed rate cash flows and the discounted variable rate cash flows. The fair value of the mortgage loan pipeline is based upon the projected sales price of the underlying loans, taking into account market interest rates and other market factors at the measurement date, net of the projected fallout rate. Pinnacle Financial reflects these assets within Level 2 of the valuation hierarchy as these assets are valued using similar transactions that occur in the market. | |||||||||||||||||||||
Nonaccrual loans – A loan is classified as nonaccrual when it is probable Pinnacle Financial will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreement. Nonaccrual loans are measured based on the present value of expected payments using the loan's original effective rate as the discount rate, the loan's observable market price, or the fair value of the collateral less selling costs if the loan is collateral dependent. If the recorded investment in the nonaccrual loan exceeds the measure of fair value, a valuation allowance may be established as a component of the allowance for loan losses or the difference may be recognized as a charge-off. Nonaccrual loans are classified within Level 3 of the hierarchy due to the unobservable inputs used in determining their fair value such as collateral values and the borrower's underlying financial condition. | |||||||||||||||||||||
Other real estate owned – Other real estate owned (OREO) represents real estate foreclosed upon by Pinnacle Bank through loan defaults by customers or acquired by deed in lieu of foreclosure. Substantially all of these amounts relate to lots, homes and development projects that are either completed or are in various stages of construction for which Pinnacle Financial believes it has adequate collateral. Upon foreclosure, the property is recorded at the lower of cost or fair value, based on appraised value, less selling costs estimated as of the date acquired with any loss recognized as a charge-off through the allowance for loan losses. Additional OREO losses for subsequent valuation downward adjustments are determined on a specific property basis and are included as a component of noninterest expense along with holding costs. Any gains or losses realized at the time of disposal are also reflected in noninterest expense, as applicable. OREO is included in Level 3 of the valuation hierarchy due to the lack of observable market inputs into the determination of fair value. Appraisal values are property-specific and sensitive to the changes in the overall economic environment. | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities – Pinnacle Financial has certain liabilities carried at fair value including certain interest rate swap agreements to facilitate customer transactions. The fair value of these liabilities is based on Pinnacle Financial's pricing models that utilize observable market inputs and is reflected within Level 2 of the valuation hierarchy. | |||||||||||||||||||||
The following tables present financial instruments measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, by caption on the consolidated balance sheets and by FASB ASC 820 valuation hierarchy (as described above) (in thousands): | |||||||||||||||||||||
31-Mar-14 | Total carrying value in the consolidated balance sheet | Quoted market prices in an active market | Models with significant observable market parameters | Models with significant unobservable market parameters | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||
    U.S. Treasury securities | $ | - | $ | - | $ | - | $ | - | |||||||||||||
    U.S. government agency securities | 107,368 | - | 107,368 | - | |||||||||||||||||
    Mortgage-backed securities | 452,195 | - | 452,195 | - | |||||||||||||||||
    State and municipal securities | 148,773 | - | 148,773 | - | |||||||||||||||||
    Agency-backed securities | 15,822 | - | 15,822 | - | |||||||||||||||||
    Corporate notes and other | 11,243 | - | 11,243 | - | |||||||||||||||||
Total investment securities available-for-sale | $ | 735,401 | $ | - | $ | 735,401 | $ | - | |||||||||||||
Other equity investments | 7,137 | - | - | 7,137 | |||||||||||||||||
Other assets | 17,860 | - | 17,860 | - | |||||||||||||||||
Total assets at fair value | $ | 760,398 | $ | - | $ | 753,261 | $ | 7,137 | |||||||||||||
Other liabilities | $ | 13,476 | $ | - | $ | 13,476 | $ | - | |||||||||||||
Total liabilities at fair value | $ | 13,476 | $ | - | $ | 13,476 | $ | - | |||||||||||||
31-Dec-13 | |||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||
    U.S. government agency securities | $ | 103,873 | $ | - | $ | 103,873 | $ | - | |||||||||||||
    Mortgage-backed securities | 412,936 | - | 412,936 | - | |||||||||||||||||
    State and municipal securities | 148,411 | - | 148,411 | - | |||||||||||||||||
    Agency-backed securities | 17,007 | - | 17,007 | - | |||||||||||||||||
    Corporate notes and other | 11,229 | - | 11,229 | - | |||||||||||||||||
Total investment securities available-for-sale | 693,456 | - | 693,456 | - | |||||||||||||||||
Other equity investments | 6,701 | - | - | 6,701 | |||||||||||||||||
Other assets | 19,900 | - | 19,900 | - | |||||||||||||||||
Total assets at fair value | $ | 720,057 | $ | - | $ | 713,356 | $ | 6,701 | |||||||||||||
Other liabilities | $ | 13,670 | $ | - | $ | 13,670 | $ | - | |||||||||||||
Total liabilities at fair value | $ | 13,670 | $ | - | $ | 13,670 | $ | - | |||||||||||||
The following table presents assets measured at fair value on a nonrecurring basis as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
Total carrying value in the consolidated balance sheet | Quoted market prices in an active market | Models with significant observable market parameters | Models with significant unobservable market | Total | |||||||||||||||||
(Level 1) | (Level 2) | parameters | losses for the year-to-date period then ended | ||||||||||||||||||
31-Mar-14 | (Level 3) | ||||||||||||||||||||
Other real estate owned | $ | 15,038 | $ | - | $ | - | $ | 15,038 | $ | (310 | ) | ||||||||||
Nonaccrual loans, net (1) | 14,308 | - | - | 14,308 | (153 | ) | |||||||||||||||
Total | $ | 29,346 | $ | - | $ | - | $ | 29,346 | $ | (463 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||
Other real estate owned | $ | 15,226 | $ | - | $ | - | $ | 15,226 | $ | (2,258 | ) | ||||||||||
Nonaccrual loans, net (1) | 16,996 | - | - | 16,996 | (2,921 | ) | |||||||||||||||
Total | $ | 32,222 | $ | - | $ | - | $ | 32,222 | $ | (5,179 | ) | ||||||||||
(1)Â Â Â Â | Amount is net of a valuation allowance of $1.3 at March 31, 2014 and $1.2 million at December 31, 2013 as required by ASC 310-10, "Receivables." | ||||||||||||||||||||
In the case of the investment securities portfolio, Pinnacle Financial monitors the portfolio to ascertain when transfers between levels have been affected. The nature of the remaining assets and liabilities is such that transfers in and out of any level are expected to be rare. For the three months ended March 31, 2014, there were no transfers between Levels 1, 2 or 3. | |||||||||||||||||||||
The table below includes a rollforward of the balance sheet amounts for the three months ended March 31, 2014 (including the change in fair value) for financial instruments classified by Pinnacle Financial within Level 3 of the valuation hierarchy for assets and liabilities measured at fair value on a recurring basis. When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, since Level 3 financial instruments typically include, in addition to the unobservable or Level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources), the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology (in thousands): | |||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Other assets | Other liabilities | Other assets | Other liabilities | ||||||||||||||||||
Fair value, January 1 | $ | 6,701 | $ | - | $ | 4,681 | $ | - | |||||||||||||
Total realized gains (losses) included in income | 130 | - | 100 | - | |||||||||||||||||
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at March 31 | - | - | - | - | |||||||||||||||||
Purchases | 306 | - | 304 | - | |||||||||||||||||
Issuances | - | - | - | - | |||||||||||||||||
Settlements | - | - | - | - | |||||||||||||||||
Transfers out of Level 3 | - | - | - | - | |||||||||||||||||
Fair value, March 31 | 7,137 | - | 5,085 | - | |||||||||||||||||
Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at March 31 | $ | 130 | $ | - | $ | 100 | $ | - | |||||||||||||
The following methods and assumptions were used by Pinnacle Financial in estimating its fair value disclosures for financial instruments that are not measured at fair value. In cases where quoted market prices are not available, fair values are based on estimates using discounted cash flow models. Those models are significantly affected by the assumptions used, including the discount rates, estimates of future cash flows and borrower creditworthiness. The fair value estimates presented herein are based on pertinent information available to management as of March 31, 2014 and December 31, 2013. Such amounts have not been revalued for purposes of these consolidated financial statements since those dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. | |||||||||||||||||||||
Securities held-to-maturity- Estimated fair values for investment securities are based on quoted market prices where available. If quoted market prices are not available, then fair values are estimated by using pricing models that use observable inputs or quoted prices of securities with similar characteristics. | |||||||||||||||||||||
Loans, net - The fair value of our loan portfolio includes a credit risk factor in the determination of the fair value of our loans. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. Our loan portfolio is initially fair valued using a segmented approach. We divide our loan portfolio into the following categories: variable rate loans, impaired loans and all other loans. The results are then adjusted to account for credit risk. | |||||||||||||||||||||
For variable-rate loans that reprice frequently and have no significant change in credit risk, fair values approximate carrying values. Fair values for impaired loans are  estimated using discounted cash flow models or based on the fair value of the underlying collateral. For other loans, fair values are estimated using discounted cash flow models, using current market interest rates offered for loans with similar terms to borrowers of similar credit quality. The values derived from the discounted cash flow approach for each of the above portfolios are then further discounted to incorporate credit risk to determine the exit price. | |||||||||||||||||||||
Mortgage loans held-for-sale - Mortgage loans held-for-sale are carried at the lower of cost or fair value. The estimate of fair value is based on pricing models and other information. | |||||||||||||||||||||
Deposits, securities sold under agreements to repurchase, Federal Home Loan Bank (FHLB) advances, subordinated debt and other borrowings - The carrying amounts of demand deposits, savings deposits, securities sold under agreements to repurchase, floating rate advances from the FHLB, floating rate subordinated debt and other borrowings, and floating rate loans approximate their fair values due to having no stated maturity. Fair values for certificates of deposit, fixed rate advances from the FHLB and fixed rate subordinated debt are estimated using discounted cash flow models, using current market interest rates offered on certificates, advances and other borrowings with similar remaining maturities. For fixed rate subordinated debt, the maturity is assumed to be as of the earliest date that the indebtedness will be repriced. | |||||||||||||||||||||
Off-balance sheet instruments - The fair values of Pinnacle Financial's off-balance-sheet financial instruments are based on fees charged to enter into similar agreements. However, commitments to extend credit do not represent a significant value to Pinnacle Financial until such commitments are funded. | |||||||||||||||||||||
The following table presents the carrying amounts, estimated fair value and placement in the fair value hierarchy of Pinnacle Financial's financial instruments at March 31, 2014 and December 31, 2013. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as non-interest bearing demand, interest-bearing demand, and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity (in thousands). | |||||||||||||||||||||
(dollars in thousands) | Carrying/ | Estimated | Quoted market prices in an active market | Models with significant observable market parameters | Models with significant unobservable market | ||||||||||||||||
31-Mar-14 | Notional | Fair Value(1) | (Level 1) | (Level 2) | parameters | ||||||||||||||||
Amount | (Level 3) | ||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Securities held-to-maturity | $ | 38,733 | $ | 38,195 | $ | - | $ | 38,195 | $ | - | |||||||||||
Loans, net | 4,114,163 | 4,062,235 | - | - | 4,062,235 | ||||||||||||||||
Mortgage loans held-for-sale | 13,971 | 14,437 | - | 14,437 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits and securities sold under | |||||||||||||||||||||
agreements to repurchase | 4,568,669 | 4,210,590 | - | - | 4,210,590 | ||||||||||||||||
Federal Home Loan Bank advances | 150,604 | 150,556 | - | - | 150,556 | ||||||||||||||||
Subordinated debt and other borrowings | 98,033 | 72,483 | - | - | 72,483 | ||||||||||||||||
Off-balance sheet instruments: | |||||||||||||||||||||
Commitments to extend credit (2) | 1,221,891 | 1,051 | - | - | 1,051 | ||||||||||||||||
Standby letters of credit (3) | 68,419 | 320 | - | - | 320 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Securities held-to-maturity | $ | 39,796 | $ | 38,817 | $ | - | $ | 38,817 | $ | - | |||||||||||
Loans, net | 4,076,524 | 4,021,675 | - | - | 4,021,675 | ||||||||||||||||
Mortgage loans held for sale | 12,850 | 12,999 | - | 12,999 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits and securities sold under | |||||||||||||||||||||
agreements to repurchase | 4,603,938 | 4,378,805 | - | - | 4,378,805 | ||||||||||||||||
Federal Home Loan Bank advances | 90,637 | 90,652 | - | - | 90,652 | ||||||||||||||||
Subordinated debt and other borrowings | 98,658 | 73,083 | - | - | 73,083 | ||||||||||||||||
Off-balance sheet instruments: | |||||||||||||||||||||
Commitments to extend credit (2) | 1,206,528 | 1,040 | - | - | 1,040 | ||||||||||||||||
Standby letters of credit (3) | 69,231 | 331 | - | - | 331 | ||||||||||||||||
(1)Â Â Â Â | Estimated fair values are consistent with an exit-price concept. The assumptions used to estimate the fair values are intended to approximate those that a market-participant would realize in a hypothetical orderly transaction. | ||||||||||||||||||||
-2 | At the end of each quarter, Pinnacle Financial evaluates the inherent risks of the outstanding off-balance sheet commitments. In making this evaluation, Pinnacle Financial evaluates the credit worthiness of the borrower, the collateral supporting the commitments and any other factors similar to those used to evaluate the inherent risks of our loan portfolio. Additionally, Pinnacle Financial evaluates the probability that the outstanding commitment will eventually become a funded loan. As a result, at March 31, 2014 and December 31, 2013, Pinnacle Financial included in other liabilities $1.3 million representing the inherent risks associated with these off-balance sheet commitments. | ||||||||||||||||||||
-3 | At March 31, 2014 and December 31, 2013, the fair value of Pinnacle Financial's standby letters of credit was $320,000 and $331,000, respectively. This amount represents the unamortized fee associated with these standby letters of credit and is included in the consolidated balance sheet of Pinnacle Financial and is believed to approximate fair value. This fair value will decrease over time as the existing standby letters of credit approach their expiration dates. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Variable Interest Entities [Abstract] | ' | ||||||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||||||
Note 10. Variable Interest Entities | |||||||||||||||||||||
Under ASC 810, Pinnacle Financial is deemed to be the primary beneficiary and required to consolidate a variable interest entity (VIE) if it has a variable interest in the VIE that provides it with a controlling financial interest. For such purposes, the determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. ASC 810 requires continual reconsideration of conclusions reached regarding which interest holder is a VIE's primary beneficiary and disclosures surrounding those VIE's which have not been consolidated. The consolidation methodology provided in this footnote for the quarter ended March 31, 2014, and the year ended December 31, 2013, has been prepared in accordance with ASC 810. | |||||||||||||||||||||
At March 31, 2014, Pinnacle Financial did not have any consolidated VIEs to disclose but did have several nonconsolidated VIEs. As discussed more fully in its Annual Report on Form 10-K for the fiscal year ended December 31, 2013, Pinnacle Financial has the following non-consolidated variable interest entities: low income housing partnerships, trust preferred issuances and accruing restructured commercial loans. | |||||||||||||||||||||
The following table summarizes VIE's that are not consolidated by Pinnacle Financial as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Assets Recognized (maximum loss) | Liability | Assets Recognized (maximum loss) | Liability | Balance Sheet | |||||||||||||||||
Type | Recognized | Recognized | Classification | ||||||||||||||||||
Low income housing partnerships | $ | 7,902 | $ | - | $ | 7,945 | $ | - | Other assets | ||||||||||||
Trust preferred issuances | N/ | A | 82,476 | N/ | A | 82,476 | Subordinated debt | ||||||||||||||
Commercial troubled debt restructurings | 10,740 | - | 15,273 | - | Loans | ||||||||||||||||
Managed discretionary trusts | N/ | A | N/ | A | N/ | A | N/ | A | N/ | A | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||
Basis of Presentation | ' | ||||||||
Basis of Presentation — The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (U.S. GAAP). All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Pinnacle Financial consolidated financial statements and related notes appearing in the 2013 Annual Report previously filed on Form 10-K. | |||||||||
These consolidated financial statements include the accounts of Pinnacle Financial and its wholly-owned subsidiaries. PNFP Statutory Trust I, PNFP Statutory Trust II, PNFP Statutory Trust III and PNFP Statutory Trust IV are affiliates of Pinnacle Financial and are included in these consolidated financial statements pursuant to the equity method of accounting. Significant intercompany transactions and accounts are eliminated in consolidation. | |||||||||
Use of Estimates | ' | ||||||||
Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the allowance for loan losses, any potential impairment of intangible assets, including goodwill and the valuation of deferred tax assets, other real estate owned, and our investment portfolio, including other-than-temporary impairment. These financial statements should be read in conjunction with Pinnacle Financial's Annual Report on Form 10-K for the year ended December 31, 2013. There have been no significant changes to Pinnacle Financial's significant accounting policies as disclosed in Pinnacle Financial's Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||
Cash Flow Information | ' | ||||||||
Cash Flow Information — Supplemental cash flow information addressing certain cash and noncash transactions for each of the three months ended March 31, 2014 and 2013 was as follows: | |||||||||
For the three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Cash Transactions: | |||||||||
Interest paid | $ | 3,447,425 | $ | 4,540,692 | |||||
Income taxes paid, net | 6,100,000 | 7,100,000 | |||||||
Noncash Transactions: | |||||||||
Loans charged-off to the allowance for loan losses | 1,503,511 | 3,557,313 | |||||||
Loans foreclosed upon and transferred to other real estate owned | 1,645,100 | 550,000 | |||||||
Available-for-sale securities transferred to held-to-maturity portfolio | - | 39,959,647 | |||||||
Income per Common Share Policy | ' | ||||||||
Income Per Common Share — Basic net income per common share available to common stockholders (EPS) is computed by dividing net income available to common stockholders by the weighted average common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The difference between basic and diluted weighted average shares outstanding is attributable to common stock options, common stock appreciation rights, restricted share awards, and restricted share unit awards. The dilutive effect of outstanding options, common stock appreciation rights, restricted share awards, and restricted share unit awards is reflected in diluted EPS by application of the treasury stock method. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Cash Flow Information — Supplemental cash flow information addressing certain cash and noncash transactions for each of the three months ended March 31, 2014 and 2013 was as follows: | |||||||||
For the three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Cash Transactions: | |||||||||
Interest paid | $ | 3,447,425 | $ | 4,540,692 | |||||
Income taxes paid, net | 6,100,000 | 7,100,000 | |||||||
Noncash Transactions: | |||||||||
Loans charged-off to the allowance for loan losses | 1,503,511 | 3,557,313 | |||||||
Loans foreclosed upon and transferred to other real estate owned | 1,645,100 | 550,000 | |||||||
Available-for-sale securities transferred to held-to-maturity portfolio | - | 39,959,647 | |||||||
Basic and Diluted Earnings Per Share Calculations | ' | ||||||||
The following is a summary of the basic and diluted net income per share calculations for the three months ended March 31, 2014 and 2013: | |||||||||
For the three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Basic net income per share calculation: | |||||||||
Numerator - Net income available to common stockholders | $ | 16,367,123 | $ | 13,448,125 | |||||
Denominator - Average common shares outstanding | 34,602,337 | 33,987,265 | |||||||
Basic net income per share available to common stockholders | $ | 0.47 | $ | 0.4 | |||||
Diluted net income per share calculation: | |||||||||
Numerator – Net income available to common stockholders | $ | 16,367,123 | $ | 13,448,125 | |||||
Denominator - Average common shares outstanding | 34,602,337 | 33,987,265 | |||||||
Dilutive shares contingently issuable | 364,263 | 218,937 | |||||||
Average diluted common shares outstanding | 34,966,600 | 34,206,202 | |||||||
Diluted net income per share available to common stockholders | $ | 0.47 | $ | 0.39 |
Securities_Tables
Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Summary of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities | ' | ||||||||||||||||||||||||
The amortized cost and fair value of securities available-for-sale and held-to-maturity at March 31, 2014 and December 31, 2013 are summarized as follows (in thousands): | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
U.S. government agency securities | 116,830 | 19 | 9,481 | 107,368 | |||||||||||||||||||||
Mortgage-backed securities | 448,646 | 9,835 | 6,286 | 452,195 | |||||||||||||||||||||
State and municipal securities | 142,338 | 6,931 | 496 | 148,773 | |||||||||||||||||||||
Asset-backed securities | 16,048 | - | 226 | 15,822 | |||||||||||||||||||||
Corporate notes and other | 10,214 | 1,031 | 2 | 11,243 | |||||||||||||||||||||
$ | 734,076 | $ | 17,816 | $ | 16,491 | $ | 735,401 | ||||||||||||||||||
Securities held-to-maturity: | |||||||||||||||||||||||||
State and municipal securities | $ | 38,733 | $ | 103 | $ | 641 | $ | 38,195 | |||||||||||||||||
$ | 38,733 | $ | 103 | $ | 641 | $ | 38,195 | ||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
U.S. government agency securities | 117,282 | 13 | 13,422 | 103,873 | |||||||||||||||||||||
Mortgage-backed securities | 411,967 | 9,771 | 8,802 | 412,936 | |||||||||||||||||||||
State and municipal securities | 143,763 | 5,504 | 856 | 148,411 | |||||||||||||||||||||
Asset-backed securities | 17,262 | - | 255 | 17,007 | |||||||||||||||||||||
Corporate notes and other | 10,218 | 1,018 | 7 | 11,229 | |||||||||||||||||||||
$ | 700,492 | $ | 16,306 | 23,342 | $ | 693,456 | |||||||||||||||||||
Securities held-to-maturity: | |||||||||||||||||||||||||
State and municipal securities | $ | 39,796 | $ | 72 | $ | 1,051 | $ | 38,817 | |||||||||||||||||
$ | 39,796 | $ | 72 | $ | 1,051 | $ | 38,817 | ||||||||||||||||||
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The amortized cost and fair value of debt securities as of March 31, 2014 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage- and asset-backed securities since the mortgages and assets underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories in the following summary (in thousands): | |||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||||||||||||
March 31, 2014: | Amortized | Fair | Amortized Cost | Fair | |||||||||||||||||||||
Cost | Value | Value | |||||||||||||||||||||||
Due in one year or less | $ | 5,218 | $ | 5,276 | $ | 239 | $ | 241 | |||||||||||||||||
Due in one year to five years | 28,662 | 29,690 | 11,556 | 11,581 | |||||||||||||||||||||
Due in five years to ten years | 130,249 | 131,868 | 14,699 | 14,398 | |||||||||||||||||||||
Due after ten years | 105,253 | 100,550 | 12,239 | 11,975 | |||||||||||||||||||||
Mortgage-backed securities | 448,646 | 452,195 | - | - | |||||||||||||||||||||
Asset-backed securities | 16,048 | 15,822 | - | - | |||||||||||||||||||||
$ | 734,076 | $ | 735,401 | $ | 38,733 | $ | 38,195 | ||||||||||||||||||
Classification of Investments According to Term of Unrealized Losses of Less than Twelve Months or Twelve Months or Longer | ' | ||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, the following investments had unrealized losses. The table below classifies these investments according to the term of the unrealized losses of less than twelve months or twelve months or longer (in thousands): | |||||||||||||||||||||||||
Investments with an Unrealized Loss of | Investments with an | Total Investments | |||||||||||||||||||||||
less than 12 months | Unrealized Loss of | with an | |||||||||||||||||||||||
12 months or longer | Unrealized Loss | ||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized | ||||||||||||||||||||
Losses | |||||||||||||||||||||||||
At March 31, 2014: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
U.S. government agency securities | 4,910 | 14 | 96,804 | 9,467 | 101,714 | 9,481 | |||||||||||||||||||
Mortgage-backed securities | 133,216 | 1,172 | 92,296 | 5,114 | 225,512 | 6,286 | |||||||||||||||||||
State and municipal securities | 26,778 | 670 | 9,630 | 467 | 36,408 | 1,137 | |||||||||||||||||||
Asset-backed securities | - | - | 15,823 | 226 | 15,823 | 226 | |||||||||||||||||||
Corporate notes | 749 | 1 | 158 | 1 | 907 | 2 | |||||||||||||||||||
Total temporarily-impaired securities | $ | 165,653 | $ | 1,857 | $ | 214,711 | $ | 15,275 | $ | 380,364 | $ | 17,132 | |||||||||||||
At December 31, 2013: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
U.S. government agency securities | 8,742 | 22 | 92,869 | 13,400 | 101,611 | 13,422 | |||||||||||||||||||
Mortgage-backed securities | 157,262 | 3,913 | 42,903 | 4,889 | 200,165 | 8,802 | |||||||||||||||||||
State and municipal securities | 46,282 | 1,351 | 3,798 | 555 | 50,080 | 1,906 | |||||||||||||||||||
Asset-backed securities | - | - | 17,006 | 255 | 17,006 | 255 | |||||||||||||||||||
Corporate notes | 946 | 6 | 159 | 2 | 1,105 | 8 | |||||||||||||||||||
Total temporarily-impaired securities | $ | 213,232 | $ | 5,292 | $ | 156,735 | $ | 19,101 | $ | 369,967 | $ | 24,393 |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Amount of Each Loan Classification, Categorized into Each Risk Rating Class | ' | ||||||||||||||||||||||||||||||||
The following table outlines the amount of each loan classification categorized into each risk rating category as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Commercial real estate - mortgage | Consumer real estate - mortgage | Construction and land development | Commercial and industrial | Consumer | Total | ||||||||||||||||||||||||||||
and other | |||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Accruing loans | |||||||||||||||||||||||||||||||||
        Pass | $ | 1,410,425 | $ | 676,486 | $ | 252,406 | $ | 1,515,110 | $ | 158,088 | $ | 4,012,515 | |||||||||||||||||||||
        Special Mention | 7,997 | 3,557 | 30,083 | 12,814 | 149 | 54,600 | |||||||||||||||||||||||||||
        Substandard (1) | 22,726 | 13,900 | 10,465 | 36,614 | 154 | 83,859 | |||||||||||||||||||||||||||
        Total | 1,441,148 | 693,943 | 292,954 | 1,564,538 | 158,391 | 4,150,974 | |||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||
        Nonaccrual loans | |||||||||||||||||||||||||||||||||
                Substandard-nonaccrual | 7,145 | 5,679 | 990 | 1,538 | 254 | 15,606 | |||||||||||||||||||||||||||
                Doubtful-nonaccrual | - | - | - | - | - | - | |||||||||||||||||||||||||||
        Total nonaccrual loans | 7,145 | 5,679 | 990 | 1,538 | 254 | 15,606 | |||||||||||||||||||||||||||
        Troubled debt restructurings(2) | |||||||||||||||||||||||||||||||||
                Pass | 143 | 1,657 | 111 | 277 | 286 | 2,474 | |||||||||||||||||||||||||||
                Special Mention | 7,736 | 2,313 | - | 2,584 | - | 12,633 | |||||||||||||||||||||||||||
                Substandard | - | - | - | - | - | - | |||||||||||||||||||||||||||
         Total troubled debt restructurings | 7,879 | 3,970 | 111 | 2,861 | 286 | 15,107 | |||||||||||||||||||||||||||
Total impaired loans | 15,024 | 9,649 | 1,101 | 4,399 | 540 | 30,713 | |||||||||||||||||||||||||||
Total loans | $ | 1,456,172 | $ | 703,592 | $ | 294,055 | $ | 1,568,937 | $ | 158,931 | $ | 4,181,687 | |||||||||||||||||||||
Commercial real estate - mortgage | Consumer real estate - mortgage | Construction and land development | Commercial and industrial | Consumer | Total | ||||||||||||||||||||||||||||
and other | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Accruing loans | |||||||||||||||||||||||||||||||||
        Pass | $ | 1,332,387 | $ | 670,412 | $ | 275,876 | $ | 1,557,923 | $ | 143,032 | $ | 3,979,630 | |||||||||||||||||||||
        Special Mention | 8,282 | 1,824 | 31,835 | 20,065 | - | 62,006 | |||||||||||||||||||||||||||
        Substandard (1) | 20,296 | 14,107 | 7,297 | 23,174 | 154 | 65,028 | |||||||||||||||||||||||||||
        Total | 1,360,965 | 686,343 | 315,008 | 1,601,162 | 143,186 | 4,106,664 | |||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||
        Nonaccrual loans | |||||||||||||||||||||||||||||||||
                Substandard-nonaccrual | 9,017 | 5,289 | 1,070 | 2,565 | 242 | 18,183 | |||||||||||||||||||||||||||
                Doubtful-nonaccrual | - | - | - | - | - | - | |||||||||||||||||||||||||||
        Total nonaccrual loans | 9,017 | 5,289 | 1,070 | 2,565 | 242 | 18,183 | |||||||||||||||||||||||||||
        Troubled debt restructurings(2) | |||||||||||||||||||||||||||||||||
                Pass | 2,564 | 1,666 | 113 | 320 | 276 | 4,939 | |||||||||||||||||||||||||||
                Special Mention | - | - | - | - | - | - | |||||||||||||||||||||||||||
                Substandard | 10,889 | 2,318 | - | 1,500 | - | 14,707 | |||||||||||||||||||||||||||
         Total troubled debt restructurings | 13,453 | 3,984 | 113 | 1,820 | 276 | 19,646 | |||||||||||||||||||||||||||
Total impaired loans | 22,470 | 9,273 | 1,183 | 4,385 | 518 | 37,829 | |||||||||||||||||||||||||||
Total loans | $ | 1,383,435 | $ | 695,616 | $ | 316,191 | $ | 1,605,547 | $ | 143,704 | $ | 4,144,493 | |||||||||||||||||||||
-1 | Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have doubts about the borrower's ability to comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by Pinnacle Bank's primary regulators for loans classified as substandard, excluding the impact of substandard nonaccrual loans and substandard troubled debt restructurings. Potential problem loans, which are not included in nonaccrual loans, amounted to approximately $83.9 million at March 31, 2014, compared to $65.0 million at December 31, 2013. | ||||||||||||||||||||||||||||||||
-2 | Troubled debt restructurings are presented as an impaired loan; however, they continue to accrue interest at contractual rates. | ||||||||||||||||||||||||||||||||
Summary of Recorded Investment, Unpaid Principal Balance and Related Allowance and Average Recorded Investment of Impaired Loans | ' | ||||||||||||||||||||||||||||||||
The following table details the recorded investment, unpaid principal balance and related allowance and average recorded investment of our nonaccrual loans at March 31, 2014 and December 31, 2013 by loan classification and the amount of interest income recognized on a cash basis throughout the fiscal year-to-date period then ended, respectively, on these loans that remain on the balance sheets (in thousands): | |||||||||||||||||||||||||||||||||
At March 31, 2014 | Three Months Ended | ||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance(1) | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||||||
Collateral dependent nonaccrual loans: | |||||||||||||||||||||||||||||||||
    Commercial real estate – mortgage | $ | 5,192 | $ | 5,712 | $ | - | $ | 5,225 | $ | - | |||||||||||||||||||||||
    Consumer real estate – mortgage | 2,413 | 2,476 | - | 2,427 | - | ||||||||||||||||||||||||||||
    Construction and land development | 545 | 545 | - | 545 | - | ||||||||||||||||||||||||||||
    Commercial and industrial | 1,060 | 1,168 | - | 1,074 | - | ||||||||||||||||||||||||||||
    Consumer and other | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 9,210 | $ | 9,901 | $ | - | $ | 9,271 | $ | - | |||||||||||||||||||||||
Cash flow dependent nonaccrual loans: | |||||||||||||||||||||||||||||||||
    Commercial real estate – mortgage | $ | 1,953 | $ | 2,152 | $ | 161 | $ | 1,964 | $ | - | |||||||||||||||||||||||
    Consumer real estate – mortgage | 3,266 | 3,514 | 875 | 3,289 | - | ||||||||||||||||||||||||||||
    Construction and land development | 445 | 516 | 14 | 450 | - | ||||||||||||||||||||||||||||
    Commercial and industrial | 478 | 658 | 162 | 879 | - | ||||||||||||||||||||||||||||
    Consumer and other | 254 | 270 | 86 | 260 | - | ||||||||||||||||||||||||||||
Total | $ | 6,396 | $ | 7,110 | $ | 1,298 | $ | 6,842 | $ | - | |||||||||||||||||||||||
Total nonaccrual loans | $ | 15,606 | $ | 17,011 | $ | 1,298 | $ | 16,113 | $ | - | |||||||||||||||||||||||
At December 31, 2013: | For the year ended | ||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Recorded investment | Unpaid principal balance | Related allowance(1) | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||||||
Collateral dependent nonaccrual loans: | |||||||||||||||||||||||||||||||||
    Commercial real estate – mortgage | $ | 7,035 | $ | 7,481 | $ | - | $ | 6,522 | $ | - | |||||||||||||||||||||||
    Consumer real estate – mortgage | 2,162 | 2,209 | - | 2,234 | - | ||||||||||||||||||||||||||||
    Construction and land development | 545 | 545 | - | 938 | - | ||||||||||||||||||||||||||||
    Commercial and industrial | 1,828 | 1,901 | - | 3,911 | - | ||||||||||||||||||||||||||||
    Consumer and other | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 11,570 | $ | 12,136 | $ | - | $ | 13,605 | $ | - | |||||||||||||||||||||||
Cash flow dependent nonaccrual loans: | |||||||||||||||||||||||||||||||||
    Commercial real estate – mortgage | $ | 1,982 | $ | 2,166 | $ | 142 | $ | 2,448 | $ | - | |||||||||||||||||||||||
    Consumer real estate – mortgage | 3,127 | 3,334 | 722 | 3,405 | - | ||||||||||||||||||||||||||||
    Construction and land development | 525 | 609 | 33 | 568 | - | ||||||||||||||||||||||||||||
    Commercial and industrial | 737 | 1,029 | 218 | 1,216 | - | ||||||||||||||||||||||||||||
    Consumer and other | 242 | 252 | 72 | 242 | - | ||||||||||||||||||||||||||||
Total | $ | 6,613 | $ | 7,390 | $ | 1,187 | $ | 7,879 | $ | - | |||||||||||||||||||||||
Total nonaccrual loans | $ | 18,183 | $ | 19,526 | $ | 1,187 | $ | 21,484 | $ | - | |||||||||||||||||||||||
(1)Â Â Â Â | Collateral dependent loans are typically charged-off to their net realizable value pursuant to requirements of our primary regulators and no specific allowance is carried related to those loans. | ||||||||||||||||||||||||||||||||
Amount of Troubled Debt Restructuring Categorized by Loan Classification | ' | ||||||||||||||||||||||||||||||||
The following table outlines the amount of each troubled debt restructuring categorized by loan classification made during the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Number | Pre | Post Modification Outstanding Recorded Investment, net of related allowance | Number of contracts | Pre | Post | ||||||||||||||||||||||||||||
of contracts | Modification Outstanding Recorded Investment | Modification Outstanding Recorded Investment | Modification Outstanding Recorded Investment, net of related allowance | ||||||||||||||||||||||||||||||
Commercial real estate – mortgage | - | $ | - | $ | - | - | $ | - | $ | - | |||||||||||||||||||||||
Consumer real estate – mortgage | - | - | - | 1 | 432 | 359 | |||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial and industrial | 6 | 2,584 | 565 | - | - | - | |||||||||||||||||||||||||||
Consumer and other | - | - | - | 1 | 200 | 170 | |||||||||||||||||||||||||||
6 | $ | 2,584 | $ | 565 | 2 | $ | 632 | $ | 529 | ||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The following table outlines the amount of each troubled debt restructuring categorized by loan classification made during the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | Three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||
Number | Pre | Post Modification Outstanding Recorded Investment, net of related allowance | Number of contracts | Pre | Post | ||||||||||||||||||||||||||||
of contracts | Modification Outstanding Recorded Investment | Modification Outstanding Recorded Investment | Modification Outstanding Recorded Investment, net of related allowance | ||||||||||||||||||||||||||||||
Commercial real estate – mortgage | - | $ | - | $ | - | - | $ | - | $ | - | |||||||||||||||||||||||
Consumer real estate – mortgage | - | - | - | 1 | 432 | 359 | |||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial and industrial | 6 | 2,584 | 565 | - | - | - | |||||||||||||||||||||||||||
Consumer and other | - | - | - | 1 | 200 | 170 | |||||||||||||||||||||||||||
6 | $ | 2,584 | $ | 565 | 2 | $ | 632 | $ | 529 | ||||||||||||||||||||||||
Summary of Loan Portfolio Credit Risk Exposure | ' | ||||||||||||||||||||||||||||||||
Pinnacle Financial analyzes its commercial loan portfolio to determine if a concentration of credit risk exists to any industry. Pinnacle Financial utilizes broadly accepted industry classification systems in order to classify borrowers into various industry classifications. Pinnacle Financial has a credit exposure (loans outstanding plus unfunded lines of credit) exceeding 25 % of Pinnacle Bank's total risk-based capital to borrowers in the following industries at March 31, 2014 with the comparative exposures for December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
At March 31, 2014: | |||||||||||||||||||||||||||||||||
Outstanding Principal Balances | Unfunded Commitments | Total exposure | Total Exposure at December 31, 2013 | ||||||||||||||||||||||||||||||
Lessors of nonresidential buildings | $ | 501,891 | $ | 53,584 | $ | 555,475 | $ | 515,240 | |||||||||||||||||||||||||
Lessors of residential buildings | 240,296 | 27,544 | 267,840 | 270,773 | |||||||||||||||||||||||||||||
Past Due Balances by Loan Classification | ' | ||||||||||||||||||||||||||||||||
The table below presents past due balances at March 31, 2014 and December 31, 2013, by loan classification and segment allocated between accruing and nonaccrual status (in thousands): | |||||||||||||||||||||||||||||||||
31-Mar-14 | 30-89 days past due and accruing | 90 days or more past due and accruing | Total past due and accruing | Nonaccrual(1) | Current | Total | |||||||||||||||||||||||||||
and accruing | Loans | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
    Owner-occupied | $ | 125 | $ | - | $ | 125 | $ | 6,906 | $ | 694,296 | $ | 701,327 | |||||||||||||||||||||
    All other | 844 | 7,736 | (2) | 8,580 | 239 | 746,026 | 754,845 | ||||||||||||||||||||||||||
Consumer real estate – mortgage | 5,239 | - | 5,239 | 5,679 | 692,674 | 703,592 | |||||||||||||||||||||||||||
Construction and land development | 849 | 147 | 996 | 990 | 292,069 | 294,055 | |||||||||||||||||||||||||||
Commercial and industrial | 1,191 | 52 | 1,243 | 1,538 | 1,566,156 | 1,568,937 | |||||||||||||||||||||||||||
Consumer and other | 2,096 | 8 | 2,104 | 254 | 156,573 | 158,931 | |||||||||||||||||||||||||||
$ | 10,344 | $ | 7,943 | $ | 18,287 | $ | 15,606 | $ | 4,147,794 | $ | 4,181,687 | ||||||||||||||||||||||
31-Dec-13 | 30-89 days past due and accruing | 90 days or more past due and accruing | Total past due and accruing | Nonaccrual(1) | Current | Total | |||||||||||||||||||||||||||
and accruing | Loans | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||
    Owner-occupied | $ | 2,534 | $ | - | $ | 2,534 | $ | 7,750 | $ | 669,014 | $ | 679,298 | |||||||||||||||||||||
    All other | 27 | 2,232 | 2,259 | 1,267 | 700,611 | 704,137 | |||||||||||||||||||||||||||
Consumer real estate – mortgage | 2,215 | - | 2,215 | 5,289 | 688,112 | 695,616 | |||||||||||||||||||||||||||
Construction and land development | 4,839 | - | 4,839 | 1,070 | 310,282 | 316,191 | |||||||||||||||||||||||||||
Commercial and industrial | 1,847 | 825 | 2,672 | 2,565 | 1,600,310 | 1,605,547 | |||||||||||||||||||||||||||
Consumer and other | 1,488 | 289 | 1,777 | 242 | 141,685 | 143,704 | |||||||||||||||||||||||||||
$ | 12,950 | $ | 3,346 | $ | 16,296 | $ | 18,183 | $ | 4,110,014 | $ | 4,144,493 | ||||||||||||||||||||||
(1) Approximately $10.9Â million of nonaccrual loans as of March 31, 2014 and December 31, 2013, respectively, were currently performing pursuant to their contractual terms. | |||||||||||||||||||||||||||||||||
(2) Represents one commercial real estate loan which, subsequent to March 31, 2014, was brought current with a principal curtailment of $7.6 million. | |||||||||||||||||||||||||||||||||
Details of Changes in the Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
The following table shows the allowance allocation by loan classification and accrual status at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
Accruing Loans | Nonaccrual Loans | Troubled Debt Restructurings(1) | Total Allowance | ||||||||||||||||||||||||||||||
for Loan Losses | |||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Commercial real estate –mortgage | $ | 19,636 | $ | 19,298 | $ | 161 | $ | 142 | $ | 753 | $ | 1,932 | $ | 20,550 | $ | 21,372 | |||||||||||||||||
Consumer real estate – mortgage | 6,426 | 7,090 | 875 | 722 | 521 | 543 | 7,822 | 8,355 | |||||||||||||||||||||||||
Construction and land development | 6,737 | 7,186 | 14 | 33 | 14 | 16 | 6,765 | 7,235 | |||||||||||||||||||||||||
Commercial and industrial | 25,951 | 24,660 | 162 | 218 | 597 | 256 | 26,710 | 25,134 | |||||||||||||||||||||||||
Consumer and other | 1,764 | 1,521 | 86 | 72 | 36 | 39 | 1,886 | 1,632 | |||||||||||||||||||||||||
Unallocated | - | - | - | - | - | - | 3,791 | 4,242 | |||||||||||||||||||||||||
$ | 60,514 | $ | 59,755 | $ | 1,298 | $ | 1,187 | $ | 1,921 | $ | 2,786 | $ | 67,524 | $ | 67,970 | ||||||||||||||||||
(1)Â Â Â Â | Troubled debt restructurings of $15.1 million and $19.6 million as of March 31, 2014 and December 31, 2013, respectively, are classified as impaired loans pursuant to U.S. GAAP; however, these loans continue to accrue interest at contractual rates. | ||||||||||||||||||||||||||||||||
The following table details the changes in the allowance for loan losses from December 31, 2012 to December 31, 2013 to March 31, 2014 by loan classification and the allocation of the allowance for loan losses (in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Consumer | Construction and | Commercial and industrial | Consumer and other | Unallocated | Total | |||||||||||||||||||||||||||
real estate – |  real estate – mortgage | land development | |||||||||||||||||||||||||||||||
mortgage | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 19,634 | $ | 8,762 | $ | 9,164 | $ | 24,738 | $ | 1,094 | $ | 6,025 | $ | 69,417 | |||||||||||||||||||
    Charged-off loans | (4,123 | ) | (2,250 | ) | (1,351 | ) | (8,159 | ) | (1,369 | ) | - | (17,252 | ) | ||||||||||||||||||||
    Recovery of previously charged-off loans | 500 | 1,209 | 1,464 | 4,531 | 244 | - | 7,948 | ||||||||||||||||||||||||||
    Provision for loan losses | 5,361 | 634 | (2,042 | ) | 4,024 | 1,663 | (1,783 | ) | 7,857 | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 21,372 | $ | 8,355 | $ | 7,235 | $ | 25,134 | $ | 1,632 | $ | 4,242 | $ | 67,970 | |||||||||||||||||||
Collectively evaluated for impairment | $ | 19,298 | $ | 7,090 | $ | 7,186 | $ | 24,660 | $ | 1,521 | $ | 59,755 | |||||||||||||||||||||
Individually evaluated for impairment | 2,074 | 1,265 | 49 | 474 | 111 | 3,973 | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | - | - | - | - | - | - | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 21,372 | $ | 8,355 | $ | 7,235 | $ | 25,134 | $ | 1,632 | $ | 67,970 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,360,965 | $ | 686,343 | $ | 315,008 | $ | 1,601,162 | $ | 143,186 | $ | 4,106,664 | |||||||||||||||||||||
Individually evaluated for impairment | 22,470 | 9,273 | 1,183 | 4,385 | 518 | 37,829 | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | - | - | - | - | - | - | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,383,435 | $ | 695,616 | $ | 316,191 | $ | 1,605,547 | $ | 143,704 | $ | 4,144 | |||||||||||||||||||||
Commercial | Consumer | Construction and | Commercial and industrial | Consumer and other | Unallocated | Total | |||||||||||||||||||||||||||
real estate - | real estate - | land development | |||||||||||||||||||||||||||||||
mortgage | mortgage | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
 Balance at December 31, 2013 | $ | 21,372 | $ | 8,355 | $ | 7,235 | $ | 25,134 | $ | 1,632 | $ | 4,242 | $ | 67,970 | |||||||||||||||||||
    Charged-off loans | (123 | ) | (334 | ) | (7 | ) | (824 | ) | (214 | ) | - | (1,502 | ) | ||||||||||||||||||||
    Recovery of previously charged-off loans | 1 | 72 | 31 | 398 | 66 | - | 568 | ||||||||||||||||||||||||||
    Provision for loan losses | (700 | ) | (271 | ) | (494 | ) | 2,002 | 402 | (451 | ) | 488 | ||||||||||||||||||||||
Balance at March 31, 2014 | $ | 20,550 | $ | 7,822 | $ | 6,765 | $ | 26,710 | $ | 1,886 | $ | 3,791 | $ | 67,524 | |||||||||||||||||||
Collectively evaluated for impairment | $ | 19,636 | $ | 6,426 | $ | 6,737 | $ | 25,951 | $ | 1,764 | $ | 60,514 | |||||||||||||||||||||
Individually evaluated for impairment | 914 | $ | 1,396 | 28 | 759 | 122 | 7,010 | ||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | - | $ | - | - | - | - | - | ||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 20,550 | $ | 7,822 | $ | 6,765 | $ | 26,710 | $ | 1,886 | $ | 67,524 | |||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,441,148 | $ | 693,943 | $ | 292,954 | $ | 1,564,538 | $ | 158,391 | $ | 4,150,974 | |||||||||||||||||||||
Individually evaluated for impairment | $ | 15,024 | $ | 9,649 | $ | 1,101 | $ | 4,399 | $ | 540 | $ | 30,713 | |||||||||||||||||||||
Loans acquired with deteriorated credit quality | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||
Balance at March 31, 2014 | $ | 1,456,172 | $ | 703,592 | $ | 294,055 | $ | 1,568,937 | $ | 158,931 | $ | 4,182 |
Stock_Options_Stock_Appreciati1
Stock Options, Stock Appreciation Rights and Restricted Shares (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stock Options, Stock Appreciation Rights and Restricted Shares [Abstract] | ' | ||||||||||||||||
Summary of Stock Option and Stock Appreciation Rights Activity | ' | ||||||||||||||||
As of March 31, 2014, there were 860,593 stock options and 4,716 stock appreciation rights outstanding to purchase common shares. A summary of the stock option and stock appreciation rights activity within the equity incentive plans during the three months ended March 31, 2014 and information regarding expected vesting, contractual terms remaining, intrinsic values and other matters is as follows: | |||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Remaining Term | (000's) | |||||||||||||||
(in years) | |||||||||||||||||
Outstanding at December 31, 2013 | 1,002,500 | $ | 25.77 | 2.48 | $ | 7,097 | (1)Â | ||||||||||
Granted | - | ||||||||||||||||
Exercised | (136,178 | ) | |||||||||||||||
Stock appreciation rights exercised | (813 | ) | |||||||||||||||
Forfeited | (200 | ) | |||||||||||||||
Outstanding at March 31, 2014 | 865,309 | $ | 26.6 | 2.41 | $ | 8,858 | (2)Â | ||||||||||
Options exercisable at March 31, 2014 | 865,309 | $ | 26.6 | 2.41 | $ | 8,858 | (2)Â | ||||||||||
(1)Â Â Â Â | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted closing price of Pinnacle Financial common stock of $32.53 per common share at December 31, 2013 for the approximately 931,425 options and stock appreciation rights that were in-the-money at December 31, 2013. | ||||||||||||||||
-2 | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted closing price of Pinnacle Financial common stock of $37.49 per common share at March 31, 2014 for the approximately 865,309 options and stock appreciation rights that were in-the-money at March 31, 2014. | ||||||||||||||||
Summary of Activity for Unvested Restricted Share Awards | ' | ||||||||||||||||
A summary of activity for unvested restricted share awards for the three months ended March 31, 2014 is as follows: | |||||||||||||||||
Number | Grant Date Weighted-Average Cost | ||||||||||||||||
Unvested at December 31, 2013 | 821,695 | $ | 19.18 | ||||||||||||||
Shares awarded | 90,979 | 32.28 | |||||||||||||||
Conversion of restricted share units to restricted share awards | 186,943 | 31.68 | |||||||||||||||
Restrictions lapsed and shares released to associates/directors | (189,014 | ) | 19.05 | ||||||||||||||
Shares forfeited(1) | (16,985 | ) | 21.11 | ||||||||||||||
Unvested at March 31, 2014 | 893,618 | $ | 23.12 | ||||||||||||||
(1)Â Â Â Â | Represents shares forfeited due to employee termination and/or retirement. No shares were forfeited due to failure to meet performance targets. | ||||||||||||||||
Pinnacle Financial grants restricted share awards to associates, executive management and outside directors with a combination of time and, in the case of executive management, performance vesting criteria. The following table outlines restricted stock grants that were made, grouped by similar vesting criteria, during the three months ended March 31, 2014: | |||||||||||||||||
Grant | Group(1) | Vesting | Shares | Restrictions Lapsed and shares released to participants | Shares Forfeited by participants(5) | Shares Unvested | |||||||||||
Year | Period in years | awarded | |||||||||||||||
Time Based Awards(2) | |||||||||||||||||
2014 | Associates | 5 | 78,780 | - | 274 | 78,506 | |||||||||||
Performance Based Awards(3) | |||||||||||||||||
2014 | Leadership team | 5 | 186,943 | - | 3,096 | 183,847 | |||||||||||
Outside Director Awards(4) | |||||||||||||||||
2014 | Outside directors | 1 | 12,199 | - | - | 12,199 | |||||||||||
(1)    | Groups include employees (referred to as associates above), the leadership team- which includes our named executive officers and other key senior leadership members and, outside directors. When the restricted shares are awarded, a participant receives voting rights and forfeitable dividend rights with respect to the shares, but is not able to transfer the shares until the restrictions have lapsed. Once the restrictions lapse, the participant is taxed on the value of the award and may elect to sell some shares to pay the applicable income taxes associated with the award. For time-based restricted share awards, dividends paid on shares for which the forfeiture restrictions do not lapse are subject to clawback at the time of termination. For performance-based awards, dividends are placed into escrow until the forfeiture restrictions on such shares lapse. | ||||||||||||||||
-2 | The forfeiture restrictions on these restricted share awards lapse in equal annual installments on the anniversary date of the grant. | ||||||||||||||||
-3 | The forfeiture restrictions on these restricted share awards lapse in separate equal installments should Pinnacle Financial achieve certain earnings and soundness targets over each year of the subsequent vesting period. | ||||||||||||||||
-4 | Restricted share awards are issued to the outside members of the board of directors in accordance with their board compensation plan. Restrictions lapse on the one year anniversary date of the award based on each individual board member meeting their attendance goals for the various board and board committee meetings to which each member was scheduled to attend. | ||||||||||||||||
-5 | These shares represent forfeitures resulting from terminations during the year-to-date period ended March 31, 2014. Any dividends paid on shares for which the forfeiture restrictions do not lapse are subject to clawback. |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||||||||||||||
Summary of Regulatory Capital Requirement | ' | ||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require Pinnacle Financial and Pinnacle Bank to maintain minimum amounts and ratios of Total and Tier I capital to risk-weighted assets and for Pinnacle Bank of Tier I capital to average assets. Management believes, as of March 31, 2014, that Pinnacle Financial and Pinnacle Bank met all capital adequacy requirements to which they are subject. To be categorized as well-capitalized under applicable banking regulations, Pinnacle Financial and Pinnacle Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the following table and not be subject to a written agreement, order or directive to maintain a higher capital level. Pinnacle Financial's and Pinnacle Bank's actual capital amounts and ratios are presented in the following table (in thousands): | |||||||||||||||||||||||||
Actual | Minimum Capital | Minimum | |||||||||||||||||||||||
Requirement | To Be Well-Capitalized | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||
Total capital to risk weighted assets: | |||||||||||||||||||||||||
Pinnacle Financial | $ | 636,469 | 13.5 | % | $ | 378,473 | 8 | % | $ | 474,055 | 10 | % | |||||||||||||
Pinnacle Bank | $ | 610,921 | 12.9 | % | $ | 377,709 | 8 | % | $ | 473,112 | 10 | % | |||||||||||||
Tier I capital to risk weighted assets: | |||||||||||||||||||||||||
Pinnacle Financial | $ | 577,212 | 12.2 | % | $ | 189,236 | 4 | % | $ | 284,433 | 6 | % | |||||||||||||
Pinnacle Bank | $ | 551,782 | 11.7 | % | $ | 188,854 | 4 | % | $ | 283,867 | 6 | % | |||||||||||||
Tier I capital to average assets (*): | |||||||||||||||||||||||||
Pinnacle Financial | $ | 577,212 | 11 | % | $ | 210,731 | 4 | % | $ | N/ | A | N/ | A | ||||||||||||
Pinnacle Bank | $ | 551,782 | 10.5 | % | $ | 210,003 | 4 | % | $ | 262,504 | 5 | % | |||||||||||||
                      | |||||||||||||||||||||||||
(*) Average assets for the above calculations were based on the most recent quarter. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Derivative Instruments [Abstract] | ' | ||||||||||||||||||||||||||
Summary of Interest Rate Swaps | ' | ||||||||||||||||||||||||||
A summary of Pinnacle Financial's interest rate swaps related to customers as of March 31, 2014 and December 31, 2013 is included in the following table (in thousands): | |||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Notional | Estimated | Notional | Estimated Fair Value | ||||||||||||||||||||||||
Amount | Fair Value | Amount | |||||||||||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||||||||||||
Pay fixed / receive variable swaps | $ | 280,806 | $ | 13,099 | $ | 294,486 | $ | 13,296 | |||||||||||||||||||
Pay variable / receive fixed swaps | 280,806 | (13,476 | ) | 294,486 | (13,670 | ) | |||||||||||||||||||||
Total | $ | 561,612 | $ | (377 | ) | $ | 588,972 | $ | (374 | ) | |||||||||||||||||
Pinnacle Financial has a forward cash flow hedge relationship to manage future interest rate exposure. The hedging strategy converts the LIBOR based variable interest rate on forecasted borrowings to a fixed interest rate and protects Pinnacle Financial from floating interest rate variability. The terms of the individual contracts within the relationship are as follows (in thousands): | |||||||||||||||||||||||||||
     | 31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||
Forecasted | Variable | Fixed | Term(2) | Asset/ | Unrealized Gain in Accumulated Other Comprehensive Income | Asset/ (Liabilities) | Unrealized Gain in Accumulated Other Comprehensive Income | ||||||||||||||||||||
Notional | Interest | Interest | (Liabilities) | ||||||||||||||||||||||||
Amount | Rate(1) | Rate(1) | |||||||||||||||||||||||||
Interest Rate Swap | $ | 33,000 | 3 month LIBOR | 1.428 | % | April 2015-April 2018 | $ | 380 | $ | 231 | $ | 463 | $ | 281 | |||||||||||||
Interest Rate Swap | 33,000 | 3 month LIBOR | 1.857 | % | Oct. 2015-April 2019 | 627 | $ | 381 | 837 | 509 | |||||||||||||||||
Interest Rate Swap | 33,000 | 3 month LIBOR | 1.996 | % | Oct. 2015-Oct. 2019 | 717 | $ | 436 | 1,007 | 612 | |||||||||||||||||
Interest Rate Swap | 33,000 | 3 month LIBOR | 2.265 | % | April 2016-April 2020 | 798 | $ | 485 | 1,172 | 712 | |||||||||||||||||
Interest Rate Swap | 33,000 | 3 month LIBOR | 2.646 | % | April 2016-April 2022 | 1,114 | $ | 677 | 1,818 | 1,105 | |||||||||||||||||
Interest Rate Swap | 33,000 | 3 month LIBOR | 2.523 | % | Oct. 2016-Oct. 2020 | 838 | $ | 509 | 1,307 | 795 | |||||||||||||||||
$ | 198,000 | Â Â Â | $ | 4,474 | $ | $2,719 | $ | 6,604 | $ | 4,014 | |||||||||||||||||
-1 | Pinnacle Financial will pay the fixed interest rate and the counterparties pay Pinnacle Financial the variable rate. | ||||||||||||||||||||||||||
-2 | No cash will be exchanged prior to the term. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||
The following tables present financial instruments measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, by caption on the consolidated balance sheets and by FASB ASC 820 valuation hierarchy (as described above) (in thousands): | |||||||||||||||||||||
31-Mar-14 | Total carrying value in the consolidated balance sheet | Quoted market prices in an active market | Models with significant observable market parameters | Models with significant unobservable market parameters | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||
    U.S. Treasury securities | $ | - | $ | - | $ | - | $ | - | |||||||||||||
    U.S. government agency securities | 107,368 | - | 107,368 | - | |||||||||||||||||
    Mortgage-backed securities | 452,195 | - | 452,195 | - | |||||||||||||||||
    State and municipal securities | 148,773 | - | 148,773 | - | |||||||||||||||||
    Agency-backed securities | 15,822 | - | 15,822 | - | |||||||||||||||||
    Corporate notes and other | 11,243 | - | 11,243 | - | |||||||||||||||||
Total investment securities available-for-sale | $ | 735,401 | $ | - | $ | 735,401 | $ | - | |||||||||||||
Other equity investments | 7,137 | - | - | 7,137 | |||||||||||||||||
Other assets | 17,860 | - | 17,860 | - | |||||||||||||||||
Total assets at fair value | $ | 760,398 | $ | - | $ | 753,261 | $ | 7,137 | |||||||||||||
Other liabilities | $ | 13,476 | $ | - | $ | 13,476 | $ | - | |||||||||||||
Total liabilities at fair value | $ | 13,476 | $ | - | $ | 13,476 | $ | - | |||||||||||||
31-Dec-13 | |||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||
    U.S. government agency securities | $ | 103,873 | $ | - | $ | 103,873 | $ | - | |||||||||||||
    Mortgage-backed securities | 412,936 | - | 412,936 | - | |||||||||||||||||
    State and municipal securities | 148,411 | - | 148,411 | - | |||||||||||||||||
    Agency-backed securities | 17,007 | - | 17,007 | - | |||||||||||||||||
    Corporate notes and other | 11,229 | - | 11,229 | - | |||||||||||||||||
Total investment securities available-for-sale | 693,456 | - | 693,456 | - | |||||||||||||||||
Other equity investments | 6,701 | - | - | 6,701 | |||||||||||||||||
Other assets | 19,900 | - | 19,900 | - | |||||||||||||||||
Total assets at fair value | $ | 720,057 | $ | - | $ | 713,356 | $ | 6,701 | |||||||||||||
Other liabilities | $ | 13,670 | $ | - | $ | 13,670 | $ | - | |||||||||||||
Total liabilities at fair value | $ | 13,670 | $ | - | $ | 13,670 | $ | - | |||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ' | ||||||||||||||||||||
The following table presents assets measured at fair value on a nonrecurring basis as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
Total carrying value in the consolidated balance sheet | Quoted market prices in an active market | Models with significant observable market parameters | Models with significant unobservable market | Total | |||||||||||||||||
(Level 1) | (Level 2) | parameters | losses for the year-to-date period then ended | ||||||||||||||||||
31-Mar-14 | (Level 3) | ||||||||||||||||||||
Other real estate owned | $ | 15,038 | $ | - | $ | - | $ | 15,038 | $ | (310 | ) | ||||||||||
Nonaccrual loans, net (1) | 14,308 | - | - | 14,308 | (153 | ) | |||||||||||||||
Total | $ | 29,346 | $ | - | $ | - | $ | 29,346 | $ | (463 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||
Other real estate owned | $ | 15,226 | $ | - | $ | - | $ | 15,226 | $ | (2,258 | ) | ||||||||||
Nonaccrual loans, net (1) | 16,996 | - | - | 16,996 | (2,921 | ) | |||||||||||||||
Total | $ | 32,222 | $ | - | $ | - | $ | 32,222 | $ | (5,179 | ) | ||||||||||
(1)Â Â Â Â | Amount is net of a valuation allowance of $1.3 at March 31, 2014 and $1.2 million at December 31, 2013 as required by ASC 310-10, "Receivables." | ||||||||||||||||||||
Rollforward of the Balance Sheet Amounts, Unobservable Input Reconciliation | ' | ||||||||||||||||||||
The table below includes a rollforward of the balance sheet amounts for the three months ended March 31, 2014 (including the change in fair value) for financial instruments classified by Pinnacle Financial within Level 3 of the valuation hierarchy for assets and liabilities measured at fair value on a recurring basis. When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, since Level 3 financial instruments typically include, in addition to the unobservable or Level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources), the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology (in thousands): | |||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Other assets | Other liabilities | Other assets | Other liabilities | ||||||||||||||||||
Fair value, January 1 | $ | 6,701 | $ | - | $ | 4,681 | $ | - | |||||||||||||
Total realized gains (losses) included in income | 130 | - | 100 | - | |||||||||||||||||
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at March 31 | - | - | - | - | |||||||||||||||||
Purchases | 306 | - | 304 | - | |||||||||||||||||
Issuances | - | - | - | - | |||||||||||||||||
Settlements | - | - | - | - | |||||||||||||||||
Transfers out of Level 3 | - | - | - | - | |||||||||||||||||
Fair value, March 31 | 7,137 | - | 5,085 | - | |||||||||||||||||
Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at March 31 | $ | 130 | $ | - | $ | 100 | $ | - | |||||||||||||
Carrying Amounts, Estimated Fair Value and Placement in the Fair Value hierarchy of Financial Instruments | ' | ||||||||||||||||||||
The following table presents the carrying amounts, estimated fair value and placement in the fair value hierarchy of Pinnacle Financial's financial instruments at March 31, 2014 and December 31, 2013. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as non-interest bearing demand, interest-bearing demand, and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity (in thousands). | |||||||||||||||||||||
(dollars in thousands) | Carrying/ | Estimated | Quoted market prices in an active market | Models with significant observable market parameters | Models with significant unobservable market | ||||||||||||||||
31-Mar-14 | Notional | Fair Value(1) | (Level 1) | (Level 2) | parameters | ||||||||||||||||
Amount | (Level 3) | ||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Securities held-to-maturity | $ | 38,733 | $ | 38,195 | $ | - | $ | 38,195 | $ | - | |||||||||||
Loans, net | 4,114,163 | 4,062,235 | - | - | 4,062,235 | ||||||||||||||||
Mortgage loans held-for-sale | 13,971 | 14,437 | - | 14,437 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits and securities sold under | |||||||||||||||||||||
agreements to repurchase | 4,568,669 | 4,210,590 | - | - | 4,210,590 | ||||||||||||||||
Federal Home Loan Bank advances | 150,604 | 150,556 | - | - | 150,556 | ||||||||||||||||
Subordinated debt and other borrowings | 98,033 | 72,483 | - | - | 72,483 | ||||||||||||||||
Off-balance sheet instruments: | |||||||||||||||||||||
Commitments to extend credit (2) | 1,221,891 | 1,051 | - | - | 1,051 | ||||||||||||||||
Standby letters of credit (3) | 68,419 | 320 | - | - | 320 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Securities held-to-maturity | $ | 39,796 | $ | 38,817 | $ | - | $ | 38,817 | $ | - | |||||||||||
Loans, net | 4,076,524 | 4,021,675 | - | - | 4,021,675 | ||||||||||||||||
Mortgage loans held for sale | 12,850 | 12,999 | - | 12,999 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits and securities sold under | |||||||||||||||||||||
agreements to repurchase | 4,603,938 | 4,378,805 | - | - | 4,378,805 | ||||||||||||||||
Federal Home Loan Bank advances | 90,637 | 90,652 | - | - | 90,652 | ||||||||||||||||
Subordinated debt and other borrowings | 98,658 | 73,083 | - | - | 73,083 | ||||||||||||||||
Off-balance sheet instruments: | |||||||||||||||||||||
Commitments to extend credit (2) | 1,206,528 | 1,040 | - | - | 1,040 | ||||||||||||||||
Standby letters of credit (3) | 69,231 | 331 | - | - | 331 | ||||||||||||||||
(1)Â Â Â Â | Estimated fair values are consistent with an exit-price concept. The assumptions used to estimate the fair values are intended to approximate those that a market-participant would realize in a hypothetical orderly transaction. | ||||||||||||||||||||
-2 | At the end of each quarter, Pinnacle Financial evaluates the inherent risks of the outstanding off-balance sheet commitments. In making this evaluation, Pinnacle Financial evaluates the credit worthiness of the borrower, the collateral supporting the commitments and any other factors similar to those used to evaluate the inherent risks of our loan portfolio. Additionally, Pinnacle Financial evaluates the probability that the outstanding commitment will eventually become a funded loan. As a result, at March 31, 2014 and December 31, 2013, Pinnacle Financial included in other liabilities $1.3 million representing the inherent risks associated with these off-balance sheet commitments. | ||||||||||||||||||||
-3 | At March 31, 2014 and December 31, 2013, the fair value of Pinnacle Financial's standby letters of credit was $320,000 and $331,000, respectively. This amount represents the unamortized fee associated with these standby letters of credit and is included in the consolidated balance sheet of Pinnacle Financial and is believed to approximate fair value. This fair value will decrease over time as the existing standby letters of credit approach their expiration dates. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Variable Interest Entities [Abstract] | ' | ||||||||||||||||||||
Summary of Variable Interest Entities | ' | ||||||||||||||||||||
The following table summarizes VIE's that are not consolidated by Pinnacle Financial as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Assets Recognized (maximum loss) | Liability | Assets Recognized (maximum loss) | Liability | Balance Sheet | |||||||||||||||||
Type | Recognized | Recognized | Classification | ||||||||||||||||||
Low income housing partnerships | $ | 7,902 | $ | - | $ | 7,945 | $ | - | Other assets | ||||||||||||
Trust preferred issuances | N/ | A | 82,476 | N/ | A | 82,476 | Subordinated debt | ||||||||||||||
Commercial troubled debt restructurings | 10,740 | - | 15,273 | - | Loans | ||||||||||||||||
Managed discretionary trusts | N/ | A | N/ | A | N/ | A | N/ | A | N/ | A | |||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Cash Transactions [Abstract] | ' | ' | ' |
Interest paid | $3,447,425 | $4,540,692 | ' |
Income taxes paid, net | 6,100,000 | 7,100,000 | ' |
Noncash Transactions: | ' | ' | ' |
Loans charged-off to the allowance for loan losses | 1,503,511 | 3,557,313 | 17,252,000 |
Loans foreclosed upon and transferred to other real estate owned | 1,645,100 | 550,000 | ' |
Available-for-sale securities transferred to held-to-maturity portfolio | 0 | 39,959,647 | ' |
Basic earnings per share calculation [Abstract] | ' | ' | ' |
Numerator - Net income available to common stockholders | 16,367,123 | 13,448,125 | ' |
Denominator - Average common shares outstanding (in shares) | 34,602,337 | 33,987,265 | ' |
Basic net income per share available to common stockholders (in dollars per share) | $0.47 | $0.40 | ' |
Diluted earnings per share calculation [Abstract] | ' | ' | ' |
Numerator - Net income available to common stockholders | $16,367,123 | $13,448,125 | ' |
Denominator - Average common shares outstanding (in shares) | 34,602,337 | 33,987,265 | ' |
Dilutive shares contingently issuable (in shares) | 364,263 | 218,937 | ' |
Average diluted common shares outstanding (in shares) | 34,966,600 | 34,206,202 | ' |
Diluted net income per share available to common stockholders (in dollars per share) | $0.47 | $0.39 | ' |
Securities_Details
Securities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | $734,076,000 | $700,492,000 |
Gross Unrealized Gains | 17,816,000 | 16,306,000 |
Gross Unrealized Losses | 16,491,000 | 23,342,000 |
Fair Value | 735,400,911 | 693,456,314 |
Securities pledged as collateral to secure public funds and other deposits or securities sold under agreements to repurchase | 621,400,000 | ' |
Securities held-to-maturity [Abstract] | ' | ' |
Amortized Cost | 38,733,000 | 39,796,000 |
Gross Unrealized Gains | 103,000 | 72,000 |
Gross Unrealized Losses | 641,000 | 1,051,000 |
Fair Value | 38,194,567 | 38,817,467 |
Available-for-sale, Amortized Cost [Abstract] | ' | ' |
Due in one year or less | 5,218,000 | ' |
Due in one year to five years | 28,662,000 | ' |
Due in five years to ten years | 130,249,000 | ' |
Due after ten years | 105,253,000 | ' |
Mortgage-backed securities | 448,646,000 | ' |
Asset-backed securities | 16,048,000 | ' |
Amortized Cost | 734,076,000 | ' |
Available-for-sale, Fair Value [Abstract] | ' | ' |
Due in one year or less | 5,276,000 | ' |
Due in one year to five years | 29,690,000 | ' |
Due in five years to ten years | 131,868,000 | ' |
Due after ten years | 100,550,000 | ' |
Mortgage-backed securities | 452,195,000 | ' |
Asset-backed securities | 15,822,000 | ' |
Fair Value | 735,401,000 | ' |
Held-to-maturity, Amortized Cost [Abstract] | ' | ' |
Due in one year or less | 239,000 | ' |
Due in one year to five years | 11,556,000 | ' |
Due in five years to ten years | 14,699,000 | ' |
Due after ten years | 12,239,000 | ' |
Mortgage-backed securities | 0 | ' |
Asset-backed securities | 0 | ' |
Amortized Cost | 38,733,099 | 39,795,649 |
Held-to-maturity, Fair Value [Abstract] | ' | ' |
Due in one year or less | 241,000 | ' |
Due in one year to five years | 11,581,000 | ' |
Due in five years to ten years | 14,398,000 | ' |
Due after ten years | 11,975,000 | ' |
Mortgage-backed securities | 0 | ' |
Asset-backed securities | 0 | ' |
Fair Value | 38,194,567 | 38,817,467 |
State and Municipal Securities [Member] | ' | ' |
Securities held-to-maturity [Abstract] | ' | ' |
Amortized Cost | 38,733,000 | 39,796,000 |
Gross Unrealized Gains | 103,000 | 72,000 |
Gross Unrealized Losses | 641,000 | 1,051,000 |
Fair Value | 38,195,000 | 38,817,000 |
Held-to-maturity, Fair Value [Abstract] | ' | ' |
Fair Value | 38,195,000 | 38,817,000 |
US Treasury Securities [Member] | ' | ' |
Securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 0 |
U.S. Government Agency Securities [Member] | ' | ' |
Securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 116,830,000 | 117,282,000 |
Gross Unrealized Gains | 19,000 | 13,000 |
Gross Unrealized Losses | 9,481,000 | 13,422,000 |
Fair Value | 107,368,000 | 103,873,000 |
Mortgage-backed Securities [Member] | ' | ' |
Securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 448,646,000 | 411,967,000 |
Gross Unrealized Gains | 9,835,000 | 9,771,000 |
Gross Unrealized Losses | 6,286,000 | 8,802,000 |
Fair Value | 452,195,000 | 412,936,000 |
State and Municipal Securities [Member] | ' | ' |
Securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 142,338,000 | 143,763,000 |
Gross Unrealized Gains | 6,931,000 | 5,504,000 |
Gross Unrealized Losses | 496,000 | 856,000 |
Fair Value | 148,773,000 | 148,411,000 |
Asset-backed Securities [Member] | ' | ' |
Securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 16,048,000 | 17,262,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 226,000 | 255,000 |
Fair Value | 15,822,000 | 17,007,000 |
Corporate Notes and Other [Member] | ' | ' |
Securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 10,214,000 | 10,218,000 |
Gross Unrealized Gains | 1,031,000 | 1,018,000 |
Gross Unrealized Losses | 2,000 | 7,000 |
Fair Value | $11,243,000 | $11,229,000 |
Securities_Availableforsale_De
Securities, Available-for-sale (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities, continuous unrealized loss position [Abstract] | ' | ' |
Investments with an Unrealized Loss of less than 12 months, Fair Value | $165,653 | $213,232 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 1,857 | 5,292 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 214,711 | 156,735 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 15,275 | 19,101 |
Total Investments with an Unrealized Loss, Fair Value | 380,364 | 369,967 |
Total Investments with an Unrealized Loss, Unrealized Losses | 17,132 | 24,393 |
US Treasury Securities [Member] | ' | ' |
Available-for-sale securities, continuous unrealized loss position [Abstract] | ' | ' |
Investments with an Unrealized Loss of less than 12 months, Fair Value | 0 | 0 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 0 | 0 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 0 | 0 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 0 | 0 |
Total Investments with an Unrealized Loss, Fair Value | 0 | 0 |
Total Investments with an Unrealized Loss, Unrealized Losses | 0 | 0 |
U.S. Government Agency Securities [Member] | ' | ' |
Available-for-sale securities, continuous unrealized loss position [Abstract] | ' | ' |
Investments with an Unrealized Loss of less than 12 months, Fair Value | 4,910 | 8,742 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 14 | 22 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 96,804 | 92,869 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 9,467 | 13,400 |
Total Investments with an Unrealized Loss, Fair Value | 101,714 | 101,611 |
Total Investments with an Unrealized Loss, Unrealized Losses | 9,481 | 13,422 |
Mortgage-backed Securities [Member] | ' | ' |
Available-for-sale securities, continuous unrealized loss position [Abstract] | ' | ' |
Investments with an Unrealized Loss of less than 12 months, Fair Value | 133,216 | 157,262 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 1,172 | 3,913 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 92,296 | 42,903 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 5,114 | 4,889 |
Total Investments with an Unrealized Loss, Fair Value | 225,512 | 200,165 |
Total Investments with an Unrealized Loss, Unrealized Losses | 6,286 | 8,802 |
State and Municipal Securities [Member] | ' | ' |
Available-for-sale securities, continuous unrealized loss position [Abstract] | ' | ' |
Investments with an Unrealized Loss of less than 12 months, Fair Value | 26,778 | 46,282 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 670 | 1,351 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 9,630 | 3,798 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 467 | 555 |
Total Investments with an Unrealized Loss, Fair Value | 36,408 | 50,080 |
Total Investments with an Unrealized Loss, Unrealized Losses | 1,137 | 1,906 |
Asset-backed Securities [Member] | ' | ' |
Available-for-sale securities, continuous unrealized loss position [Abstract] | ' | ' |
Investments with an Unrealized Loss of less than 12 months, Fair Value | 0 | 0 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 0 | 0 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 15,823 | 17,006 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 226 | 255 |
Total Investments with an Unrealized Loss, Fair Value | 15,823 | 17,006 |
Total Investments with an Unrealized Loss, Unrealized Losses | 226 | 255 |
Corporate Notes [Member] | ' | ' |
Available-for-sale securities, continuous unrealized loss position [Abstract] | ' | ' |
Investments with an Unrealized Loss of less than 12 months, Fair Value | 749 | 946 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 1 | 6 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 158 | 159 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 1 | 2 |
Total Investments with an Unrealized Loss, Fair Value | 907 | 1,105 |
Total Investments with an Unrealized Loss, Unrealized Losses | $2 | $8 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Loans and Allowance for Loan Losses [Abstract] | ' | ' | ' | ||
Percentage of loan portfolio as commercial loan (in hundredths) | 74.00% | ' | ' | ||
Risk rated loans | $250,000 | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 4,181,686,799 | ' | 4,144,493,486 | ||
Potential problem loans not included in nonperforming assets | 83,900,000 | ' | 65,000,000 | ||
Average balance of impaired loans | 16,113,000 | ' | 21,484,000 | ||
Estimated increase in interest income if nonaccrual loans had been on accrual status | 283,000 | 292,000 | ' | ||
Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 1,456,172,000 | ' | 1,383,435,000 | ||
Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 703,592,000 | ' | 695,616,000 | ||
Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 294,055,000 | ' | 316,191,000 | ||
Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 1,568,937,000 | ' | 1,605,547,000 | ||
Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 158,931,000 | ' | 143,704,000 | ||
Accruing Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 4,150,974,000 | ' | 4,106,664,000 | ||
Accruing Loans [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 1,441,148,000 | ' | 1,360,965,000 | ||
Accruing Loans [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 693,943,000 | ' | 686,343,000 | ||
Accruing Loans [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 292,954,000 | ' | 315,008,000 | ||
Accruing Loans [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 1,564,538,000 | ' | 1,601,162,000 | ||
Accruing Loans [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 158,391,000 | ' | 143,186,000 | ||
Accruing Loans [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 4,012,515,000 | ' | 3,979,630,000 | ||
Accruing Loans [Member] | Pass [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 1,410,425,000 | ' | 1,332,387,000 | ||
Accruing Loans [Member] | Pass [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 676,486,000 | ' | 670,412,000 | ||
Accruing Loans [Member] | Pass [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 252,406,000 | ' | 275,876,000 | ||
Accruing Loans [Member] | Pass [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 1,515,110,000 | ' | 1,557,923,000 | ||
Accruing Loans [Member] | Pass [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 158,088,000 | ' | 143,032,000 | ||
Accruing Loans [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 54,600,000 | ' | 62,006,000 | ||
Accruing Loans [Member] | Special Mention [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 7,997,000 | ' | 8,282,000 | ||
Accruing Loans [Member] | Special Mention [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 3,557,000 | ' | 1,824,000 | ||
Accruing Loans [Member] | Special Mention [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 30,083,000 | ' | 31,835,000 | ||
Accruing Loans [Member] | Special Mention [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 12,814,000 | ' | 20,065,000 | ||
Accruing Loans [Member] | Special Mention [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 149,000 | ' | 0 | ||
Accruing Loans [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 83,859,000 | [1] | ' | 65,028,000 | [1] |
Accruing Loans [Member] | Substandard [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 22,726,000 | [1] | ' | 20,296,000 | [1] |
Accruing Loans [Member] | Substandard [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 13,900,000 | [1] | ' | 14,107,000 | [1] |
Accruing Loans [Member] | Substandard [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 10,465,000 | [1] | ' | 7,297,000 | [1] |
Accruing Loans [Member] | Substandard [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 36,614,000 | [1] | ' | 23,174,000 | [1] |
Accruing Loans [Member] | Substandard [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 154,000 | [1] | ' | 154,000 | [1] |
Nonaccrual Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 15,606,000 | ' | 18,183,000 | ||
Nonaccrual Loans [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 7,145,000 | ' | 9,017,000 | ||
Nonaccrual Loans [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 5,679,000 | ' | 5,289,000 | ||
Nonaccrual Loans [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 990,000 | ' | 1,070,000 | ||
Nonaccrual Loans [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 1,538,000 | ' | 2,565,000 | ||
Nonaccrual Loans [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 254,000 | ' | 242,000 | ||
Nonaccrual Loans [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 15,606,000 | ' | 18,183,000 | ||
Nonaccrual Loans [Member] | Substandard [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 7,145,000 | ' | 9,017,000 | ||
Nonaccrual Loans [Member] | Substandard [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 5,679,000 | ' | 5,289,000 | ||
Nonaccrual Loans [Member] | Substandard [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 990,000 | ' | 1,070,000 | ||
Nonaccrual Loans [Member] | Substandard [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 1,538,000 | ' | 2,565,000 | ||
Nonaccrual Loans [Member] | Substandard [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 254,000 | ' | 242,000 | ||
Nonaccrual Loans [Member] | Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | ' | 0 | ||
Nonaccrual Loans [Member] | Doubtful [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | ' | 0 | ||
Nonaccrual Loans [Member] | Doubtful [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | ' | 0 | ||
Nonaccrual Loans [Member] | Doubtful [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | ' | 0 | ||
Nonaccrual Loans [Member] | Doubtful [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | ' | 0 | ||
Nonaccrual Loans [Member] | Doubtful [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | ' | 0 | ||
Troubled Debt Restructurings [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 15,107,000 | [2] | ' | 19,646,000 | [2] |
Troubled Debt Restructurings [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 7,879,000 | [2] | ' | 13,453,000 | [2] |
Troubled Debt Restructurings [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 3,970,000 | [2] | ' | 3,984,000 | [2] |
Troubled Debt Restructurings [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 111,000 | [2] | ' | 113,000 | [2] |
Troubled Debt Restructurings [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 2,861,000 | [2] | ' | 1,820,000 | [2] |
Troubled Debt Restructurings [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 286,000 | [2] | ' | 276,000 | [2] |
Troubled Debt Restructurings [Member] | Pass [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 2,474,000 | [2] | ' | 4,939,000 | [2] |
Troubled Debt Restructurings [Member] | Pass [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 143,000 | [2] | ' | 2,564,000 | [2] |
Troubled Debt Restructurings [Member] | Pass [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 1,657,000 | [2] | ' | 1,666,000 | [2] |
Troubled Debt Restructurings [Member] | Pass [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 111,000 | [2] | ' | 113,000 | [2] |
Troubled Debt Restructurings [Member] | Pass [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 277,000 | [2] | ' | 320,000 | [2] |
Troubled Debt Restructurings [Member] | Pass [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 286,000 | [2] | ' | 276,000 | [2] |
Troubled Debt Restructurings [Member] | Special Mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 12,633,000 | [2] | ' | 0 | [2] |
Troubled Debt Restructurings [Member] | Special Mention [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 7,736,000 | [2] | ' | 0 | [2] |
Troubled Debt Restructurings [Member] | Special Mention [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 2,313,000 | [2] | ' | 0 | [2] |
Troubled Debt Restructurings [Member] | Special Mention [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | [2] | ' | 0 | [2] |
Troubled Debt Restructurings [Member] | Special Mention [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 2,584,000 | [2] | ' | 0 | [2] |
Troubled Debt Restructurings [Member] | Special Mention [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | [2] | ' | 0 | [2] |
Troubled Debt Restructurings [Member] | Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | [2] | ' | 14,707,000 | [2] |
Troubled Debt Restructurings [Member] | Substandard [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | [2] | ' | 10,889,000 | [2] |
Troubled Debt Restructurings [Member] | Substandard [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | [2] | ' | 2,318,000 | [2] |
Troubled Debt Restructurings [Member] | Substandard [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | [2] | ' | 0 | [2] |
Troubled Debt Restructurings [Member] | Substandard [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | [2] | ' | 1,500,000 | [2] |
Troubled Debt Restructurings [Member] | Substandard [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 0 | [2] | ' | 0 | [2] |
Impaired Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 30,713,000 | ' | 37,829,000 | ||
Impaired Loans [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 15,024,000 | ' | 22,470,000 | ||
Impaired Loans [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 9,649,000 | ' | 9,273,000 | ||
Impaired Loans [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 1,101,000 | ' | 1,183,000 | ||
Impaired Loans [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | 4,399,000 | ' | 4,385,000 | ||
Impaired Loans [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Loans | $540,000 | ' | $518,000 | ||
[1] | Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have doubts about the borrowerbs ability to comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by Pinnacle Bankbs primary regulators for loans classified as substandard, excluding the impact of substandard nonaccrual loans and substandard troubled debt restructurings. Potential problem loans, which are not included in nonaccrual loans, amounted to approximately $83.9 million at March 31, 2014, compared to $65.0 million at December 31, 2013. | ||||
[2] | Troubled debt restructurings are presented as an impaired loan; however, they continue to accrue interest at contractual rates |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses, Impaired Financing Receivable (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | $15,606,000 | $18,183,000 | ||
Unpaid principal balance | 17,011,000 | 19,526,000 | ||
Related allowance | 1,298,000 | [1] | 1,187,000 | [1] |
Average recorded investment | 16,113,000 | 21,484,000 | ||
Interest income recognized | 0 | 0 | ||
Interest income from cash payments received | 0 | 0 | ||
Collateral Dependent Impaired Loans [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 9,210,000 | 11,570,000 | ||
Unpaid principal balance | 9,901,000 | 12,136,000 | ||
Related allowance | 0 | [1] | 0 | [1] |
Average recorded investment | 9,271,000 | 13,605,000 | ||
Interest income recognized | 0 | 0 | ||
Collateral Dependent Impaired Loans [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 5,192,000 | 7,035,000 | ||
Unpaid principal balance | 5,712,000 | 7,481,000 | ||
Related allowance | 0 | [1] | 0 | [1] |
Average recorded investment | 5,225,000 | 6,522,000 | ||
Interest income recognized | 0 | 0 | ||
Collateral Dependent Impaired Loans [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 2,413,000 | 2,162,000 | ||
Unpaid principal balance | 2,476,000 | 2,209,000 | ||
Related allowance | 0 | [1] | 0 | [1] |
Average recorded investment | 2,427,000 | 2,234,000 | ||
Interest income recognized | 0 | 0 | ||
Collateral Dependent Impaired Loans [Member] | Construction and Land Development [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 545,000 | 545,000 | ||
Unpaid principal balance | 545,000 | 545,000 | ||
Related allowance | 0 | [1] | 0 | [1] |
Average recorded investment | 545,000 | 938,000 | ||
Interest income recognized | 0 | 0 | ||
Collateral Dependent Impaired Loans [Member] | Commercial and Industrial [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 1,060,000 | 1,828,000 | ||
Unpaid principal balance | 1,168,000 | 1,901,000 | ||
Related allowance | 0 | [1] | 0 | [1] |
Average recorded investment | 1,074,000 | 3,911,000 | ||
Interest income recognized | 0 | 0 | ||
Collateral Dependent Impaired Loans [Member] | Consumer and Other [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 0 | 0 | ||
Unpaid principal balance | 0 | 0 | ||
Related allowance | 0 | [1] | 0 | [1] |
Average recorded investment | 0 | 0 | ||
Interest income recognized | 0 | 0 | ||
Cash Flow Dependent Impaired Loans [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 6,396,000 | 6,613,000 | ||
Unpaid principal balance | 7,110,000 | 7,390,000 | ||
Related allowance | 1,298,000 | [1] | 1,187,000 | [1] |
Average recorded investment | 6,842,000 | 7,879,000 | ||
Interest income recognized | 0 | 0 | ||
Cash Flow Dependent Impaired Loans [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 1,953,000 | 1,982,000 | ||
Unpaid principal balance | 2,152,000 | 2,166,000 | ||
Related allowance | 161,000 | [1] | 142,000 | [1] |
Average recorded investment | 1,964,000 | 2,448,000 | ||
Interest income recognized | 0 | 0 | ||
Cash Flow Dependent Impaired Loans [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 3,266,000 | 3,127,000 | ||
Unpaid principal balance | 3,514,000 | 3,334,000 | ||
Related allowance | 875,000 | [1] | 722,000 | [1] |
Average recorded investment | 3,289,000 | 3,405,000 | ||
Interest income recognized | 0 | 0 | ||
Cash Flow Dependent Impaired Loans [Member] | Construction and Land Development [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 445,000 | 525,000 | ||
Unpaid principal balance | 516,000 | 609,000 | ||
Related allowance | 14,000 | [1] | 33,000 | [1] |
Average recorded investment | 450,000 | 568,000 | ||
Interest income recognized | 0 | 0 | ||
Cash Flow Dependent Impaired Loans [Member] | Commercial and Industrial [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 478,000 | 737,000 | ||
Unpaid principal balance | 658,000 | 1,029,000 | ||
Related allowance | 162,000 | [1] | 218,000 | [1] |
Average recorded investment | 879,000 | 1,216,000 | ||
Interest income recognized | 0 | 0 | ||
Cash Flow Dependent Impaired Loans [Member] | Consumer and Other [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded investment | 254,000 | 242,000 | ||
Unpaid principal balance | 270,000 | 252,000 | ||
Related allowance | 86,000 | [1] | 72,000 | [1] |
Average recorded investment | 260,000 | 242,000 | ||
Interest income recognized | $0 | $0 | ||
[1] | Collateral dependent loans are typically charged-off to their net realizable value pursuant to requirements of our primary regulators and no specific allowance is carried related to those loans. |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Contract | Contract | Lessors of Nonresidential Buildings [Member] | Lessors of Nonresidential Buildings [Member] | Lessors of Residential Buildings [Member] | Lessors of Residential Buildings [Member] | Commercial Real Estate - Mortgage [Member] | Commercial Real Estate - Mortgage [Member] | Consumer Real Estate - Mortgage [Member] | Consumer Real Estate - Mortgage [Member] | Construction and Land Development [Member] | Construction and Land Development [Member] | Commercial and Industrial [Member] | Commercial and Industrial [Member] | Consumer and Other [Member] | Consumer and Other [Member] | |
Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | |||||||
Troubled debt restructuring categorized by loan classification [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of contracts | 6 | 2 | ' | ' | ' | ' | 0 | 0 | 0 | 1 | 0 | 0 | 6 | 0 | 0 | 1 |
Pre Modification Outstanding Recorded Investment | $2,584,000 | $632,000 | ' | ' | ' | ' | $0 | $0 | $0 | $432,000 | $0 | $0 | $2,584,000 | $0 | $0 | $200,000 |
Post Modification Outstanding Recorded Investment, net of related allowance | 565,000 | 529,000 | ' | ' | ' | ' | 0 | 0 | 0 | 359,000 | 0 | 0 | 565,000 | 0 | 0 | 170,000 |
Troubled debt restructurings performing as of restructure date | 15,100,000 | 19,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of contracts of troubled debt restructurings subsequently defaulted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Troubled debt restructurings subsequently defaulted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Percentage of credit exposure to risk based capital (in hundredths) | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan portfolio credit risk exposure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing receivables principal balance | ' | ' | 501,891,000 | ' | 240,296,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing receivables unfunded commitment | ' | ' | 53,584,000 | ' | 27,544,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing receivables exposure | ' | ' | $555,475,000 | $515,240,000 | $267,840,000 | $270,773,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses, Financing Receivables Past Due (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | |||
Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 To 89 days past due and accruing | $10,344,000 | $12,950,000 | ||
90 days or more past due and accruing | 7,943,000 | 3,346,000 | ||
Total past due and accruing | 18,287,000 | 16,296,000 | ||
Nonaccrual | 15,606,000 | [1] | 18,183,000 | [1] |
Current and accruing | 4,147,794,000 | 4,110,014,000 | ||
Total Loans | 4,181,687,000 | 4,144,493,000 | ||
Currently performing impaired loans | 10,900,000 | 10,900,000 | ||
Commercial Real Estate Owner Occupied [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 To 89 days past due and accruing | 125,000 | 2,534,000 | ||
90 days or more past due and accruing | 0 | 0 | ||
Total past due and accruing | 125,000 | 2,534,000 | ||
Nonaccrual | 6,906,000 | [1] | 7,750,000 | [1] |
Current and accruing | 694,296,000 | 669,014,000 | ||
Total Loans | 701,327,000 | 679,298,000 | ||
Commercial Real Estate All Other [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 To 89 days past due and accruing | 844,000 | 27,000 | ||
90 days or more past due and accruing | 7,736,000 | [2] | 2,232,000 | |
Total past due and accruing | 8,580,000 | 2,259,000 | ||
Nonaccrual | 239,000 | [1] | 1,267,000 | [1] |
Current and accruing | 746,026,000 | 700,611,000 | ||
Total Loans | 754,845,000 | 704,137,000 | ||
Number of loans brought current with a principal curtailment | 1 | ' | ||
Principal curtailment | 7,600,000 | ' | ||
Consumer Real Estate - Mortgage [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 To 89 days past due and accruing | 5,239,000 | 2,215,000 | ||
90 days or more past due and accruing | 0 | 0 | ||
Total past due and accruing | 5,239,000 | 2,215,000 | ||
Nonaccrual | 5,679,000 | [1] | 5,289,000 | [1] |
Current and accruing | 692,674,000 | 688,112,000 | ||
Total Loans | 703,592,000 | 695,616,000 | ||
Construction and Land Development [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 To 89 days past due and accruing | 849,000 | 4,839,000 | ||
90 days or more past due and accruing | 147,000 | 0 | ||
Total past due and accruing | 996,000 | 4,839,000 | ||
Nonaccrual | 990,000 | [1] | 1,070,000 | [1] |
Current and accruing | 292,069,000 | 310,282,000 | ||
Total Loans | 294,055,000 | 316,191,000 | ||
Commercial and Industrial [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 To 89 days past due and accruing | 1,191,000 | 1,847,000 | ||
90 days or more past due and accruing | 52,000 | 825,000 | ||
Total past due and accruing | 1,243,000 | 2,672,000 | ||
Nonaccrual | 1,538,000 | [1] | 2,565,000 | [1] |
Current and accruing | 1,566,156,000 | 1,600,310,000 | ||
Total Loans | 1,568,937,000 | 1,605,547,000 | ||
Consumer and Other [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 To 89 days past due and accruing | 2,096,000 | 1,488,000 | ||
90 days or more past due and accruing | 8,000 | 289,000 | ||
Total past due and accruing | 2,104,000 | 1,777,000 | ||
Nonaccrual | 254,000 | [1] | 242,000 | [1] |
Current and accruing | 156,573,000 | 141,685,000 | ||
Total Loans | $158,931,000 | $143,704,000 | ||
[1] | Approximately $10.9 million of nonaccrual loans as of March 31, 2014 and December 31, 2013, respectively, are currently performing pursuant to their contractual terms. | |||
[2] | Represents one commercial real estate loan which, subsequent to March 31, 2014, was brought current with a principal curtailments of $7.6 million. |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses, Allowance for Credit Losses (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | $67,523,575 | ' | $67,969,693 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Beginning Balance | 67,970,000 | 69,417,000 | 69,417,000 | ||
Charged-off loans | -1,503,511 | -3,557,313 | -17,252,000 | ||
Recovery of previously charged-off loans | 568,000 | ' | 7,948,000 | ||
Provision for loan losses | 488,000 | ' | 7,857,000 | ||
Ending Balance | 67,524,000 | ' | 67,970,000 | ||
Financing Receivable, Individually Evaluated for Impairment | 30,713,000 | ' | 37,829,000 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 7,010,000 | ' | 3,973,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 4,150,974,000 | ' | 4,106,664,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 60,514,000 | ' | 59,755,000 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | ' | 0 | ||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | 0 | ' | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 4,181,686,799 | ' | 4,144,493,486 | ||
Loans and other extensions of credit granted to directors, executive officers, and their related entities | 10,200,000 | ' | 11,200,000 | ||
Amount drawn from loans and other extensions of credit granted | 7,700,000 | ' | 8,900,000 | ||
Mortgage loans held-for-sale | 13,970,926 | ' | 12,850,339 | ||
Gain loss on sale of loans held for sale | 952,200 | 1,800,000 | ' | ||
Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 20,550,000 | ' | 21,372,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Beginning Balance | 21,372,000 | 19,634,000 | 19,634,000 | ||
Charged-off loans | -123,000 | ' | -4,123,000 | ||
Recovery of previously charged-off loans | 1,000 | ' | 500,000 | ||
Provision for loan losses | -700,000 | ' | 5,361,000 | ||
Ending Balance | 20,550,000 | ' | 21,372,000 | ||
Financing Receivable, Individually Evaluated for Impairment | 15,024,000 | ' | 22,470,000 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 914,000 | ' | 2,074,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 1,441,148,000 | ' | 1,360,965,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 19,636,000 | ' | 19,298,000 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | ' | 0 | ||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | ' | ' | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 1,456,172,000 | ' | 1,383,435,000 | ||
Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 7,822,000 | ' | 8,355,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Beginning Balance | 8,355,000 | 8,762,000 | 8,762,000 | ||
Charged-off loans | -334,000 | ' | -2,250,000 | ||
Recovery of previously charged-off loans | 72,000 | ' | 1,209,000 | ||
Provision for loan losses | -271,000 | ' | 634,000 | ||
Ending Balance | 7,822,000 | ' | 8,355,000 | ||
Financing Receivable, Individually Evaluated for Impairment | 9,649,000 | ' | 9,273,000 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,396,000 | ' | 1,265,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 693,943,000 | ' | 686,343,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 6,426,000 | ' | 7,090,000 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | ' | 0 | ||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | ' | ' | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 703,592,000 | ' | 695,616,000 | ||
Construction and Land Development [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 6,765,000 | ' | 7,235,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Beginning Balance | 7,235,000 | 9,164,000 | 9,164,000 | ||
Charged-off loans | -7,000 | ' | -1,351,000 | ||
Recovery of previously charged-off loans | 31,000 | ' | 1,464,000 | ||
Provision for loan losses | -494,000 | ' | -2,042,000 | ||
Ending Balance | 6,765,000 | ' | 7,235,000 | ||
Financing Receivable, Individually Evaluated for Impairment | 1,101,000 | ' | 1,183,000 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 28,000 | ' | 49,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 292,954,000 | ' | 315,008,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 6,737,000 | ' | 7,186,000 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | ' | 0 | ||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | ' | ' | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 294,055,000 | ' | 316,191,000 | ||
Commercial and Industrial [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 26,710,000 | ' | 25,134,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Beginning Balance | 25,134,000 | 24,738,000 | 24,738,000 | ||
Charged-off loans | -824,000 | ' | -8,159,000 | ||
Recovery of previously charged-off loans | 398,000 | ' | 4,531,000 | ||
Provision for loan losses | 2,002,000 | ' | 4,024,000 | ||
Ending Balance | 26,710,000 | ' | 25,134,000 | ||
Financing Receivable, Individually Evaluated for Impairment | 4,399,000 | ' | 4,385,000 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 759,000 | ' | 474,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 1,564,538,000 | ' | 1,601,162,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 25,951,000 | ' | 24,660,000 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | ' | 0 | ||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | ' | ' | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 1,568,937,000 | ' | 1,605,547,000 | ||
Consumer and Other [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 1,886,000 | ' | 1,632,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Beginning Balance | 1,632,000 | 1,094,000 | 1,094,000 | ||
Charged-off loans | -214,000 | ' | -1,369,000 | ||
Recovery of previously charged-off loans | 66,000 | ' | 244,000 | ||
Provision for loan losses | 402,000 | ' | 1,663,000 | ||
Ending Balance | 1,886,000 | ' | 1,632,000 | ||
Financing Receivable, Individually Evaluated for Impairment | 540,000 | ' | 518,000 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 122,000 | ' | 111,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 158,391,000 | ' | 143,186,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,764,000 | ' | 1,521,000 | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | ' | 0 | ||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | ' | ' | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 158,931,000 | ' | 143,704,000 | ||
Unallocated [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 3,791,000 | ' | 4,242,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Beginning Balance | 4,242,000 | 6,025,000 | 6,025,000 | ||
Charged-off loans | 0 | ' | 0 | ||
Recovery of previously charged-off loans | 0 | ' | 0 | ||
Provision for loan losses | -451,000 | ' | -1,783,000 | ||
Ending Balance | 3,791,000 | ' | 4,242,000 | ||
Accruing Loans [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 60,514,000 | ' | 59,755,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 4,150,974,000 | ' | 4,106,664,000 | ||
Accruing Loans [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 19,636,000 | ' | 19,298,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 1,441,148,000 | ' | 1,360,965,000 | ||
Accruing Loans [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 6,426,000 | ' | 7,090,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 693,943,000 | ' | 686,343,000 | ||
Accruing Loans [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 6,737,000 | ' | 7,186,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 292,954,000 | ' | 315,008,000 | ||
Accruing Loans [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 25,951,000 | ' | 24,660,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 1,564,538,000 | ' | 1,601,162,000 | ||
Accruing Loans [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 1,764,000 | ' | 1,521,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 158,391,000 | ' | 143,186,000 | ||
Accruing Loans [Member] | Unallocated [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 0 | ' | 0 | ||
Nonaccrual Loans [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 1,298,000 | ' | 1,187,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 15,606,000 | ' | 18,183,000 | ||
Nonaccrual Loans [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 161,000 | ' | 142,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 7,145,000 | ' | 9,017,000 | ||
Nonaccrual Loans [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 875,000 | ' | 722,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 5,679,000 | ' | 5,289,000 | ||
Nonaccrual Loans [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 14,000 | ' | 33,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 990,000 | ' | 1,070,000 | ||
Nonaccrual Loans [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 162,000 | ' | 218,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 1,538,000 | ' | 2,565,000 | ||
Nonaccrual Loans [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 86,000 | ' | 72,000 | ||
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 254,000 | ' | 242,000 | ||
Nonaccrual Loans [Member] | Unallocated [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 0 | ' | 0 | ||
Troubled Debt Restructurings [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 1,921,000 | [1] | ' | 2,786,000 | [1] |
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 15,107,000 | [2] | ' | 19,646,000 | [2] |
Troubled Debt Restructurings [Member] | Commercial Real Estate - Mortgage [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 753,000 | [1] | ' | 1,932,000 | [1] |
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 7,879,000 | [2] | ' | 13,453,000 | [2] |
Troubled Debt Restructurings [Member] | Consumer Real Estate - Mortgage [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 521,000 | [1] | ' | 543,000 | [1] |
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 3,970,000 | [2] | ' | 3,984,000 | [2] |
Troubled Debt Restructurings [Member] | Construction and Land Development [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 14,000 | [1] | ' | 16,000 | [1] |
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 111,000 | [2] | ' | 113,000 | [2] |
Troubled Debt Restructurings [Member] | Commercial and Industrial [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 597,000 | [1] | ' | 256,000 | [1] |
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 2,861,000 | [2] | ' | 1,820,000 | [2] |
Troubled Debt Restructurings [Member] | Consumer and Other [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | 36,000 | [1] | ' | 39,000 | [1] |
Changes in allowance for loan losses [Roll Forward] | ' | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 286,000 | [2] | ' | 276,000 | [2] |
Troubled Debt Restructurings [Member] | Unallocated [Member] | ' | ' | ' | ||
Allowance allocation by loan classification for accruing and impaired loans [Abstract] | ' | ' | ' | ||
Total Allowance for Loan Losses | $0 | [1] | ' | $0 | [1] |
[1] | Troubled debt restructurings of $15.1 million and $19.6 million as of March 31, 2014 and December 31, 2013, respectively, are classified as impaired loans pursuant to U.S. GAAP; however, these loans continue to accrue interest at contractual rates. | ||||
[2] | Troubled debt restructurings are presented as an impaired loan; however, they continue to accrue interest at contractual rates |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes [Abstract] | ' | ' |
Unrecognized tax benefits | $0 | ' |
Accrued interest related to uncertain tax positions | 0 | ' |
Accrued penalties related to uncertain tax positions | $0 | ' |
Effective income tax rate (in hundredths) | 33.20% | 32.90% |
Federal income tax statutory rate (in hundredths) | 35.00% | ' |
State income tax rate (in hundredths) | 6.50% | ' |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ' | ' |
Inherent risks associated with off balance sheet commitments | $1.40 | $1.40 |
Commitments to Extend Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Amount of commitment | 1,300 | ' |
Standby Letters of Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Amount of commitment | $68.40 | ' |
Maximum [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Expiry period of standby letter of credit, maximum (in years) | '2 years | ' |
Stock_Options_Stock_Appreciati2
Stock Options, Stock Appreciation Rights and Restricted Shares (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Mar. 31, 2014 | |||||||
Plan | Stock Appreciation Rights (SARs) [Member] | Stock Option [Member] | Restricted Share [Member] | Restricted Share [Member] | Common Stock Options and Stock Appreciation Rights [Member] | Common Stock Options and Stock Appreciation Rights [Member] | Time Based Awards [Member] | Performance Based Awards [Member] | Outside Director Awards [Member] | Restricted Share Units [Member] | Restricted Share Units [Member] | Restricted Share Units [Member] | Restricted Share Units [Member] | 2014 Equity Incentive Plan [Member] | 2014 Equity Incentive Plan [Member] | 2004 Plan and Mid-America Plan [Member] | ||||||||
Senior Executive Officers [Member] | Senior Executive Officers [Member] | Leadership Team [Member] | Subsequent Event [Member] | Associate and Director Awards [Member] | ||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Stock Options, Stock Appreciation Rights and Restricted Shares [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of equity incentive plan | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Shares available for issuances (in shares) | 413,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,343,000 | 930,000 | 396,000 | ||||||
Number [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Outstanding, Beginning Balance (in shares) | ' | ' | ' | 860,593 | ' | ' | 1,002,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Granted (in shares) | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Exercised (in shares) | ' | ' | -813 | ' | ' | ' | -136,178 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | -200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Outstanding, Ending Balance (in shares) | ' | ' | 4,716 | 860,593 | ' | ' | 865,309 | 1,002,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Outstanding and expected to vest (in shares) | ' | ' | ' | ' | ' | ' | 865,309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Weighted average exercise price [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Outstanding, Beginning Balance (in dollars per share) | ' | ' | ' | ' | ' | ' | $25.77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Outstanding, Ending Balance (in dollars per share) | ' | ' | ' | ' | ' | ' | $26.60 | $25.77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Options exercisable (in dollars per share) | ' | ' | ' | ' | ' | ' | $26.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Weighted average contractual remaining term [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Outstanding, beginning of period | ' | ' | ' | ' | ' | ' | '2 years 4 months 28 days | '2 years 5 months 23 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Outstanding, end of period | ' | ' | ' | ' | ' | ' | '2 years 4 months 28 days | '2 years 5 months 23 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Outstanding and expected to vest | ' | ' | ' | ' | ' | ' | '2 years 4 months 28 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Aggregate intrinsic value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Outstanding, beginning of period | ' | ' | ' | ' | ' | ' | $7,097,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Outstanding, end of period | ' | ' | ' | ' | ' | ' | 8,858,000 | [2] | 7,097,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Outstanding and expected to vest | ' | ' | ' | ' | ' | ' | 8,858,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Quoted closing price of common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | $37.49 | $32.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of awards used in aggregate intrinsic value (in shares) | ' | ' | ' | ' | ' | ' | 865,309 | 931,425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of award option vested with no intrinsic value (in shares) | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Average exercise price of option awards with no intrinsic value (in dollars per share) | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unrecognized compensation cost related to unvested stock options granted | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Stock option compensation expense recorded using the Black-Scholes valuation model | 0 | 13,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unvested, beginning of period (in shares) | ' | ' | ' | ' | 821,695 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Shares awarded (in shares) | ' | ' | ' | ' | 90,979 | ' | ' | ' | 78,780 | [3] | 186,943 | [4] | 12,199 | [5] | ' | 58,404 | 102,209 | 29,087 | ' | ' | ' | |||
Conversion of restricted share units to restricted share awards (in shares) | ' | ' | ' | ' | 186,943 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Restrictions lapsed and shares released to associates/directors (in shares) | ' | ' | ' | ' | -189,014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Shares forfeited (in shares) | ' | ' | ' | ' | -16,985 | [6] | ' | ' | ' | -274 | [3],[7] | -3,096 | [4],[7] | 0 | [5],[7] | ' | ' | ' | ' | ' | ' | ' | ||
Unvested, end of period (in shares) | ' | ' | ' | ' | 893,618 | ' | ' | ' | 78,506 | [3] | 183,847 | [4] | 12,199 | [5] | ' | ' | ' | ' | ' | ' | ' | |||
Grant date weighted average cost [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unvested, beginning of period (in dollars per share) | ' | ' | ' | ' | $19.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Shares awarded (in dollars per share) | ' | ' | ' | ' | $32.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Conversion of restricted share units to restricted share awards (in dollars per share) | ' | ' | ' | ' | $31.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Restrictions lapsed and shares released to associates/directors (in dollars per share) | ' | ' | ' | ' | $19.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Shares forfeited (in dollars per share) | ' | ' | ' | ' | $21.11 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Unvested, end of period (in dollars per share) | ' | ' | ' | ' | $23.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Shares forfeited due to failure to meet performance targets (in shares) | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Group | ' | ' | ' | ' | ' | ' | ' | ' | 'Associates | [3],[8] | 'Leadership team | [4],[8] | 'Outside directors | [5],[8] | ' | ' | ' | ' | ' | ' | ' | |||
Vesting Period in years | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | [3] | '5 years | [4] | '1 year | [5] | ' | ' | ' | ' | ' | ' | ' | |||
Shares awarded (in shares) | ' | ' | ' | ' | 90,979 | ' | ' | ' | 78,780 | [3] | 186,943 | [4] | 12,199 | [5] | ' | 58,404 | 102,209 | 29,087 | ' | ' | ' | |||
Restrictions lapsed and shares released to participants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [4] | 0 | [5] | ' | ' | ' | ' | ' | ' | ' | |||
Shares forfeited by participants (in shares) | ' | ' | ' | ' | 16,985 | [6] | ' | ' | ' | 274 | [3],[7] | 3,096 | [4],[7] | 0 | [5],[7] | ' | ' | ' | ' | ' | ' | ' | ||
Shares Unvested (in shares) | ' | ' | ' | ' | 893,618 | ' | ' | ' | 78,506 | [3] | 183,847 | [4] | 12,199 | [5] | ' | ' | ' | ' | ' | ' | ' | |||
Compensation costs attributable to all restricted share awards | ' | ' | ' | ' | $1.20 | $951,000 | ' | ' | ' | ' | ' | $52,000 | ' | ' | ' | ' | ' | ' | ||||||
Restricted Share Units [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Restricted share units, awarded (in shares) | ' | ' | ' | ' | 90,979 | ' | ' | ' | 78,780 | [3] | 186,943 | [4] | 12,199 | [5] | ' | 58,404 | 102,209 | 29,087 | ' | ' | ' | |||
Percentage of awards eligible for conversion to restricted share awards (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ||||||
Percentage of shares for which restrictions lapse based on the attainment of certain soundness targets (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ||||||
[1] | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted closing price of Pinnacle Financial common stock of $32.53 per common share at December 31, 2013 for the approximately 931,425 options and stock appreciation rights that were in-the-money at December 31, 2013. | |||||||||||||||||||||||
[2] | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted closing price of Pinnacle Financial common stock of $37.49 per common share at March 31, 2014 for the approximately 865,309 options and stock appreciation rights that were in-the-money at March 31, 2014. | |||||||||||||||||||||||
[3] | The forfeiture restrictions on these restricted share awards lapse in equal annual installments on the anniversary date of the grant. | |||||||||||||||||||||||
[4] | The forfeiture restrictions on these restricted share awards lapse in separate equal installments should Pinnacle Financial achieve certain earnings and soundness targets over each year of the subsequent vesting period (or alternatively, the cumulative vesting period). | |||||||||||||||||||||||
[5] | Restricted share awards are issued to the outside members of the board of directors in accordance with their board compensation plan. Restrictions lapse on the one year anniversary date of the award based on each individual board member meeting their attendance goals for the various board and board committee meetings to which each member was scheduled to attend. | |||||||||||||||||||||||
[6] | Represents shares forfeited due to employee termination and/or retirement. No shares were forfeited due to failure to meet performance targets. | |||||||||||||||||||||||
[7] | These shares represent forfeitures resulting from associate terminations during the year-to-date period ended March 31, 2014. | |||||||||||||||||||||||
[8] | Groups include our employees (referred to as associates above), the leadership team - which includes our named executive officers and other key senior leadership members and, outside directors.B When the restricted shares are awarded a participant receives voting rights and forfeitable dividend rights with respect to the shares, but is not able to transfer the shares until the restrictions have lapsed. Once the restrictions lapse, the participant is taxed on the value of the award and may elect to sell some shares to pay the applicable income taxes associated with the award. For time-based restricted share awards, dividends paid on shares for which the forfeiture restrictions do not lapse are subject to clawback at the time of termination. For performance-based awards, dividends are placed into escrow until the forfeiture restrictions on such shares lapse. |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | |
Preceding period of retained earnings used in calculation of dividend payable | '2 years | |
Dividends Payable, Amount Per Share | $0.08 | |
Pinnacle Financial [Member] | ' | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | |
Cash dividends paid to Pinnacle Financial by Pinnacle Bank | $4,900,000 | |
Amount available for dividend distribution without prior approval from TDFI | 76,500,000 | |
Actual Amount [Abstract] | ' | |
Total capital to risk weighted assets: | 636,469,000 | |
Tier I capital to risk weighted assets: | 577,212,000 | |
Tier I capital to average assets: | 577,212,000 | [1] |
Actual Ratio [Abstract] | ' | |
Total capital to risk weighted assets: (in hundredths) | 13.50% | |
Tier I capital to risk weighted assets: (in hundredths) | 12.20% | |
Tier I capital to average assets: (in hundredths) | 11.00% | [1] |
Regulatory Minimum Capital Requirement Amount [Abstract] | ' | |
Total capital to risk weighted assets: | 378,473,000 | |
Tier I capital to risk weighted assets: | 189,236,000 | |
Tier I capital to average assets: | 210,731,000 | [1] |
Regulatory Minimum Capital Requirement Ratio [Abstract] | ' | |
Total capital to risk weighted assets: (in hundredths) | 8.00% | |
Tier I capital to risk weighted assets: (in hundredths) | 4.00% | |
Tier I capital to average assets: (in hundredths) | 4.00% | [1] |
Regulatory Minimum To Be Well Capitalized Amount [Abstract] | ' | |
Total capital to risk weighted assets: | 474,055,000 | |
Tier I capital to risk weighted assets: | 284,433,000 | |
Regulatory Minimum To Be Well Capitalized Ratio [Abstract] | ' | |
Total capital to risk weighted assets: (in hundredths) | 10.00% | |
Tier I capital to risk weighted assets: (in hundredths) | 6.00% | |
Pinnacle Bank [Member] | ' | |
Actual Amount [Abstract] | ' | |
Total capital to risk weighted assets: | 610,921,000 | |
Tier I capital to risk weighted assets: | 551,782,000 | |
Tier I capital to average assets: | 551,782,000 | [1] |
Actual Ratio [Abstract] | ' | |
Total capital to risk weighted assets: (in hundredths) | 12.90% | |
Tier I capital to risk weighted assets: (in hundredths) | 11.70% | |
Tier I capital to average assets: (in hundredths) | 10.50% | [1] |
Regulatory Minimum Capital Requirement Amount [Abstract] | ' | |
Total capital to risk weighted assets: | 377,709,000 | |
Tier I capital to risk weighted assets: | 188,854,000 | |
Tier I capital to average assets: | 210,003,000 | [1] |
Regulatory Minimum Capital Requirement Ratio [Abstract] | ' | |
Total capital to risk weighted assets: (in hundredths) | 8.00% | |
Tier I capital to risk weighted assets: (in hundredths) | 4.00% | |
Tier I capital to average assets: (in hundredths) | 4.00% | [1] |
Regulatory Minimum To Be Well Capitalized Amount [Abstract] | ' | |
Total capital to risk weighted assets: | 473,112,000 | |
Tier I capital to risk weighted assets: | 283,867,000 | |
Tier I capital to average assets: | $262,504,000 | [1] |
Regulatory Minimum To Be Well Capitalized Ratio [Abstract] | ' | |
Total capital to risk weighted assets: (in hundredths) | 10.00% | |
Tier I capital to risk weighted assets: (in hundredths) | 6.00% | |
Tier I capital to average assets: (in hundredths) | 5.00% | [1] |
[1] | Average assets for the above calculations were based on the most recent quarter. |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | |
Forward Cash Flow Hedge Relationship [Abstract] | ' | ' | |
Forecasted Notional Amount | $198,000 | ' | |
Interest Rate Derivative Assets, at Fair Value | 4,474 | 6,604 | |
Unrealized Gain in Accumulated Other Comprehensive Income | 2,719 | 4,014 | |
Not Designated as Hedging Instrument [Member] | ' | ' | |
Interest rate swap agreements [Abstract] | ' | ' | |
Notional Amount of Interest rate swap | 561,612 | 588,972 | |
Estimated Fair Value of Interest rate swap | -377 | -374 | |
Pay Fixed / Receive Variable Swaps [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | |
Interest rate swap agreements [Abstract] | ' | ' | |
Notional Amount of Interest rate swap | 280,806 | 294,486 | |
Estimated Fair Value of Interest rate swap | 13,099 | 13,296 | |
Pay Variable / Receive Fixed Swaps [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | |
Interest rate swap agreements [Abstract] | ' | ' | |
Notional Amount of Interest rate swap | 280,806 | 294,486 | |
Estimated Fair Value of Interest rate swap | -13,476 | -13,670 | |
Interest Rate Swap April 2015 April 2018 [Member] | Designated as Hedging Instrument [Member] | Subsequent Event [Member] | ' | ' | |
Forward Cash Flow Hedge Relationship [Abstract] | ' | ' | |
Forecasted Notional Amount | 33,000 | ' | |
Variable Interest Rate | '3 month LIBOR | ' | |
Fixed Interest Rate | 1.43% | [1] | ' |
Term, Lower Maturity Range Date | 2-Apr-15 | [2] | ' |
Term, Higher Maturity Range Date | 2-Apr-18 | [2] | ' |
Interest Rate Derivative Assets, at Fair Value | 380 | 463 | |
Unrealized Gain in Accumulated Other Comprehensive Income | 231 | 281 | |
Interest Rate Swap October 2015 April 2019 [Member] | Designated as Hedging Instrument [Member] | Subsequent Event [Member] | ' | ' | |
Forward Cash Flow Hedge Relationship [Abstract] | ' | ' | |
Forecasted Notional Amount | 33,000 | ' | |
Variable Interest Rate | '3 month LIBOR | ' | |
Fixed Interest Rate | 1.86% | [1] | ' |
Term, Lower Maturity Range Date | 2-Oct-15 | [2] | ' |
Term, Higher Maturity Range Date | 2-Apr-19 | [2] | ' |
Interest Rate Derivative Assets, at Fair Value | 627 | 837 | |
Unrealized Gain in Accumulated Other Comprehensive Income | 381 | 509 | |
Interest Rate Swap October 2015 October 2019 [Member] | Designated as Hedging Instrument [Member] | Subsequent Event [Member] | ' | ' | |
Forward Cash Flow Hedge Relationship [Abstract] | ' | ' | |
Forecasted Notional Amount | 33,000 | ' | |
Variable Interest Rate | '3 month LIBOR | ' | |
Fixed Interest Rate | 2.00% | [1] | ' |
Term, Lower Maturity Range Date | 2-Oct-15 | [2] | ' |
Term, Higher Maturity Range Date | 2-Oct-19 | [2] | ' |
Interest Rate Derivative Assets, at Fair Value | 717 | 1,007 | |
Unrealized Gain in Accumulated Other Comprehensive Income | 436 | 612 | |
Interest Rate Swap April 2016 April 2020 [Member] | Designated as Hedging Instrument [Member] | Subsequent Event [Member] | ' | ' | |
Forward Cash Flow Hedge Relationship [Abstract] | ' | ' | |
Forecasted Notional Amount | 33,000 | ' | |
Variable Interest Rate | '3 month LIBOR | ' | |
Fixed Interest Rate | 2.27% | [1] | ' |
Term, Lower Maturity Range Date | 4-Apr-16 | [2] | ' |
Term, Higher Maturity Range Date | 2-Apr-20 | [2] | ' |
Interest Rate Derivative Assets, at Fair Value | 798 | 1,172 | |
Unrealized Gain in Accumulated Other Comprehensive Income | 485 | 712 | |
Interest Rate Swap April 2016 April 2022 [Member] | Designated as Hedging Instrument [Member] | Subsequent Event [Member] | ' | ' | |
Forward Cash Flow Hedge Relationship [Abstract] | ' | ' | |
Forecasted Notional Amount | 33,000 | ' | |
Variable Interest Rate | '3 month LIBOR | ' | |
Fixed Interest Rate | 2.65% | [1] | ' |
Term, Lower Maturity Range Date | 4-Apr-16 | [2] | ' |
Term, Higher Maturity Range Date | 4-Apr-22 | [2] | ' |
Interest Rate Derivative Assets, at Fair Value | 1,114 | 1,818 | |
Unrealized Gain in Accumulated Other Comprehensive Income | 677 | 1,105 | |
Interest Rate Swap October 2016 October 2020 [Member] | Designated as Hedging Instrument [Member] | Subsequent Event [Member] | ' | ' | |
Forward Cash Flow Hedge Relationship [Abstract] | ' | ' | |
Forecasted Notional Amount | 33,000 | ' | |
Variable Interest Rate | '3 month LIBOR | ' | |
Fixed Interest Rate | 2.52% | [1] | ' |
Term, Lower Maturity Range Date | 3-Oct-16 | [2] | ' |
Term, Higher Maturity Range Date | 2-Oct-20 | [2] | ' |
Interest Rate Derivative Assets, at Fair Value | 838 | 1,307 | |
Unrealized Gain in Accumulated Other Comprehensive Income | $509 | $795 | |
[1] | Pinnacle Financial will pay the fixed interest rate and the counterparties pay Pinnacle Financial the variable rate. | ||
[2] | No cash will be exchanged prior to the term. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||
Commitments to Extend Credit [Member] | Commitments to Extend Credit [Member] | Carrying Amount / Notional Amount [Member] | Carrying Amount / Notional Amount [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Assets [Member] | Other Assets [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | |||||||||||||||||||||
Quoted Market Prices in an Active Market (Level 1) [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | |||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
US Treasury Securities Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
U.S. government agency securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,368,000 | 103,873,000 | 0 | 0 | 107,368,000 | 103,873,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Mortgage-backed securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 452,195,000 | 412,936,000 | 0 | 0 | 452,195,000 | 412,936,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
State and municipal securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,773,000 | 148,411,000 | 0 | 0 | 148,773,000 | 148,411,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Agency- backed securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,822,000 | 17,007,000 | 0 | 0 | 15,822,000 | 17,007,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Corporate notes and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,243,000 | 11,229,000 | 0 | 0 | 11,243,000 | 11,229,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Total investment securities available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 735,401,000 | 693,456,000 | 0 | 0 | 735,401,000 | 693,456,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Other equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,137,000 | 6,701,000 | 0 | 0 | 0 | 0 | 7,137,000 | 6,701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,860,000 | 19,900,000 | 0 | 0 | 17,860,000 | 19,900,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Total assets at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 760,398,000 | 720,057,000 | 0 | 0 | 753,261,000 | 713,356,000 | 7,137,000 | 6,701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Liabilities at fair value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,476,000 | 13,670,000 | 0 | 0 | 13,476,000 | 13,670,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Total liabilities at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,476,000 | 13,670,000 | 0 | 0 | 13,476,000 | 13,670,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Other real estate owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,038,000 | 15,226,000 | 0 | 0 | 0 | 0 | 15,038,000 | 15,226,000 | ||||||||||||||||||
Nonaccrual loans, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,308,000 | [1] | 16,996,000 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 14,308,000 | [1] | 16,996,000 | [1] | ||||||||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,346,000 | 32,222,000 | 0 | 0 | 0 | 0 | 29,346,000 | 32,222,000 | ||||||||||||||||||
Valuation allowance of impaired loans | 1,300,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Gain (losses) on Other real estate owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -310,000 | -2,258,000 | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Gain (losses) on Impaired loans, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -153,000 | [1] | -2,921,000 | [1] | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -463,000 | -5,179,000 | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Assets measured on recurring basis, unobservable input reconciliation, calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Fair value, January 1 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 6,701,000 | 4,681,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Total net realized (losses) gains included in income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 130,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at March 31 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Purchases | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 306,000 | 304,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Issuances | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Settlements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Transfers out of Level 3 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Fair value, March 31 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 7,137,000 | 5,085,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Transfers out of Level 3 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 130,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Financial assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Securities held-to-maturity | 38,194,567 | 38,817,467 | ' | ' | 38,733,000 | 39,796,000 | 38,195,000 | [2] | 38,817,000 | [2] | ' | ' | ' | ' | 0 | 0 | 38,195,000 | 38,817,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Loans, net | ' | ' | ' | ' | 4,114,163,000 | 4,076,524,000 | 4,062,235,000 | [2] | 4,021,675,000 | [2] | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 4,062,235,000 | 4,021,675,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Mortgage loans held-for-sale | ' | ' | ' | ' | 13,971,000 | 12,850,000 | 14,437,000 | [2] | 12,999,000 | [2] | ' | ' | ' | ' | 0 | 0 | 14,437,000 | 12,999,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Financial liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Deposits and securities sold under agreements to repurchase | ' | ' | ' | ' | 4,568,669,000 | 4,603,938,000 | 4,210,590,000 | [2] | 4,378,805,000 | [2] | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 4,210,590,000 | 4,378,805,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Federal Home Loan Bank advances | ' | ' | ' | ' | 150,604,000 | 90,637,000 | 150,556,000 | [2] | 90,652,000 | [2] | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 150,556,000 | 90,652,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Subordinated debt and other borrowings | ' | ' | ' | ' | 98,033,000 | 98,658,000 | 72,483,000 | [2] | 73,083,000 | [2] | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 72,483,000 | 73,083,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Off-balance sheet instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Commitments to extend credit | ' | ' | ' | ' | 1,221,891,000 | [3] | 1,206,528,000 | [3] | 1,051,000 | [2],[3] | 1,040,000 | [2],[3] | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | 1,051,000 | [3] | 1,040,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Standby letters of credit | ' | ' | ' | ' | 68,419,000 | [4] | 69,231,000 | [4] | 320,000 | [2],[4] | 331,000 | [2],[4] | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] | 320,000 | [4] | 331,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Off-balance sheet commitments | ' | ' | $1,300,000 | $1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
[1] | Amount is net of a valuation allowance of $1.3 million at March 31, 2014 and $1.2 million at December 31, 2013 as required by ASC 310-10, bReceivables.b | |||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Estimated fair values are consistent with an exit-price concept. The assumptions used to estimate the fair values are intended to approximate those that a market-participant would realize in a hypothetical orderly transaction. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | At the end of each quarter, Pinnacle Financial evaluates the inherent risks of the outstanding off-balance sheet commitments. In making this evaluation, Pinnacle Financial evaluates the credit worthiness of the borrower, the collateral supporting the commitments and any other factors similar to those used to evaluate the inherent risks of our loan portfolio. Additionally, Pinnacle Financial evaluates the probability that the outstanding commitment will eventually become a funded loan. As a result, at March 31, 2014 and December 31, 2013, Pinnacle Financial included in other liabilities $1.3 million and $1.2 million, respectively, representing the inherent risks associated with these off-balance sheet commitments. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | At March 31, 2014 and December 31, 2013, the fair value of Pinnacle Financialbs standby letters of credit was $320,000 and $331,000, respectively. This amount represents the unamortized fee associated with these standby letters of credit and is included in the consolidated balance sheet of Pinnacle Financial and is believed to approximate fair value. This fair value will decrease over time as the existing standby letters of credit approach their expiration dates. |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Low Income Housing Partnerships [Member] | Other Assets [Member] | ' | ' |
Classification of carrying amount of assets and liabilities of VIE [Abstract] | ' | ' |
Asset Recognized (maximum loss) | $7,902 | $7,945 |
Liability Recognized | 0 | 0 |
Trust Preferred Issuances [Member] | Subordinated Debt [Member] | ' | ' |
Classification of carrying amount of assets and liabilities of VIE [Abstract] | ' | ' |
Liability Recognized | 82,476 | 82,476 |
Commercial Troubled Debt Restructurings [Member] | Loans [Member] | ' | ' |
Classification of carrying amount of assets and liabilities of VIE [Abstract] | ' | ' |
Asset Recognized (maximum loss) | 10,740 | 15,273 |
Liability Recognized | $0 | $0 |