Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PINNACLE FINANCIAL PARTNERS INC | ||
Entity Central Index Key | 1,115,055 | ||
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 Public Float | $ 4,632,460,322 | ||
Entity Common Stock, Shares Outstanding | 77,531,750 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Period End Date | Dec. 31, 2018 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and noninterest-bearing due from banks | $ 137,433,000 | $ 155,815,000 |
Restricted cash | 65,491,000 | 20,738,000 |
Interest-bearing due from banks | 516,920,000 | 496,911,000 |
Federal funds sold and other | 1,848,000 | 106,132,000 |
Cash and cash equivalents | 721,692,000 | 779,596,000 |
Securities available-for-sale, at fair value | 3,083,686,000 | 2,515,283,000 |
Securities held-to-maturity (fair value of $193.1 million and $20.8 million at Dec. 31, 2018 and Dec. 31, 2017, respectively) | 194,282,000 | 20,762,000 |
Consumer loans held-for-sale | 34,196,000 | 103,729,000 |
Commercial loans held-for-sale | 15,954,000 | 25,456,000 |
Loans | 17,707,549,000 | 15,633,116,000 |
Less allowance for loan losses | (83,575,000) | (67,240,000) |
Loans, net | 17,623,974,000 | 15,565,876,000 |
Premises and equipment, net | 265,560,000 | 266,014,000 |
Equity method investment | 239,237,000 | 221,667,000 |
Accrued interest receivable | 79,657,000 | 57,440,000 |
Goodwill | 1,807,121,000 | 1,808,002,000 |
Core deposits and other intangible assets | 46,161,000 | 56,710,000 |
Other real estate owned | 15,165,000 | 27,831,000 |
Other assets | 904,359,000 | 757,334,000 |
Total assets | 25,031,044,000 | 22,205,700,000 |
Deposits: | ||
Non-interest-bearing | 4,309,067,000 | 4,381,386,000 |
Interest-bearing | 3,464,001,000 | 2,987,291,000 |
Savings and money market accounts | 7,607,796,000 | 6,548,964,000 |
Time | 3,468,243,000 | 2,534,061,000 |
Total deposits | 18,849,107,000 | 16,451,702,000 |
Securities sold under agreements to repurchase | 104,741,000 | 135,262,000 |
Federal Home Loan Bank advances | 1,443,589,000 | 1,319,909,000 |
Subordinated debt and other borrowings | 485,130,000 | 465,505,000 |
Accrued interest payable | 23,586,000 | 10,480,000 |
Other liabilities | 158,951,000 | 114,890,000 |
Total liabilities | 21,065,104,000 | 18,497,748,000 |
Stockholders' equity: | ||
Preferred stock, no par value; 10.0 million shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, par value $1.00; 180.0 million shares authorized at Dec. 31, 2018 and 90.0 million shares authorized at Dec. 31, 2017; 77.5 million and 77.7 million shares issued and outstanding at Dec. 31, 2018 and 2017, respectively | 77,484,000 | 77,740,000 |
Additional paid-in capital | 3,107,431,000 | 3,115,304,000 |
Retained earnings | 833,130,000 | 519,144,000 |
Accumulated other comprehensive loss, net of taxes | (52,105,000) | (4,236,000) |
Total stockholders' equity | 3,965,940,000 | 3,707,952,000 |
Total liabilities and stockholders' equity | $ 25,031,044,000 | $ 22,205,700,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Securities held-to-maturity, fair value | [1] | $ 193,131 | $ 20,830 |
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) | 180,000,000 | 90,000,000 | |
Common stock, shares issued (in shares) | 77,484,000 | 77,740,000 | |
Common stock, shares outstanding (in shares) | 77,484,000 | 77,740,000 | |
[1] | 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. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income: | |||
Loans, including fees | $ 850,472,000 | $ 578,286,000 | $ 335,735,000 |
Securities: | |||
Taxable | 48,192,000 | 39,060,000 | 19,179,000 |
Tax-exempt | 35,995,000 | 13,712,000 | 6,014,000 |
Federal funds sold and other | 12,058,000 | 5,080,000 | 2,681,000 |
Total interest income | 946,717,000 | 636,138,000 | 363,609,000 |
Interest expense: | |||
Deposits | 151,043,000 | 59,584,000 | 23,918,000 |
Securities sold under agreements to repurchase | 588,000 | 406,000 | 185,000 |
Federal Home Loan Bank advances and other borrowings | 58,744,000 | 32,842,000 | 14,512,000 |
Total interest expense | 210,375,000 | 92,832,000 | 38,615,000 |
Net interest income | 736,342,000 | 543,306,000 | 324,994,000 |
Provision for loan losses | 34,377,000 | 23,664,000 | 18,328,000 |
Net interest income after provision for loan losses | 701,965,000 | 519,642,000 | 306,666,000 |
Noninterest income: | |||
Total noninterest income | 200,870,000 | 144,904,000 | 121,003,000 |
Noninterest expense: | |||
Salaries and employee benefits | 271,673,000 | 209,662,000 | 140,819,000 |
Equipment and occupancy | 74,276,000 | 54,092,000 | 35,072,000 |
Other real estate expense, net | 723,000 | 1,079,000 | 396,000 |
Marketing and other business development | 11,712,000 | 8,321,000 | 6,536,000 |
Postage and supplies | 7,815,000 | 5,736,000 | 3,929,000 |
Amortization of intangibles | 10,549,000 | 8,816,000 | 4,281,000 |
Merger related expenses | 8,259,000 | 31,843,000 | 11,747,000 |
Other noninterest expense | 67,880,000 | 47,011,000 | 33,505,000 |
Total noninterest expense | 452,887,000 | 366,560,000 | 236,285,000 |
Income before income taxes | 449,948,000 | 297,986,000 | 191,384,000 |
Income tax expense | 90,508,000 | 124,007,000 | 64,159,000 |
Net income | $ 359,440,000 | $ 173,979,000 | $ 127,225,000 |
Per share information: | |||
Basic net income per common share | $ 4.66 | $ 2.73 | $ 2.96 |
Diluted net income per common share | $ 4.64 | $ 2.70 | $ 2.91 |
Weighted average common shares outstanding: | |||
Basic | 77,111,372 | 63,760,578 | 43,037,083 |
Diluted | 77,449,917 | 64,328,189 | 43,731,992 |
Service charges on deposit accounts | |||
Noninterest income: | |||
Total noninterest income | $ 24,906,000 | $ 20,034,000 | $ 14,501,000 |
Investment services | |||
Noninterest income: | |||
Total noninterest income | 21,175,000 | 14,315,000 | 10,757,000 |
Insurance sales commissions | |||
Noninterest income: | |||
Total noninterest income | 9,331,000 | 7,405,000 | 5,310,000 |
Gain on mortgage loans sold, net | |||
Noninterest income: | |||
Total noninterest income | 14,564,000 | 18,625,000 | 15,754,000 |
Investment gains (losses) on sales, net | |||
Noninterest income: | |||
Total noninterest income | (2,254,000) | (8,265,000) | 395,000 |
Trust fees | |||
Noninterest income: | |||
Total noninterest income | 13,143,000 | 8,664,000 | 6,328,000 |
Income from equity method investment | |||
Noninterest income: | |||
Total noninterest income | 51,222,000 | 37,958,000 | 31,403,000 |
Other noninterest income | |||
Noninterest income: | |||
Total noninterest income | $ 68,783,000 | $ 46,168,000 | $ 36,555,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income: | $ 359,440,000 | $ 173,979,000 | $ 127,225,000 |
Other comprehensive income (loss), net of tax: | |||
Changes in fair value of cash flow hedges, net of tax | 2,660,000 | 2,487,000 | (749,000) |
Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax | (73,000) | (208,000) | (293,000) |
Gain on cash flow hedges reclassified from other comprehensive income into net income, net of tax | (657,000) | (347,000) | (51,000) |
Changes in fair value on available-for-sale securities, net of tax | (51,464,000) | 3,036,000 | (9,408,000) |
Net loss (gain) on sale of investment securities reclassified from other comprehensive income into net income, net of tax | 1,665,000 | 5,022,000 | (240,000) |
Total other comprehensive income (loss), net of tax | (47,869,000) | 9,990,000 | (10,741,000) |
Total comprehensive income | $ 311,571,000 | $ 183,969,000 | $ 116,484,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Bankers Healthcare Group, LLC | Avenue Financial Holdings, Inc. | BNC Bancorp | Common Stock | Common StockBankers Healthcare Group, LLC | Common StockAvenue Financial Holdings, Inc. | Common StockBNC Bancorp | Additional Paid-in Capital | Additional Paid-in CapitalBankers Healthcare Group, LLC | Additional Paid-in CapitalAvenue Financial Holdings, Inc. | Additional Paid-in CapitalBNC Bancorp | Retained Earnings | AOCI Attributable to Parent | |
Balance (in shares) at Dec. 31, 2015 | 40,906,000 | ||||||||||||||
Balance at Dec. 31, 2015 | $ 1,155,611,000 | $ 40,906,000 | $ 839,617,000 | $ 278,573,000 | $ (3,485,000) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Exercise of employee common stock options, stock appreciation rights, and related tax benefits (in shares) | 698,673 | 700,000 | |||||||||||||
Exercise of employee common stock options, stock appreciation rights, and related tax benefits | $ 17,436,000 | $ 700,000 | 16,736,000 | ||||||||||||
Common dividends paid | (24,726,000) | (24,726,000) | |||||||||||||
Issuance of restricted common shares, net of forfeitures (in shares) | 200,000 | ||||||||||||||
Issuance of restricted common shares, net of forfeitures | 0 | $ 200,000 | (200,000) | ||||||||||||
Common stock issued in conjunction with acquisition (in shares) | 860,000 | 3,760,000 | |||||||||||||
Common stock issued in conjunction with acquisition | 222,162,000 | $ 39,694,000 | $ 182,468,000 | $ 860,000 | $ 3,760,000 | $ 38,834,000 | $ 178,708,000 | ||||||||
Restricted shares withheld for taxes (in shares) | (67,000) | ||||||||||||||
Restricted shares withheld for taxes | (1,242,000) | $ (67,000) | (1,175,000) | ||||||||||||
Compensation expense for restricted shares | 10,971,000 | 10,971,000 | |||||||||||||
Net income | 127,225,000 | 127,225,000 | |||||||||||||
Other Comprehensive Income (Loss) | (10,741,000) | (10,741,000) | |||||||||||||
Balance (in shares) at Dec. 31, 2016 | 46,359,000 | ||||||||||||||
Balance at Dec. 31, 2016 | $ 1,496,696,000 | $ 46,359,000 | 1,083,491,000 | 381,072,000 | (14,226,000) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Exercise of employee common stock options, stock appreciation rights, and related tax benefits (in shares) | 275,904 | [1] | 276,000 | ||||||||||||
Exercise of employee common stock options, stock appreciation rights, and related tax benefits | $ 5,485,000 | $ 276,000 | 5,209,000 | ||||||||||||
Common dividends paid | (35,907,000) | (35,907,000) | |||||||||||||
Issuance of restricted common shares, net of forfeitures (in shares) | 272,000 | ||||||||||||||
Issuance of restricted common shares, net of forfeitures | 0 | $ 272,000 | (272,000) | ||||||||||||
Issuance of common stock (in shares) | 3,220,000 | ||||||||||||||
Issuance of common stock | 192,194,000 | $ 3,220,000 | 188,974,000 | ||||||||||||
Common stock issued in conjunction with acquisition (in shares) | 27,687,000 | ||||||||||||||
Common stock issued in conjunction with acquisition | 1,850,968,000 | $ 1,850,968,000 | $ 27,687,000 | $ 1,823,281,000 | |||||||||||
Restricted shares withheld for taxes (in shares) | (74,000) | ||||||||||||||
Restricted shares withheld for taxes | (4,991,000) | $ (74,000) | (4,917,000) | ||||||||||||
Compensation expense for restricted shares | 19,538,000 | 19,538,000 | |||||||||||||
Net income | 173,979,000 | 173,979,000 | |||||||||||||
Other Comprehensive Income (Loss) | 9,990,000 | 9,990,000 | |||||||||||||
Balance (in shares) at Dec. 31, 2017 | 77,740,000 | ||||||||||||||
Balance at Dec. 31, 2017 | $ 3,707,952,000 | $ 77,740,000 | 3,115,304,000 | 519,144,000 | (4,236,000) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Exercise of employee common stock options, stock appreciation rights, and related tax benefits (in shares) | 97,877 | 98,000 | |||||||||||||
Exercise of employee common stock options, stock appreciation rights, and related tax benefits | $ 1,851,000 | $ 98,000 | 1,753,000 | ||||||||||||
Repurchase of common stock (in shares) | (405,000) | ||||||||||||||
Repurchase of common stock | (20,694,000) | $ (405,000) | (20,289,000) | ||||||||||||
Common dividends paid | (45,454,000) | (45,454,000) | |||||||||||||
Issuance of restricted common shares, net of forfeitures (in shares) | 157,000 | ||||||||||||||
Issuance of restricted common shares, net of forfeitures | 0 | $ 157,000 | (157,000) | ||||||||||||
Common stock issued in conjunction with acquisition | 0 | ||||||||||||||
Restricted shares withheld for taxes (in shares) | (106,000) | ||||||||||||||
Restricted shares withheld for taxes | (6,922,000) | $ (106,000) | (6,816,000) | ||||||||||||
Compensation expense for restricted shares | 17,636,000 | 17,636,000 | |||||||||||||
Net income | 359,440,000 | 359,440,000 | |||||||||||||
Other Comprehensive Income (Loss) | (47,869,000) | (47,869,000) | |||||||||||||
Balance (in shares) at Dec. 31, 2018 | 77,484,000 | ||||||||||||||
Balance at Dec. 31, 2018 | $ 3,965,940,000 | $ 77,484,000 | $ 3,107,431,000 | $ 833,130,000 | $ (52,105,000) | ||||||||||
[1] | Includes 750 stock options which were exercised in a stock swap transaction which settled in 277 shares of Pinnacle Financial common stock. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | |||
Net income | $ 359,440,000 | $ 173,979,000 | $ 127,225,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net amortization/accretion of premium/discount on securities | 19,141,000 | 12,847,000 | 8,630,000 |
Depreciation, amortization and accretion | (23,604,000) | (23,618,000) | 186,000 |
Provision for loan losses | 34,377,000 | 23,664,000 | 18,328,000 |
Gains on mortgage loans sold, net | (14,564,000) | (18,625,000) | (15,754,000) |
Investment losses (gains) on sales, net | 2,254,000 | 8,265,000 | (395,000) |
Stock-based compensation expense | 17,636,000 | 19,538,000 | 10,971,000 |
Deferred tax expense | 11,765,000 | 28,165,000 | 14,390,000 |
Revaluation of deferred tax assets and liabilities | 0 | 31,486,000 | 0 |
Losses (gains) on disposition of other real estate and other investments | 84,000 | (203,000) | 141,000 |
Income from equity method investment | (51,222,000) | (37,958,000) | (31,403,000) |
Dividends received from equity method investment | 33,651,000 | 21,650,000 | 28,982,000 |
Excess tax benefit from stock compensation | (2,966,000) | (5,366,000) | (4,604,000) |
Gains on other loans sold, net | (3,287,000) | (1,488,000) | (885,000) |
Commercial loans held for sale originated | (356,597,000) | (177,434,000) | (112,670,000) |
Commercial loans held for sale sold | 369,387,000 | 176,062,000 | 90,967,000 |
Consumer loans held for sale originated | (1,195,435,000) | (1,100,866,000) | (784,214,000) |
Consumer loans held for sale sold | 1,234,551,000 | 1,090,489,000 | 803,498,000 |
Increase in other assets | (24,471,000) | (37,022,000) | (5,275,000) |
Increase (decrease) in other liabilities | 60,617,000 | (17,700,000) | 4,198,000 |
Net cash provided by operating activities | 470,757,000 | 165,865,000 | 152,316,000 |
Activities in securities available-for-sale: | |||
Purchases | (1,314,721,000) | (1,290,717,000) | (583,330,000) |
Sales | 169,850,000 | 363,898,000 | 72,829,000 |
Maturities, prepayments and calls | 323,571,000 | 323,235,000 | 280,806,000 |
Activities in securities held-to-maturity: | |||
Purchases | 0 | 0 | (560,000) |
Maturities, prepayments and calls | 5,775,000 | 4,115,000 | 6,200,000 |
Increase in loans, net | (1,995,424,000) | (1,558,646,000) | (966,208,000) |
Purchases of premises and equipment and software | (23,739,000) | (53,499,000) | (17,058,000) |
Purchase of BOLI | (100,000,000) | (55,000,000) | 0 |
Proceeds from BOLI settlement | 3,467,000 | 0 | 0 |
Proceeds from sales of software, premises, and equipment | 2,967,000 | 23,000 | 2,187,000 |
Proceeds from sale of mortgage servicing rights | 0 | 0 | 6,748,000 |
Acquisitions, net of cash acquired | 0 | 155,142,000 | 17,608,000 |
Proceeds from Sale of Other Real Estate | 16,088,000 | 3,725,000 | 3,305,000 |
Increase in equity method investment | 0 | 0 | (74,100,000) |
Increase in other investments | (56,918,000) | (7,804,000) | (27,509,000) |
Net cash used in investing activities | (2,969,084,000) | (2,115,528,000) | (1,279,082,000) |
Financing activities: | |||
Net increase in deposits | 2,399,407,000 | 1,488,274,000 | 822,307,000 |
Net increase (decrease) in repurchase agreements | (30,521,000) | (12,754,000) | 6,622,000 |
Advances from Federal Home Loan Bank: Issuances | 1,664,906,000 | 1,964,750,000 | 1,934,000,000 |
Advances from Federal Home Loan Bank: Payments | (1,541,212,000) | (1,051,067,000) | (1,934,093,000) |
Proceeds from subordinated debt and other borrowings, net of issuance costs | 19,850,000 | 0 | 243,227,000 |
Repayments of other borrowings | 620,000 | 220,000 | 74,000,000 |
Principal payments of capital lease obligation | (168,000) | (149,000) | (70,000) |
Proceeds from common stock issuance | 0 | 192,194,000 | 0 |
Payments for repurchase of shares | (5,071,000) | ||
Exercise of common stock options and stock appreciation rights, net of shares surrendered for taxes | 493,000 | 11,589,000 | |
Repurchase of common stock | (20,694,000) | 0 | 0 |
Excess tax benefit from stock compensation | 0 | 0 | 4,604,000 |
Common dividends paid | (45,454,000) | (35,907,000) | (24,726,000) |
Net cash provided by financing activities | 2,440,423,000 | 2,545,614,000 | 989,460,000 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (57,904,000) | 595,951,000 | (137,306,000) |
Cash, cash equivalents, and restricted cash, beginning of year | 779,596,000 | 183,645,000 | 320,951,000 |
Cash, cash equivalents, and restricted cash, end of year | $ 721,692,000 | $ 779,596,000 | $ 183,645,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 that has elected to be a financial holding company whose primary business is conducted by its wholly-owned subsidiary, Pinnacle Bank (Pinnacle Bank). Pinnacle Bank is a commercial bank headquartered in Nashville, Tennessee. Pinnacle Financial completed its acquisitions of CapitalMark Bank & Trust (CapitalMark), Magna Bank (Magna), Avenue Financial Holdings, Inc. (Avenue) and BNC Bancorp (BNC) on July 31, 2015, September 1, 2015, July 1, 2016 and June 16, 2017, respectively. Pinnacle Financial and Pinnacle Bank also collectively hold a 49% interest in Bankers Healthcare Group, LLC (BHG), a company that primarily serves as a full-service commercial loan provider to healthcare and other professional practices. Pinnacle Bank provides a full range of banking services, including investment, mortgage, and insurance services, and comprehensive wealth management services, in its 11 primarily urban markets within Tennessee, the Carolinas and Virginia. Basis of Presentation — These consolidated financial statements include the accounts of Pinnacle Financial and its direct and indirect wholly-owned subsidiaries. Certain statutory trust affiliates of Pinnacle Financial, as noted in Note 10. Subordinated Debt and Other Borrowings 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. generally accepted accounting principles 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 dates and the reported amounts of revenues and expenses during the reporting periods. 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, determination of any impairment of goodwill or intangible assets and the valuation of deferred tax assets. Impairment — Long-lived assets, including purchased intangible assets subject to amortization, such as core deposit intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Pinnacle Financial had $46.2 million and $56.7 million of long-lived amortizing intangibles at December 31, 2018 and 2017 , respectively. Goodwill is evaluated for impairment at least annually and more frequently if events and circumstances indicate that the asset might be impaired. The Accounting Standards Codification (ASC) 350, Goodwill and Other , regarding testing goodwill for impairment provides an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If an entity does a qualitative assessment and determines that this is the case, or if a qualitative assessment is not performed, it is required to perform additional goodwill impairment testing to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized for that reporting unit (if any). Based on a qualitative assessment, if an entity determines that the fair value of a reporting unit is more than its carrying amount, the two-step goodwill impairment test is not required. Pinnacle Financial performed its annual assessment as of September 30, 2018. The results of the qualitative assessment indicated that the fair value of Pinnacle Financial's sole reporting unit was more than its carrying value, and accordingly, the two-step goodwill impairment test was not performed. In December 2018, the overall stock market decreased significantly. As a result, at December 31, 2018, Pinnacle Financial's common stock was trading below book value per share. Pinnacle Financial updated its annual goodwill impairment analysis and evaluated the market forces and changes in the underlying business to determine if further goodwill impairment testing was required. The results of that evaluation indicated that further goodwill impairment testing was not required. Subsequently to December 31, 2018, the common stock returned to trading at prices in excess of book value per share. Should Pinnacle Financial's common stock price decline below book value per share and remain below book value per share for an extended duration or other impairment indicators become known, additional impairment testing of goodwill may be required. Should it be determined in a future period that the goodwill has become impaired, then a charge to earnings will be recorded in the period such determination is made. The following table presents activity for goodwill and other intangible assets (in thousands): Goodwill Core deposit and other intangible assets Total Balance at December 31, 2017 $ 1,808,002 $ 56,710 $ 1,864,712 Acquisitions — — — Amortization — (10,549 ) (10,549 ) Change in purchase price allocation of prior acquisitions (881 ) — (881 ) Balance at December 31, 2018 $ 1,807,121 $ 46,161 $ 1,853,282 The following table presents the gross carrying amount and accumulated amortization for the core deposit and other intangible assets, which are subject to amortization (in thousands): December 31, 2018 December 31, 2017 Gross carrying amount $ 92,787 $ 92,787 Accumulated amortization (46,626 ) (36,077 ) Net book value $ 46,161 $ 56,710 Cash Equivalents and Cash Flows — Cash on hand, cash items in process of collection, amounts due from banks, Federal funds sold, short-term discount notes and securities purchased under agreements to resell, with original maturities within ninety days, are included in cash and cash equivalents. The following supplemental cash flow information addresses certain cash payments and noncash transactions for each of the years in the three-year period ended December 31, 2018 as follows (in thousands): For the years ended December 31, 2018 2017 2016 Cash Payments: Interest $ 199,464 $ 91,628 $ 37,003 Income taxes paid 55,626 81,539 49,504 Noncash Transactions: Loans charged-off to the allowance for loan losses 30,400 22,046 31,112 Loans foreclosed upon with repossessions transferred to other real estate 3,524 6,228 4,453 Loans foreclosed upon with repossessions transferred to other repossessed assets 1,899 646 1,842 Other real estate sales financed 891 908 — Available-for-sale securities transferred to held-to-maturity portfolio 179,763 — — Held-for-sale loans transferred to held-for-investment loan portfolio 44,980 — — Common stock issued in connection with acquisitions — 1,850,968 222,162 Securities — Securities are classified based on management's intention on the date of purchase. All debt securities classified as available-for-sale are recorded at fair value with any unrealized gains and losses reported in accumulated other comprehensive income (loss), net of the deferred income tax effects. Securities that Pinnacle Financial has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at historical cost and adjusted for amortization of premiums and accretion of discounts. Interest and dividends on securities, including amortization of premiums and accretion of discounts calculated under the effective interest method, are included in interest income. For certain securities, amortization of premiums and accretion of discounts is computed based on the anticipated life of the security which may be shorter than the stated life of the security. Realized gains and losses from the sale of securities are determined using the specific identification method and are recorded on the trade date of the sale. Other-than-temporary Impairment — A decline in the fair value of any available-for-sale or held-to-maturity security below cost that is deemed to be other-than-temporary results in a reduction in the carrying amount of the security. To determine whether impairment is other-than-temporary, management considers whether the entity expects to recover the entire amortized cost basis of the security by reviewing the present value of the future cash flows associated with the security. The shortfall of the present value of the cash flows expected to be collected in relation to the amortized cost basis is referred to as a credit loss and is deemed to be other-than-temporary impairment. If a credit loss is identified, the credit loss is recognized as a charge to earnings and a new cost basis for the security is established. If management concludes that a decline in fair value of a security is temporary and a full recovery of principal and interest is expected and it is not more-likely-than-not that it will be required to sell the security before recovery of its amortized cost basis, then the security is not other-than-temporarily impaired and the shortfall is recorded as a component of equity. 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, 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. Resultantly, other-than-temporary charges may be incurred as management's intention related to a particular security changes. The carrying values of Pinnacle Financial's investment securities could decline in the future if the financial condition of the securities' issuer 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 held-for-sale — Loans originated and intended for sale are carried at the lower of cost or estimated fair value as determined on a loan-by-loan basis. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Realized gains and losses are recognized when legal title to the loans has been transferred to the purchaser and sales proceeds have been received and are reflected in the accompanying consolidated statement of income in gains on mortgage loans sold, net of related costs such as compensation expenses, for mortgage loans, and as a component of other noninterest income for commercial loans held-for-sale. Loans — Pinnacle Financial has five loan segments for financial reporting purposes: commercial and industrial, commercial real estate mortgage, construction and land development, consumer and other and consumer real estate mortgage. The appropriate classification is determined based on the underlying collateral utilized to secure each loan. These classifications are consistent with those utilized in the Quarterly Report of Condition and Income filed by Pinnacle Bank with the Federal Deposit Insurance Corporation (FDIC). Loans are reported at their outstanding principal balances, net of applicable purchase accounting and any deferred fees or costs on originated loans. Interest income on loans is accrued based on the principal balance outstanding. Loan origination fees, net of certain loan origination costs, are deferred and recognized as an adjustment to the related loan yield using a method which approximates the interest method. At December 31, 2018 and 2017 , net deferred loan fees of $7.4 million and $7.8 million respectively, were included as a reduction to loans on the accompanying consolidated balance sheets. As part of our routine credit monitoring process, commercial loans receive risk ratings by the assigned financial advisor and are subject to validation by our 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 outlined by Pinnacle Bank's primary federal regulator. At December 31, 2018 , approximately 80.8% of Pinnacle Financial's loan portfolio was assigned a specifically assigned risk rating. Certain consumer loans and commercial relationships that possess certain qualifying characteristics, including individually smaller balances, are generally not assigned an individual risk rating but are evaluated collectively for credit risk as a homogeneous pool of loans and individually as either accrual or nonaccrual based on the performance of the loan. Loans are placed on nonaccrual status when there is a significant deterioration in the financial condition of the borrower, which generally is the case but is not limited to when the principal or interest is more than 90 days past due, unless the loan is both well-secured and in the process of collection. All interest accrued but not collected for loans that are placed on nonaccrual status is reversed against current interest income. Interest income is subsequently recognized only if certain cash payments are received while the loan is classified as nonaccrual, but interest income recognition is reviewed on a case-by-case basis to determine if the payment should be applied to interest or principal pursuant to regulatory guidelines. A nonaccrual loan is returned to accruing status once the loan has been brought current as to principal and interest and collection is reasonably assured or the loan has been well-secured through other techniques. All loans that are placed on nonaccrual status are further analyzed to determine if they should be classified as impaired loans. A loan is considered to be impaired 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. This determination is made using a variety of techniques, which include a review of the borrower's financial condition, debt-service coverage ratios, global cash flow analysis, guarantor support, other loan file information, meetings with borrowers, inspection or reappraisal of collateral and/or consultation with legal counsel as well as results of reviews of other similar industry credits (e.g. builder loans, development loans, church loans, etc.). Loans are charged off when management believes that the full collectability of the loan is unlikely. As such, a loan may be partially charged-off after a "confirming event" has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely. Purchased Loans — Purchased loans, including loans acquired through a merger, are initially recorded at fair value on the date of purchase. Purchased loans that contain evidence of post-origination credit deterioration as of the purchase date are carried at the net present value of expected future cash flows. All other purchased loans are recorded at their initial fair value, and adjusted for subsequent advances, pay downs, amortization or accretion of any fair value premium or discount on purchase, charge-offs and any other adjustment to carrying value. Pursuant to U.S. generally accepted accounting principles (U. S. GAAP), management has up to 12 months following the date of the acquisition to finalize the fair values of acquired assets and assumed liabilities as of the acquisition date. Once management has finalized the fair values of acquired assets and assumed liabilities within this 12-month period, management considers such values to be the day 1 fair values (Day 1 Fair Values). At the time of acquisition, management evaluates all purchased loans using a variety of factors such as current classification or risk rating, past due status and history as a component of the fair value determination. For those purchased loans without evidence of credit deterioration, management evaluates each reviewed loan using an internal grading system with a grade assigned to each loan at the date of acquisition. To the extent that any purchased loan is not specifically reviewed, such loan is assumed to have characteristics similar to the characteristics of the specifically reviewed acquired portfolio of purchased loans. The grade for each purchased loan without evidence of credit deterioration is reviewed subsequent to the date of acquisition any time a loan is renewed or extended or at any time information becomes available to Pinnacle Financial that provides material insight regarding the loan's performance, the borrower's capacity to repay or the underlying collateral. In determining the Day 1 Fair Values of purchased loans without evidence of post-origination credit deterioration at the date of acquisition, management includes (i) no carryover of any previously recorded allowance for loan losses (ALL) and (ii) an adjustment of the unpaid principal balance to reflect an appropriate market rate of interest and expected loss, given the risk profile and risk rating assigned to each loan. This adjustment is accreted into earnings as a yield adjustment, using the effective yield method, over the remaining life of each loan. Purchased loans that contain evidence of credit deterioration on the date of purchase are individually evaluated by management to determine the estimated fair value of each loan. This evaluation includes no carryover of any previously recorded ALL. In determining the estimated fair value of purchased loans with evidence of credit deterioration, management considers a number of factors including, among other things, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value of the underlying collateral, estimated holding periods, and net present value of cash flows expected to be received. In determining the Day 1 Fair Values of purchased loans with evidence of credit deterioration, management calculates a non-accretable difference (the credit risk component of the purchased loans) and an accretable difference (the yield component of the purchased loans). The non-accretable difference is the difference between the contractually required payments and the cash flows expected to be collected in accordance with management's determination of the Day 1 Fair Values. Subsequent increases in expected cash flows will result in an adjustment to accretable yield, which will have a positive impact on interest income. Subsequent decreases in expected cash flows will generally result in increased provision for loan losses. Subsequent increases in expected cash flows following any previous decrease will result in a reversal of the provision for loan losses to the extent of prior charges and then an adjustment to accretable yield. The accretable difference on purchased loans with evidence of credit deterioration is the difference between the expected cash flows and the net present value of expected cash flows. Such difference is accreted into earnings using the effective yield method over the term of the loans. For purchased loans with evidence of credit deterioration for which the expected cash flows cannot be forecasted, these loans are deemed to be collateral dependent, are recorded at their fair value and are placed on nonaccrual, with interest payments recorded on a cash basis, as appropriate. Allowance for Loan Losses (allowance) - Pinnacle Financial's management assesses the adequacy of the allowance prior to the end of each calendar quarter. This assessment includes procedures to estimate the allowance and test the adequacy and appropriateness of the resulting balance. The level of the allowance is based upon management's evaluation of the loan portfolio, loan loss experience, asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrowers' ability to repay the loan (including the timing of future payment), the estimated value of any underlying collateral, composition of the loan portfolio, economic conditions, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. The level of allowance maintained by management is believed adequate to absorb probable losses inherent in the loan portfolio at the balance sheet date. The allowance is increased by provisions charged to expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. Allocation of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management's judgment, is deemed uncollectible. Pinnacle Financial's allowance for loan loss assessment methodology was modified during the year ended December 31, 2017 to (i) extend the look-back period from 24 quarters to a period beginning January 1, 2006 to better capture the risk associated with this extended economic cycle, (ii) eliminate the use of risk ratings in the calculation of the loss rate and instead focus on loss rate by loan type and (iii) expand the economic variables used in the qualitative assessment to incorporate our expanded footprint. Pinnacle Financial also eliminated the use of a loss emergence period in light of the minimal population of losses available to evaluate that were previously being extrapolated to the full population of loans, and shifted the focus of its analysis to more of a quantitative model. There was no material impact on the adoption of the changes in the allowance for loan loss assessment methodology. Pinnacle Financial's allowance for loan losses is composed of the result of two independent analyses pursuant to the provisions of ASC 450-20, Loss Contingencies and ASC 310-10-35, Receivables . The ASC 450-20 analysis is intended to quantify the inherent risks in its performing loan portfolio. The ASC 310-10-35 analysis includes a loan-by-loan analysis of impaired loans, including those reported as nonaccrual, troubled-debt restructurings and purchase credit impaired. In assessing the adequacy of the allowance, Pinnacle Financial also considers the results of Pinnacle Financial's ongoing independent loan review process. Pinnacle Financial undertakes this process both to ascertain those loans in the portfolio with elevated credit risk and to assist in its overall evaluation of the risk characteristics of the entire loan portfolio. Its loan review process includes the judgment of management, independent internal loan reviewers, and reviews that may have been conducted by third-party reviewers including regulatory examiners. Pinnacle Financial incorporates relevant loan review results in the allowance. The ASC 450-20 component of the allowance for loan losses begins with a historical loss rate calculation for each loan pool with similar risk characteristics. The losses realized over a rolling four-quarter cycle are utilized to determine an annual loss rate for each loan pool for each quarter-end in our look-back period. The look-back period in our loss rate calculation begins with January 1, 2006, as we believe the period from January 1, 2006 to present is more representative of this economic cycle. The loss rates for each category are then averaged and applied to the end of period loan portfolio balances to determine estimated losses. The loss rates provide a quantitative estimate of credit losses inherent in our end of period loan portfolio based on our actual loss experience. The estimated loan loss allocation for all loan segments is then adjusted for management's estimate of probable losses for a number of qualitative factors that have not been considered in the quantitative analysis. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management, but measured by objective measurements period over period. The data for each measurement may be obtained from internal or external sources. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements over time. The resulting factor is applied to the non-impaired loan portfolio. This amount represents estimated probable inherent credit losses which exist, but have not yet been identified either in its risk rating or impairment process, as of the balance sheet date, and is based upon quarterly trend assessments in portfolio concentrations, policy exceptions, economic conditions, associate retention, independent loan review results, collateral considerations, credit quality, competition, enterprise wide risk assessments, and peer group credit quality. The qualitative allowance allocation, as determined by the processes noted above, is increased or decreased for each loan segment based on the assessment of these various qualitative factors. The allowance for loan losses for purchased loans is calculated similar to that utilized for legacy Pinnacle Bank loans. Pinnacle Financial's accounting policy is to compare the computed allowance for loan losses for each purchased loan to the remaining fair value adjustment at the individual loan level. If the computed allowance at the loan level is greater than the remaining fair value adjustment, the excess is added to the allowance for loan losses by a charge to the provision for loan losses. The ASC 450-20 portion of the allowance includes a small unallocated component. Pinnacle Financial believes that the unallocated amount is warranted for inherent factors that cannot be practically assigned to individual loan categories, such as the imprecision in the overall loss allocation measurement process, the subjectivity risk of potentially not considering all relevant environmental categories and related measurements and imprecision in its credit risk ratings process. The appropriateness of the unallocated component of the allowance is assessed each quarter end based upon changes in the overall business environment not otherwise captured. The impaired loan allowance is determined pursuant to ASC 310-10-35. Loans are impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Collection of all amounts due according to the contractual terms means collecting all interest and principal payments of a loan as scheduled in the loan agreement. This evaluation is inherently subjective as it requires material estimates including the amounts and timing of future cash flows expected to be received on impaired loans that may be susceptible to significant change. Loan losses are charged off when management believes that the full collectability of the loan is unlikely. A loan may be partially charged-off after a "confirming event" has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely. An impairment allowance is recognized if the fair value of the loan is less than the recorded investment in the loan (recorded investment in the loan is the principal balance plus any accrued interest, net of deferred loan fees or costs and unamortized premium or discount). The impairment is recognized through the provision for loan losses and is a component of the allowance for loan losses. Loans that are impaired are recorded at the present value of expected future cash flows discounted at the loan's effective interest rate, or if the loan is collateral dependent, at the fair value of the collateral, less estimated disposal costs. If the loan is cash flow dependent, a specific reserve is established as a component of the allowance. If the loan is collateral dependent, any portion of the loan confirmed to be uncollectible is charged off, and a specific reserve is established for any remaining impairment. The fair value of collateral dependent loans is derived primarily from collateral appraisals performed by independent third-party appraisers. This analysis is completed for all individual loans greater than $750,000 . The resulting allowance percentage by segment adjusted for specific trends identified, if applicable, is then applied to the remaining population of impaired loans. Pursuant to the guidance set forth in ASU No. 2011-02, A Creditor's Determination of Whether a Restructuring is a Troubled Debt Restructuring , the above impairment methodology is also applied to those loans identified as troubled debt restructurings. Sufficiency of the total computed allowance is then tested by comparison to historical trends and industry and peer information. Pinnacle Financial then evaluates the result of the procedures performed, including the results of its testing, and concludes on the appropriateness of the balance of the allowance in its entirety. The audit committee of Pinnacle Financial's board of directors reviews and approves the methodology and resultant allowance prior to the filing of quarterly and annual financial information. While its policies and procedures used to estimate the allowance for loan losses, as well as the resultant provision for loan losses charged to income, are considered adequate by management and are reviewed from time to time by regulators, they are necessarily approximate and imprecise. There are factors beyond Pinnacle Financial's control, such as conditions in the local, national, and international economy, a local real estate market or particular industry conditions which may materially negatively impact asset quality and the adequacy of the allowance for loan losses and thus the resulting provision for loan losses. Transfers of Financial Assets — Transfers of financial assets are accounted for as sales when control over the assets has been surrendered or in the case of a loan participation, a portion of the asset has been surrendered and meets the definition of a "participating interest". Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from Pinnacle Financial, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) Pinnacle Financial does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. Premises and Equipment and Leaseholds — Premises and equipment are carried at cost less accumulated depreciation and amortization computed principally by the straight-line method over the estimated useful lives of the assets or the expected lease terms for leasehold improvements, whichever is shorter. Useful lives for all premises and equipment range between three and thirty years. Pinnacle Bank is the lessee with respect to several office locations. At December 31, 2018, all such leases were being accounted for as operating leases within the accompanying consolidated financial statements, with the exception of the one capital lease agreement discussed below. Several of these leases include rent escalation clauses. Pinnacle Bank expenses the costs associated with these escalating payments over the life of the expected lease term using the straight-line method. At December 31, 2018 , the deferred liability associated with these escalating rentals was approximately $3.8 million and is included in other liabilities in the accompanying consolidated balance sheets. As addressed in the Newly Issued not yet Effective Accounting Standards section later within this Note, beginning January 1, 2 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2. Acquisitions BNC Bancorp. On June 16, 2017, Pinnacle Financial consummated its merger with BNC. Pursuant to the terms of the Agreement and Plan of Merger, dated as of January 22, 2017, by and between Pinnacle Financial and BNC, BNC merged with and into Pinnacle Financial, with Pinnacle Financial continuing as the surviving corporation (the BNC Merger). On that same day, Pinnacle Bank and Bank of North Carolina, BNC's wholly-owned bank subsidiary, merged, with Pinnacle Bank continuing as the surviving entity. The following summarizes the consideration paid and an allocation of purchase price to net assets acquired (in thousands): Number of Shares Amount Equity consideration Common stock issued 27,687,100 $ 1,858,133 Total equity consideration $ 1,858,133 Non-Equity Consideration: Cash paid to redeem common stock 129 Total consideration paid $ 1,858,262 Allocation of total consideration paid: Fair value of net assets assumed including estimated identifiable intangible assets $ 602,689 Goodwill 1,255,573 $ 1,858,262 Pinnacle Financial recorded costs incurred in connection with the issuance of Pinnacle Financial common stock resulting from the BNC Merger of $7.2 million , net of related tax benefits, as a reduction to additional paid in capital. Certain merger-related expenses resulting from cultural and systems integrations, as well as stock-based compensation expense incurred as a result of change-in-control provisions applicable to assumed equity-based awards were recorded as merger-related expense. Goodwill originating from the BNC Merger resulted primarily from anticipated synergies arising from the combination of certain operational areas of the businesses of BNC and Pinnacle Financial as well as the purchase premium inherent in buying a complete and successful banking operation. Goodwill associated with the BNC Merger is not amortizable for book or tax purposes. Adjustments totaling $82.0 million were recorded in 2017 to goodwill to appropriately reflect the valuation of the acquired loan portfolio, OREO acquired, and certain liabilities assumed and have been included in the table below. Pinnacle Financial accounted for the BNC Merger under the acquisition method in accordance with ASC Topic 805. Accordingly, the purchase price is allocated to the fair value of the assets acquired and liabilities assumed as of the date of merger. Purchase price allocations related to the acquisition of BNC have been completed and are reflected in the following table (in thousands): As of June 16, 2017 BNC Historical Cost Basis Fair Value Adjustments (1) As Recorded by Pinnacle Financial Assets Cash and cash equivalents $ 155,271 $ — $ 155,271 Investment securities 643,875 1,667 645,542 Loans, net of allowance for loan losses (2) 5,782,720 (181,430 ) 5,601,290 Mortgage loans held for sale 27,026 — 27,026 Other real estate owned (3) 20,143 1,382 21,525 Core deposit and other intangible (4) — 50,422 50,422 Property, plant and equipment (5) 156,805 (3,341 ) 153,464 Other assets (6) 320,988 54,057 375,045 Total Assets $ 7,106,828 $ (77,243 ) $ 7,029,585 Liabilities Interest-bearing deposits (7) $ 5,003,653 $ 4,355 $ 5,008,008 Non-interest bearing deposits 1,199,342 — 1,199,342 Borrowings (8) 183,389 (6,412 ) 176,977 Other liabilities (9) 35,729 6,840 42,569 Total Liabilities $ 6,422,113 $ 4,783 $ 6,426,896 Net Assets Acquired $ 684,715 $ (82,026 ) $ 602,689 Explanation of certain fair value adjustments: (1) The amount represents the adjustment of the book value of BNC's assets and liabilities to their estimated fair value on the date of acquisition. Fair value adjustments were updated subsequent to the merger date based on the results of finalized valuation assessments. (2) The amount represents the adjustment of the net book value of BNC's loans to their estimated fair value based on interest rates and expected cash flows as of the date of acquisition, which includes estimates of expected credit losses inherent in the portfolio of approximately 2.6% of the 3.1% mark on the acquired loan portfolio. (3) This adjustment reflects the Day 1 value of OREO properties. (4) The amount represents the fair value of the core deposit intangible asset representing the intangible value of the deposit base acquired and the fair value of the customer relationship intangible assets representing the intangible value of customer relationships acquired. (5) The amount represents the adjustment of the net book value of BNC's property, plant and equipment to estimated fair value based on market values of similar assets. (6) The amount represents the deferred tax asset recognized on the fair value adjustment of BNC's acquired assets and assumed liabilities and an adjustment to the Day 1 fair value of an alternative investment. (7) The amount represents the adjustment necessary because the weighted average interest rate of BNC's deposits exceeded the cost of similar funding at the time of acquisition. The fair value adjustment will be amortized to reduce future interest expense over the life of the portfolio. (8) The amount represents the combined adjustment necessary because the weighted average interest rate of BNC's subordinated debt issuance exceeded the cost of similar funding at the time of acquisition and because the weighted average interest rate of BNC's trust preferred securities issuances was lower than the cost of similar funding at the time of acquisition. The combined fair value adjustments will be amortized to increase future interest expense over the lives of the instruments. (9) The amount represents the adjustment to accrue obligations that existed but had not been recorded as of the acquisition date and the fair value of BNC lease obligations. Supplemental Pro Forma Combined Results of Operations For the year ended December 31, 2018, BNC was included in the operations of PNFP and, as such, no supplemental proforma information is necessary. The supplemental proforma information below for the year ended December 31, 2017 gives effect to the BNC acquisition as if it had occurred on January 1, 2017. These results combine the historical results of BNC into Pinnacle Financial's consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair value adjustments, they are not indicative of what would have occurred had the BNC Merger taken place on the indicated date nor are they intended to represent or be indicative of future results of operations. In particular, no adjustments have been made to eliminate the amount of BNC's provision for credit losses for the year ended December 31, 2017 that may not have been necessary had the acquired loans been recorded at fair value as of the beginning of 2017. Additionally, these financial statements were not adjusted for non-recurring expenses, such as merger-related expenses incurred by either Pinnacle Financial or BNC. Pinnacle Financial expects to achieve operating cost savings and other business synergies as a result of the acquisition which are also not reflected in the proforma amounts. (dollars in thousands) Year Ended December 31, 2017 Revenue (1) $ 844,896 Income before income taxes 347,983 (1) Net interest income plus noninterest income. |
Equity method investment
Equity method investment | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investment | Note 3. Equity Method Investment On February 1, 2015, Pinnacle Bank acquired a 30% interest in Bankers Healthcare Group, LLC (BHG) for $75 million in cash. On March 1, 2016, Pinnacle Bank and Pinnacle Financial increased their investment in BHG by a combined 19% , for a total investment in BHG of 49% . The additional 19% interest was acquired pursuant to a purchase agreement whereby both Pinnacle Financial and Pinnacle Bank acquired 8.55% and an additional 10.45% , respectively, of the outstanding membership interests in BHG in exchange for $74.1 million in cash and 860,470 shares of Pinnacle Financial common stock valued at $ 39.9 million. On March 1, 2016, Pinnacle Financial, Pinnacle Bank and the other members of BHG entered into an Amended and Restated Limited Liability Company Agreement of BHG that provides for, among other things, the following terms: • the inability of any member of BHG to transfer its ownership interest in BHG without the consent of the other members of BHG for five years, other than transfers to family members, trusts or affiliates of the transferring member, in connection with the acquisition of Pinnacle Financial or Pinnacle Bank or as a result of a change in applicable law that forces Pinnacle Financial and/or Pinnacle Bank to divest their ownership interests in BHG; • the inability of the board of managers of BHG (of which Pinnacle Financial and Pinnacle Bank have the right to designate two of the five members (the Pinnacle Managers) to approve a sale of BHG without the consent of one of the Pinnacle Managers until March 1, 2020; • co-sale rights for Pinnacle Financial and Pinnacle Bank in the event the other members of BHG decide to sell all or a portion of their ownership interests and are permitted to do so pursuant to the Limited Liability Company Agreement; and • a right of first refusal for BHG and the other members of BHG in the event that Pinnacle Financial and/or Pinnacle Bank decide to sell all or a portion of their ownership interests and are permitted to do so pursuant to the Limited Liability Company Agreement, except in connection with a transfer of their ownership interests to an affiliate or in connection with the acquisition of Pinnacle Financial or Pinnacle Bank. Pinnacle Financial accounts for this investment pursuant to the equity method for unconsolidated subsidiaries and will recognize its interest in BHG's profits and losses in noninterest income with corresponding adjustments to the BHG investment account. Because BHG has been determined to be a voting interest entity of which Pinnacle Financial and Pinnacle Bank together control less than a majority of the board seats following the closing of the additional investment in March 2016, this investment does not require consolidation and is accounted for pursuant to the equity method of accounting. Additionally, Pinnacle Financial did not recognize any goodwill or other intangible asset associated with these transactions as of the respective purchase dates, however, it will recognize accretion income and amortization expense associated with the fair value adjustments to the net assets acquired including the fair value of certain of BHG's liabilities which are recorded as a component of income from equity method investment, pursuant to the equity method of accounting. At December 31, 2018 , Pinnacle Financial has recorded technology, trade name and customer relationship intangibles, net of related amortization, of $10.7 million compared to $13.4 million as of December 31, 2017 . Amortization expense of $2.8 million was included in Pinnacle Financial's results for the year ended December 31, 2018 compared to $3.3 million for 2017 . Accretion income of $2.9 million was included in Pinnacle Financial's results for the year ended December 31, 2018 , while $3.1 million of accretion income was recorded in 2017 . Additionally, at December 31, 2018 , Pinnacle Financial had recorded accretable discounts associated with certain liabilities of BHG of $7.4 million compared to $10.3 million as of December 31, 2017 . During the year ended December 31, 2018 , Pinnacle Financial and Pinnacle Bank received dividends from BHG of $33.7 million in the aggregate, compared to $21.7 million during the year ended December 31, 2017 . Earnings from BHG are included in Pinnacle Financial's consolidated tax return. Profits from intercompany transactions are eliminated. A summary of BHG's financial position and results of operations as of and for the years ended December 31, 2018 and 2017 , respectively, were as follows (unaudited, in thousands): Banker's Healthcare Group December 31, 2018 December 31, 2017 Assets $ 459,816 $ 330,030 Liabilities $ 324,211 $ 224,837 Equity interests 135,605 105,193 Total liabilities and equity $ 459,816 $ 330,030 For the year ended December 31, 2018 2017 2016 Revenues $ 220,253 $ 160,209 $ 136,693 Net income, pre-tax $ 104,297 $ 77,941 $ 67,135 |
Restricted Cash Balances
Restricted Cash Balances | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash Balances | Note 4. Restricted Cash Balances Regulation D of the Federal Reserve Act requires that banks maintain reserve balances with the Federal Reserve Bank based principally on the type and amount of their deposits. At our option, Pinnacle Financial maintains additional balances to compensate for clearing and other services. For the years ended December 31, 2018 and 2017 , the average daily balance maintained at the Federal Reserve was approximately $329.6 million and $229.9 million , respectively. Restricted cash included on the consolidated balance sheets was $ 65.5 million and $ 20.7 million at December 31, 2018 and 2017, respectively. This restricted cash is maintained at a bank as collateral primarily for our derivative portfolio. Pinnacle Financial maintains some of its cash in bank deposit accounts at financial institutions other than Pinnacle Bank that, at times, may exceed federally insured limits. Pinnacle Financial may lose all uninsured balances if one of the correspondent banks fails without warning. Pinnacle Financial has not experienced any losses in such accounts. Pinnacle Financial believes it is not exposed to any significant credit risk on cash and cash equivalents. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 5. Securities The amortized cost and fair value of securities available-for-sale and held-to-maturity at December 31, 2018 and 2017 are summarized as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2018 Securities available-for-sale: U.S Treasury securities $ 30,325 $ — $ 25 $ 30,300 U.S. Government agency securities 71,456 49 1,346 70,159 Mortgage-backed securities 1,336,469 3,110 28,634 1,310,945 State and municipal securities 1,244,471 3,785 18,602 1,229,654 Asset-backed securities 379,107 820 4,345 375,582 Corporate notes 69,399 170 2,523 67,046 $ 3,131,227 $ 7,934 $ 55,475 $ 3,083,686 Securities held-to-maturity: State and municipal securities 194,282 152 1,303 193,131 $ 194,282 $ 152 $ 1,303 $ 193,131 December 31, 2017 Securities available-for-sale: U.S Treasury securities $ 30,505 $ — $ 60 $ 30,445 U.S. Government agency securities 182,500 67 1,766 180,801 Mortgage-backed securities 1,270,625 5,318 12,124 1,263,819 State and municipal securities 774,949 12,251 2,588 784,612 Asset-backed securities 173,346 262 316 173,292 Corporate notes 81,615 1,346 647 82,314 $ 2,513,540 $ 19,244 $ 17,501 $ 2,515,283 Securities held-to-maturity: State and municipal securities 20,762 114 46 20,830 $ 20,762 $ 114 $ 46 $ 20,830 In 2018, Pinnacle Financial transferred, at fair value, $ 179.8 million of municipal securities from the available-for-sale portfolio to the held-to-maturity portfolio. The related net unrealized after tax losses of $ 2.2 million remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. No gains or losses were recognized at the time of the transfer. At December 31, 2018 , approximately $1.2 billion of Pinnacle Financial's investment portfolio was pledged to secure public funds and other deposits and securities sold under agreements to repurchase. At December 31, 2018 , repurchase agreements comprised of secured borrowings totaled $104.7 million and were secured by $104.7 million of pledged U.S. government agency securities, municipal securities, asset backed securities, and corporate debentures. As the fair value of securities pledged to secure repurchase agreements may decline, Pinnacle Financial regularly evaluates its need to pledge additional securities for the counterparty to remain adequately secured. The amortized cost and fair value of debt securities as of December 31, 2018 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages 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 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 47,546 $ 47,474 $ 325 $ 326 Due in one year to five years 45,037 44,925 5,710 5,700 Due in five years to ten years 100,401 98,424 7,980 7,935 Due after ten years 1,222,667 1,206,336 180,267 179,170 Mortgage-backed securities 1,336,469 1,310,945 — — Asset-backed securities 379,107 375,582 — — $ 3,131,227 $ 3,083,686 $ 194,282 $ 193,131 At December 31, 2018 and 2017 , included in securities were the following investments with unrealized losses. The information below classifies these investments according to the term of the unrealized loss of less than twelve months or twelve months or longer (in thousands): Investments with an Unrealized Loss of less than 12 months Investments with an Unrealized Loss of 12 months or longer Total Investments with an Unrealized Loss Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2018 U.S. Treasury securities $ 30,054 $ 22 $ 246 $ 3 $ 30,300 $ 25 U.S. government agency securities 13,697 328 42,539 1,018 56,236 1,346 Mortgage-backed securities 203,299 2,134 882,231 26,500 1,085,530 28,634 State and municipal securities 805,821 18,643 198,610 4,078 1,004,431 22,721 Asset-backed securities 268,677 4,118 11,828 227 280,505 4,345 Corporate notes 26,272 1,538 25,915 985 52,187 2,523 Total temporarily-impaired securities $ 1,347,820 $ 26,783 $ 1,161,369 $ 32,811 $ 2,509,189 $ 59,594 December 31, 2017 U.S. Treasury securities $ 29,948 $ 60 $ — $ — $ 29,948 $ 60 U.S. government agency securities 173,677 1,766 — — 173,677 1,766 Mortgage-backed securities 607,408 5,042 285,561 7,082 892,969 12,124 State and municipal securities 115,403 1,408 50,083 1,226 165,486 2,634 Asset-backed securities 68,742 198 14,136 118 82,878 316 Corporate notes 22,168 547 11,944 100 34,112 647 Total temporarily-impaired securities $ 1,017,346 $ 9,021 $ 361,724 $ 8,526 $ 1,379,070 $ 17,547 The applicable date for determining when securities are in an unrealized loss position is December 31, 2018 and 2017 . As such, it is possible that a security had a market value less than its amortized cost on other days during the twelve-month periods ended December 31, 2018 and 2017 , but is not in the "Investments with an Unrealized Loss of less than 12 months" category above. As shown in the table above, at December 31, 2018 and 2017 , Pinnacle Financial had unrealized losses of $59.6 million and $17.5 million on $2.5 billion and $1.4 billion , respectively, of available-for-sale and held-to-maturity securities. The unrealized losses associated with the $ 179.8 million of municipal securities transferred from the available-for-sale portfolio to the held-to-maturity portfolio represent unrealized losses since the date of purchase, independent of the impact associated with changes in the cost basis upon transfer between portfolios. The unrealized losses associated with these investment securities are primarily driven by changes in interest rates and typically are not due to the credit quality of the securities. 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. Because Pinnacle Financial currently does not intend to sell these securities 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 December 31, 2018 . 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. Consistent with the investment policy, in 2018 available-for-sale securities of approximately $169.9 million were sold and net unrealized losses of $1.7 million were reclassified from accumulated other comprehensive income into net income. The carrying values of Pinnacle Financial's investment securities could decline in the future if the financial condition of the securities' 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. Additionally, there is 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 Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 6. 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 by Pinnacle Bank with the Federal Deposit Insurance Corporation (FDIC). Pinnacle Financial uses five loan categories: commercial real estate mortgage, consumer real estate mortgage, construction and land development, commercial and industrial, and consumer and other. • Commercial real estate mortgage loans . Commercial real estate mortgage loans are categorized as such based on investor exposures where repayment is largely dependent upon the operation, refinance, or sale of the underlying real estate. Commercial real estate mortgage loans also includes owner-occupied commercial real estate which Pinnacle Financial believes shares a similar risk profile to Pinnacle Financial's commercial and industrial products. • Consumer real estate mortgage loans . Consumer real estate mortgage consists primarily of loans secured by 1-4 family residential properties, including home equity lines of credit. • Construction and land development loans . Construction and land development loans include loans where the repayment is dependent on the successful operation of the related real estate project. Construction and land development loans include 1-4 family construction projects and commercial construction endeavors such as warehouses, apartments, office and retail space and land acquisition and development. • Commercial and industrial loans . Commercial and industrial loans include loans to business enterprises issued for commercial, industrial and/or other professional purposes. • Consumer and other loans . Consumer and other loans include all loans issued to individuals not included in the consumer real estate mortgage classification. Examples of consumer and other loans are automobile loans, credit cards and loans to finance education, among others. 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. Pass-rated loans include five distinct ratings categories for loans that represent specific attributes. Pinnacle Financial believes that its categories follow those outlined by Pinnacle Bank's primary regulators. At December 31, 2018 , approximately 80.8% 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 a financial advisor and a senior credit officer. At least annually, our credit policy requires that every risk rated loan of $1.0 million 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 such as certain commercial and industrial loans, land loans and/or loan types in certain geographies. 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. • Substandard-nonaccrual loans are substandard loans that have been placed on nonaccrual status. • 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 December 31, 2018 and 2017 (in thousands): December 31, 2018 Commercial real estate - mortgage Consumer real estate - mortgage Construction and land development Commercial and industrial Consumer and other Total Pass $ 6,998,485 $ 2,787,570 $ 2,059,376 $ 5,148,726 $ 352,516 $ 17,346,673 Special Mention 55,932 7,902 4,334 24,284 711 93,163 Substandard 78,202 20,906 5,358 75,351 62 179,879 Substandard-nonaccrual 32,335 28,069 3,387 23,060 983 87,834 Doubtful-nonaccrual — — — — — — Total loans $ 7,164,954 $ 2,844,447 $ 2,072,455 $ 5,271,421 $ 354,272 $ 17,707,549 December 31, 2017 Commercial real estate - mortgage Consumer real estate - mortgage Construction and land development Commercial and industrial Consumer Total Pass $ 6,487,368 $ 2,503,688 $ 1,880,704 $ 4,014,656 $ 351,359 $ 15,237,775 Special Mention 94,134 18,356 8,148 46,898 1,177 168,713 Substandard 72,044 21,053 13,468 62,529 79 169,173 Substandard-nonaccrual 16,064 18,117 5,968 17,258 48 57,455 Doubtful-nonaccrual — — — — — — Total loans $ 6,669,610 $ 2,561,214 $ 1,908,288 $ 4,141,341 $ 352,663 $ 15,633,116 At December 31, 2018 and 2017 , all loans classified as nonaccrual were deemed to be impaired. The principal balances of impaired loans amounted to $83.1 million and $59.0 million at December 31, 2018 and 2017 , respectively, and are included in the table above. For the twelve months ended December 31, 2018 , the average balance of impaired loans was $75.3 million as compared to $40.8 million for the twelve months ended December 31, 2017. Pinnacle Financial's policy is that the discontinuation of the accrual of interest income will occur when (1) there is a significant deterioration in the financial condition of the borrower and full repayment of principal and interest is not expected or (2) the principal or interest is more than 90 days past due, unless the loan is both well secured and in the process of collection. As such, at the date the above mentioned loans were placed on nonaccrual status, Pinnacle Financial reversed all previously accrued interest income against current year earnings. Had these nonaccruing loans been on accruing status, interest income would have been higher by $4.2 million , $2.7 million and $2.1 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table provides a rollforward of purchase credit impaired loans from December 31, 2016 through December 31, 2018 (in thousands): Gross Carrying Value Accretable Yield Nonaccretable Yield Carrying Value December 31, 2016 $ 12,468 $ — $ (3,633 ) $ 8,835 Acquisitions 80,812 (196 ) (32,314 ) 48,302 Settlements, net (18,956 ) 64 4,410 (14,482 ) December 31, 2017 74,324 (132 ) (31,537 ) 42,655 Acquisitions — — — — Settlements, net (31,487 ) 18 14,143 (17,326 ) December 31, 2018 $ 42,837 $ (114 ) $ (17,394 ) $ 25,329 Certain of these loans have been deemed to be collateral dependent and, as such, no accretable yield has been recorded for these loans. The carrying value is adjusted for additional draws, pursuant to contractual arrangements, offset by loan paydowns. Year-to-date settlements include both loans that were charged-off as well as loans that were paid off, typically as a result of refinancings at other institutions. Purchase credit impaired loans purchased during the three years ended December 31, 2018 for which it was probable at acquisition that all contractually required payments would not be collected are as follows (in thousands): December 31, 2018 2017 2016 Contractually required payments receivable $ — $ 94,312 $ 1,359 Cash flows expected to be collected at acquisition — 48,498 547 Fair value of acquired loans at acquisition — 48,302 547 Impaired loans, as disclosed in the table below, include troubled debt restructurings, nonaccrual loans, and loans deemed to be impaired but that continue to accrue interest. The following tables detail the recorded investment, unpaid principal balance and related allowance of Pinnacle Financial's impaired loans at December 31, 2018, 2017 and 2016 by loan classification (in thousands): December 31, 2018 For the year ended Recorded investment Unpaid principal balance Related allowance Average recorded investment Cash basis interest income recognized Impaired loans with an allowance: Commercial real estate – mortgage $ 14,114 $ 14,124 $ 724 $ 10,260 $ — Consumer real estate – mortgage 19,864 19,991 1,443 13,154 — Construction and land development 581 579 28 1,157 — Commercial and industrial 9,252 9,215 1,441 9,326 — Consumer and other 983 1,005 328 718 — Total $ 44,794 $ 44,914 $ 3,964 $ 34,615 $ — Impaired loans without an allowance: Commercial real estate – mortgage $ 14,724 $ 14,739 $ — $ 17,906 $ 469 Consumer real estate – mortgage 7,247 7,271 — 5,477 — Construction and land development 1,786 1,786 — 1,463 — Commercial and industrial 14,595 14,627 — 15,796 — Consumer and other — — — — — Total $ 38,352 $ 38,423 $ — $ 40,642 $ 469 Total impaired loans $ 83,146 $ 83,337 $ 3,964 $ 75,257 $ 469 December 31, 2017 For the year ended Recorded investment Unpaid principal balance Related allowance Average recorded investment Cash basis interest income recognized Impaired loans with an allowance: Commercial real estate – mortgage $ 1,850 $ 1,863 $ 95 $ 650 $ — Consumer real estate – mortgage 8,028 8,079 410 4,990 — Construction and land development 2,522 2,528 66 567 — Commercial and industrial 12,521 12,644 1,627 10,559 — Consumer and other — — — 425 — Total $ 24,921 $ 25,114 $ 2,198 $ 17,191 $ — Impaired loans without an allowance: Commercial real estate – mortgage $ 16,364 $ 16,514 $ — $ 6,983 $ — Consumer real estate – mortgage 4,144 4,174 — 5,727 — Construction and land development 2,645 2,650 — 1,890 95 Commercial and industrial 10,905 10,902 — 9,039 — Consumer and other — — — — — Total $ 34,058 $ 34,240 $ — $ 23,639 $ 95 Total impaired loans $ 58,979 $ 59,354 $ 2,198 $ 40,830 $ 95 December 31, 2016 For the year ended Recorded investment Unpaid principal balance Related allowance Average recorded investment Cash basis interest income recognized Impaired loans with an allowance: Commercial real estate – mortgage $ 442 $ 452 $ 60 $ 537 $ — Consumer real estate – mortgage 3,300 3,303 690 6,503 — Construction and land development 84 129 20 77 — Commercial and industrial 4,054 4,051 95 5,868 — Consumer and other 516 819 227 2,488 — Total $ 8,396 $ 8,754 $ 1,092 $ 15,473 $ — Impaired loans without an allowance Commercial real estate – mortgage $ 2,308 $ 2,312 $ — $ 2,346 $ — Consumer real estate – mortgage 5,641 5,674 — 2,065 — Construction and land development 3,128 3,135 — 3,403 159 Commercial and industrial 14,277 14,367 — 9,187 — Consumer and other — — — — — Total $ 25,354 $ 25,488 $ — $ 17,001 $ 159 Total impaired loans $ 33,750 $ 34,242 $ 1,092 $ 32,474 $ 159 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 $469,000 in interest income from cash payments received on nonaccrual loans during the year ended December 31, 2018 compared to $95,000 and $159,000 during the years ended December 31, 2017 , and 2016 , respectively. At December 31, 2018 and 2017 , there were $5.9 million and $6.6 million , respectively, of troubled debt restructurings that were performing as of their restructure date and which are accruing interest. These troubled debt restructurings are considered impaired loans pursuant to U.S. GAAP. Troubled commercial loans are restructured by specialists within Pinnacle Bank's 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 by loan classification made during the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): Number of contracts Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment, net of related allowance December 31, 2018 Commercial real estate – mortgage — $ — $ — Consumer real estate – mortgage 3 1,967 1,967 Construction and land development 1 347 347 Commercial and industrial — — — Consumer and other — — — 4 $ 2,314 $ 2,314 December 31, 2017 Commercial real estate – mortgage — $ — $ — Consumer real estate – mortgage 1 6 5 Construction and land development — — — Commercial and industrial 2 3,776 3,751 Consumer and other — — — 3 $ 3,782 $ 3,756 December 31, 2016 Commercial real estate – mortgage — $ — $ — Consumer real estate – mortgage — — — Construction and land development — — — Commercial and industrial 6 11,084 11,083 Consumer and other — — — 6 $ 11,084 $ 11,083 During the years ended December 31, 2018 , 2017 and 2016 , Pinnacle Financial had no troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. A default is defined as an occurrence which violates the terms of the receivable's contract. At December 31, 2018 and 2017, the allowance for loan losses included no allowance specifically related to accruing troubled debt restructurings compared to $21,000 at December 31, 2016. These accruing troubled debt restructurings are classified as impaired loans pursuant to U.S. GAAP; however, these loans continue to accrue interest at contractual rates. In addition to the loan metrics above, Pinnacle Financial analyzes its commercial loan portfolio to determine if a concentration of credit risk exists to any industries. 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 December 31, 2018 with the comparative exposures for December 31, 2017 (in thousands): At December 31, 2018 Outstanding Principal Balances Unfunded Commitments Total exposure Total Exposure at Lessors of nonresidential buildings $ 3,149,948 $ 782,111 $ 3,932,059 $ 3,483,597 Lessors of residential buildings 1,200,653 284,044 1,484,697 1,151,676 New housing for-sale builders 511,484 589,505 1,100,989 780,137 Hotels and motels 779,390 140,611 920,001 836,320 Additionally, Pinnacle Financial monitors two ratios regarding construction and commercial real estate lending as part of its concentration management processes. Both ratios are calculated by dividing certain types of loan balances for each of the two categories by Pinnacle Bank’s total risk-based capital. At December 31, 2018 and December 31, 2017, Pinnacle Bank’s construction and land development loans as a percentage of total risk-based capital were 85.2% and 89.4% , respectively. Non-owner occupied commercial real estate and multifamily loans (including construction and land development loans) as a percentage of total risk-based capital were 277.7% and 297.1% as of December 31, 2018 and December 31, 2017, respectively. Banking regulations have established guidelines for the construction ratio of less than 100% of total risk-based capital and for the non-owner occupied commercial real estate and multifamily ratio of less than 300% of total risk-based capital. When a bank’s ratios are in excess of one or both of these guidelines, banking regulations generally require an increased level of monitoring in these lending areas by bank management. Pinnacle Bank was within the 100% and 300% guidelines as of December 31, 2018 and has established what it believes to be appropriate controls to monitor its lending in these areas as it aims to keep the level of these loans to below the 100% and 300% thresholds. The table below presents past due balances at December 31, 2018 and 2017 , by loan classification and segment allocated between performing and nonperforming status (in thousands): Accruing Nonaccruing December 31, 2018 30-89 days past due and accruing 90 days or more past due and accruing Total past due and accruing Current and accruing Purchase credit impaired Nonaccrual (1) Nonaccruing purchase credit impaired Total loans Commercial real estate: Owner-occupied $ 10,170 $ — $ 10,170 $ 2,623,700 $ 2,664 $ 16,025 $ 874 $ 2,653,433 All other 1,586 — 1,586 4,488,840 5,659 12,634 2,802 4,511,521 Consumer real estate – mortgage 18,059 — 18,059 2,794,630 3,689 22,564 5,505 2,844,447 Construction and land development 3,759 — 3,759 2,063,201 2,108 2,020 1,367 2,072,455 Commercial and industrial 21,451 1,082 22,533 5,225,205 623 23,022 38 5,271,421 Consumer and other 3,276 476 3,752 349,537 — 983 — 354,272 Total $ 58,301 $ 1,558 $ 59,859 $ 17,545,113 $ 14,743 $ 77,248 $ 10,586 $ 17,707,549 Accruing Nonaccruing December 31, 2017 30-89 days past due and accruing 90 days or more past due and accruing Total past due and accruing Current and accruing Purchase credit impaired Nonaccrual (1) Nonaccruing purchase credit impaired Total loans Commercial real estate: Owner-occupied $ 6,772 $ 104 $ 6,876 $ 2,435,819 $ 4,820 $ 11,395 $ 1,105 $ 2,460,015 All other 16,559 — 16,559 4,177,454 12,018 704 2,860 4,209,595 Consumer real estate – mortgage 14,835 1,265 16,100 2,521,748 5,249 9,320 8,797 2,561,214 Construction and land development 4,136 146 4,282 1,894,560 3,478 2,878 3,090 1,908,288 Commercial and industrial 7,406 1,348 8,754 4,114,127 1,154 17,222 84 4,141,341 Consumer and other 6,311 1,276 7,587 345,076 — — — 352,663 Total $ 56,019 $ 4,139 $ 60,158 $ 15,488,784 $ 26,719 $ 41,519 $ 15,936 $ 15,633,116 (1) Approximately $52.5 million and $45.8 million of nonaccrual loans as of December 31, 2018 and December 31, 2017 , respectively, were performing pursuant to their contractual terms at those dates . The following table details the changes in the allowance for loan losses from December 31, 2016 to December 31, 2017 to December 31, 2018 by loan classification and the allocation of allowance for loan losses (in thousands): Commercial real estate - mortgage Consumer real estate - mortgage Construction and land development Commercial and industrial Consumer and other Unallocated Total Allowance for Loan Losses: Balance at December 31, 2015 $ 15,513 $ 7,220 $ 2,903 $ 23,643 $ 15,616 $ 537 $ 65,432 Charged-off loans (276 ) (788 ) (231 ) (5,801 ) (24,016 ) — (31,112 ) Recovery of previously charged-off loans 208 546 545 2,138 2,895 — 6,332 Provision for loan losses (1,790 ) (414 ) 407 4,763 15,025 337 18,328 Balance at December 31, 2016 $ 13,655 $ 6,564 $ 3,624 $ 24,743 $ 9,520 $ 874 $ 58,980 Collectively evaluated for impairment $ 13,595 $ 5,874 $ 3,604 $ 24,648 $ 9,293 $ 57,014 Individually evaluated for impairment 60 690 20 95 227 1,092 Loans acquired with deteriorated credit quality — — — — — — Balance at December 31, 2016 $ 13,655 $ 6,564 $ 3,624 $ 24,743 $ 9,520 $ 874 $ 58,980 Loans: Collectively evaluated for impairment $ 3,188,361 $ 1,174,456 $ 906,053 $ 2,872,855 $ 265,613 $ 8,407,338 Individually evaluated for impairment 2,750 8,941 3,212 18,331 516 33,750 Loans acquired with deteriorated credit quality 2,385 2,520 3,408 524 — 8,837 Balance at December 31, 2016 $ 3,193,496 $ 1,185,917 $ 912,673 $ 2,891,710 $ 266,129 $ 8,449,925 Commercial real estate - mortgage Consumer real estate - mortgage Construction and land development Commercial and industrial Consumer and other Unallocated Total Allowance for Loan Losses: Balance at December 31, 2016 $ 13,655 $ 6,564 $ 3,624 $ 24,743 $ 9,520 $ 874 $ 58,980 Charged-off loans (633 ) (1,461 ) (137 ) (4,297 ) (15,518 ) — (22,046 ) Recovery of previously charged-off loans 671 1,516 1,136 1,317 2,002 — 6,642 Provision for loan losses 7,495 (1,588 ) 4,339 3,100 9,870 448 23,664 Balance at December 31, 2017 $ 21,188 $ 5,031 $ 8,962 $ 24,863 $ 5,874 $ 1,322 $ 67,240 Collectively evaluated for impairment $ 20,753 $ 4,460 $ 8,879 $ 23,181 $ 5,874 $ 63,147 Individually evaluated for impairment 95 410 66 1,627 — 2,198 Loans acquired with deteriorated credit quality 340 161 17 55 — 573 Balance at December 31, 2017 $ 21,188 $ 5,031 $ 8,962 $ 24,863 $ 5,874 $ 1,322 $ 67,240 Loans: Collectively evaluated for impairment $ 6,630,593 $ 2,534,996 $ 1,896,553 $ 4,116,677 $ 352,663 $ 15,531,482 Individually evaluated for impairment 18,214 12,172 5,167 23,426 — 58,979 Loans acquired with deteriorated credit quality 20,803 14,046 6,568 1,238 — 42,655 Balance at December 31, 2017 $ 6,669,610 $ 2,561,214 $ 1,908,288 $ 4,141,341 $ 352,663 $ 15,633,116 Commercial real estate - mortgage Consumer real estate - mortgage Construction and land development Commercial and industrial Consumer and other Unallocated Total Allowance for Loan Losses: Balance at December 31, 2017 $ 21,188 $ 5,031 $ 8,962 $ 24,863 $ 5,874 $ 1,322 $ 67,240 Charged-off loans (3,030 ) (1,593 ) (74 ) (13,175 ) (12,528 ) (30,400 ) Recovery of previously charged-off loans 2,096 2,653 1,863 3,035 2,711 12,358 Provision for loan losses 6,692 1,579 377 17,008 9,366 (645 ) 34,377 Balance at December 31, 2018 $ 26,946 $ 7,670 $ 11,128 $ 31,731 $ 5,423 $ 677 $ 83,575 Collectively evaluated for impairment $ 26,222 $ 6,227 $ 11,100 $ 30,290 $ 5,095 $ 78,934 Individually evaluated for impairment 724 1,443 28 1,441 328 3,964 Loans acquired with deteriorated credit quality — — — — — — Balance at December 31, 2018 $ 26,946 $ 7,670 $ 11,128 $ 31,731 $ 5,423 $ 677 $ 83,575 Loans: Collectively evaluated for impairment $ 7,124,117 $ 2,808,142 $ 2,066,613 $ 5,246,913 $ 353,289 $ 17,599,074 Individually evaluated for impairment 28,838 27,111 2,367 23,847 983 83,146 Loans acquired with deteriorated credit quality 11,999 9,194 3,475 661 — 25,329 Balance at December 31, 2018 $ 7,164,954 $ 2,844,447 $ 2,072,455 $ 5,271,421 $ 354,272 $ 17,707,549 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. The allowance for loan losses for purchased loans is calculated similarly to the method utilized for legacy Pinnacle Bank loans. Pinnacle Financial's accounting policy is to compare the computed allowance for loan losses for purchased loans on a loan-by-loan basis to any remaining fair value adjustment. If the computed allowance is greater than the remaining fair value adjustment, the excess is added to the allowance for loan losses by a charge to the provision for loan losses. At December 31, 2018 , Pinnacle Financial had granted loans and other extensions of credit amounting to approximately $37.9 million to current directors, executive officers, and their related interests, of which $18.3 million had been drawn upon. At December 31, 2017 , Pinnacle Financial had granted loans and other extensions of credit amounting to approximately $26.4 million to directors, executive officers, and their related interests, of which approximately $16.1 million had been drawn upon. These loans and extensions of credit were made in the ordinary course of business. None of these loans to directors, executive officers, and their related entities were impaired at December 31, 2018 or 2017 . At December 31, 2018 , Pinnacle Financial had approximately $16.0 million in commercial loans held for sale compared to $25.5 million at December 31, 2017 , which primarily included commercial real estate and apartment loans originated for sale to a third-party as part of a multi-family loan program. Such loans are closed under a pass-through commitment structure wherein Pinnacle Bank's loan commitment to the borrower is the same as the third party's take-out commitment to Pinnacle Bank and the third party purchase typically occurs within thirty days of Pinnacle Bank closing with the borrowers. Residential Lending At December 31, 2018 , Pinnacle Financial had approximately $31.8 million of mortgage loans held-for-sale compared to approximately $102.7 million at December 31, 2017 . Total loan volumes sold during the year ended December 31, 2018 were approximately $1.2 billion compared to approximately $1.1 billion for the year ended December 31, 2017 . During the year ended December 31, 2018 , Pinnacle Financial recognized $14.6 million in gains on the sale of these loans, net of commissions paid, compared to $18.6 million and $15.8 million , respectively, during the years ended December 31, 2017 and 2016 . 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 of a mortgage loan held-for-sale 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, Pinnacle Bank's liability pursuant to the terms of these representations and warranties has been insignificant to Pinnacle Bank. |
Premises and Equipment and Leas
Premises and Equipment and Lease Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Premises and Equipment and Lease Commitments [Abstract] | |
Premises and Equipment and Lease Commitments | Note 7. Premises and Equipment and Lease Commitments Premises and equipment at December 31, 2018 and 2017 are summarized as follows (in thousands): Range of Useful Lives 2018 2017 Land Not applicable $ 64,898 $ 65,649 Buildings 15 to 30 years 170,829 164,748 Leasehold improvements 15 to 20 years 43,536 38,913 Furniture and equipment 3 to 20 years 100,946 93,841 380,209 363,151 Less: accumulated depreciation and amortization 114,649 97,137 $ 265,560 $ 266,014 Depreciation and amortization expense was approximately $21.5 million , $13.7 million , and $9.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Pinnacle Financial has entered into various operating leases, primarily for office space and branch facilities. Rent expense related to these leases for 2018 , 2017 and 2016 totaled $12.4 million , $11.9 million and $8.4 million , respectively. At December 31, 2018 , the approximate future minimum lease payments due under the aforementioned operating leases for their base term are as follows (in thousands): 2019 $ 12,889 2020 11,805 2021 11,527 2022 9,410 2023 8,820 Thereafter 43,730 $ 98,181 Through acquisition, Pinnacle Financial assumed a single capital lease, primarily for office space at an interest rate of 7.22% per year. Rent expense related to this lease for 2018 was approximately $225,000 and is included in total rent expense above. At December 31, 2018 , the approximate future minimum lease payments due under the aforementioned capital lease for its base term are as follows (in thousands): 2019 $ 470 2020 470 2021 470 2022 470 2023 479 Thereafter 2,548 Total minimum lease payments $ 4,907 Less: amount representing interest 1,437 Present value of net minimum lease payments $ 3,470 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Interest-bearing Deposit Liabilities [Abstract] | |
Deposits | Note 8. Deposits At December 31, 2018 , the scheduled maturities of time deposits are as follows (in thousands): 2019 $ 2,458,837 2020 717,024 2021 246,827 2022 33,925 2023 9,330 Thereafter 2,300 $ 3,468,243 Additionally, at December 31, 2018 and 2017 , approximately $1.8 billion and $1.3 billion , respectively, of time deposits had been issued in denominations of $100,000 or greater, and $819.3 million and $495.6 million , respectively, had been issued in denominations of $250,000 or greater. At December 31, 2018 and 2017 , Pinnacle Financial had $1.7 million and $3.5 million , respectively, of deposit accounts in overdraft status that have been reclassified to loans on the accompanying consolidated balance sheets. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | Note 9. Federal Home Loan Bank Advances Pinnacle Bank is a member of the Federal Home Loan Bank of Cincinnati (FHLB) and as a result, is eligible for advances from the FHLB pursuant to the terms of various borrowing agreements, which assist Pinnacle Bank in the funding of its home mortgage and commercial real estate loan portfolios. Pinnacle Bank has pledged certain qualifying residential mortgage loans and, pursuant to a blanket lien, certain qualifying commercial mortgage loans with an aggregate carrying value of approximately $5.9 billion as collateral under the borrowing agreements with the FHLB. At December 31, 2018 and 2017 , Pinnacle Bank had received advances from the FHLB totaling $1.4 billion and $1.3 billion , respectively. Additionally, Pinnacle Financial recognized a discount of $167,000 on FHLB advances in conjunction with its acquisition of Avenue in July 2016. At December 31, 2018 there was no remaining discount. At December 31, 2017, the remaining discount was $13,000 . At December 31, 2018 , the scheduled maturities of FHLB advances and interest rates are as follows (in thousands): Scheduled Maturities Weighted average interest rates 2019 $ 356,000 1.64 % 2020 297,572 1.83 % 2021 398,750 2.44 % 2022 41,250 2.85 % 2023 — — Thereafter 350,017 2.36 % $ 1,443,589 Weighted average interest rate 2.11 % At December 31, 2018 , Pinnacle Bank had accommodations which allow it to borrow from the Federal Reserve Bank of Atlanta's discount window and purchase Federal funds from several of its correspondent banks on an overnight basis at prevailing overnight market rates. These accommodations are subject to various restrictions as to their term and availability, and in most cases, must be repaid within less than a month. At December 31, 2018 , Pinnacle Bank had approximately $6.2 billion in borrowing availability with the FHLB, the Federal Reserve Bank discount window, and other correspondent banks with whom Pinnacle Bank has arranged lines of credit. At December 31, 2018 , Pinnacle Bank was not carrying any balances with the Federal Reserve Bank discount window or correspondent banks under these arrangements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11. Income Taxes Income tax expense attributable to continuing operations for each of the years ended December 31 is as follows (in thousands): 2018 2017 2016 Current tax expense : Federal $ 73,921 $ 63,496 $ 49,769 State 4,822 860 — Total current tax expense 78,743 64,356 49,769 Deferred tax expense: Federal 10,162 26,339 12,776 State 1,603 1,826 1,614 Deferred tax revaluation expense — 31,486 — Total deferred tax expense 11,765 59,651 14,390 Total income tax expense $ 90,508 $ 124,007 $ 64,159 Pinnacle Financial's income tax expense differs from the amounts computed by applying the Federal income tax statutory rates of 21% to income before income taxes for 2018 and 35% for 2017 and 2016 . A reconciliation of the differences for each of the years in the three-year period ended December 31, 2018 is as follows (in thousands): 2018 2017 2016 Income tax expense at statutory rate $ 94,489 $ 104,295 $ 66,984 State excise tax expense, net of federal tax effect 5,076 1,746 1,049 Tax-exempt securities (7,222 ) (5,666 ) (2,510 ) Federal tax credits (845 ) (434 ) (282 ) Bank owned life insurance (2,764 ) (2,778 ) (1,242 ) Insurance premiums (112 ) (283 ) (159 ) Revaluation of deferred tax assets and liabilities due to Tax Cuts and Jobs Act — 31,486 — Excess tax benefits associated with equity compensation (2,966 ) (5,365 ) — Change in uncertain tax positions — — — Other items 4,852 1,006 319 Income tax expense $ 90,508 $ 124,007 $ 64,159 Pinnacle Financial's effective tax rate for 2018 and 2017 differs from the Federal income tax rates primarily due to a state excise tax expense, investments in bank qualified municipal securities, our real estate investment trust, and tax benefits associated with share-based compensation, bank owned life insurance, and our captive insurance subsidiary, offset in part by the limitation on deductibility of meals and entertainment expense, and for 2018, non-deductible executive compensation and FDIC premiums. Pinnacle Financial recognized a charge of $ 31.5 million in 2017 resulting from the revaluation of its deferred tax assets in accordance with the Tax Cuts and Jobs Act which reduced the corporate Federal tax rate from 35% to 21% effective January 1, 2018. The components of deferred income taxes included in other assets in the accompanying consolidated balance sheets at December 31, 2018 and 2017 are as follows (in thousands): 2018 2017 Deferred tax assets: Loan loss allowance $ 20,449 $ 16,240 Loans 29,453 46,567 Insurance 1,955 614 Accrued liability for supplemental retirement agreements 6,231 7,413 Restricted stock and stock options 9,026 8,232 Securities 15,974 — Cash flow hedge 459 499 Equity method investment 602 635 Leases 1,460 1,738 Other real estate owned 1,158 2,809 Net federal operating loss carryforward and credits 13,754 18,085 Annual incentive compensation 9,996 2,922 Other deferred tax assets 2,503 2,451 Total deferred tax assets 113,020 108,205 Deferred tax liabilities: Depreciation and amortization 11,769 11,504 Core deposit intangible asset 11,408 14,073 Securities — 616 REIT dividends 1,589 3,073 FHLB related liabilities 925 922 Subordinated debt 1,134 1,077 Other deferred tax liabilities 1,444 1,171 Total deferred tax liabilities 28,269 32,436 Net deferred tax assets $ 84,751 $ 75,769 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. This section also provides guidance on the derecognition, measurement and classification of income tax uncertainties, along with any related interest and penalties, and includes guidance concerning accounting for income tax uncertainties in interim periods. At December 31, 2018 , the Company had federal and state loss and tax credit carryforwards of approximately $13.8 million that expire at various dates from 2028 to 2034. A reconciliation of the beginning and ending unrecognized tax benefit related to state uncertain tax positions is as follows (in thousands): 2018 2017 2016 Balance at January 1, $ 2,838 $ 1,274 $ 134 Increases due to tax positions taken during the current year 2,245 1,564 1,140 Increases due to tax positions taken during a prior year — — — Decreases due to the lapse of the statute of limitations during the current year — — — Decreases due to settlements with the taxing authorities during the current year — — — Balance at December 31, $ 5,083 $ 2,838 $ 1,274 Pinnacle Financial's policy is to recognize interest and/or penalties related to income tax matters in income tax expense. No interest and penalties were recorded for the year ended December 31, 2018 . |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 12. 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 December 31, 2018 , these commitments amounted to $6.9 billion , of which approximately $974.0 million related to home equity lines of credit. Standby letters of credit are generally issued on behalf of an applicant (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 December 31, 2018 , these commitments amounted to $177.5 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 would only be reflected if drawn upon. 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 instruments. At December 31, 2018 , Pinnacle Financial had accrued $2.9 million for the inherent risks associated with off balance sheet commitments. Various legal claims also arise from time to time in the normal course of business. In the opinion of management, the resolution of these routine claims outstanding at December 31, 2018 will not have a material impact on Pinnacle Financial's consolidated financial condition, operating results or cash flows. |
Salary Deferral Plans
Salary Deferral Plans | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Compensation Arrangements [Abstract] | |
Salary Deferral Plans | Note 13. Salary Deferral Plans Pinnacle Financial has a 401(k) retirement plan (the 401k Plan) covering all employees who elect to participate, subject to certain eligibility requirements. The 401(k) Plan allows employees to defer up to 50% of their salary subject to regulatory limitations with Pinnacle Financial matching 100% of the first 4% of employee self-directed contributions during 2018 , 2017 , and 2016 . Pinnacle Financial's expense associated with the matching component of the plan for each of the years in the three-year period ended December 31, 2018 was approximately $7.6 million , $5.9 million and $4.0 million , respectively, and is included in the accompanying consolidated statements of operations in salaries and employee benefits expense. Pinnacle Financial has assumed supplemental retirement plans for certain directors and executive officers of banks which we have acquired. At December 31, 2018 and 2017, respectively, Pinnacle Financial had recorded $ 28.1 million and $34.4 million of liabilities on its balance sheet associated with these supplemental executive retirement plans. A portion of these assumed plans were fully funded with Rabbi Trust whose balances at December 31, 2018 totaled $ 28.9 million . At December 31, 2018, the remaining amounts that are not yet funded are included in other liabilities in the accompanying consolidated balance sheets. |
Stock Options, Stock Appreciati
Stock Options, Stock Appreciation Rights, Restricted Shares and Salary Stock Units | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options, Stock Appreciation Rights, Restricted Shares and Salary Stock Units | Note 14. Stock Options, Stock Appreciation Rights and Restricted Shares At Pinnacle Financial's annual shareholders' meeting on April 17, 2018, the shareholders of Pinnacle Financial adopted the 2018 Omnibus Equity Incentive Plan (the "2018 Plan"). The 2018 Plan subsumed the then existing Pinnacle Financial Partners, Inc. 2014 Equity Incentive Plan (the "2014 Plan") including the approximately 500,000 shares in the aggregate that remained available for issuance thereunder on the date the 2018 Plan was approved by shareholders and increased the maximum number of shares of common stock that may be issued to associates, directors and contractors of Pinnacle Financial and Pinnacle Bank by an additional 1.2 million shares. The 2018 Plan permits Pinnacle Financial to reissue outstanding awards that are subsequently forfeited, settled in cash, withheld by Pinnacle Financial to cover withholding taxes or that expire unexercised and are returned to the 2018 Plan. At December 31, 2018, there were approximately 1.7 million shares available for issuance under the 2018 Plan. The BNC Bancorp 2013 Amended and Restated Omnibus Stock Incentive Plan (the "BNC Plan") was assumed by Pinnacle Financial in connection with the BNC Merger. As of December 31, 2018 , the BNC Plan had approximately 9,000 shares remaining available for issuance to existing associates that were previously BNC associates in future periods. No new awards may be granted under plans other than the 2018 Plan except for shares remaining available for issuance to the former BNC associates pursuant to the BNC Plan. Upon the acquisition of CapitalMark, Pinnacle Financial assumed approximately 858,000 stock options under the CapitalMark Option Plan. No further shares remain available for issuance under the CapitalMark Option Plan. At December 31, 2018 , all of the remaining options outstanding were granted under the CapitalMark Option Plan. Common Stock Options and Stock Appreciation Rights As of December 31, 2018 , of the 176,709 stock options outstanding, approximately 106,173 options were granted with the intention to be incentive stock options qualifying under Section 422 of the Internal Revenue Code for favorable tax treatment to the option holder while approximately 70,536 options would be deemed non-qualified stock options and thus not subject to favorable tax treatment to the option holder. Favorable treatment generally refers to the recipient of the award not having to report ordinary income at the date of exercise assuming certain conditions are met. All stock options granted under the Pinnacle Financial equity incentive plans vested in equal increments over five years from the date of grant, are fully vested as of December 31, 2018 and are exercisable over a period of ten years from the date of grant. All stock options granted under the CapitalMark Plan were fully vested at the date of the CapitalMark merger. A summary of stock option and stock appreciation right activity within the equity incentive plans during each of the years in the three-year period ended December 31, 2018 and information regarding expected vesting, contractual terms remaining, intrinsic values and other matters was as follows: Number Weighted- Average Exercise Price Weighted- Average Contractual Remaining Term (in years) Aggregate Intrinsic Value (1) (000's) Outstanding at December 31, 2015 1,251,601 $ 21.23 Granted — — Stock options exercised (698,673 ) 21.63 Stock appreciation rights exercised (2) (2,435 ) 15.60 Forfeited (3 ) 29.50 Outstanding at December 31, 2016 550,490 $ 20.75 Granted — — Stock options exercised (3) (275,904 ) 20.09 Forfeited — — Outstanding at December 31, 2017 274,586 $ 21.40 Granted — — Stock options exercised (97,877 ) 18.91 Forfeited — — Outstanding at December 31, 2018 176,709 $ 22.77 2.23 $ 4,123 Options exercisable at December 31, 2018 176,709 $ 22.77 2.23 $ 4,123 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of Pinnacle Financial Common Stock of $46.10 per common share at December 31, 2018 for the 176,709 options that were in-the-money at December 31, 2018 . (2) The 2,435 stock appreciation rights exercised during 2016 settled in 1,137 shares of Pinnacle Financial Common Stock. (3) Includes 750 stock options which were exercised in a stock swap transaction which settled in 277 shares of Pinnacle Financial common stock. During each of the years in the three-year period ended December 31, 2018 , the aggregate intrinsic value of stock options and stock appreciation rights exercised under Pinnacle Financial's equity incentive plans was $2.7 million , $12.7 million and $21.7 million , respectively, determined as of the date of option exercise. There have been no options granted by Pinnacle Financial since 2008. All stock option awards granted by Pinnacle Financial were fully vested during 2013. Stock options granted under the CapitalMark Plan were fully vested at the time of acquisition. As such, there was no impact on the results of operations for stock-based compensation related to stock options for the three-year period ended December 31, 2018 , except for windfall tax benefits recorded as a component of income tax expense. Restricted Shares A summary of activity for unvested restricted share awards for the years ended December 31, 2018 , 2017 , and 2016 follows: Number Grant Date Weighted-Average Cost Unvested at December 31, 2015 866,314 $ 31.39 Shares awarded 177,664 48.61 Conversion of previously awarded restricted share units to restricted share awards 43,694 46.37 Restrictions lapsed and shares released to associates/directors (245,873 ) 28.39 Shares forfeited (21,260 ) 39.88 Unvested at December 31, 2016 820,539 $ 36.47 Shares awarded 261,942 67.14 Conversion of previously awarded restricted share units to restricted share awards 43,680 69.40 Shares assumed in connection with acquisition of BNC 136,890 67.25 Restrictions lapsed and shares released to associates/directors (292,896 ) 37.59 Shares forfeited (34,020 ) 54.71 Unvested at December 31, 2017 936,135 $ 50.08 Shares awarded 180,450 62.40 Conversion of previously awarded restricted share units to restricted share awards 6,200 67.85 Restrictions lapsed and shares released to associates/directors (400,820 ) 46.33 Shares forfeited (29,159 ) 59.51 Unvested at December 31, 2018 692,806 $ 55.19 Pinnacle Financial grants restricted share awards to associates (including members of executive management) and outside directors with a combination of time and, in the case of the annual leadership team award, performance vesting criteria. The following tables outline restricted stock grants that were made by grant year, grouped by similar vesting criteria, during the three-year period ended December 31, 2018 . The table below reflects the life-to-date activity for these awards: Grant Year Group (1) Vesting Period in years Shares awarded Restrictions Lapsed and shares released to participants Shares Withheld for taxes by participants Shares Forfeited by participants (7) Shares Unvested Time Based Awards 2016 Associates (2) 5 143,273 37,574 14,249 17,942 73,508 2017 Associates (2) 3 - 5 248,265 42,615 12,687 27,647 165,316 2017 Associates (2) (3) 3 - 5 136,890 85,061 2,415 1,292 48,122 2018 Associates (2) 3 - 5 147,601 224 89 4,927 142,361 2018 Associates (2) (3) 3 - 5 16,777 — — 500 16,277 Performance Based Awards 2016 Leadership team (4) 3 43,694 14,991 7,324 — 21,379 2016 Leadership team (5) 3 15,468 3,904 1,250 — 10,314 2017 Leadership team (4) 3 43,680 14,649 7,664 — 21,367 2018 Leadership team (4) 3 6,200 4,340 1,860 — — Outside Director Awards (6) 2016 Outside directors 1 18,923 15,471 2,266 1,186 — 2017 Outside directors 1 13,677 12,139 1,538 — — 2018 Outside directors 1 16,072 1,148 — — 14,924 (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 (or have Pinnacle Financial withhold some shares) to pay the applicable income taxes associated with the vested portion of the award. For time-based vesting restricted share awards, dividends paid on shares for which the forfeiture restrictions do not lapse will be recouped by Pinnacle Financial at the time of termination. For performance-based vesting awards and time-based vesting awards to Pinnacle Financial's executive officers, 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) Restricted share awards issued to associates that were former associates of BNC and to Pinnacle Financial's Chairman of the Carolina's and Virginia pursuant to legacy BNC incentive plans assumed by Pinnacle Financial. (4) Reflects conversion of restricted share units issued in prior years to restricted share awards. The forfeiture restrictions on these restricted share awards lapse should Pinnacle Financial achieve certain soundness targets at the end of the fifth year following the grant date. See further details of these awards under the caption "Restricted Share Units" below. (5) These shares were awarded to individuals joining the leadership team upon acquisition of Avenue. The forfeiture restrictions on these restricted share awards lapse in separate equal installments should Pinnacle Financial achieve certain earnings targets over each year of the vesting period and should the recipient thereafter remain employed by Pinnacle Financial for a subsequent vesting period. (6) Restricted share awards are issued to the outside members of the board of directors in accordance with their board compensation plan. Restrictions lapse on February 28, 2019 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. (7) These shares represent forfeitures resulting from recipients whose employment or board membership is terminated during each of the years in the three-year period ended December 31, 2018 or for which the performance criteria applicable to the award are not achieved. Any dividends paid on shares for which the forfeiture restrictions do not lapse will be recouped by Pinnacle Financial at the time of termination or will not be distributed from escrow, as applicable. Compensation expense associated with the performance-based vesting restricted share awards is recognized over the time period that the restrictions associated with the awards are anticipated to lapse based on a graded vesting schedule such that each tranche is amortized separately. Compensation expense associated with the time-based vesting 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. Restricted Share Units The following table details the restricted share unit awards (all of which are performance units) outstanding at December 31, 2018 : Units Awarded Applicable Performance Periods associated with each tranche (fiscal year) Service period per tranche (in years) Subsequent holding period per tranche (in years) Period in which shares to be settled into RSAs (2) Grant year Named Executive Officers (NEOs) (1) Leadership Team other than NEOs 2018 96,878-145,339 25,990 2018 2 3 2023 2019 2 2 2023 2020 2 1 2023 2017 72,537-109,339 24,916 2017 2 3 2022 2018 2 2 2022 2019 2 1 2022 2016 73,474-110,223 26,683 2016 2 3 2021 2017 2 2 2021 2018 2 1 2021 2015 58,200-101,850 28,378 2015 2 3 2020 2016 2 2 2020 2017 2 1 2020 (1) The named executive officers are awarded a range of awards that may be earned based on attainment of goals at a target level of performance to the maximum level of performance. (2) Performance-based vesting restricted stock unit awards granted in the years ended December 31, 2015 through December 31, 2018, if earned, will be settled in shares of Pinnacle Financial Common Stock in the periods noted in the table, if Pinnacle Bank's ratio of non-performing assets to the assets is less than amounts established in the applicable award agreement. A summary of stock compensation expense, net of the impact of income taxes, related to restricted share awards and restricted share units for the three-year period ended December 31, 2018 , follows (in thousands): 2018 2017 2016 Restricted stock expense $ 17,636 $ 19,538 $ 10,971 Income tax benefit 4,610 7,665 4,306 Restricted stock expense, net of income tax benefit $ 13,026 $ 11,873 $ 6,665 As of the December 31, 2018, the total compensation cost related to unvested restricted share awards and restricted share units not yet recognized was $ 32.9 million . This expense is expected to be recognized over a weighted-average period of 1.77 years. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 15. 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. Non-hedge derivatives 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 in order to minimize the risk to Pinnacle Financial. These swaps qualify as 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, Pinnacle Financial has no credit risk. A summary of Pinnacle Financial's interest rate swaps to facilitate customer transactions as of December 31, 2018 and 2017 is included in the following table (in thousands): December 31, 2018 December 31, 2017 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Interest rate swap agreements: Assets $ 1,059,724 $ 22,273 $ 748,625 $ 13,771 Liabilities 1,059,724 (22,401 ) 748,625 (13,866 ) Total $ 2,119,448 $ (128 ) $ 1,497,250 $ (95 ) Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Year ended December 31, 2018 2017 2016 Interest rate swap agreements Other noninterest income $ (33 ) $ 39 $ 65 Derivatives designated as cash flow hedges For derivative instruments that are designated and qualify as a cash flow hedge, the aggregate fair value of the derivative instrument is recorded in other assets or other liabilities with any gain or loss related to changes in fair value recorded in accumulated other comprehensive income, net of tax. The gain or loss is reclassified into earnings in the same period during which the hedged asset or liability affects earnings and is presented in the same income statement line item as the earnings effect of the hedged asset or liability. Pinnacle Financial uses forward cash flow hedge relationships in an effort 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 is used in an effort to protect Pinnacle Financial from floating interest rate variability. A summary of Pinnacle Financial's cash flow hedge relationships as of December 31, 2018 and 2017 are as follows (in thousands): December 31, 2018 December 31, 2017 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Liability derivatives Interest rate swap agreements Other liabilities 3.34 3.09% 3 month LIBOR $ 99,000 $ (1,757 ) $ 200,000 $ (4,583 ) The effects of Pinnacle Financial's cash flow hedge relationships on the statement of comprehensive income (loss) during the years ended December 31, 2018 , 2017 and 2016 were as follows: Amount of Gain (Loss) Recognized in Other Comprehensive Income Years ended December 31, 2018 2017 2016 Interest rate swap agreements $ 2,660 $ 2,487 $ (749 ) The cash flow hedges were determined to be highly effective during the periods presented and as a result qualify for hedge accounting treatment. If a hedge was deemed to be ineffective, the amount included in accumulated other comprehensive (loss) income would be reclassified into a line item within the statement of income that impacts operating results. 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 continue to be highly effective and qualify for hedge accounting during the remaining terms of the swaps. No amounts were reclassified from accumulated other comprehensive income into net income related to hedge ineffectiveness for these derivatives during the years ended December 31, 2018, 2017 or 2016, and no amounts are expected to be reclassified from accumulated other comprehensive income into net income related to hedge ineffectiveness over the next twelve months. On October 24, 2018, cash flow swaps with a notional amount of $ 101.0 million were terminated resulting in a cash settlement equal to previously unrealized gains of $ 1.0 million . These gains are included in accumulated other comprehensive income and are being amortized into net income over the remaining contractual terms of the swaps. Derivatives designated as fair value hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. Pinnacle Financial utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of fixed rate callable securities available-for-sale and fixed rate prepayable loans. The hedging strategy on securities converts the fixed interest rates to LIBOR-based variable interest rates. These derivatives are designated as partial term hedges of selected cash flows covering specified periods of time prior to the call dates of the hedged securities. Pinnacle Financial has elected early adoption of FASB ASU 2017-12, which allows such partial term hedge designations. Pinnacle Financial also utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of the loans. As allowed under FASB ASU 2017-12, a specified portion of the prepayable loans have been designated as the hedged assets under the "last-of-layer" method. Such hedging designations are allowed on the portion of a closed portfolio of prepayable assets that is not expected to be affected by prepayments, defaults, and other factors affecting the timing and amount of cash flows. A summary of Pinnacle Financial's fair value hedge relationships as of December 31, 2018 and 2017 are as follows (in thousands): December 31, 2018 December 31, 2017 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Liability derivatives Interest rate swap agreements - securities Other liabilities 8.04 3.08% 3 month LIBOR $ 477,905 $ (14,796 ) $ — $ — Interest rate swap agreements - loans Other liabilities 2.63 2.77% 3 month LIBOR 900,000 (7,037 ) — — 4.51 2.88% $ 1,377,905 $ (21,833 ) $ — $ — The effects of Pinnacle Financial's fair value hedge relationships on the income statement during the years end December 31, 2018 , 2017 and 2016 were as follows: Location of Gain on Derivative Amount of Gain Recognized in Income Year ended December 31, Liability derivatives 2018 2017 2016 Interest rate swap agreements - securities Interest income on securities $ (14,796 ) $ — $ — Interest rate swap agreements - loans Interest income on loans $ (7,037 ) $ — $ — Location of Loss on Hedged Item Amount of Loss Recognized in Income Years ended December 31, Liability derivatives 2018 2017 2016 Interest rate swap agreements - securities Interest income on securities $ 14,796 $ — $ — Interest rate swap agreements - loans Interest income on loans $ 7,037 $ — $ — The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at December 31, 2018 and 2017: Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Line item on the balance sheet Securities available-for-sale $ 513,116 $ — $ 14,796 $ — Loans (1) $ 907,037 $ — $ 7,037 $ — (1) The carrying amount as shown represents the designated last-of-layer. At December 31, 2018, the total amortized cost basis of the closed portfolio of loans designated in these hedging relationships was $2.7 billion. |
Employment Contracts
Employment Contracts | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
Employment Contracts | Note 16. Employment Contracts Pinnacle Financial has entered into, and subsequently amended employment agreements with five of its senior executives: the President and Chief Executive Officer, the Chairman of the Board, the Chairman of the Carolinas and Virginia, the Chief Administrative Officer and the Chief Financial Officer. Other than the agreement with the Chairman of the Carolinas and Virginia, these agreements, as amended, automatically renew each year on January 1 for an additional year unless any of the parties to the agreements gives notice of intent not to renew the agreement prior to November 30th of the preceding year, in which case the agreement terminates 30 days later. The agreement with the Chairman of the Carolinas and Virginia has a three-year term that expires on June 16, 2020 and is thereafter renewable in the same manner as the other senior executives' agreements. The agreements specify that in certain defined "Terminating Events," Pinnacle Financial will be obligated to pay each of the four senior executives certain amounts, which vary according to the Terminating Event, which is based on their annual salaries and bonuses. These Terminating Events include termination for disability, cause, without cause and other events. The agreement with the Chairman of the Carolinas and Virginia also provides for the payment of certain deferred benefits under his prior employment agreement with BNC upon termination of his employment with Pinnacle Financial. In connection with the Avenue Merger, Pinnacle Financial entered into an employment agreement with its Vice Chairman. This agreement is on similar terms as the employment agreements with the four senior executives described above, except that it provides for a fixed three -year term and does not automatically renew. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 18. Fair Value of Financial Instruments FASB ASC 820, Fair Value Measurements and Disclosures , 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. The 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 investments – Included in other investments are investments recorded at fair value primarily in certain nonpublic investments and funds. The valuation of these nonpublic 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 if the entities and funds are not widely traded and the underlying investments are in privately-held and/or start-up companies for which market values are not readily available. Certain investments in funds for which the underlying assets of the fund represent publicly traded investments are included in Level 2 of the valuation hierarchy. Other assets – Included in other assets are certain assets carried at fair value, including interest rate swap agreements, cash flow hedge agreements 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 agreements 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 rate locks 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. Impaired loans – A loan is classified as impaired 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. Impaired 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 impaired 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. Impaired 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 as 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 and the cash flow hedge and interest rate locks associated with the funding for its mortgage loan originations. 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 the financial instruments carried at fair value on a recurring basis as of December 31, 2018 and 2017 , by caption on the consolidated balance sheets and by FASB ASC 820 valuation hierarchy (as described above) (in thousands): Total carrying value in the consolidated balance sheet Quoted market prices in an active market (Level 1) Models with significant observable market parameters (Level 2) Models with significant unobservable market parameters (Level 3) December 31, 2018 Investment securities available-for-sale: U.S. treasury securities $ 30,300 $ — $ 30,300 $ — U.S. government agency securities 70,159 — 70,159 — Mortgage-backed securities 1,310,945 — 1,310,945 — State and municipal securities 1,229,654 — 1,215,059 14,595 Asset- backed securities 375,582 — 375,582 — Corporate notes and other 67,046 — 67,046 — Total investment securities available-for-sale 3,083,686 — 3,069,091 14,595 Other investments 50,791 — 24,369 26,422 Other assets 24,524 — 24,524 — Total assets at fair value $ 3,159,001 $ — $ 3,117,984 $ 41,017 Other liabilities $ 46,550 $ — $ 46,550 $ — Total liabilities at fair value $ 46,550 $ — $ 46,550 $ — Total carrying value in the consolidated balance sheet Quoted market prices in an active market (Level 1) Models with significant observable market parameters (Level 2) Models with significant unobservable market parameters (Level 3) December 31, 2017 Investment securities available-for-sale: U.S. treasury securities $ 30,445 $ — $ 30,445 $ — U.S. government agency securities 180,801 — 180,801 — Mortgage-backed securities 1,263,819 — 1,263,819 — State and municipal securities 784,612 — 767,583 17,029 Asset- backed securities 173,292 — 173,292 — Corporate notes and other 82,314 — 82,314 — Total investment securities available-for-sale 2,515,283 — 2,498,254 17,029 Other investments 53,796 — 24,922 28,874 Other assets 11,812 — 11,812 — Total assets at fair value $ 2,580,891 $ — $ 2,534,988 $ 45,903 Other liabilities $ 13,886 $ — $ 13,886 $ — Total liabilities at fair value $ 13,886 $ — $ 13,886 $ — The following table presents assets measured at fair value on a nonrecurring basis as of December 31, 2018 and 2017 (in thousands): December 31, 2018 Total carrying value in the consolidated balance sheet Quoted market prices in an active market (Level 1) Models with significant observable market parameters (Level 2) Models with significant unobservable market parameters (Level 3) Total gains (losses) for the period ended Other real estate owned $ 15,165 $ — $ — $ 15,165 $ (84 ) Impaired loans, net (1) 40,830 — — 40,830 (1,214 ) Total $ 55,995 $ — $ — $ 55,995 $ (1,298 ) December 31, 2017 Other real estate owned $ 27,831 $ — $ — $ 27,831 $ 203 Impaired loans, net (1) 22,723 — — 22,723 (4 ) Total $ 50,554 $ — $ — $ 50,554 $ 199 (1) Amount is net of a valuation allowance of $4.0 million and $2.2 million at December 31, 2018 and 2017 , respectively, 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 year ended December 31, 2018, there were no transfers between Levels 1, 2 or 3. There were $12.2 million transfers out of Level 3 of the valuation hierarchy representing equity securities for which the fair values have been deemed to be not readily determinable and for which the securities are currently carried at cost and evaluated for impairment. The table below includes a rollforward of the balance sheet amounts for the years ended December 31, 2018 and December 31, 2017, (including the change in fair value) for financial instruments classified by Pinnacle Financial within Level 3 of the valuation hierarchy measured at fair value on a recurring basis including changes in fair value due in part to observable factors that are part of the valuation methodology (in thousands): For the year ended December 31, 2018 2017 Available-for-sale Securities Other assets Other liabilities Available-for-sale Securities Other assets Other liabilities Fair value, Jan. 1 $ 17,029 $ 28,874 $ — $ — $ 10,478 $ — Total net realized losses included in income 34 2,932 — 66 605 — Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at Dec. 31 (1,300 ) — — 709 — — Acquired — — — 16,254 17,062 — Purchases — 9,013 — — 2,330 — Issuances — — — — — — Settlements (1,168 ) (2,231 ) — — (1,601 ) — Transfers out of Level 3 — (12,166 ) — — — — Fair value, Dec. 31 $ 14,595 $ 26,422 $ — $ 17,029 $ 28,874 $ — Total realized losses included in income related to financial assets and liabilities still on the consolidated balance sheet at Dec. 31 $ 34 $ 2,932 $ — $ 66 $ 605 $ — 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 December 31, 2018 and 2017 , respectively. 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 - The fair value of Pinnacle Financial's loan portfolio includes a credit risk factor in the determination of the fair value of its loans. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. Pinnacle Financial's loan portfolio is initially fair valued using a segmented approach. Pinnacle Financial divides its 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. The values derived from the discounted cash flow approach for our performing loan portfolio incorporate credit risk to determine the exit price. Fair values for impaired loans are estimated using discounted cash flow models or are based on the fair value of the underlying collateral. Purchased loans, including loans acquired through a merger, are initially recorded at fair value on the date of purchase. Purchased loans that contain evidence of post-origination credit deterioration as of the purchase date are carried at the net present value of expected future cash flows. All other purchased loans are recorded at their initial fair value, and adjusted for subsequent advances, pay downs, amortization or accretion of any fair value premium or discount on purchase, charge-offs and any other adjustment to carrying value. Loans held-for-sale - 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 fair value of demand deposits, savings deposits and securities sold under agreements to repurchase are derived from a selection of market transactions reflecting our peer group. Fair values for certificates of deposit, FHLB advances and 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. 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 December 31, 2018 and 2017 . 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. December 31, 2018 Carrying/ Notional Amount Estimated Fair Value (1) Quoted market prices in an active market (Level 1) Models with significant observable market parameters (Level 2) Models with significant unobservable market parameters (Level 3) Financial assets: Securities held-to-maturity $ 194,282 $ 193,131 $ — $ 193,131 $ — Loans, net 17,623,974 17,288,795 — — 17,288,795 Consumer loans held-for-sale 34,196 34,929 — 34,929 — Commercial loans held-for-sale 15,954 16,296 — 16,296 — Financial liabilities: Deposits and securities sold under agreements to repurchase 18,953,848 18,337,848 — — 18,337,848 Federal Home Loan Bank advances 1,443,589 1,432,003 — — 1,432,003 Subordinated debt and other borrowings 485,130 464,616 — — 464,616 Off-balance sheet instruments: Commitments to extend credit (2) 6,921,689 1,733 — — 1,733 Standby letters of credit (3) 177,475 1,131 — — 1,131 December 31, 2017 Financial assets: Securities held-to-maturity $ 20,762 $ 20,830 $ — $ 20,830 $ — Loans, net 15,565,876 15,252,953 — — 15,252,953 Consumer loans held-for-sale 103,729 104,986 — 104,986 — Commercial loans held-for-sale 25,456 25,761 — 25,761 — Financial liabilities: Deposits and securities sold under agreements to repurchase 16,586,964 16,516,342 — — 16,516,342 Federal Home Loan Bank advances 1,319,909 1,313,311 — — 1,313,311 Subordinated debt and other borrowings 465,505 445,098 — — 445,098 Off-balance sheet instruments: Commitments to extend credit (2) 5,788,425 2,264 — — 2,264 Standby letters of credit (3) 143,684 800 — — 800 (1) 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 period, 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 both December 31, 2018 and 2017 , respectively, Pinnacle Financial included in other liabilities $1.7 million and $2.3 million representing the inherent risks associated with these off-balance sheet commitments. (3) At December 31, 2018 and 2017 , the fair value of Pinnacle Financial's standby letters of credit totaled $1.1 million and $800,000 , respectively. This amount represents the unamortized fee associated with these standby letters of credit, which were priced at market when issued, 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 | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Note 19. 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 as of December 31, 2018 and 2017 has been prepared in accordance with ASC 810. Non-consolidated Variable Interest Entities At December 31, 2018 , Pinnacle Financial did not have any consolidated VIEs to disclose but did have the following non-consolidated VIEs: low income housing partnerships, trust preferred issuances, troubled debt restructuring commercial loans, and managed discretionary trusts. Since 2003, Pinnacle Financial has made equity investments as a limited partner in various partnerships that sponsor affordable housing projects. The purpose of these investments is to achieve a satisfactory return on capital and to support Pinnacle Financial's community reinvestment initiatives. The activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants generally within Pinnacle Financial's primary geographic region. These partnerships are considered VIEs because Pinnacle Financial, as the holder of the equity investment at risk, does not have the ability to direct the activities that most significantly affect the success of the entity through voting rights or similar rights. While Pinnacle Financial could absorb losses that are significant to these partnerships as it has a risk of loss for its initial capital contributions and funding commitments to each partnership, it is not considered the primary beneficiary of the partnerships as the general partners whose managerial functions give them the power to direct the activities that most significantly impact the partnerships' economic performance and who are exposed to all losses beyond Pinnacle Financial's initial capital contributions and funding commitments are considered the primary beneficiaries. Pinnacle Financial (or companies it has acquired) has previously issued subordinated debt totaling $133.0 million to certain statutory trusts which are considered VIEs because Pinnacle Financial's capital contributions to these trusts are not considered "at risk" in evaluating whether the holders of the equity investments at risk in the trusts have the power through voting rights or similar rights to direct the activities that most significantly impact the entities' economic performance. These trusts were not consolidated by Pinnacle Financial because the holders of the securities issued by the trusts absorb a majority of expected losses and residual returns. For certain troubled commercial loans, Pinnacle Financial restructures the terms of the borrower's debt in an effort to increase the probability of receipt of amounts contractually due. However, Pinnacle Financial does not assume decision-making power or responsibility over the borrower's operations. Following a debt restructuring, the borrowing entity typically meets the definition of a VIE as the initial determination of whether the entity is a VIE must be reconsidered and economic events have proven that the entity's equity is not sufficient to permit it to finance its activities without additional subordinated financial support or a restructuring of the terms of its financing. As Pinnacle Financial does not have the power to direct the activities that most significantly impact such troubled commercial borrowers' operations, it is not considered the primary beneficiary even in situations where, based on the size of the financing provided, Pinnacle Financial is exposed to potentially significant benefits and losses of the borrowing entity. Pinnacle Financial has no contractual requirements to provide financial support to the borrowing entities beyond certain funding commitments established upon restructuring of the terms of the debt to allow for completion of activities which prepare the collateral related to the debt for sale. Pinnacle Financial serves as manager over certain discretionary trusts, for which it makes investment decisions on behalf of the trusts' beneficiaries in return for a management fee. The trusts meet the definition of a VIE since the holders of the equity investments at risk do not have the power through voting rights or similar rights to direct the activities that most significantly impact the entities' economic performance. However, since the management fees Pinnacle Financial receives are not considered variable interests in the trusts as all of the requirements related to permitted levels of decision maker fees are met, such VIEs are not consolidated by Pinnacle Financial because it cannot be the trusts' primary beneficiary. Pinnacle Financial has no contractual requirements to provide financial support to the trusts. The following table summarizes VIE's that are not consolidated by Pinnacle Financial as of December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Type Maximum Loss Exposure Liability Recognized Maximum Loss Exposure Liability Recognized Classification Low Income Housing Partnerships $ 39,582 $ — $ 23,912 $ — Other Assets Trust Preferred Issuances N/A 132,995 N/A 132,995 Subordinated Debt Commercial Troubled Debt Restructurings 1,352 — 3,760 — Loans Managed Discretionary Trusts N/A N/A N/A N/A N/A |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | Note 20. 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. Under Tennessee corporate law, Pinnacle Financial is not permitted to pay dividends if, after giving effect to such payment, it would not be able to pay its debts as they become due in the usual course of business or its total assets would be less than the sum of its total liabilities plus any amounts needed to satisfy any preferential rights if it were dissolving. In addition, in deciding whether or not to declare a dividend of any particular size, Pinnacle Financial's board of directors must consider its and Pinnacle Bank's current and prospective capital, liquidity, and other needs. In addition to state law limitations on Pinnacle Financial's ability to pay dividends, the Federal Reserve imposes limitations on Pinnacle Financial's ability to pay dividends. Federal Reserve regulations limit dividends, stock repurchases and discretionary bonuses to executive officers if Pinnacle Financial's regulatory capital is below the level of regulatory minimums plus the applicable capital conservation buffer. During the year ended December 31, 2018 , Pinnacle Bank paid $83.1 million in dividends to Pinnacle Financial. As of December 31, 2018 , Pinnacle Bank could pay approximately $510.2 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 increased the dividend to $0.12 beginning in the first quarter of 2015, to $0.14 beginning in the first quarter of 2016, and to $0.16 beginning in the fourth quarter of 2018. During the first quarter of 2019, Pinnacle Financial’s board of directors declared a dividend of $0.16 per share. The amount and timing of all future dividend payments, if any, is subject to the discretion of Pinnacle Financial's board of directors 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. Pinnacle Financial's and Pinnacle Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require Pinnacle Financial and its banking subsidiary to maintain minimum amounts and ratios of common equity Tier 1 capital to risk-weighted assets, Tier 1 capital to risk-weighted assets, total capital to risk-weighted assets and of Tier 1 capital to average assets. The final rules implementing the Basel Committee on Banking Supervision's capital guidelines for U.S. banks (Basel III rules) became effective for Pinnacle Financial on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. The minimum capital level requirements applicable to bank holding companies and banks subject to the rules are: (i) a common equity Tier 1 capital ratio of 4.5% ; (ii) a Tier 1 capital ratio of 6% ; (iii) a total capital ratio of 8% ; and (iv) a Tier 1 leverage ratio of 4% for all institutions. The Basel III rules, also establish a capital conservation buffer of 2.5% (to be phased in over three years) above the regulatory minimum risk-based capital ratios. The phase-in of the capital conservation buffer requirement commenced in January 2016 at 0.625% of risk-weighted assets and increases each year by a like percentage until fully implemented in January 2019. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital. Management believes, as of December 31, 2018 , 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 certain total, Tier 1, common equity Tier 1 and Tier 1 leverage capital 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. The capital conservation buffer is not included in the required ratios of the table presented below. Pinnacle Financial's and Pinnacle Bank's actual capital amounts and ratios are presented in the following table (in thousands): Actual Minimum Capital Requirement Minimum To Be Well-Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2018 Total capital to risk weighted assets: Pinnacle Financial $ 2,580,143 12.2 % $ 1,691,017 8.0 % N/A N/A Pinnacle Bank $ 2,432,419 11.5 % $ 1,686,046 8.0 % $ 2,107,558 10.0 % Tier 1 capital to risk weighted assets: Pinnacle Financial $ 2,024,193 9.6 % $ 1,268,263 6.0 % N/A N/A Pinnacle Bank $ 2,218,003 10.5 % $ 1,264,535 6.0 % $ 1,686,046 8.0 % Common equity Tier 1 capital: Pinnacle Financial $ 2,024,070 9.6 % $ 951,197 4.5 % N/A N/A Pinnacle Bank $ 2,217,880 10.5 % $ 948,401 4.5 % $ 1,369,912 6.5 % Tier 1 capital to average assets (*): Pinnacle Financial $ 2,024,193 8.9 % $ 909,102 4.0 % N/A N/A Pinnacle Bank $ 2,218,003 9.8 % $ 906,185 4.0 % $ 1,132,731 5.0 % December 31, 2017 Total capital to risk weighted assets: Pinnacle Financial $ 2,266,161 12.0 % $ 1,509,496 8.0 % N/A N/A Pinnacle Bank $ 2,134,344 11.3 % $ 1,504,765 8.0 % $ 1,880,956 10.0 % Tier 1 capital to risk weighted assets: Pinnacle Financial $ 1,725,323 9.1 % $ 1,132,122 6.0 % N/A N/A Pinnacle Bank $ 1,936,313 10.3 % $ 1,128,574 6.0 % $ 1,504,765 8.0 % Common equity Tier 1 capital: Pinnacle Financial $ 1,725,219 9.1 % $ 849,092 4.5 % N/A N/A Pinnacle Bank $ 1,936,209 10.3 % $ 846,430 4.5 % $ 1,222,621 6.5 % Tier 1 capital to average assets (*): Pinnacle Financial $ 1,725,323 8.6 % $ 797,861 4.0 % N/A N/A Pinnacle Bank $ 1,936,313 9.7 % $ 796,235 4.0 % $ 995,294 5.0 % (*) Average assets for the above calculations were based on the most recent quarter. Pinnacle Financial's total assets exceeded $15.0 billion as a result of its acquisitions, which caused the subordinated debentures Pinnacle Financial and its acquired banks' previously issued in connection with the trust preferred securities of their affiliates to cease to qualify as Tier 1 capital under applicable banking regulations. Though these securities no longer qualify as Tier 1 capital, Pinnacle Financial believes these subordinated debentures continue to qualify as Tier 2 capital. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Financial Information | Note 21. Parent Company Only Financial Information The following information presents the condensed balance sheets, statements of operations, and cash flows of Pinnacle Financial as of December 31, 2018 and 2017 and for each of the years in the three-year period ended December 31, 2018 (in thousands): CONDENSED BALANCE SHEETS 2018 2017 Assets: Cash and cash equivalents $ 94,043 $ 64,851 Investments in bank 4,096,349 3,855,483 Investments in consolidated subsidiaries 6,511 6,025 Investment in unconsolidated subsidiaries: Statutory Trusts 3,995 3,995 Other investments 79,646 69,256 Current income tax receivable 19,032 20,017 Other assets 26,668 29,524 $ 4,326,244 $ 4,049,151 Liabilities and stockholders' equity: Income taxes payable to subsidiaries — 24 Subordinated debt and other borrowings 357,153 337,818 Other liabilities 3,151 3,357 Stockholders' equity 3,965,940 3,707,952 $ 4,326,244 $ 4,049,151 CONDENSED STATEMENTS OF OPERATIONS 2018 2017 2016 Revenues: Income from bank subsidiaries $ 83,090 63,100 27,663 Income from nonbank subsidiaries 1,214 297 5,198 Income from equity method investment 13,731 10,126 7,663 Other income 266 380 21 Expenses: Interest expense 11,821 9,856 1,997 Personnel expense, including stock compensation 17,636 16,629 10,971 Other expense 7,194 8,076 3,653 Income before income taxes and equity in undistributed income of subsidiaries 61,650 39,342 23,924 Income tax benefit (8,570 ) (12,748 ) (3,428 ) Income before equity in undistributed income of subsidiaries 70,220 52,090 27,352 Equity in undistributed income of bank subsidiaries 288,728 121,341 104,318 Equity in undistributed income (loss) of nonbank subsidiaries 492 548 (4,445 ) Net income $ 359,440 $ 173,979 $ 127,225 CONDENSED STATEMENTS OF CASH FLOWS 2018 2017 2016 Operating activities : Net income $ 359,440 $ 173,979 $ 127,225 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Amortization and accretion 105 48 (144 ) Stock-based compensation expense 17,636 19,538 10,971 Increase (decrease) in income tax payable, net (24 ) 24 (12 ) Deferred tax expense (549 ) 5,919 1,025 Income from equity method investments, net (13,731 ) (10,126 ) (7,663 ) Dividends received from equity method investment 5,872 5,655 3,255 Excess tax benefit from stock compensation (2,966 ) (5,365 ) (4,604 ) Loss (gain) on other investments (209 ) (350 ) 497 Decrease (increase) in other assets 4,390 (3,989 ) 2,636 Increase (decrease) in other liabilities 2,758 (9,194 ) 3,157 Equity in undistributed income of bank subsidiary (288,728 ) (121,341 ) (104,318 ) Equity in undistributed income of nonbank subsidiary (492 ) (548 ) 4,445 Net cash provided by operating activities 83,502 54,250 36,470 Investing activities : Investment in consolidated banking subsidiaries — (182,288 ) (118,878 ) Increase in equity method investment — — (11,400 ) Increase in other investments (2,321 ) (815 ) (710 ) Net cash provided by (used in) investing activities (2,321 ) (183,103 ) (130,988 ) Financing activities : Net (decrease) increase in subordinated debt and other borrowings 19,230 (60 ) 118,294 Proceeds from common stock issuance — 192,194 — Exercise of common stock options and stock appreciation rights, net of repurchase of restricted shares (5,071 ) 493 11,589 Repurchase of common stock (20,694 ) — — Excess tax benefit from stock compensation — — 4,604 Common dividends paid (45,454 ) (35,907 ) (24,725 ) Net cash provided by (used in) financing activities (51,989 ) 156,720 109,762 Net increase in cash 29,192 27,867 15,244 Cash and cash equivalents, beginning of year 64,851 36,984 21,740 Cash and cash equivalents, end of year $ 94,043 $ 64,851 $ 36,984 Pinnacle Bank is subject to restrictions on the payment of dividends to Pinnacle Financial under Tennessee banking laws. Pinnacle Bank paid dividends of $83.1 million , $63.1 million and $27.7 million , respectively to Pinnacle Financial in each of the years ended December 31, 2018 , 2017 and 2016 . |
Quarterly Financial Results (un
Quarterly Financial Results (unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Results (unaudited) | Note 22. Quarterly Financial Results (unaudited) A summary of selected consolidated quarterly financial data for each of the years in the three-year period ended December 31, 2018 follows: (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Interest income $ 211,528 $ 230,984 $ 248,110 $ 256,095 Net interest income 174,471 182,236 189,420 190,215 Provision for loan losses 6,931 9,402 8,725 9,319 Net income before taxes 103,143 109,865 118,183 118,757 Net income 83,510 86,865 93,747 95,318 Basic net income per share $ 1.08 $ 1.13 $ 1.22 $ 1.24 Diluted net income per share $ 1.08 $ 1.12 $ 1.21 $ 1.23 2017 Interest income $ 102,143 $ 123,743 $ 202,167 $ 208,085 Net interest income 88,767 106,627 173,182 174,731 Provision for loan losses 3,651 6,812 6,920 6,281 Net income before taxes 53,444 63,074 99,503 81,965 Net income 39,653 43,086 64,442 26,798 Basic net income per share $ 0.83 $ 0.81 $ 0.84 $ 0.35 Diluted net income per share $ 0.82 $ 0.80 $ 0.83 $ 0.35 2016 Interest income $ 80,974 $ 83,762 $ 97,380 $ 101,493 Net interest income 73,902 75,044 86,635 89,413 Provision for loan losses 3,894 5,280 6,108 3,046 Net income before taxes 41,800 46,546 48,693 54,345 Net income 27,964 30,787 32,377 36,097 Basic net income per share $ 0.70 $ 0.75 $ 0.71 $ 0.79 Diluted net income per share $ 0.68 $ 0.73 $ 0.71 $ 0.78 |
Related Party Matters (Notes)
Related Party Matters (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 17. Related Party Transactions Also see Note 6 - "Loans and Allowance for Loan Losses", concerning loans and other extensions of credit to certain directors, officers, and their related entities and individuals and Note 13 – "Salary Deferral Plans" regarding supplemental retirement agreement obligations to certain directors who were formerly directors of acquired banks. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Reclassifications [Text Block] | Reclassifications — Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders' equity. |
Basis of Presentation | Basis of Presentation — These consolidated financial statements include the accounts of Pinnacle Financial and its direct and indirect wholly-owned subsidiaries. Certain statutory trust affiliates of Pinnacle Financial, as noted in Note 10. Subordinated Debt and Other Borrowings 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. generally accepted accounting principles 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 dates and the reported amounts of revenues and expenses during the reporting periods. 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, determination of any impairment of goodwill or intangible assets and the valuation of deferred tax assets. |
Impairment | Impairment — Long-lived assets, including purchased intangible assets subject to amortization, such as core deposit intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Pinnacle Financial had $46.2 million and $56.7 million of long-lived amortizing intangibles at December 31, 2018 and 2017 , respectively. Goodwill is evaluated for impairment at least annually and more frequently if events and circumstances indicate that the asset might be impaired. The Accounting Standards Codification (ASC) 350, Goodwill and Other , regarding testing goodwill for impairment provides an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If an entity does a qualitative assessment and determines that this is the case, or if a qualitative assessment is not performed, it is required to perform additional goodwill impairment testing to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized for that reporting unit (if any). Based on a qualitative assessment, if an entity determines that the fair value of a reporting unit is more than its carrying amount, the two-step goodwill impairment test is not required. Pinnacle Financial performed its annual assessment as of September 30, 2018. The results of the qualitative assessment indicated that the fair value of Pinnacle Financial's sole reporting unit was more than its carrying value, and accordingly, the two-step goodwill impairment test was not performed. In December 2018, the overall stock market decreased significantly. As a result, at December 31, 2018, Pinnacle Financial's common stock was trading below book value per share. Pinnacle Financial updated its annual goodwill impairment analysis and evaluated the market forces and changes in the underlying business to determine if further goodwill impairment testing was required. The results of that evaluation indicated that further goodwill impairment testing was not required. Subsequently to December 31, 2018, the common stock returned to trading at prices in excess of book value per share. Should Pinnacle Financial's common stock price decline below book value per share and remain below book value per share for an extended duration or other impairment indicators become known, additional impairment testing of goodwill may be required. Should it be determined in a future period that the goodwill has become impaired, then a charge to earnings will be recorded in the period such determination is made. The following table presents activity for goodwill and other intangible assets (in thousands): Goodwill Core deposit and other intangible assets Total Balance at December 31, 2017 $ 1,808,002 $ 56,710 $ 1,864,712 Acquisitions — — — Amortization — (10,549 ) (10,549 ) Change in purchase price allocation of prior acquisitions (881 ) — (881 ) Balance at December 31, 2018 $ 1,807,121 $ 46,161 $ 1,853,282 The following table presents the gross carrying amount and accumulated amortization for the core deposit and other intangible assets, which are subject to amortization (in thousands): December 31, 2018 December 31, 2017 Gross carrying amount $ 92,787 $ 92,787 Accumulated amortization (46,626 ) (36,077 ) Net book value $ 46,161 $ 56,710 |
Cash Equivalents and Cash Flows | Cash Equivalents and Cash Flows — Cash on hand, cash items in process of collection, amounts due from banks, Federal funds sold, short-term discount notes and securities purchased under agreements to resell, with original maturities within ninety days, are included in cash and cash equivalents. The following supplemental cash flow information addresses certain cash payments and noncash transactions for each of the years in the three-year period ended December 31, 2018 as follows (in thousands): For the years ended December 31, 2018 2017 2016 Cash Payments: Interest $ 199,464 $ 91,628 $ 37,003 Income taxes paid 55,626 81,539 49,504 Noncash Transactions: Loans charged-off to the allowance for loan losses 30,400 22,046 31,112 Loans foreclosed upon with repossessions transferred to other real estate 3,524 6,228 4,453 Loans foreclosed upon with repossessions transferred to other repossessed assets 1,899 646 1,842 Other real estate sales financed 891 908 — Available-for-sale securities transferred to held-to-maturity portfolio 179,763 — — Held-for-sale loans transferred to held-for-investment loan portfolio 44,980 — — Common stock issued in connection with acquisitions — 1,850,968 222,162 |
Securities | Securities — Securities are classified based on management's intention on the date of purchase. All debt securities classified as available-for-sale are recorded at fair value with any unrealized gains and losses reported in accumulated other comprehensive income (loss), net of the deferred income tax effects. Securities that Pinnacle Financial has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at historical cost and adjusted for amortization of premiums and accretion of discounts. Interest and dividends on securities, including amortization of premiums and accretion of discounts calculated under the effective interest method, are included in interest income. For certain securities, amortization of premiums and accretion of discounts is computed based on the anticipated life of the security which may be shorter than the stated life of the security. Realized gains and losses from the sale of securities are determined using the specific identification method and are recorded on the trade date of the sale. |
Other-than-temporary Impairment | Other-than-temporary Impairment — A decline in the fair value of any available-for-sale or held-to-maturity security below cost that is deemed to be other-than-temporary results in a reduction in the carrying amount of the security. To determine whether impairment is other-than-temporary, management considers whether the entity expects to recover the entire amortized cost basis of the security by reviewing the present value of the future cash flows associated with the security. The shortfall of the present value of the cash flows expected to be collected in relation to the amortized cost basis is referred to as a credit loss and is deemed to be other-than-temporary impairment. If a credit loss is identified, the credit loss is recognized as a charge to earnings and a new cost basis for the security is established. If management concludes that a decline in fair value of a security is temporary and a full recovery of principal and interest is expected and it is not more-likely-than-not that it will be required to sell the security before recovery of its amortized cost basis, then the security is not other-than-temporarily impaired and the shortfall is recorded as a component of equity. 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, 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. Resultantly, other-than-temporary charges may be incurred as management's intention related to a particular security changes. The carrying values of Pinnacle Financial's investment securities could decline in the future if the financial condition of the securities' issuer 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 held-for-sale | Loans held-for-sale — Loans originated and intended for sale are carried at the lower of cost or estimated fair value as determined on a loan-by-loan basis. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Realized gains and losses are recognized when legal title to the loans has been transferred to the purchaser and sales proceeds have been received and are reflected in the accompanying consolidated statement of income in gains on mortgage loans sold, net of related costs such as compensation expenses, for mortgage loans, and as a component of other noninterest income for commercial loans held-for-sale. |
Loans | Loans — Pinnacle Financial has five loan segments for financial reporting purposes: commercial and industrial, commercial real estate mortgage, construction and land development, consumer and other and consumer real estate mortgage. The appropriate classification is determined based on the underlying collateral utilized to secure each loan. These classifications are consistent with those utilized in the Quarterly Report of Condition and Income filed by Pinnacle Bank with the Federal Deposit Insurance Corporation (FDIC). Loans are reported at their outstanding principal balances, net of applicable purchase accounting and any deferred fees or costs on originated loans. Interest income on loans is accrued based on the principal balance outstanding. Loan origination fees, net of certain loan origination costs, are deferred and recognized as an adjustment to the related loan yield using a method which approximates the interest method. At December 31, 2018 and 2017 , net deferred loan fees of $7.4 million and $7.8 million respectively, were included as a reduction to loans on the accompanying consolidated balance sheets. As part of our routine credit monitoring process, commercial loans receive risk ratings by the assigned financial advisor and are subject to validation by our 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 outlined by Pinnacle Bank's primary federal regulator. At December 31, 2018 , approximately 80.8% of Pinnacle Financial's loan portfolio was assigned a specifically assigned risk rating. Certain consumer loans and commercial relationships that possess certain qualifying characteristics, including individually smaller balances, are generally not assigned an individual risk rating but are evaluated collectively for credit risk as a homogeneous pool of loans and individually as either accrual or nonaccrual based on the performance of the loan. Loans are placed on nonaccrual status when there is a significant deterioration in the financial condition of the borrower, which generally is the case but is not limited to when the principal or interest is more than 90 days past due, unless the loan is both well-secured and in the process of collection. All interest accrued but not collected for loans that are placed on nonaccrual status is reversed against current interest income. Interest income is subsequently recognized only if certain cash payments are received while the loan is classified as nonaccrual, but interest income recognition is reviewed on a case-by-case basis to determine if the payment should be applied to interest or principal pursuant to regulatory guidelines. A nonaccrual loan is returned to accruing status once the loan has been brought current as to principal and interest and collection is reasonably assured or the loan has been well-secured through other techniques. All loans that are placed on nonaccrual status are further analyzed to determine if they should be classified as impaired loans. A loan is considered to be impaired 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. This determination is made using a variety of techniques, which include a review of the borrower's financial condition, debt-service coverage ratios, global cash flow analysis, guarantor support, other loan file information, meetings with borrowers, inspection or reappraisal of collateral and/or consultation with legal counsel as well as results of reviews of other similar industry credits (e.g. builder loans, development loans, church loans, etc.). Loans are charged off when management believes that the full collectability of the loan is unlikely. As such, a loan may be partially charged-off after a "confirming event" has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely. |
Purchased Loans | Purchased Loans — Purchased loans, including loans acquired through a merger, are initially recorded at fair value on the date of purchase. Purchased loans that contain evidence of post-origination credit deterioration as of the purchase date are carried at the net present value of expected future cash flows. All other purchased loans are recorded at their initial fair value, and adjusted for subsequent advances, pay downs, amortization or accretion of any fair value premium or discount on purchase, charge-offs and any other adjustment to carrying value. Pursuant to U.S. generally accepted accounting principles (U. S. GAAP), management has up to 12 months following the date of the acquisition to finalize the fair values of acquired assets and assumed liabilities as of the acquisition date. Once management has finalized the fair values of acquired assets and assumed liabilities within this 12-month period, management considers such values to be the day 1 fair values (Day 1 Fair Values). At the time of acquisition, management evaluates all purchased loans using a variety of factors such as current classification or risk rating, past due status and history as a component of the fair value determination. For those purchased loans without evidence of credit deterioration, management evaluates each reviewed loan using an internal grading system with a grade assigned to each loan at the date of acquisition. To the extent that any purchased loan is not specifically reviewed, such loan is assumed to have characteristics similar to the characteristics of the specifically reviewed acquired portfolio of purchased loans. The grade for each purchased loan without evidence of credit deterioration is reviewed subsequent to the date of acquisition any time a loan is renewed or extended or at any time information becomes available to Pinnacle Financial that provides material insight regarding the loan's performance, the borrower's capacity to repay or the underlying collateral. In determining the Day 1 Fair Values of purchased loans without evidence of post-origination credit deterioration at the date of acquisition, management includes (i) no carryover of any previously recorded allowance for loan losses (ALL) and (ii) an adjustment of the unpaid principal balance to reflect an appropriate market rate of interest and expected loss, given the risk profile and risk rating assigned to each loan. This adjustment is accreted into earnings as a yield adjustment, using the effective yield method, over the remaining life of each loan. Purchased loans that contain evidence of credit deterioration on the date of purchase are individually evaluated by management to determine the estimated fair value of each loan. This evaluation includes no carryover of any previously recorded ALL. In determining the estimated fair value of purchased loans with evidence of credit deterioration, management considers a number of factors including, among other things, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value of the underlying collateral, estimated holding periods, and net present value of cash flows expected to be received. In determining the Day 1 Fair Values of purchased loans with evidence of credit deterioration, management calculates a non-accretable difference (the credit risk component of the purchased loans) and an accretable difference (the yield component of the purchased loans). The non-accretable difference is the difference between the contractually required payments and the cash flows expected to be collected in accordance with management's determination of the Day 1 Fair Values. Subsequent increases in expected cash flows will result in an adjustment to accretable yield, which will have a positive impact on interest income. Subsequent decreases in expected cash flows will generally result in increased provision for loan losses. Subsequent increases in expected cash flows following any previous decrease will result in a reversal of the provision for loan losses to the extent of prior charges and then an adjustment to accretable yield. The accretable difference on purchased loans with evidence of credit deterioration is the difference between the expected cash flows and the net present value of expected cash flows. Such difference is accreted into earnings using the effective yield method over the term of the loans. For purchased loans with evidence of credit deterioration for which the expected cash flows cannot be forecasted, these loans are deemed to be collateral dependent, are recorded at their fair value and are placed on nonaccrual, with interest payments recorded on a cash basis, as appropriate. |
Allowance for Loan Losses | Allowance for Loan Losses (allowance) - Pinnacle Financial's management assesses the adequacy of the allowance prior to the end of each calendar quarter. This assessment includes procedures to estimate the allowance and test the adequacy and appropriateness of the resulting balance. The level of the allowance is based upon management's evaluation of the loan portfolio, loan loss experience, asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrowers' ability to repay the loan (including the timing of future payment), the estimated value of any underlying collateral, composition of the loan portfolio, economic conditions, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. The level of allowance maintained by management is believed adequate to absorb probable losses inherent in the loan portfolio at the balance sheet date. The allowance is increased by provisions charged to expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. Allocation of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management's judgment, is deemed uncollectible. Pinnacle Financial's allowance for loan loss assessment methodology was modified during the year ended December 31, 2017 to (i) extend the look-back period from 24 quarters to a period beginning January 1, 2006 to better capture the risk associated with this extended economic cycle, (ii) eliminate the use of risk ratings in the calculation of the loss rate and instead focus on loss rate by loan type and (iii) expand the economic variables used in the qualitative assessment to incorporate our expanded footprint. Pinnacle Financial also eliminated the use of a loss emergence period in light of the minimal population of losses available to evaluate that were previously being extrapolated to the full population of loans, and shifted the focus of its analysis to more of a quantitative model. There was no material impact on the adoption of the changes in the allowance for loan loss assessment methodology. Pinnacle Financial's allowance for loan losses is composed of the result of two independent analyses pursuant to the provisions of ASC 450-20, Loss Contingencies and ASC 310-10-35, Receivables . The ASC 450-20 analysis is intended to quantify the inherent risks in its performing loan portfolio. The ASC 310-10-35 analysis includes a loan-by-loan analysis of impaired loans, including those reported as nonaccrual, troubled-debt restructurings and purchase credit impaired. In assessing the adequacy of the allowance, Pinnacle Financial also considers the results of Pinnacle Financial's ongoing independent loan review process. Pinnacle Financial undertakes this process both to ascertain those loans in the portfolio with elevated credit risk and to assist in its overall evaluation of the risk characteristics of the entire loan portfolio. Its loan review process includes the judgment of management, independent internal loan reviewers, and reviews that may have been conducted by third-party reviewers including regulatory examiners. Pinnacle Financial incorporates relevant loan review results in the allowance. The ASC 450-20 component of the allowance for loan losses begins with a historical loss rate calculation for each loan pool with similar risk characteristics. The losses realized over a rolling four-quarter cycle are utilized to determine an annual loss rate for each loan pool for each quarter-end in our look-back period. The look-back period in our loss rate calculation begins with January 1, 2006, as we believe the period from January 1, 2006 to present is more representative of this economic cycle. The loss rates for each category are then averaged and applied to the end of period loan portfolio balances to determine estimated losses. The loss rates provide a quantitative estimate of credit losses inherent in our end of period loan portfolio based on our actual loss experience. The estimated loan loss allocation for all loan segments is then adjusted for management's estimate of probable losses for a number of qualitative factors that have not been considered in the quantitative analysis. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management, but measured by objective measurements period over period. The data for each measurement may be obtained from internal or external sources. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements over time. The resulting factor is applied to the non-impaired loan portfolio. This amount represents estimated probable inherent credit losses which exist, but have not yet been identified either in its risk rating or impairment process, as of the balance sheet date, and is based upon quarterly trend assessments in portfolio concentrations, policy exceptions, economic conditions, associate retention, independent loan review results, collateral considerations, credit quality, competition, enterprise wide risk assessments, and peer group credit quality. The qualitative allowance allocation, as determined by the processes noted above, is increased or decreased for each loan segment based on the assessment of these various qualitative factors. The allowance for loan losses for purchased loans is calculated similar to that utilized for legacy Pinnacle Bank loans. Pinnacle Financial's accounting policy is to compare the computed allowance for loan losses for each purchased loan to the remaining fair value adjustment at the individual loan level. If the computed allowance at the loan level is greater than the remaining fair value adjustment, the excess is added to the allowance for loan losses by a charge to the provision for loan losses. The ASC 450-20 portion of the allowance includes a small unallocated component. Pinnacle Financial believes that the unallocated amount is warranted for inherent factors that cannot be practically assigned to individual loan categories, such as the imprecision in the overall loss allocation measurement process, the subjectivity risk of potentially not considering all relevant environmental categories and related measurements and imprecision in its credit risk ratings process. The appropriateness of the unallocated component of the allowance is assessed each quarter end based upon changes in the overall business environment not otherwise captured. The impaired loan allowance is determined pursuant to ASC 310-10-35. Loans are impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Collection of all amounts due according to the contractual terms means collecting all interest and principal payments of a loan as scheduled in the loan agreement. This evaluation is inherently subjective as it requires material estimates including the amounts and timing of future cash flows expected to be received on impaired loans that may be susceptible to significant change. Loan losses are charged off when management believes that the full collectability of the loan is unlikely. A loan may be partially charged-off after a "confirming event" has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely. An impairment allowance is recognized if the fair value of the loan is less than the recorded investment in the loan (recorded investment in the loan is the principal balance plus any accrued interest, net of deferred loan fees or costs and unamortized premium or discount). The impairment is recognized through the provision for loan losses and is a component of the allowance for loan losses. Loans that are impaired are recorded at the present value of expected future cash flows discounted at the loan's effective interest rate, or if the loan is collateral dependent, at the fair value of the collateral, less estimated disposal costs. If the loan is cash flow dependent, a specific reserve is established as a component of the allowance. If the loan is collateral dependent, any portion of the loan confirmed to be uncollectible is charged off, and a specific reserve is established for any remaining impairment. The fair value of collateral dependent loans is derived primarily from collateral appraisals performed by independent third-party appraisers. This analysis is completed for all individual loans greater than $750,000 . The resulting allowance percentage by segment adjusted for specific trends identified, if applicable, is then applied to the remaining population of impaired loans. Pursuant to the guidance set forth in ASU No. 2011-02, A Creditor's Determination of Whether a Restructuring is a Troubled Debt Restructuring , the above impairment methodology is also applied to those loans identified as troubled debt restructurings. Sufficiency of the total computed allowance is then tested by comparison to historical trends and industry and peer information. Pinnacle Financial then evaluates the result of the procedures performed, including the results of its testing, and concludes on the appropriateness of the balance of the allowance in its entirety. The audit committee of Pinnacle Financial's board of directors reviews and approves the methodology and resultant allowance prior to the filing of quarterly and annual financial information. While its policies and procedures used to estimate the allowance for loan losses, as well as the resultant provision for loan losses charged to income, are considered adequate by management and are reviewed from time to time by regulators, they are necessarily approximate and imprecise. There are factors beyond Pinnacle Financial's control, such as conditions in the local, national, and international economy, a local real estate market or particular industry conditions which may materially negatively impact asset quality and the adequacy of the allowance for loan losses and thus the resulting provision for loan losses. |
Transfers of Financial Assets | Transfers of Financial Assets — Transfers of financial assets are accounted for as sales when control over the assets has been surrendered or in the case of a loan participation, a portion of the asset has been surrendered and meets the definition of a "participating interest". Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from Pinnacle Financial, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) Pinnacle Financial does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. |
Premises and Equipment and Leaseholds | Premises and Equipment and Leaseholds — Premises and equipment are carried at cost less accumulated depreciation and amortization computed principally by the straight-line method over the estimated useful lives of the assets or the expected lease terms for leasehold improvements, whichever is shorter. Useful lives for all premises and equipment range between three and thirty years. Pinnacle Bank is the lessee with respect to several office locations. At December 31, 2018, all such leases were being accounted for as operating leases within the accompanying consolidated financial statements, with the exception of the one capital lease agreement discussed below. Several of these leases include rent escalation clauses. Pinnacle Bank expenses the costs associated with these escalating payments over the life of the expected lease term using the straight-line method. At December 31, 2018 , the deferred liability associated with these escalating rentals was approximately $3.8 million and is included in other liabilities in the accompanying consolidated balance sheets. As addressed in the Newly Issued not yet Effective Accounting Standards section later within this Note, beginning January 1, 2019, Pinnacle Financial will recognize a lease right of use asset and additional lease liabilities reflecting the present value of future minimum lease payments under its lease agreements. Pinnacle Bank has one lease being accounted for as a capital lease within the accompanying consolidated financial statements. Amortization of property under the capital lease is expensed over the life of the expected lease term using the straight-line method and is included in depreciation expense. |
Other Real Estate Owned | Other Real Estate Owned — Other real estate owned (OREO) represents real estate foreclosed upon or acquired by deed in lieu of foreclosure by Pinnacle Bank through loan defaults by customers. Substantially all of these amounts relate to lots, homes and residential development projects that are either completed or are in various stages of construction for which Pinnacle Financial believes it has adequately supported the value recorded. Upon its acquisition by Pinnacle Bank, the property is recorded at fair value, based on appraised value, less selling costs estimated as of the date acquired. The difference from the loan balance is recognized as a charge-off through the allowance for loan losses. Additional OREO losses for subsequent downward valuation adjustments and expenses to maintain OREO are determined on a specific property basis and are included as a component of noninterest expense. Net gains or losses realized at the time of disposal are reflected in noninterest expense. Included in the accompanying consolidated balance sheet at December 31, 2018 is $16.2 million of OREO with related property-specific valuation allowances of $1.0 million . At December 31, 2017 , OREO totaled $29.1 million with related property-specific valuation allowances of $1.2 million . During the years ended December 31, 2018 , 2017 and 2016 , Pinnacle Financial had expense of $723,000 , expense of $1.1 million and a benefit of $396,000 , respectively, of net foreclosed real estate expense. |
Other Assets | Other Assets — Included in other assets as of December 31, 2018 and 2017 , is approximately $7.7 million and $9.3 million , respectively, of computer software related assets, net of amortization. This software supports Pinnacle Financial's primary data systems and relates to amounts paid to vendors for installation and development of such systems. These amounts are amortized on a straight-line basis over periods of three to seven years. For the years ended December 31, 2018 , 2017 , and 2016 , Pinnacle Financial's amortization expense was approximately $3.0 million , $2.5 million , and $2.3 million , respectively. Software maintenance fees are capitalized in other assets and amortized over the term of the maintenance agreement. Pinnacle Financial is required to maintain certain minimum levels of equity investments with certain regulatory and other entities in which Pinnacle Bank has outstanding borrowings, including the Federal Home Loan Bank of Cincinnati. At December 31, 2018 and 2017 , the cost of these investments was $70.2 million and $46.4 million , respectively. Pinnacle Financial determined that cost approximates the fair value of these investments. Additionally, Pinnacle Financial has recorded certain investments in other non-public entities and funds at fair value, of $26.4 million and $16.7 million at December 31, 2018 and 2017 , respectively. During 2018 and 2017 , Pinnacle Financial recorded net gains of $2.7 million and $364,000 , respectively, due to changes in the fair value of these investments. As more fully described in Note 10, Pinnacle Financial has an investment in twelve Trusts valued at $4.0 million as of December 31, 2018 . The Trusts were established to issue preferred securities, the dividends for which are paid with interest payments Pinnacle Financial makes on subordinated debentures it issued to the Trusts. Pinnacle Bank is the owner and beneficiary of various life insurance policies on certain key executives and certain current and former directors and associates, including policies that were acquired in its mergers. Collectively, these policies are reflected in other assets in the accompanying consolidated balance sheets at their respective cash surrender values. At December 31, 2018 and 2017 , the aggregate cash surrender value of these policies was approximately $525.7 million and $415.9 million , respectively. Noninterest income related to these policies was $12.5 million , $7.9 million , and $3.5 million , during the years ended December 31, 2018 , 2017 and 2016 , respectively. Also, as part of our compliance with the Community Reinvestment Act, we have investments in low income housing entities totaling $72.6 million and $53.8 million , net, as of December 31, 2018 and 2017 , respectively. Included in our CRA investments are investments of $32.8 million and $22.0 million at December 31, 2018 and 2017 , respectively, net of amortization, that qualify for federal low income housing tax credits. The investments are accounted for under the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received. The amortization and benefits are recognized as a component of income tax expense in the consolidated statements of income. The investments are recorded using the cost method. |
Derivative Instruments | Derivative Instruments — In accordance with ASC Topic 815, Derivatives and Hedging , all derivative instruments are recorded on the accompanying consolidated balance sheet at their respective fair values. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings in the period of change. 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 large U.S. financial institutions in order to minimize the risk to Pinnacle Financial. These swaps are derivatives, but are not designated as hedging instruments. Pinnacle Financial enters into forward cash flow hedge relationships in the form of interest rate swap agreements to manage its future interest rate exposure. These derivative contracts have been designated as a hedge and, as such, changes in the fair value of the derivative instrument are recorded in other comprehensive income. Pinnacle Financial also enters into fair value hedge relationships to mitigate the effect of changing interest rates on the fair values of fixed rate securities and loans. The gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. Pinnacle Financial prepares written hedge documentation for all derivatives which are designated as hedges. The written hedge documentation includes identification of, among other items, the risk management objective, hedging instrument, hedged item and methodologies for assessing and measuring hedge effectiveness and ineffectiveness, along with support for management's assertion that the hedge will be highly effective. For designated hedging relationships, Pinnacle Financial performs retrospective and prospective effectiveness testing using quantitative methods and does not assume perfect effectiveness through the matching of critical terms. Assessments of hedge effectiveness and measurements of hedge ineffectiveness are performed at least quarterly. The effective portion of the changes in the fair value of a derivative that is highly effective and that has been designated and qualifies as a cash flow hedge are initially recorded in accumulated other comprehensive income (AOCI) and will be reclassified to earnings in the same period that the hedged item impacts earnings; any ineffective portion is recorded in current period earnings. Hedge accounting ceases on transactions that are no longer deemed effective, or for which the derivative has been terminated or de-designated. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase — Pinnacle Financial routinely sells securities to certain treasury management customers and then repurchases these securities the next day. Securities sold under agreements to repurchase are reflected as a secured borrowing in the accompanying consolidated balance sheets at the amount of cash received in connection with each transaction. |
Income Taxes | Income Taxes — 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. ASC 740 also provides guidance on the derecognition, measurement and classification of income tax uncertainties, along with any related interest and penalties, and includes guidance concerning accounting for income tax uncertainties in interim periods. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. Accordingly, deferred tax assets that will be realized after December 31, 2017 were revalued using the tax rates enacted as a result of the 2017 Tax Cuts and Jobs Act resulting in a revaluation charge of $31.5 million . The net deferred tax asset is reflected as a component of other assets on the consolidated balance sheet. A valuation allowance is required for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset may not be realized due to the inability to generate sufficient taxable income in the period and/or of the character necessary to utilize the benefit of the deferred tax asset. Income tax expense or benefit for the year is allocated among continuing operations and other comprehensive income (loss), as applicable. The amount allocated to continuing operations is the income tax effect of the pretax income or loss from continuing operations that occurred during the year, plus or minus income tax effects of (i) changes in certain circumstances that cause a change in judgment about the realization of deferred tax assets in future years, including the valuation of deferred tax assets due to changes in enacted income tax rates (ii) changes in income tax laws or rates, and (iii) changes in income tax status, subject to certain exceptions. The amount allocated to other comprehensive income (loss) is related solely to changes in the valuation allowance on items that are normally accounted for in other comprehensive income (loss) such as unrealized gains or losses on available-for-sale securities. In accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes , uncertain tax positions are recognized if it is more likely than not, based on technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms realized and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more likely than not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances and information available at the reporting date. Pinnacle Financial and its subsidiaries file consolidated U.S. Federal and state income tax returns. Each entity provides for income taxes based on its contribution to income or loss of the consolidated group. Pinnacle Financial has a Real Estate Investment Trust subsidiary that files a separate federal tax return, but its income is included in the consolidated group's return as required by the federal tax laws. Pinnacle Financial remains open to audit under the statute of limitations by the IRS and the states in which Pinnacle operates for the years ended December 31, 2015 through 2018 . Pinnacle Financial's policy is to recognize interest and/or penalties related to income tax matters in income tax expense. No amounts were accrued for interest and/or penalties at December 31, 2018 , 2017 or 2016. Pinnacle Financial's policy is to recognize interest and/or penalties related to income tax matters in income tax expense. |
Income Per Common Share | Income Per Common Share — Basic net income per common share (EPS) is computed by dividing net income 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. As of December 31, 2018 , there were 176,709 stock options outstanding to purchase common shares. For the years ended December 31, 2018 , 2017 and 2016 , respectively, 338,545 , 567,611 and 694,909 of dilutive stock options, dilutive restricted shares, restricted share units and stock appreciation rights were included in the diluted earnings per share calculation under the treasury stock method. For the year ended December 31, 2018 , there were 253,193 restricted shares excluded from the calculation because they were deemed to be antidilutive. For the years ended December 31, 2017 and 2016 , there were no stock options, restricted shares, restricted share units and stock appreciation rights excluded from the calculation because they were deemed to be antidilutive. The following is a summary of the basic and diluted earnings per share calculation for each of the years in the three-year period ended December 31, 2018 (dollars in thousands): December 31, 2018 December 31, 2017 December 31, 2016 Basic earnings per share calculation: Numerator - Net income $ 359,440 $ 173,979 $ 127,225 Denominator – Weighted average common shares outstanding 77,111,372 63,760,578 43,037,083 Basic net income per common share $ 4.66 $ 2.73 $ 2.96 Diluted earnings per share calculation: Numerator - Net income $ 359,440 $ 173,979 $ 127,225 Denominator – Weighted average common shares outstanding 77,111,372 63,760,578 43,037,083 Dilutive shares contingently issuable 338,545 567,611 694,909 Weighted average diluted common shares outstanding 77,449,917 64,328,189 43,731,992 Diluted net income per common share $ 4.64 $ 2.70 $ 2.91 |
Stock-Based Compensation | Stock-Based Compensation — Stock-based compensation expense is recognized based on the fair value of the portion of stock-based payment awards that are ultimately expected to vest, reduced for estimated forfeitures. ASC 718-20, Compensation – Stock Compensation Awards Classified as Equity requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Service based awards with multiple vesting periods are expensed over the entire requisite period as if the award were a single award. For awards with performance vesting criteria, anticipated performance is projected to determine the number of awards expected to vest, and the corresponding aggregate expense is adjusted to reflect the elapsed portion of the applicable performance period. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) — Comprehensive income (loss) consists of the total of all components of comprehensive income (loss) including net income (loss). Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income (loss) but excluded from net income (loss). Currently, Pinnacle Financial's other comprehensive income (loss) consists primarily of unrealized gains and losses on securities available-for-sale, net of deferred tax expense (benefit) and unrealized gains (losses) on derivative hedging relationships. |
Fair Value Measurement | Fair Value Measurement — ASC Topic 820, Fair Value Measurements and Disclosures , which defines fair value, establishes a framework for measuring fair value in U.S. GAAP and established required disclosures about fair value measurements. ASC 820 applies only to fair value measurements that are already required or permitted by other accounting standards and increases the consistency of those 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. Pinnacle Financial has an established process for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, fair value is based upon internally developed models or processes that use primarily market-based or independently-sourced market data, including interest rate yield curves, option volatilities and third party information such as prices of similar assets or liabilities. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. Furthermore, while Pinnacle Financial believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements — In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities . The amendments in this ASU make more financial and non-financial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. The amendments will be effective for public companies for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. Pinnacle Financial early adopted this standard in the first quarter of 2018 and subsequently entered into four hedging transactions during the year ended December 31, 2018 , all of which are eligible for hedge accounting as a result of the new standard, as noted in Note 15. Derivative Instruments. In March 2017, the FASB issued Accounting Standards Update No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . The amendment in this ASU shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. The amendment does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendment is effective for fiscal years beginning after December 15, 2018, including interim periods within those periods. Early adoption is permitted with modified retrospective application. Pinnacle Financial elected to early adopt this standard in 2018 and it continues to have no material impact to its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The amendment in this ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendment is effective for fiscal years beginning after December 15, 2017, including interim periods within those periods. There has been no material impact on Pinnacle Financial's consolidated financial statements due to the adoption of this standard in the first quarter of 2018. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows (Topic 230) intended to reduce the diversity in practice around how certain transactions are classified within the statement of cash flows. The guidance became effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Pinnacle Financial adopted this standard in the first quarter of 2018 and it continues to have no material impact to its consolidated financial statements, with the exception of dividends received from its and Pinnacle Bank's equity method investments which were reclassified from cash flow from investments to operating cash flow. In January 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments – Overall (Subtopic 825-10) which, among other things, (i) requires equity investments, excluding those accounted for under the equity method or that result in consolidation, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (viii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. ASU 2016-01 became effective for Pinnacle Financial in the first quarter of 2018. See Note 18. Fair Value of Financial Instruments for disclosure of the fair value of financial instruments based on an exit price notion as required by ASU 2016-01. In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which was developed as a joint project with the International Accounting Standards Board to remove inconsistencies in revenue requirements and provide a more robust framework for addressing revenue issues. The ASU's core principle is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued Accounting Standards Update 2015-14 , which deferred the effective date by one year (i.e., interim and annual reporting periods beginning after December 15, 2017). Pinnacle Financial adopted the ASU during the first quarter of 2018, as required, using a modified retrospective approach. The majority of Pinnacle Financial's revenue stream is generated from interest income on loans and deposits, which are outside the scope of Topic 606. Pinnacle Financial’s sources of income that fall within the scope of Topic 606 include service charges on deposits, investment services, insurance sales commissions, trust fees, interchange fees and gains and losses on sales of other real estate, all of which are presented within noninterest income. Pinnacle Financial has evaluated the effect of Topic 606 on these fee-based income streams and concluded that adoption of the standard did not materially impact its consolidated financial statements. The following is a summary of the implementation considerations for the revenue streams that fall within the scope of Topic 606: • Service charges on deposits, investment services, trust fees and interchange fees — Fees from these services are either transaction based, for which the performance obligations are satisfied when the individual transaction is processed, or set periodic service charges, for which the performance obligations are satisfied over the period the service is provided. Transaction-based fees are recognized at the time the transaction is processed, and periodic service charges are recognized over the service period. The adoption of Topic 606 had no impact on Pinnacle Financial's revenue recognition practice for these services. • Insurance sales commissions — Insurance commissions are received from insurance companies in return for the placement of policies with customers. While additional services, such as claims assistance, may be provided over the term of the policy, the revenues are substantially earned at the time of policy placement. The only contingency in earning the revenue relates to the potential for subsequent cancellation of policies. Accordingly, revenue is recognized at the time of policy placement, net of an allowance for estimated policy cancellations. The adoption of Topic 606 had no impact on Pinnacle Financial's revenue recognition related to insurance sales commissions. • Gains on sales of other real estate — ASU 2014-09 also creates Topic 610-20, under which a gain on sale should be recognized when a contract for sale exists and control of the asset has been transferred to the buyer. Topic 606 lists several criteria which must exist to conclude that a contract for sale exists, including a determination that the institution will collect substantially all of the consideration to which it is entitled. This presents a key difference between the prior and new guidance related to the recognition of the gain when the institution finances the sale of the property. Rather than basing recognition on the amount of the buyer's initial investment, which was the primary consideration under prior guidance, the analysis is now based on various factors including not only the loan to value ratio, but also the credit quality of the borrower, the structure of the loan, and any other factors that may affect collectability. While these differences may affect the decision to recognize or defer gains on sales of other real estate in circumstances where Pinnacle Bank has financed the sale, the effects would not be material to Pinnacle Financial's consolidated financial statements. |
Newly Issued not yet Effective Accounting Standards | Newly Issued not yet Effective Accounting Standards — In February 2018, the FASB issued Accounting Standards Update 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this ASU addressed the income tax accounting treatment of the stranded tax effects within other comprehensive income due to the newly enacted federal corporate tax rate included in the Tax Cuts and Jobs Act issued December 22, 2017. These amendments allow an entity to make a reclassification from other comprehensive income to retained earnings for the difference between the historical corporate income tax rate and the newly enacted corporate income tax rate. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted with retrospective application. This standard will not have a material impact on Pinnacle Financial's consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment to simplify how entities other than private companies, such as public business entities and not-for-profit entities, are required to test goodwill for impairment by eliminating the comparison of the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. The amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those periods. If this standard had been effective as of the date of the financial statements included in this report, there would have been no impact on Pinnacle Financial's consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases which requires recognition in the statement of financial position of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The guidance requires that a lessee should recognize lease assets and lease liabilities as compared to previous GAAP that did not require lease assets and lease liabilities to be recognized for operating leases. The guidance becomes effective for Pinnacle Financial on January 1, 2019. In July 2016, the FASB issued Accounting Standards Update 2018-10, Codification Improvements to Topic 842, Leases which provides technical corrections and improvements to ASU 2016-02. It is not anticipated that this update will have an impact on our adoption of ASU 2016-02. In July 2016, the FASB issued Accounting Standards Update 2018-11, Leases (Topic 842): Targeted Improvements which provides an optional transition method to adopt the new requirements of ASU 2016-02 as of the adoption date with no adjustment to the presentation or disclosure of comparative prior periods included in the financial statements in the period of adoption. Pinnacle Financial intends to elect the optional transition method which will result in presentation of periods prior to adoption under the prior lease guidance of ASC Topic 840. In December 2018, the FASB issued Accounting Standards Update 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors . ASU 2018-20 permits lessors to account for certain taxes as lessee costs, permits lessors to exclude from revenue certain lessor costs paid by lessees directly to third parties, and requires lessors to allocate certain variable payments to lease and non-lease components. Had these standards been effective as of December 31, 2018, we would have recorded a right of use asset and additional lease liabilities of approximately $ 80 million. In June 2016, the FASB issued Accounting Standards Update 2016-13 , Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (CECL), which introduces the current expected credit losses methodology. Among other things, CECL requires the measurement of all expected credit losses for financial assets, including loans and held-to-maturity debt securities, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The new model will require institutions to calculate all probable and estimable losses that are expected to be incurred through the financial asset's entire life through a provision for credit losses, including loans obtained as a result of any acquisition not deemed to be purchased credit deteriorated (PCD). CECL also requires the allowance for credit losses for PCD loans to be determined in a manner similar to that of other financial assets measured at amortized cost; however, the initial allowance will be added to the purchase price rather than recorded as provision expense. The disclosure of credit quality indicators related to the amortized cost of financing receivables will be further disaggregated by year of origination (or vintage). Institutions are to apply the changes through a cumulative-effect adjustment to their retained earnings as of the beginning of the first reporting period in which the standard is effective. The amendments are effective for fiscal years beginning after December 15, 2019. Early application will be permitted for fiscal years beginning after December 15, 2018. Pinnacle Financial is currently assessing the impact of the new guidance on its consolidated financial statements. An increase in the overall allowance for loan losses is likely upon adoption in order to provide for expected credit losses over the life of the loan portfolio. Other than those pronouncements discussed above and those which have been recently adopted, we do not believe there were any other recently issued accounting pronouncements that are expected to materially impact Pinnacle Financial. |
Subsequent Events | Subsequent Events — ASC Topic 855, Subsequent Events, establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. Pinnacle Financial evaluated all events or transactions that occurred after December 31, 2018 through the date of the issued financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Activity for Goodwill and Other Intangible Assets | The following table presents activity for goodwill and other intangible assets (in thousands): Goodwill Core deposit and other intangible assets Total Balance at December 31, 2017 $ 1,808,002 $ 56,710 $ 1,864,712 Acquisitions — — — Amortization — (10,549 ) (10,549 ) Change in purchase price allocation of prior acquisitions (881 ) — (881 ) Balance at December 31, 2018 $ 1,807,121 $ 46,161 $ 1,853,282 |
Gross Carrying Amount and Accumulated Amortization for the Core Deposit and Other Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for the core deposit and other intangible assets, which are subject to amortization (in thousands): December 31, 2018 December 31, 2017 Gross carrying amount $ 92,787 $ 92,787 Accumulated amortization (46,626 ) (36,077 ) Net book value $ 46,161 $ 56,710 |
Supplemental Cash Flow Information | Cash Equivalents and Cash Flows — Cash on hand, cash items in process of collection, amounts due from banks, Federal funds sold, short-term discount notes and securities purchased under agreements to resell, with original maturities within ninety days, are included in cash and cash equivalents. The following supplemental cash flow information addresses certain cash payments and noncash transactions for each of the years in the three-year period ended December 31, 2018 as follows (in thousands): For the years ended December 31, 2018 2017 2016 Cash Payments: Interest $ 199,464 $ 91,628 $ 37,003 Income taxes paid 55,626 81,539 49,504 Noncash Transactions: Loans charged-off to the allowance for loan losses 30,400 22,046 31,112 Loans foreclosed upon with repossessions transferred to other real estate 3,524 6,228 4,453 Loans foreclosed upon with repossessions transferred to other repossessed assets 1,899 646 1,842 Other real estate sales financed 891 908 — Available-for-sale securities transferred to held-to-maturity portfolio 179,763 — — Held-for-sale loans transferred to held-for-investment loan portfolio 44,980 — — Common stock issued in connection with acquisitions — 1,850,968 222,162 |
Basic and Diluted Earnings Per Share Calculations | The following is a summary of the basic and diluted earnings per share calculation for each of the years in the three-year period ended December 31, 2018 (dollars in thousands): December 31, 2018 December 31, 2017 December 31, 2016 Basic earnings per share calculation: Numerator - Net income $ 359,440 $ 173,979 $ 127,225 Denominator – Weighted average common shares outstanding 77,111,372 63,760,578 43,037,083 Basic net income per common share $ 4.66 $ 2.73 $ 2.96 Diluted earnings per share calculation: Numerator - Net income $ 359,440 $ 173,979 $ 127,225 Denominator – Weighted average common shares outstanding 77,111,372 63,760,578 43,037,083 Dilutive shares contingently issuable 338,545 567,611 694,909 Weighted average diluted common shares outstanding 77,449,917 64,328,189 43,731,992 Diluted net income per common share $ 4.64 $ 2.70 $ 2.91 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisition [Line Items] | |
Supplemental Pro Forma Combined Results of Operations | Supplemental Pro Forma Combined Results of Operations For the year ended December 31, 2018, BNC was included in the operations of PNFP and, as such, no supplemental proforma information is necessary. The supplemental proforma information below for the year ended December 31, 2017 gives effect to the BNC acquisition as if it had occurred on January 1, 2017. These results combine the historical results of BNC into Pinnacle Financial's consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair value adjustments, they are not indicative of what would have occurred had the BNC Merger taken place on the indicated date nor are they intended to represent or be indicative of future results of operations. In particular, no adjustments have been made to eliminate the amount of BNC's provision for credit losses for the year ended December 31, 2017 that may not have been necessary had the acquired loans been recorded at fair value as of the beginning of 2017. Additionally, these financial statements were not adjusted for non-recurring expenses, such as merger-related expenses incurred by either Pinnacle Financial or BNC. Pinnacle Financial expects to achieve operating cost savings and other business synergies as a result of the acquisition which are also not reflected in the proforma amounts. (dollars in thousands) Year Ended December 31, 2017 Revenue (1) $ 844,896 Income before income taxes 347,983 (1) Net interest income plus noninterest income. |
BNC Bancorp | |
Business Acquisition [Line Items] | |
Consideration Paid and Allocation of Purchase Price to Net Assets Acquired | Number of Shares Amount Equity consideration Common stock issued 27,687,100 $ 1,858,133 Total equity consideration $ 1,858,133 Non-Equity Consideration: Cash paid to redeem common stock 129 Total consideration paid $ 1,858,262 Allocation of total consideration paid: Fair value of net assets assumed including estimated identifiable intangible assets $ 602,689 Goodwill 1,255,573 $ 1,858,262 |
Purchase Price Allocations | As of June 16, 2017 BNC Historical Cost Basis Fair Value Adjustments (1) As Recorded by Pinnacle Financial Assets Cash and cash equivalents $ 155,271 $ — $ 155,271 Investment securities 643,875 1,667 645,542 Loans, net of allowance for loan losses (2) 5,782,720 (181,430 ) 5,601,290 Mortgage loans held for sale 27,026 — 27,026 Other real estate owned (3) 20,143 1,382 21,525 Core deposit and other intangible (4) — 50,422 50,422 Property, plant and equipment (5) 156,805 (3,341 ) 153,464 Other assets (6) 320,988 54,057 375,045 Total Assets $ 7,106,828 $ (77,243 ) $ 7,029,585 Liabilities Interest-bearing deposits (7) $ 5,003,653 $ 4,355 $ 5,008,008 Non-interest bearing deposits 1,199,342 — 1,199,342 Borrowings (8) 183,389 (6,412 ) 176,977 Other liabilities (9) 35,729 6,840 42,569 Total Liabilities $ 6,422,113 $ 4,783 $ 6,426,896 Net Assets Acquired $ 684,715 $ (82,026 ) $ 602,689 |
Equity method investment (Table
Equity method investment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | A summary of BHG's financial position and results of operations as of and for the years ended December 31, 2018 and 2017 , respectively, were as follows (unaudited, in thousands): Banker's Healthcare Group December 31, 2018 December 31, 2017 Assets $ 459,816 $ 330,030 Liabilities $ 324,211 $ 224,837 Equity interests 135,605 105,193 Total liabilities and equity $ 459,816 $ 330,030 For the year ended December 31, 2018 2017 2016 Revenues $ 220,253 $ 160,209 $ 136,693 Net income, pre-tax $ 104,297 $ 77,941 $ 67,135 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity 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 December 31, 2018 and 2017 are summarized as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2018 Securities available-for-sale: U.S Treasury securities $ 30,325 $ — $ 25 $ 30,300 U.S. Government agency securities 71,456 49 1,346 70,159 Mortgage-backed securities 1,336,469 3,110 28,634 1,310,945 State and municipal securities 1,244,471 3,785 18,602 1,229,654 Asset-backed securities 379,107 820 4,345 375,582 Corporate notes 69,399 170 2,523 67,046 $ 3,131,227 $ 7,934 $ 55,475 $ 3,083,686 Securities held-to-maturity: State and municipal securities 194,282 152 1,303 193,131 $ 194,282 $ 152 $ 1,303 $ 193,131 December 31, 2017 Securities available-for-sale: U.S Treasury securities $ 30,505 $ — $ 60 $ 30,445 U.S. Government agency securities 182,500 67 1,766 180,801 Mortgage-backed securities 1,270,625 5,318 12,124 1,263,819 State and municipal securities 774,949 12,251 2,588 784,612 Asset-backed securities 173,346 262 316 173,292 Corporate notes 81,615 1,346 647 82,314 $ 2,513,540 $ 19,244 $ 17,501 $ 2,515,283 Securities held-to-maturity: State and municipal securities 20,762 114 46 20,830 $ 20,762 $ 114 $ 46 $ 20,830 In 2018, Pinnacle Financial transferred, at fair value, $ 179.8 million of municipal securities from the available-for-sale portfolio to the held-to-maturity portfolio. The related net unrealized after tax losses of $ 2.2 million remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. No gains or losses were recognized at the time of the transfer. At December 31, 2018 , approximately $1.2 billion of Pinnacle Financial's investment portfolio was pledged to secure public funds and other deposits and securities sold under agreements to repurchase. At December 31, 2018 , repurchase agreements comprised of secured borrowings totaled $104.7 million and were secured by $104.7 million of pledged U.S. government agency securities, municipal securities, asset backed securities, and corporate debentures. As the fair value of securities pledged to secure repurchase agreements may decline, Pinnacle Financial regularly evaluates its need to pledge additional securities for the counterparty to remain adequately secured. |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities as of December 31, 2018 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages 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 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 47,546 $ 47,474 $ 325 $ 326 Due in one year to five years 45,037 44,925 5,710 5,700 Due in five years to ten years 100,401 98,424 7,980 7,935 Due after ten years 1,222,667 1,206,336 180,267 179,170 Mortgage-backed securities 1,336,469 1,310,945 — — Asset-backed securities 379,107 375,582 — — $ 3,131,227 $ 3,083,686 $ 194,282 $ 193,131 |
Classification of Investments According to Term of Unrealized Losses of Less than Twelve Months or Twelve Months or Longer | At December 31, 2018 and 2017 , included in securities were the following investments with unrealized losses. The information below classifies these investments according to the term of the unrealized loss of less than twelve months or twelve months or longer (in thousands): Investments with an Unrealized Loss of less than 12 months Investments with an Unrealized Loss of 12 months or longer Total Investments with an Unrealized Loss Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2018 U.S. Treasury securities $ 30,054 $ 22 $ 246 $ 3 $ 30,300 $ 25 U.S. government agency securities 13,697 328 42,539 1,018 56,236 1,346 Mortgage-backed securities 203,299 2,134 882,231 26,500 1,085,530 28,634 State and municipal securities 805,821 18,643 198,610 4,078 1,004,431 22,721 Asset-backed securities 268,677 4,118 11,828 227 280,505 4,345 Corporate notes 26,272 1,538 25,915 985 52,187 2,523 Total temporarily-impaired securities $ 1,347,820 $ 26,783 $ 1,161,369 $ 32,811 $ 2,509,189 $ 59,594 December 31, 2017 U.S. Treasury securities $ 29,948 $ 60 $ — $ — $ 29,948 $ 60 U.S. government agency securities 173,677 1,766 — — 173,677 1,766 Mortgage-backed securities 607,408 5,042 285,561 7,082 892,969 12,124 State and municipal securities 115,403 1,408 50,083 1,226 165,486 2,634 Asset-backed securities 68,742 198 14,136 118 82,878 316 Corporate notes 22,168 547 11,944 100 34,112 647 Total temporarily-impaired securities $ 1,017,346 $ 9,021 $ 361,724 $ 8,526 $ 1,379,070 $ 17,547 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses - Purchase Credit Impaired | Purchase credit impaired loans purchased during the three years ended December 31, 2018 for which it was probable at acquisition that all contractually required payments would not be collected are as follows (in thousands): December 31, 2018 2017 2016 Contractually required payments receivable $ — $ 94,312 $ 1,359 Cash flows expected to be collected at acquisition — 48,498 547 Fair value of acquired loans at acquisition — 48,302 547 |
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 December 31, 2018 and 2017 (in thousands): December 31, 2018 Commercial real estate - mortgage Consumer real estate - mortgage Construction and land development Commercial and industrial Consumer and other Total Pass $ 6,998,485 $ 2,787,570 $ 2,059,376 $ 5,148,726 $ 352,516 $ 17,346,673 Special Mention 55,932 7,902 4,334 24,284 711 93,163 Substandard 78,202 20,906 5,358 75,351 62 179,879 Substandard-nonaccrual 32,335 28,069 3,387 23,060 983 87,834 Doubtful-nonaccrual — — — — — — Total loans $ 7,164,954 $ 2,844,447 $ 2,072,455 $ 5,271,421 $ 354,272 $ 17,707,549 December 31, 2017 Commercial real estate - mortgage Consumer real estate - mortgage Construction and land development Commercial and industrial Consumer Total Pass $ 6,487,368 $ 2,503,688 $ 1,880,704 $ 4,014,656 $ 351,359 $ 15,237,775 Special Mention 94,134 18,356 8,148 46,898 1,177 168,713 Substandard 72,044 21,053 13,468 62,529 79 169,173 Substandard-nonaccrual 16,064 18,117 5,968 17,258 48 57,455 Doubtful-nonaccrual — — — — — — Total loans $ 6,669,610 $ 2,561,214 $ 1,908,288 $ 4,141,341 $ 352,663 $ 15,633,116 |
Purchase Credit Impaired Loans | The following table provides a rollforward of purchase credit impaired loans from December 31, 2016 through December 31, 2018 (in thousands): Gross Carrying Value Accretable Yield Nonaccretable Yield Carrying Value December 31, 2016 $ 12,468 $ — $ (3,633 ) $ 8,835 Acquisitions 80,812 (196 ) (32,314 ) 48,302 Settlements, net (18,956 ) 64 4,410 (14,482 ) December 31, 2017 74,324 (132 ) (31,537 ) 42,655 Acquisitions — — — — Settlements, net (31,487 ) 18 14,143 (17,326 ) December 31, 2018 $ 42,837 $ (114 ) $ (17,394 ) $ 25,329 |
Summary of Recorded Investment, Unpaid Principal Balance and Related Allowance and Average Recorded Investment of Impaired Loans | Purchase credit impaired loans purchased during the three years ended December 31, 2018 for which it was probable at acquisition that all contractually required payments would not be collected are as follows (in thousands): December 31, 2018 2017 2016 Contractually required payments receivable $ — $ 94,312 $ 1,359 Cash flows expected to be collected at acquisition — 48,498 547 Fair value of acquired loans at acquisition — 48,302 547 Impaired loans, as disclosed in the table below, include troubled debt restructurings, nonaccrual loans, and loans deemed to be impaired but that continue to accrue interest. The following tables detail the recorded investment, unpaid principal balance and related allowance of Pinnacle Financial's impaired loans at December 31, 2018, 2017 and 2016 by loan classification (in thousands): December 31, 2018 For the year ended Recorded investment Unpaid principal balance Related allowance Average recorded investment Cash basis interest income recognized Impaired loans with an allowance: Commercial real estate – mortgage $ 14,114 $ 14,124 $ 724 $ 10,260 $ — Consumer real estate – mortgage 19,864 19,991 1,443 13,154 — Construction and land development 581 579 28 1,157 — Commercial and industrial 9,252 9,215 1,441 9,326 — Consumer and other 983 1,005 328 718 — Total $ 44,794 $ 44,914 $ 3,964 $ 34,615 $ — Impaired loans without an allowance: Commercial real estate – mortgage $ 14,724 $ 14,739 $ — $ 17,906 $ 469 Consumer real estate – mortgage 7,247 7,271 — 5,477 — Construction and land development 1,786 1,786 — 1,463 — Commercial and industrial 14,595 14,627 — 15,796 — Consumer and other — — — — — Total $ 38,352 $ 38,423 $ — $ 40,642 $ 469 Total impaired loans $ 83,146 $ 83,337 $ 3,964 $ 75,257 $ 469 December 31, 2017 For the year ended Recorded investment Unpaid principal balance Related allowance Average recorded investment Cash basis interest income recognized Impaired loans with an allowance: Commercial real estate – mortgage $ 1,850 $ 1,863 $ 95 $ 650 $ — Consumer real estate – mortgage 8,028 8,079 410 4,990 — Construction and land development 2,522 2,528 66 567 — Commercial and industrial 12,521 12,644 1,627 10,559 — Consumer and other — — — 425 — Total $ 24,921 $ 25,114 $ 2,198 $ 17,191 $ — Impaired loans without an allowance: Commercial real estate – mortgage $ 16,364 $ 16,514 $ — $ 6,983 $ — Consumer real estate – mortgage 4,144 4,174 — 5,727 — Construction and land development 2,645 2,650 — 1,890 95 Commercial and industrial 10,905 10,902 — 9,039 — Consumer and other — — — — — Total $ 34,058 $ 34,240 $ — $ 23,639 $ 95 Total impaired loans $ 58,979 $ 59,354 $ 2,198 $ 40,830 $ 95 December 31, 2016 For the year ended Recorded investment Unpaid principal balance Related allowance Average recorded investment Cash basis interest income recognized Impaired loans with an allowance: Commercial real estate – mortgage $ 442 $ 452 $ 60 $ 537 $ — Consumer real estate – mortgage 3,300 3,303 690 6,503 — Construction and land development 84 129 20 77 — Commercial and industrial 4,054 4,051 95 5,868 — Consumer and other 516 819 227 2,488 — Total $ 8,396 $ 8,754 $ 1,092 $ 15,473 $ — Impaired loans without an allowance Commercial real estate – mortgage $ 2,308 $ 2,312 $ — $ 2,346 $ — Consumer real estate – mortgage 5,641 5,674 — 2,065 — Construction and land development 3,128 3,135 — 3,403 159 Commercial and industrial 14,277 14,367 — 9,187 — Consumer and other — — — — — Total $ 25,354 $ 25,488 $ — $ 17,001 $ 159 Total impaired loans $ 33,750 $ 34,242 $ 1,092 $ 32,474 $ 159 |
Amount of Troubled Debt Restructuring Categorized by Loan Classification | The following table outlines the amount of each troubled debt restructuring by loan classification made during the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): Number of contracts Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment, net of related allowance December 31, 2018 Commercial real estate – mortgage — $ — $ — Consumer real estate – mortgage 3 1,967 1,967 Construction and land development 1 347 347 Commercial and industrial — — — Consumer and other — — — 4 $ 2,314 $ 2,314 December 31, 2017 Commercial real estate – mortgage — $ — $ — Consumer real estate – mortgage 1 6 5 Construction and land development — — — Commercial and industrial 2 3,776 3,751 Consumer and other — — — 3 $ 3,782 $ 3,756 December 31, 2016 Commercial real estate – mortgage — $ — $ — Consumer real estate – mortgage — — — Construction and land development — — — Commercial and industrial 6 11,084 11,083 Consumer and other — — — 6 $ 11,084 $ 11,083 During the years ended December 31, 2018 , 2017 and 2016 , Pinnacle Financial had no troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. A default is defined as an occurrence which violates the terms of the receivable's contract. |
Summary of Loan Portfolio Credit Risk Exposure | In addition to the loan metrics above, Pinnacle Financial analyzes its commercial loan portfolio to determine if a concentration of credit risk exists to any industries. 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 December 31, 2018 with the comparative exposures for December 31, 2017 (in thousands): At December 31, 2018 Outstanding Principal Balances Unfunded Commitments Total exposure Total Exposure at Lessors of nonresidential buildings $ 3,149,948 $ 782,111 $ 3,932,059 $ 3,483,597 Lessors of residential buildings 1,200,653 284,044 1,484,697 1,151,676 New housing for-sale builders 511,484 589,505 1,100,989 780,137 Hotels and motels 779,390 140,611 920,001 836,320 |
Past Due Balances by Loan Classification | The table below presents past due balances at December 31, 2018 and 2017 , by loan classification and segment allocated between performing and nonperforming status (in thousands): Accruing Nonaccruing December 31, 2018 30-89 days past due and accruing 90 days or more past due and accruing Total past due and accruing Current and accruing Purchase credit impaired Nonaccrual (1) Nonaccruing purchase credit impaired Total loans Commercial real estate: Owner-occupied $ 10,170 $ — $ 10,170 $ 2,623,700 $ 2,664 $ 16,025 $ 874 $ 2,653,433 All other 1,586 — 1,586 4,488,840 5,659 12,634 2,802 4,511,521 Consumer real estate – mortgage 18,059 — 18,059 2,794,630 3,689 22,564 5,505 2,844,447 Construction and land development 3,759 — 3,759 2,063,201 2,108 2,020 1,367 2,072,455 Commercial and industrial 21,451 1,082 22,533 5,225,205 623 23,022 38 5,271,421 Consumer and other 3,276 476 3,752 349,537 — 983 — 354,272 Total $ 58,301 $ 1,558 $ 59,859 $ 17,545,113 $ 14,743 $ 77,248 $ 10,586 $ 17,707,549 Accruing Nonaccruing December 31, 2017 30-89 days past due and accruing 90 days or more past due and accruing Total past due and accruing Current and accruing Purchase credit impaired Nonaccrual (1) Nonaccruing purchase credit impaired Total loans Commercial real estate: Owner-occupied $ 6,772 $ 104 $ 6,876 $ 2,435,819 $ 4,820 $ 11,395 $ 1,105 $ 2,460,015 All other 16,559 — 16,559 4,177,454 12,018 704 2,860 4,209,595 Consumer real estate – mortgage 14,835 1,265 16,100 2,521,748 5,249 9,320 8,797 2,561,214 Construction and land development 4,136 146 4,282 1,894,560 3,478 2,878 3,090 1,908,288 Commercial and industrial 7,406 1,348 8,754 4,114,127 1,154 17,222 84 4,141,341 Consumer and other 6,311 1,276 7,587 345,076 — — — 352,663 Total $ 56,019 $ 4,139 $ 60,158 $ 15,488,784 $ 26,719 $ 41,519 $ 15,936 $ 15,633,116 (1) Approximately $52.5 million and $45.8 million of nonaccrual loans as of December 31, 2018 and December 31, 2017 , respectively, were performing pursuant to their contractual terms at those dates . |
Details of Changes in the Allowance for Loan Losses | The following table details the changes in the allowance for loan losses from December 31, 2016 to December 31, 2017 to December 31, 2018 by loan classification and the allocation of allowance for loan losses (in thousands): Commercial real estate - mortgage Consumer real estate - mortgage Construction and land development Commercial and industrial Consumer and other Unallocated Total Allowance for Loan Losses: Balance at December 31, 2015 $ 15,513 $ 7,220 $ 2,903 $ 23,643 $ 15,616 $ 537 $ 65,432 Charged-off loans (276 ) (788 ) (231 ) (5,801 ) (24,016 ) — (31,112 ) Recovery of previously charged-off loans 208 546 545 2,138 2,895 — 6,332 Provision for loan losses (1,790 ) (414 ) 407 4,763 15,025 337 18,328 Balance at December 31, 2016 $ 13,655 $ 6,564 $ 3,624 $ 24,743 $ 9,520 $ 874 $ 58,980 Collectively evaluated for impairment $ 13,595 $ 5,874 $ 3,604 $ 24,648 $ 9,293 $ 57,014 Individually evaluated for impairment 60 690 20 95 227 1,092 Loans acquired with deteriorated credit quality — — — — — — Balance at December 31, 2016 $ 13,655 $ 6,564 $ 3,624 $ 24,743 $ 9,520 $ 874 $ 58,980 Loans: Collectively evaluated for impairment $ 3,188,361 $ 1,174,456 $ 906,053 $ 2,872,855 $ 265,613 $ 8,407,338 Individually evaluated for impairment 2,750 8,941 3,212 18,331 516 33,750 Loans acquired with deteriorated credit quality 2,385 2,520 3,408 524 — 8,837 Balance at December 31, 2016 $ 3,193,496 $ 1,185,917 $ 912,673 $ 2,891,710 $ 266,129 $ 8,449,925 Commercial real estate - mortgage Consumer real estate - mortgage Construction and land development Commercial and industrial Consumer and other Unallocated Total Allowance for Loan Losses: Balance at December 31, 2016 $ 13,655 $ 6,564 $ 3,624 $ 24,743 $ 9,520 $ 874 $ 58,980 Charged-off loans (633 ) (1,461 ) (137 ) (4,297 ) (15,518 ) — (22,046 ) Recovery of previously charged-off loans 671 1,516 1,136 1,317 2,002 — 6,642 Provision for loan losses 7,495 (1,588 ) 4,339 3,100 9,870 448 23,664 Balance at December 31, 2017 $ 21,188 $ 5,031 $ 8,962 $ 24,863 $ 5,874 $ 1,322 $ 67,240 Collectively evaluated for impairment $ 20,753 $ 4,460 $ 8,879 $ 23,181 $ 5,874 $ 63,147 Individually evaluated for impairment 95 410 66 1,627 — 2,198 Loans acquired with deteriorated credit quality 340 161 17 55 — 573 Balance at December 31, 2017 $ 21,188 $ 5,031 $ 8,962 $ 24,863 $ 5,874 $ 1,322 $ 67,240 Loans: Collectively evaluated for impairment $ 6,630,593 $ 2,534,996 $ 1,896,553 $ 4,116,677 $ 352,663 $ 15,531,482 Individually evaluated for impairment 18,214 12,172 5,167 23,426 — 58,979 Loans acquired with deteriorated credit quality 20,803 14,046 6,568 1,238 — 42,655 Balance at December 31, 2017 $ 6,669,610 $ 2,561,214 $ 1,908,288 $ 4,141,341 $ 352,663 $ 15,633,116 Commercial real estate - mortgage Consumer real estate - mortgage Construction and land development Commercial and industrial Consumer and other Unallocated Total Allowance for Loan Losses: Balance at December 31, 2017 $ 21,188 $ 5,031 $ 8,962 $ 24,863 $ 5,874 $ 1,322 $ 67,240 Charged-off loans (3,030 ) (1,593 ) (74 ) (13,175 ) (12,528 ) (30,400 ) Recovery of previously charged-off loans 2,096 2,653 1,863 3,035 2,711 12,358 Provision for loan losses 6,692 1,579 377 17,008 9,366 (645 ) 34,377 Balance at December 31, 2018 $ 26,946 $ 7,670 $ 11,128 $ 31,731 $ 5,423 $ 677 $ 83,575 Collectively evaluated for impairment $ 26,222 $ 6,227 $ 11,100 $ 30,290 $ 5,095 $ 78,934 Individually evaluated for impairment 724 1,443 28 1,441 328 3,964 Loans acquired with deteriorated credit quality — — — — — — Balance at December 31, 2018 $ 26,946 $ 7,670 $ 11,128 $ 31,731 $ 5,423 $ 677 $ 83,575 Loans: Collectively evaluated for impairment $ 7,124,117 $ 2,808,142 $ 2,066,613 $ 5,246,913 $ 353,289 $ 17,599,074 Individually evaluated for impairment 28,838 27,111 2,367 23,847 983 83,146 Loans acquired with deteriorated credit quality 11,999 9,194 3,475 661 — 25,329 Balance at December 31, 2018 $ 7,164,954 $ 2,844,447 $ 2,072,455 $ 5,271,421 $ 354,272 $ 17,707,549 |
Premises and Equipment and Le_2
Premises and Equipment and Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Premises and Equipment and Lease Commitments [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment at December 31, 2018 and 2017 are summarized as follows (in thousands): Range of Useful Lives 2018 2017 Land Not applicable $ 64,898 $ 65,649 Buildings 15 to 30 years 170,829 164,748 Leasehold improvements 15 to 20 years 43,536 38,913 Furniture and equipment 3 to 20 years 100,946 93,841 380,209 363,151 Less: accumulated depreciation and amortization 114,649 97,137 $ 265,560 $ 266,014 |
Schedule of Future Minimum Lease Payments Due Under Operating Leases | Pinnacle Financial has entered into various operating leases, primarily for office space and branch facilities. Rent expense related to these leases for 2018 , 2017 and 2016 totaled $12.4 million , $11.9 million and $8.4 million , respectively. At December 31, 2018 , the approximate future minimum lease payments due under the aforementioned operating leases for their base term are as follows (in thousands): 2019 $ 12,889 2020 11,805 2021 11,527 2022 9,410 2023 8,820 Thereafter 43,730 $ 98,181 |
Schedule of Future Minimum Lease Payments for Capital Leases | Pinnacle Financial assumed a single capital lease, primarily for office space at an interest rate of 7.22% per year. Rent expense related to this lease for 2018 was approximately $225,000 and is included in total rent expense above. At December 31, 2018 , the approximate future minimum lease payments due under the aforementioned capital lease for its base term are as follows (in thousands): 2019 $ 470 2020 470 2021 470 2022 470 2023 479 Thereafter 2,548 Total minimum lease payments $ 4,907 Less: amount representing interest 1,437 Present value of net minimum lease payments $ 3,470 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interest-bearing Deposit Liabilities [Abstract] | |
Scheduled Maturities of Time Deposits | At December 31, 2018 , the scheduled maturities of time deposits are as follows (in thousands): 2019 $ 2,458,837 2020 717,024 2021 246,827 2022 33,925 2023 9,330 Thereafter 2,300 $ 3,468,243 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
Scheduled Maturities of Advances and Interest Rates | At December 31, 2018 and 2017 , Pinnacle Bank had received advances from the FHLB totaling $1.4 billion and $1.3 billion , respectively. Additionally, Pinnacle Financial recognized a discount of $167,000 on FHLB advances in conjunction with its acquisition of Avenue in July 2016. At December 31, 2018 there was no remaining discount. At December 31, 2017, the remaining discount was $13,000 . At December 31, 2018 , the scheduled maturities of FHLB advances and interest rates are as follows (in thousands): Scheduled Maturities Weighted average interest rates 2019 $ 356,000 1.64 % 2020 297,572 1.83 % 2021 398,750 2.44 % 2022 41,250 2.85 % 2023 — — Thereafter 350,017 2.36 % $ 1,443,589 Weighted average interest rate 2.11 % |
Other borrowings Other Borrowin
Other borrowings Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Investments in and Advances to Affiliates, Schedule of Investments [Table Text Block] | Name Date Established Maturity Total Debt Outstanding Interest Rate at December 31, 2018 Coupon Structure Trust preferred securities Pinnacle Statutory Trust I December 29, 2003 December 30, 2033 $ 10,310 5.59 % 30-day LIBOR + 2.80% Pinnacle Statutory Trust II September 15, 2005 September 30, 2035 20,619 4.20 % 30-day LIBOR + 1.40% Pinnacle Statutory Trust III September 7, 2006 September 30, 2036 20,619 4.45 % 30-day LIBOR + 1.65% Pinnacle Statutory Trust IV October 31, 2007 September 30, 2037 30,928 5.64 % 30-day LIBOR + 2.85% BNC Capital Trust I April 3, 2003 April 15, 2033 5,155 5.69 % 30-day LIBOR + 3.25% BNC Capital Trust II March 11, 2004 April 7, 2034 6,186 5.29 % 30-day LIBOR + 2.85% BNC Capital Trust III September 23, 2004 September 23, 2034 5,155 4.84 % 30-day LIBOR + 2.40% BNC Capital Trust IV September 27, 2006 December 31, 2036 7,217 4.50 % 30-day LIBOR + 1.70% Valley Financial Trust I June 26, 2003 June 26, 2033 4,124 5.92 % 30-day LIBOR + 3.10% Valley Financial Trust II September 26, 2005 December 15, 2035 7,217 4.28 % 30-day LIBOR + 1.49% Valley Financial Trust III December 15, 2006 January 30, 2037 5,155 4.25 % 30-day LIBOR + 1.73% Southcoast Capital Trust III August 5, 2005 September 30, 2035 10,310 4.30 % 30-day LIBOR + 1.50% Subordinated Debt Pinnacle Bank Subordinated Notes July 30, 2015 July 30, 2025 60,000 4.88 % Fixed (1) Pinnacle Bank Subordinated Notes March 10, 2016 July 30, 2025 70,000 4.88 % Fixed (1) Avenue Subordinated Notes December 29, 2014 December 29, 2024 20,000 6.75 % Fixed (2) Pinnacle Financial Subordinated Notes November 16, 2016 November 16, 2026 120,000 5.25 % Fixed (3) BNC Subordinated Notes September 25, 2014 October 1, 2024 60,000 5.50 % Fixed (4) BNC Subordinated Note October 15, 2013 October 15, 2023 9,880 7.34 % 30-day LIBOR + 5.0% (5) Other Borrowings Revolving credit facility (6) April 26, 2018 April 25, 2019 20,000 4.10 % 30-day LIBOR + 1.75% Debt issuance costs and fair value adjustment (7,745 ) Total subordinated debt and other borrowings $ 485,130 (1) Migrates to three month LIBOR + 3.128% beginning July 30, 2020 through the end of the term. (2) Migrates to three month LIBOR + 4.95% beginning January 1, 2020 through the end of the term. (3) Migrates to three month LIBOR + 3.884% beginning November 16, 2021 through the end of the term. (4) Migrates to three month LIBOR + 3.59% beginning October 1, 2019 through the end of the term if not redeemed on that date. (5) Coupon structure includes a floor of 5.0% and a cap of 9.5% . (6) Borrowing capacity on the revolving credit facility is $ 75.0 million . An unused fee of 0.35% is assessed on the average daily unused amount of the loan. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income tax expense (benefit) attributable to continuing operations | Income tax expense attributable to continuing operations for each of the years ended December 31 is as follows (in thousands): 2018 2017 2016 Current tax expense : Federal $ 73,921 $ 63,496 $ 49,769 State 4,822 860 — Total current tax expense 78,743 64,356 49,769 Deferred tax expense: Federal 10,162 26,339 12,776 State 1,603 1,826 1,614 Deferred tax revaluation expense — 31,486 — Total deferred tax expense 11,765 59,651 14,390 Total income tax expense $ 90,508 $ 124,007 $ 64,159 |
Income tax rate reconciliation | Pinnacle Financial's income tax expense differs from the amounts computed by applying the Federal income tax statutory rates of 21% to income before income taxes for 2018 and 35% for 2017 and 2016 . A reconciliation of the differences for each of the years in the three-year period ended December 31, 2018 is as follows (in thousands): 2018 2017 2016 Income tax expense at statutory rate $ 94,489 $ 104,295 $ 66,984 State excise tax expense, net of federal tax effect 5,076 1,746 1,049 Tax-exempt securities (7,222 ) (5,666 ) (2,510 ) Federal tax credits (845 ) (434 ) (282 ) Bank owned life insurance (2,764 ) (2,778 ) (1,242 ) Insurance premiums (112 ) (283 ) (159 ) Revaluation of deferred tax assets and liabilities due to Tax Cuts and Jobs Act — 31,486 — Excess tax benefits associated with equity compensation (2,966 ) (5,365 ) — Change in uncertain tax positions — — — Other items 4,852 1,006 319 Income tax expense $ 90,508 $ 124,007 $ 64,159 |
Components of deferred income taxes included in other assets | The components of deferred income taxes included in other assets in the accompanying consolidated balance sheets at December 31, 2018 and 2017 are as follows (in thousands): 2018 2017 Deferred tax assets: Loan loss allowance $ 20,449 $ 16,240 Loans 29,453 46,567 Insurance 1,955 614 Accrued liability for supplemental retirement agreements 6,231 7,413 Restricted stock and stock options 9,026 8,232 Securities 15,974 — Cash flow hedge 459 499 Equity method investment 602 635 Leases 1,460 1,738 Other real estate owned 1,158 2,809 Net federal operating loss carryforward and credits 13,754 18,085 Annual incentive compensation 9,996 2,922 Other deferred tax assets 2,503 2,451 Total deferred tax assets 113,020 108,205 Deferred tax liabilities: Depreciation and amortization 11,769 11,504 Core deposit intangible asset 11,408 14,073 Securities — 616 REIT dividends 1,589 3,073 FHLB related liabilities 925 922 Subordinated debt 1,134 1,077 Other deferred tax liabilities 1,444 1,171 Total deferred tax liabilities 28,269 32,436 Net deferred tax assets $ 84,751 $ 75,769 |
Rollforward of uncertain tax positions | A reconciliation of the beginning and ending unrecognized tax benefit related to state uncertain tax positions is as follows (in thousands): 2018 2017 2016 Balance at January 1, $ 2,838 $ 1,274 $ 134 Increases due to tax positions taken during the current year 2,245 1,564 1,140 Increases due to tax positions taken during a prior year — — — Decreases due to the lapse of the statute of limitations during the current year — — — Decreases due to settlements with the taxing authorities during the current year — — — Balance at December 31, $ 5,083 $ 2,838 $ 1,274 |
Stock Options, Stock Apprecia_2
Stock Options, Stock Appreciation Rights, Restricted Shares and Salary Stock Units (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option and Stock Appreciation Rights Activity | Number Weighted- Average Exercise Price Weighted- Average Contractual Remaining Term (in years) Aggregate Intrinsic Value (1) (000's) Outstanding at December 31, 2015 1,251,601 $ 21.23 Granted — — Stock options exercised (698,673 ) 21.63 Stock appreciation rights exercised (2) (2,435 ) 15.60 Forfeited (3 ) 29.50 Outstanding at December 31, 2016 550,490 $ 20.75 Granted — — Stock options exercised (3) (275,904 ) 20.09 Forfeited — — Outstanding at December 31, 2017 274,586 $ 21.40 Granted — — Stock options exercised (97,877 ) 18.91 Forfeited — — Outstanding at December 31, 2018 176,709 $ 22.77 2.23 $ 4,123 Options exercisable at December 31, 2018 176,709 $ 22.77 2.23 $ 4,123 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of Pinnacle Financial Common Stock of $46.10 per common share at December 31, 2018 for the 176,709 options that were in-the-money at December 31, 2018 . (2) The 2,435 stock appreciation rights exercised during 2016 settled in 1,137 shares of Pinnacle Financial Common Stock. (3) Includes 750 stock options which were exercised in a stock swap transaction which settled in 277 shares of Pinnacle Financial common stock. |
Summary of Activity for Unvested Restricted Share Awards | A summary of activity for unvested restricted share awards for the years ended December 31, 2018 , 2017 , and 2016 follows: Number Grant Date Weighted-Average Cost Unvested at December 31, 2015 866,314 $ 31.39 Shares awarded 177,664 48.61 Conversion of previously awarded restricted share units to restricted share awards 43,694 46.37 Restrictions lapsed and shares released to associates/directors (245,873 ) 28.39 Shares forfeited (21,260 ) 39.88 Unvested at December 31, 2016 820,539 $ 36.47 Shares awarded 261,942 67.14 Conversion of previously awarded restricted share units to restricted share awards 43,680 69.40 Shares assumed in connection with acquisition of BNC 136,890 67.25 Restrictions lapsed and shares released to associates/directors (292,896 ) 37.59 Shares forfeited (34,020 ) 54.71 Unvested at December 31, 2017 936,135 $ 50.08 Shares awarded 180,450 62.40 Conversion of previously awarded restricted share units to restricted share awards 6,200 67.85 Restrictions lapsed and shares released to associates/directors (400,820 ) 46.33 Shares forfeited (29,159 ) 59.51 Unvested at December 31, 2018 692,806 $ 55.19 Pinnacle Financial grants restricted share awards to associates (including members of executive management) and outside directors with a combination of time and, in the case of the annual leadership team award, performance vesting criteria. The following tables outline restricted stock grants that were made by grant year, grouped by similar vesting criteria, during the three-year period ended December 31, 2018 . The table below reflects the life-to-date activity for these awards: Grant Year Group (1) Vesting Period in years Shares awarded Restrictions Lapsed and shares released to participants Shares Withheld for taxes by participants Shares Forfeited by participants (7) Shares Unvested Time Based Awards 2016 Associates (2) 5 143,273 37,574 14,249 17,942 73,508 2017 Associates (2) 3 - 5 248,265 42,615 12,687 27,647 165,316 2017 Associates (2) (3) 3 - 5 136,890 85,061 2,415 1,292 48,122 2018 Associates (2) 3 - 5 147,601 224 89 4,927 142,361 2018 Associates (2) (3) 3 - 5 16,777 — — 500 16,277 Performance Based Awards 2016 Leadership team (4) 3 43,694 14,991 7,324 — 21,379 2016 Leadership team (5) 3 15,468 3,904 1,250 — 10,314 2017 Leadership team (4) 3 43,680 14,649 7,664 — 21,367 2018 Leadership team (4) 3 6,200 4,340 1,860 — — Outside Director Awards (6) 2016 Outside directors 1 18,923 15,471 2,266 1,186 — 2017 Outside directors 1 13,677 12,139 1,538 — — 2018 Outside directors 1 16,072 1,148 — — 14,924 (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 (or have Pinnacle Financial withhold some shares) to pay the applicable income taxes associated with the vested portion of the award. For time-based vesting restricted share awards, dividends paid on shares for which the forfeiture restrictions do not lapse will be recouped by Pinnacle Financial at the time of termination. For performance-based vesting awards and time-based vesting awards to Pinnacle Financial's executive officers, 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) Restricted share awards issued to associates that were former associates of BNC and to Pinnacle Financial's Chairman of the Carolina's and Virginia pursuant to legacy BNC incentive plans assumed by Pinnacle Financial. (4) Reflects conversion of restricted share units issued in prior years to restricted share awards. The forfeiture restrictions on these restricted share awards lapse should Pinnacle Financial achieve certain soundness targets at the end of the fifth year following the grant date. See further details of these awards under the caption "Restricted Share Units" below. (5) These shares were awarded to individuals joining the leadership team upon acquisition of Avenue. The forfeiture restrictions on these restricted share awards lapse in separate equal installments should Pinnacle Financial achieve certain earnings targets over each year of the vesting period and should the recipient thereafter remain employed by Pinnacle Financial for a subsequent vesting period. (6) Restricted share awards are issued to the outside members of the board of directors in accordance with their board compensation plan. Restrictions lapse on February 28, 2019 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. (7) These shares represent forfeitures resulting from recipients whose employment or board membership is terminated during each of the years in the three-year period ended December 31, 2018 or for which the performance criteria applicable to the award are not achieved. Any dividends paid on shares for which the forfeiture restrictions do not lapse will be recouped by Pinnacle Financial at the time of termination or will not be distributed from escrow, as applicable. |
Restricted Share Unit Awards Outstanding | Units Awarded Applicable Performance Periods associated with each tranche (fiscal year) Service period per tranche (in years) Subsequent holding period per tranche (in years) Period in which shares to be settled into RSAs (2) Grant year Named Executive Officers (NEOs) (1) Leadership Team other than NEOs 2018 96,878-145,339 25,990 2018 2 3 2023 2019 2 2 2023 2020 2 1 2023 2017 72,537-109,339 24,916 2017 2 3 2022 2018 2 2 2022 2019 2 1 2022 2016 73,474-110,223 26,683 2016 2 3 2021 2017 2 2 2021 2018 2 1 2021 2015 58,200-101,850 28,378 2015 2 3 2020 2016 2 2 2020 2017 2 1 2020 (1) The named executive officers are awarded a range of awards that may be earned based on attainment of goals at a target level of performance to the maximum level of performance. (2) Performance-based vesting restricted stock unit awards granted in the years ended December 31, 2015 through December 31, 2018, if earned, will be settled in shares of Pinnacle Financial Common Stock in the periods noted in the table, if Pinnacle Bank's ratio of non-performing assets to the assets is less than amounts established in the applicable award agreement. |
Schedule of Share Based Compensation Expense | A summary of stock compensation expense, net of the impact of income taxes, related to restricted share awards and restricted share units for the three-year period ended December 31, 2018 , follows (in thousands): 2018 2017 2016 Restricted stock expense $ 17,636 $ 19,538 $ 10,971 Income tax benefit 4,610 7,665 4,306 Restricted stock expense, net of income tax benefit $ 13,026 $ 11,873 $ 6,665 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps | Non-hedge derivatives 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 in order to minimize the risk to Pinnacle Financial. These swaps qualify as 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, Pinnacle Financial has no credit risk. A summary of Pinnacle Financial's interest rate swaps to facilitate customer transactions as of December 31, 2018 and 2017 is included in the following table (in thousands): December 31, 2018 December 31, 2017 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Interest rate swap agreements: Assets $ 1,059,724 $ 22,273 $ 748,625 $ 13,771 Liabilities 1,059,724 (22,401 ) 748,625 (13,866 ) Total $ 2,119,448 $ (128 ) $ 1,497,250 $ (95 ) Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Year ended December 31, 2018 2017 2016 Interest rate swap agreements Other noninterest income $ (33 ) $ 39 $ 65 |
Schedule of Derivative Instruments | Derivatives designated as cash flow hedges For derivative instruments that are designated and qualify as a cash flow hedge, the aggregate fair value of the derivative instrument is recorded in other assets or other liabilities with any gain or loss related to changes in fair value recorded in accumulated other comprehensive income, net of tax. The gain or loss is reclassified into earnings in the same period during which the hedged asset or liability affects earnings and is presented in the same income statement line item as the earnings effect of the hedged asset or liability. Pinnacle Financial uses forward cash flow hedge relationships in an effort 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 is used in an effort to protect Pinnacle Financial from floating interest rate variability. A summary of Pinnacle Financial's cash flow hedge relationships as of December 31, 2018 and 2017 are as follows (in thousands): December 31, 2018 December 31, 2017 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Liability derivatives Interest rate swap agreements Other liabilities 3.34 3.09% 3 month LIBOR $ 99,000 $ (1,757 ) $ 200,000 $ (4,583 ) The effects of Pinnacle Financial's cash flow hedge relationships on the statement of comprehensive income (loss) during the years ended December 31, 2018 , 2017 and 2016 were as follows: Amount of Gain (Loss) Recognized in Other Comprehensive Income Years ended December 31, 2018 2017 2016 Interest rate swap agreements $ 2,660 $ 2,487 $ (749 ) The cash flow hedges were determined to be highly effective during the periods presented and as a result qualify for hedge accounting treatment. If a hedge was deemed to be ineffective, the amount included in accumulated other comprehensive (loss) income would be reclassified into a line item within the statement of income that impacts operating results. 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 continue to be highly effective and qualify for hedge accounting during the remaining terms of the swaps. No amounts were reclassified from accumulated other comprehensive income into net income related to hedge ineffectiveness for these derivatives during the years ended December 31, 2018, 2017 or 2016, and no amounts are expected to be reclassified from accumulated other comprehensive income into net income related to hedge ineffectiveness over the next twelve months. On October 24, 2018, cash flow swaps with a notional amount of $ 101.0 million were terminated resulting in a cash settlement equal to previously unrealized gains of $ 1.0 million . These gains are included in accumulated other comprehensive income and are being amortized into net income over the remaining contractual terms of the swaps. Derivatives designated as fair value hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. Pinnacle Financial utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of fixed rate callable securities available-for-sale and fixed rate prepayable loans. The hedging strategy on securities converts the fixed interest rates to LIBOR-based variable interest rates. These derivatives are designated as partial term hedges of selected cash flows covering specified periods of time prior to the call dates of the hedged securities. Pinnacle Financial has elected early adoption of FASB ASU 2017-12, which allows such partial term hedge designations. Pinnacle Financial also utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of the loans. As allowed under FASB ASU 2017-12, a specified portion of the prepayable loans have been designated as the hedged assets under the "last-of-layer" method. Such hedging designations are allowed on the portion of a closed portfolio of prepayable assets that is not expected to be affected by prepayments, defaults, and other factors affecting the timing and amount of cash flows. A summary of Pinnacle Financial's fair value hedge relationships as of December 31, 2018 and 2017 are as follows (in thousands): December 31, 2018 December 31, 2017 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Liability derivatives Interest rate swap agreements - securities Other liabilities 8.04 3.08% 3 month LIBOR $ 477,905 $ (14,796 ) $ — $ — Interest rate swap agreements - loans Other liabilities 2.63 2.77% 3 month LIBOR 900,000 (7,037 ) — — 4.51 2.88% $ 1,377,905 $ (21,833 ) $ — $ — The effects of Pinnacle Financial's fair value hedge relationships on the income statement during the years end December 31, 2018 , 2017 and 2016 were as follows: Location of Gain on Derivative Amount of Gain Recognized in Income Year ended December 31, Liability derivatives 2018 2017 2016 Interest rate swap agreements - securities Interest income on securities $ (14,796 ) $ — $ — Interest rate swap agreements - loans Interest income on loans $ (7,037 ) $ — $ — Location of Loss on Hedged Item Amount of Loss Recognized in Income Years ended December 31, Liability derivatives 2018 2017 2016 Interest rate swap agreements - securities Interest income on securities $ 14,796 $ — $ — Interest rate swap agreements - loans Interest income on loans $ 7,037 $ — $ — The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at December 31, 2018 and 2017: Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Line item on the balance sheet Securities available-for-sale $ 513,116 $ — $ 14,796 $ — Loans (1) $ 907,037 $ — $ 7,037 $ — (1) The carrying amount as shown represents the designated last-of-layer. At December 31, 2018, the total amortized cost basis of the closed portfolio of loans designated in these hedging relationships was $2.7 billion. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the financial instruments carried at fair value on a recurring basis as of December 31, 2018 and 2017 , by caption on the consolidated balance sheets and by FASB ASC 820 valuation hierarchy (as described above) (in thousands): Total carrying value in the consolidated balance sheet Quoted market prices in an active market (Level 1) Models with significant observable market parameters (Level 2) Models with significant unobservable market parameters (Level 3) December 31, 2018 Investment securities available-for-sale: U.S. treasury securities $ 30,300 $ — $ 30,300 $ — U.S. government agency securities 70,159 — 70,159 — Mortgage-backed securities 1,310,945 — 1,310,945 — State and municipal securities 1,229,654 — 1,215,059 14,595 Asset- backed securities 375,582 — 375,582 — Corporate notes and other 67,046 — 67,046 — Total investment securities available-for-sale 3,083,686 — 3,069,091 14,595 Other investments 50,791 — 24,369 26,422 Other assets 24,524 — 24,524 — Total assets at fair value $ 3,159,001 $ — $ 3,117,984 $ 41,017 Other liabilities $ 46,550 $ — $ 46,550 $ — Total liabilities at fair value $ 46,550 $ — $ 46,550 $ — Total carrying value in the consolidated balance sheet Quoted market prices in an active market (Level 1) Models with significant observable market parameters (Level 2) Models with significant unobservable market parameters (Level 3) December 31, 2017 Investment securities available-for-sale: U.S. treasury securities $ 30,445 $ — $ 30,445 $ — U.S. government agency securities 180,801 — 180,801 — Mortgage-backed securities 1,263,819 — 1,263,819 — State and municipal securities 784,612 — 767,583 17,029 Asset- backed securities 173,292 — 173,292 — Corporate notes and other 82,314 — 82,314 — Total investment securities available-for-sale 2,515,283 — 2,498,254 17,029 Other investments 53,796 — 24,922 28,874 Other assets 11,812 — 11,812 — Total assets at fair value $ 2,580,891 $ — $ 2,534,988 $ 45,903 Other liabilities $ 13,886 $ — $ 13,886 $ — Total liabilities at fair value $ 13,886 $ — $ 13,886 $ — |
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 December 31, 2018 and 2017 (in thousands): December 31, 2018 Total carrying value in the consolidated balance sheet Quoted market prices in an active market (Level 1) Models with significant observable market parameters (Level 2) Models with significant unobservable market parameters (Level 3) Total gains (losses) for the period ended Other real estate owned $ 15,165 $ — $ — $ 15,165 $ (84 ) Impaired loans, net (1) 40,830 — — 40,830 (1,214 ) Total $ 55,995 $ — $ — $ 55,995 $ (1,298 ) December 31, 2017 Other real estate owned $ 27,831 $ — $ — $ 27,831 $ 203 Impaired loans, net (1) 22,723 — — 22,723 (4 ) Total $ 50,554 $ — $ — $ 50,554 $ 199 (1) Amount is net of a valuation allowance of $4.0 million and $2.2 million at December 31, 2018 and 2017 , respectively, as required by ASC 310-10, "Receivables." |
Rollforward of the Balance Sheet Amounts, Unobservable Input Reconciliation | For the year ended December 31, 2018 2017 Available-for-sale Securities Other assets Other liabilities Available-for-sale Securities Other assets Other liabilities Fair value, Jan. 1 $ 17,029 $ 28,874 $ — $ — $ 10,478 $ — Total net realized losses included in income 34 2,932 — 66 605 — Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at Dec. 31 (1,300 ) — — 709 — — Acquired — — — 16,254 17,062 — Purchases — 9,013 — — 2,330 — Issuances — — — — — — Settlements (1,168 ) (2,231 ) — — (1,601 ) — Transfers out of Level 3 — (12,166 ) — — — — Fair value, Dec. 31 $ 14,595 $ 26,422 $ — $ 17,029 $ 28,874 $ — Total realized losses included in income related to financial assets and liabilities still on the consolidated balance sheet at Dec. 31 $ 34 $ 2,932 $ — $ 66 $ 605 $ — |
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 December 31, 2018 and 2017 . 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. December 31, 2018 Carrying/ Notional Amount Estimated Fair Value (1) Quoted market prices in an active market (Level 1) Models with significant observable market parameters (Level 2) Models with significant unobservable market parameters (Level 3) Financial assets: Securities held-to-maturity $ 194,282 $ 193,131 $ — $ 193,131 $ — Loans, net 17,623,974 17,288,795 — — 17,288,795 Consumer loans held-for-sale 34,196 34,929 — 34,929 — Commercial loans held-for-sale 15,954 16,296 — 16,296 — Financial liabilities: Deposits and securities sold under agreements to repurchase 18,953,848 18,337,848 — — 18,337,848 Federal Home Loan Bank advances 1,443,589 1,432,003 — — 1,432,003 Subordinated debt and other borrowings 485,130 464,616 — — 464,616 Off-balance sheet instruments: Commitments to extend credit (2) 6,921,689 1,733 — — 1,733 Standby letters of credit (3) 177,475 1,131 — — 1,131 December 31, 2017 Financial assets: Securities held-to-maturity $ 20,762 $ 20,830 $ — $ 20,830 $ — Loans, net 15,565,876 15,252,953 — — 15,252,953 Consumer loans held-for-sale 103,729 104,986 — 104,986 — Commercial loans held-for-sale 25,456 25,761 — 25,761 — Financial liabilities: Deposits and securities sold under agreements to repurchase 16,586,964 16,516,342 — — 16,516,342 Federal Home Loan Bank advances 1,319,909 1,313,311 — — 1,313,311 Subordinated debt and other borrowings 465,505 445,098 — — 445,098 Off-balance sheet instruments: Commitments to extend credit (2) 5,788,425 2,264 — — 2,264 Standby letters of credit (3) 143,684 800 — — 800 (1) 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 period, 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 both December 31, 2018 and 2017 , respectively, Pinnacle Financial included in other liabilities $1.7 million and $2.3 million representing the inherent risks associated with these off-balance sheet commitments. (3) At December 31, 2018 and 2017 , the fair value of Pinnacle Financial's standby letters of credit totaled $1.1 million and $800,000 , respectively. This amount represents the unamortized fee associated with these standby letters of credit, which were priced at market when issued, 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) | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities [Abstract] | |
Summary of Variable Interest Entities | December 31, 2018 December 31, 2017 Type Maximum Loss Exposure Liability Recognized Maximum Loss Exposure Liability Recognized Classification Low Income Housing Partnerships $ 39,582 $ — $ 23,912 $ — Other Assets Trust Preferred Issuances N/A 132,995 N/A 132,995 Subordinated Debt Commercial Troubled Debt Restructurings 1,352 — 3,760 — Loans Managed Discretionary Trusts N/A N/A N/A N/A N/A |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Summary of Regulatory Capital Requirement | The final rules implementing the Basel Committee on Banking Supervision's capital guidelines for U.S. banks (Basel III rules) became effective for Pinnacle Financial on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. The minimum capital level requirements applicable to bank holding companies and banks subject to the rules are: (i) a common equity Tier 1 capital ratio of 4.5% ; (ii) a Tier 1 capital ratio of 6% ; (iii) a total capital ratio of 8% ; and (iv) a Tier 1 leverage ratio of 4% for all institutions. The Basel III rules, also establish a capital conservation buffer of 2.5% (to be phased in over three years) above the regulatory minimum risk-based capital ratios. The phase-in of the capital conservation buffer requirement commenced in January 2016 at 0.625% of risk-weighted assets and increases each year by a like percentage until fully implemented in January 2019. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital. Management believes, as of December 31, 2018 , 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 certain total, Tier 1, common equity Tier 1 and Tier 1 leverage capital 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. The capital conservation buffer is not included in the required ratios of the table presented below. Pinnacle Financial's and Pinnacle Bank's actual capital amounts and ratios are presented in the following table (in thousands): Actual Minimum Capital Requirement Minimum To Be Well-Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2018 Total capital to risk weighted assets: Pinnacle Financial $ 2,580,143 12.2 % $ 1,691,017 8.0 % N/A N/A Pinnacle Bank $ 2,432,419 11.5 % $ 1,686,046 8.0 % $ 2,107,558 10.0 % Tier 1 capital to risk weighted assets: Pinnacle Financial $ 2,024,193 9.6 % $ 1,268,263 6.0 % N/A N/A Pinnacle Bank $ 2,218,003 10.5 % $ 1,264,535 6.0 % $ 1,686,046 8.0 % Common equity Tier 1 capital: Pinnacle Financial $ 2,024,070 9.6 % $ 951,197 4.5 % N/A N/A Pinnacle Bank $ 2,217,880 10.5 % $ 948,401 4.5 % $ 1,369,912 6.5 % Tier 1 capital to average assets (*): Pinnacle Financial $ 2,024,193 8.9 % $ 909,102 4.0 % N/A N/A Pinnacle Bank $ 2,218,003 9.8 % $ 906,185 4.0 % $ 1,132,731 5.0 % December 31, 2017 Total capital to risk weighted assets: Pinnacle Financial $ 2,266,161 12.0 % $ 1,509,496 8.0 % N/A N/A Pinnacle Bank $ 2,134,344 11.3 % $ 1,504,765 8.0 % $ 1,880,956 10.0 % Tier 1 capital to risk weighted assets: Pinnacle Financial $ 1,725,323 9.1 % $ 1,132,122 6.0 % N/A N/A Pinnacle Bank $ 1,936,313 10.3 % $ 1,128,574 6.0 % $ 1,504,765 8.0 % Common equity Tier 1 capital: Pinnacle Financial $ 1,725,219 9.1 % $ 849,092 4.5 % N/A N/A Pinnacle Bank $ 1,936,209 10.3 % $ 846,430 4.5 % $ 1,222,621 6.5 % Tier 1 capital to average assets (*): Pinnacle Financial $ 1,725,323 8.6 % $ 797,861 4.0 % N/A N/A Pinnacle Bank $ 1,936,313 9.7 % $ 796,235 4.0 % $ 995,294 5.0 % (*) Average assets for the above calculations were based on the most recent quarter. |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED BALANCE SHEETS | CONDENSED BALANCE SHEETS 2018 2017 Assets: Cash and cash equivalents $ 94,043 $ 64,851 Investments in bank 4,096,349 3,855,483 Investments in consolidated subsidiaries 6,511 6,025 Investment in unconsolidated subsidiaries: Statutory Trusts 3,995 3,995 Other investments 79,646 69,256 Current income tax receivable 19,032 20,017 Other assets 26,668 29,524 $ 4,326,244 $ 4,049,151 Liabilities and stockholders' equity: Income taxes payable to subsidiaries — 24 Subordinated debt and other borrowings 357,153 337,818 Other liabilities 3,151 3,357 Stockholders' equity 3,965,940 3,707,952 $ 4,326,244 $ 4,049,151 |
CONDENSED STATEMENTS OF OPERATIONS | CONDENSED STATEMENTS OF OPERATIONS 2018 2017 2016 Revenues: Income from bank subsidiaries $ 83,090 63,100 27,663 Income from nonbank subsidiaries 1,214 297 5,198 Income from equity method investment 13,731 10,126 7,663 Other income 266 380 21 Expenses: Interest expense 11,821 9,856 1,997 Personnel expense, including stock compensation 17,636 16,629 10,971 Other expense 7,194 8,076 3,653 Income before income taxes and equity in undistributed income of subsidiaries 61,650 39,342 23,924 Income tax benefit (8,570 ) (12,748 ) (3,428 ) Income before equity in undistributed income of subsidiaries 70,220 52,090 27,352 Equity in undistributed income of bank subsidiaries 288,728 121,341 104,318 Equity in undistributed income (loss) of nonbank subsidiaries 492 548 (4,445 ) Net income $ 359,440 $ 173,979 $ 127,225 |
CONDENSED STATEMENTS OF CASH FLOWS | CONDENSED STATEMENTS OF CASH FLOWS 2018 2017 2016 Operating activities : Net income $ 359,440 $ 173,979 $ 127,225 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Amortization and accretion 105 48 (144 ) Stock-based compensation expense 17,636 19,538 10,971 Increase (decrease) in income tax payable, net (24 ) 24 (12 ) Deferred tax expense (549 ) 5,919 1,025 Income from equity method investments, net (13,731 ) (10,126 ) (7,663 ) Dividends received from equity method investment 5,872 5,655 3,255 Excess tax benefit from stock compensation (2,966 ) (5,365 ) (4,604 ) Loss (gain) on other investments (209 ) (350 ) 497 Decrease (increase) in other assets 4,390 (3,989 ) 2,636 Increase (decrease) in other liabilities 2,758 (9,194 ) 3,157 Equity in undistributed income of bank subsidiary (288,728 ) (121,341 ) (104,318 ) Equity in undistributed income of nonbank subsidiary (492 ) (548 ) 4,445 Net cash provided by operating activities 83,502 54,250 36,470 Investing activities : Investment in consolidated banking subsidiaries — (182,288 ) (118,878 ) Increase in equity method investment — — (11,400 ) Increase in other investments (2,321 ) (815 ) (710 ) Net cash provided by (used in) investing activities (2,321 ) (183,103 ) (130,988 ) Financing activities : Net (decrease) increase in subordinated debt and other borrowings 19,230 (60 ) 118,294 Proceeds from common stock issuance — 192,194 — Exercise of common stock options and stock appreciation rights, net of repurchase of restricted shares (5,071 ) 493 11,589 Repurchase of common stock (20,694 ) — — Excess tax benefit from stock compensation — — 4,604 Common dividends paid (45,454 ) (35,907 ) (24,725 ) Net cash provided by (used in) financing activities (51,989 ) 156,720 109,762 Net increase in cash 29,192 27,867 15,244 Cash and cash equivalents, beginning of year 64,851 36,984 21,740 Cash and cash equivalents, end of year $ 94,043 $ 64,851 $ 36,984 |
Quarterly Financial Results (_2
Quarterly Financial Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Consolidated Quarterly Financial Data | A summary of selected consolidated quarterly financial data for each of the years in the three-year period ended December 31, 2018 follows: (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Interest income $ 211,528 $ 230,984 $ 248,110 $ 256,095 Net interest income 174,471 182,236 189,420 190,215 Provision for loan losses 6,931 9,402 8,725 9,319 Net income before taxes 103,143 109,865 118,183 118,757 Net income 83,510 86,865 93,747 95,318 Basic net income per share $ 1.08 $ 1.13 $ 1.22 $ 1.24 Diluted net income per share $ 1.08 $ 1.12 $ 1.21 $ 1.23 2017 Interest income $ 102,143 $ 123,743 $ 202,167 $ 208,085 Net interest income 88,767 106,627 173,182 174,731 Provision for loan losses 3,651 6,812 6,920 6,281 Net income before taxes 53,444 63,074 99,503 81,965 Net income 39,653 43,086 64,442 26,798 Basic net income per share $ 0.83 $ 0.81 $ 0.84 $ 0.35 Diluted net income per share $ 0.82 $ 0.80 $ 0.83 $ 0.35 2016 Interest income $ 80,974 $ 83,762 $ 97,380 $ 101,493 Net interest income 73,902 75,044 86,635 89,413 Provision for loan losses 3,894 5,280 6,108 3,046 Net income before taxes 41,800 46,546 48,693 54,345 Net income 27,964 30,787 32,377 36,097 Basic net income per share $ 0.70 $ 0.75 $ 0.71 $ 0.79 Diluted net income per share $ 0.68 $ 0.73 $ 0.71 $ 0.78 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2018USD ($)$ / shares | Sep. 30, 2018$ / shares | Jun. 30, 2018$ / shares | Mar. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015shares | Dec. 31, 2018USD ($)marketshares | Dec. 31, 2017USD ($)shares | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Revaluation of deferred tax assets and liabilities | $ 0 | $ 31,486,000 | $ 0 | |||||||||||||||
Number of Markets in Which Entity Operates | market | 11 | |||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||||
Balance at December 31, 2017 | $ 1,808,002,000 | 1,808,002,000 | ||||||||||||||||
Goodwill, Acquired During Period | 0 | |||||||||||||||||
Goodwill, Purchase Accounting Adjustments | (881,000) | |||||||||||||||||
Balance at December 31, 2018 | $ 1,807,121,000 | $ 1,808,002,000 | 1,807,121,000 | 1,808,002,000 | ||||||||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||||||||||||
Balance at December 31, 2017 | 56,710,000 | 56,710,000 | ||||||||||||||||
Acquisitions | 0 | |||||||||||||||||
Amortization | (10,549,000) | (8,816,000) | (4,281,000) | |||||||||||||||
Change in purchase price allocation of previous acquisitions | 0 | |||||||||||||||||
Balance at December 31, 2018 | 46,161,000 | 56,710,000 | 46,161,000 | 56,710,000 | ||||||||||||||
Balance at December 31, 2016 | 1,864,712,000 | 1,864,712,000 | ||||||||||||||||
Acquisitions | 0 | |||||||||||||||||
Amortization | (10,549,000) | |||||||||||||||||
Balance at December 31, 2017 | 1,853,282,000 | 1,864,712,000 | 1,853,282,000 | 1,864,712,000 | ||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 92,787,000 | $ 92,787,000 | ||||||||||||||||
Accumulated amortization | (46,626,000) | (36,077,000) | ||||||||||||||||
Net book value | $ 46,161,000 | $ 56,710,000 | $ 56,710,000 | $ 56,710,000 | 56,710,000 | $ 46,161,000 | 56,710,000 | |||||||||||
Cash Equivalents and Cash Flows [Abstract] | ||||||||||||||||||
Cash equivalents maturity period | 90 days | |||||||||||||||||
Cash Payments [Abstract] | ||||||||||||||||||
Interest | $ 199,464,000 | 91,628,000 | 37,003,000 | |||||||||||||||
Income taxes paid | 55,626,000 | 81,539,000 | 49,504,000 | |||||||||||||||
Noncash Transactions [Abstract] | ||||||||||||||||||
Loans charged-off to the allowance for loan losses | (30,400,000) | (22,046,000) | (31,112,000) | |||||||||||||||
Real Estate Owned, Transfer to Real Estate Owned | 3,524,000 | 6,228,000 | 4,453,000 | |||||||||||||||
Loans foreclosed upon with repossessions transferred to other repossessed assets | 1,899,000 | 646,000 | 1,842,000 | |||||||||||||||
Other Real Estate Sales Financed | 891,000 | 908,000 | 0 | |||||||||||||||
Available-for-sale securities transferred to Held-to-Maturity | 179,763,000 | 0 | 0 | |||||||||||||||
Transfer of Loans Held-for-sale to Portfolio Loans | 44,980,000 | 0 | 0 | |||||||||||||||
Common stock issued in connection with acquisitions | $ 0 | 1,850,968,000 | 222,162,000 | |||||||||||||||
Loans [Abstract] | ||||||||||||||||||
Number of loan segments | 5 | |||||||||||||||||
Net deferred loan fees | $ 7,400,000 | 7,800,000 | ||||||||||||||||
Percentage of loan portfolio assigned specific risk rating | 80.80% | |||||||||||||||||
Premises and Equipment and Leaseholds [Abstract] | ||||||||||||||||||
Deferred liability associated with escalating rentals | $ 3,800,000 | |||||||||||||||||
Other Assets [Abstract] | ||||||||||||||||||
Premises and equipment, net | 265,560,000 | 266,014,000 | ||||||||||||||||
Amortization | 3,000,000 | 2,500,000 | 2,300,000 | |||||||||||||||
Cash surrender value of life insurance | 525,700,000 | 415,900,000 | ||||||||||||||||
Noninterest income related to cash surrender value of bank owned life insurance policies | 12,500,000 | 7,900,000 | 3,500,000 | |||||||||||||||
investments are included in CRA investments | 32,800,000 | 22,000,000 | ||||||||||||||||
Investments as per community reinvestment act | 72,600,000 | 53,800,000 | ||||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank (FHLB) stock | 70,200,000 | 46,400,000 | ||||||||||||||||
Alternative Investment | $ 26,400,000 | 16,700,000 | ||||||||||||||||
Gain (loss) due to change in fair value of investments | 2,734,000 | 364,000 | ||||||||||||||||
Number of trusts investment | 12 | |||||||||||||||||
Value of investments with trust companies | $ 239,237,000 | 221,667,000 | ||||||||||||||||
Other Real Estate Owned [Abstract] | ||||||||||||||||||
Other real estate owned | 16,200,000 | 29,100,000 | ||||||||||||||||
Valuation allowance related to other real estate owned | 1,006,000 | 1,200,000 | ||||||||||||||||
Foreclosed real estate expense | $ 723,000 | $ 1,079,000 | 396,000 | |||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||||
Stock options outstanding (in shares) | shares | 550,490 | 550,490 | 1,251,601 | 176,709 | 274,586 | |||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | shares | 338,545 | 567,611 | 694,909 | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0 | |||||||||||||||||
Basic earnings per share calculation [Abstract] | ||||||||||||||||||
Numerator - Net income (loss) available to common stockholders | $ 359,440,000 | $ 173,979,000 | $ 127,225,000 | |||||||||||||||
Denominator - Weighted average common shares outstanding (in shares) | shares | 77,111,372 | 63,760,578 | 43,037,083 | |||||||||||||||
Basic net income per common share (in dollars per share) | $ / shares | $ 1.24 | $ 1.22 | $ 1.13 | $ 1.08 | $ 0.35 | $ 0.84 | $ 0.81 | $ 0.83 | $ 0.79 | $ 0.71 | $ 0.75 | $ 0.70 | $ 4.66 | $ 2.73 | $ 2.96 | |||
Diluted net income per share calculation [Abstract] | ||||||||||||||||||
Numerator - Net income (loss) available to common stockholders | $ 359,440,000 | $ 173,979,000 | $ 127,225,000 | |||||||||||||||
Denominator - Weighted average common shares outstanding (in shares) | shares | 77,111,372 | 63,760,578 | 43,037,083 | |||||||||||||||
Dilutive shares (in shares) | shares | 338,545 | 567,611 | 694,909 | |||||||||||||||
Weighted average diluted common shares outstanding (in shares) | shares | 77,449,917 | 64,328,189 | 43,731,992 | |||||||||||||||
Diluted net income per common share (in dollars per share) | $ / shares | $ 1.23 | $ 1.21 | $ 1.12 | $ 1.08 | $ 0.35 | $ 0.83 | $ 0.80 | $ 0.82 | $ 0.78 | $ 0.71 | $ 0.73 | $ 0.68 | $ 4.64 | $ 2.70 | $ 2.91 | |||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||
Estimated right of use asset and additional lease liability | $ 80,000,000 | |||||||||||||||||
Variable Interest Entity, Primary Beneficiary | ||||||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||||||
Value of investments with trust companies | $ 3,995,000 | |||||||||||||||||
Small Impaired Loans | ||||||||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||||||||
Principal balance of loans subject to individual determination of impairment | 750,000 | |||||||||||||||||
Premises and Equipment | Minimum | ||||||||||||||||||
Premises and Equipment and Leaseholds [Abstract] | ||||||||||||||||||
Premises and equipment, useful life | 3 years | |||||||||||||||||
Premises and Equipment | Maximum | ||||||||||||||||||
Premises and Equipment and Leaseholds [Abstract] | ||||||||||||||||||
Premises and equipment, useful life | 30 years | |||||||||||||||||
Computer Software, Intangible Asset | ||||||||||||||||||
Other Assets [Abstract] | ||||||||||||||||||
Premises and equipment, net | $ 7,700,000 | $ 9,300,000 | ||||||||||||||||
Computer Software, Intangible Asset | Minimum | ||||||||||||||||||
Premises and Equipment and Leaseholds [Abstract] | ||||||||||||||||||
Premises and equipment, useful life | 3 years | |||||||||||||||||
Computer Software, Intangible Asset | Maximum | ||||||||||||||||||
Premises and Equipment and Leaseholds [Abstract] | ||||||||||||||||||
Premises and equipment, useful life | 7 years | |||||||||||||||||
Bankers Healthcare Group, LLC | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | |||||||||||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||||||||||||
Amortization | $ (2,800,000) | $ (3,300,000) | ||||||||||||||||
Internal Revenue Service (IRS) | Minimum | ||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||
Tax year open to audit under the statute of limitation | 2,015 | |||||||||||||||||
Internal Revenue Service (IRS) | Maximum | ||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||
Tax year open to audit under the statute of limitation | 2,018 | |||||||||||||||||
Employee Stock Option | ||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||||
Stock options outstanding (in shares) | shares | 176,709 |
Acquisitions Acquisitions - Con
Acquisitions Acquisitions - Consideration Paid and Allocation of Purchase Price to Net Assets Acquired (Details) - USD ($) | Jun. 16, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Allocation of total consideration paid: | |||
Goodwill | $ 1,807,121,000 | $ 1,808,002,000 | |
BNC Bancorp | |||
Equity consideration: | |||
Total equity consideration | $ 1,858,133,000 | ||
Non-equity consideration: | |||
Cash paid to redeem common stock | 129,000 | ||
Allocation of total consideration paid: | |||
Fair value of net assets assumed including estimated identifiable intangible assets | 602,689,000 | ||
Goodwill | 1,255,573,000 | ||
Total consideration paid | $ 1,858,262,000 | ||
BNC Bancorp | Common Stock | |||
Equity consideration: | |||
Common stock issued (in shares) | 27,687,100 | ||
Total equity consideration | $ 1,858,133,000 |
Acquisitions Acquisitions - Net
Acquisitions Acquisitions - Net Assets Acquired (Details) - BNC Bancorp $ in Thousands | Jun. 16, 2017USD ($) | |
Liabilities [Abstract] | ||
Net assets acquired | $ 602,689 | |
Historical Cost Basis | ||
Assets [Abstract] | ||
Cash and Cash Equivalents | 155,271 | |
Investment securities | 643,875 | |
Loans, net of allowance for loan losses | 5,782,720 | [1] |
Mortgage loans held for sale | 27,026 | |
Other real estate owned | 20,143 | [2] |
Core deposit and other intangible | 0 | [3] |
Property, plant, and equipment | 156,805 | [4] |
Other assets | 320,988 | [5] |
Total Assets | 7,106,828 | |
Liabilities [Abstract] | ||
Interest-bearing deposits | 5,003,653 | [6] |
Non-interest bearing deposits | 1,199,342 | |
Borrowings | 183,389 | [7] |
Other liabilities | 35,729 | [8] |
Total Liabilities | 6,422,113 | |
Net assets acquired | 684,715 | |
Fair Value Adjustments | ||
Assets [Abstract] | ||
Cash and Cash Equivalents | 0 | [9] |
Investment securities | 1,667 | [9] |
Loans, net of allowance for loan losses | (181,430) | [1],[9] |
Mortgage loans held for sale | 0 | [9] |
Other real estate owned | 1,382 | [2],[9] |
Core deposit and other intangible | 50,422 | [3],[9] |
Property, plant, and equipment | (3,341) | [4],[9] |
Other assets | 54,057 | [5],[9] |
Total Assets | (77,243) | [9] |
Liabilities [Abstract] | ||
Interest-bearing deposits | 4,355 | [6],[9] |
Non-interest bearing deposits | 0 | [9] |
Borrowings | (6,412) | [7],[9] |
Other liabilities | 6,840 | [8],[9] |
Total Liabilities | 4,783 | [9] |
Net assets acquired | (82,026) | [9] |
As Recorded by PNFP [Member] | ||
Assets [Abstract] | ||
Cash and Cash Equivalents | 155,271 | |
Investment securities | 645,542 | |
Loans, net of allowance for loan losses | 5,601,290 | [1] |
Mortgage loans held for sale | 27,026 | |
Other real estate owned | 21,525 | [2] |
Core deposit and other intangible | 50,422 | [3] |
Property, plant, and equipment | 153,464 | [4] |
Other assets | 375,045 | [5] |
Total Assets | 7,029,585 | |
Liabilities [Abstract] | ||
Interest-bearing deposits | 5,008,008 | [6] |
Non-interest bearing deposits | 1,199,342 | |
Borrowings | 176,977 | [7] |
Other liabilities | 42,569 | [8] |
Total Liabilities | 6,426,896 | |
Net assets acquired | $ 602,689 | |
[1] | The amount represents the adjustment of the net book value of BNC's loans to their estimated fair value based on interest rates and expected cash flows as of the date of acquisition, which includes estimates of expected credit losses inherent in the portfolio of approximately 2.6% of the 3.1% mark on the acquired loan portfolio. | |
[2] | This adjustment reflects the Day 1 value of OREO properties. | |
[3] | The amount represents the fair value of the core deposit intangible asset representing the intangible value of the deposit base acquired and the fair value of the customer relationship intangible assets representing the intangible value of customer relationships acquired. | |
[4] | The amount represents the adjustment of the net book value of BNC's property, plant and equipment to estimated fair value based on market values of similar assets. | |
[5] | The amount represents the deferred tax asset recognized on the fair value adjustment of BNC's acquired assets and assumed liabilities and an adjustment to the Day 1 fair value of an alternative investment. | |
[6] | The amount represents the adjustment necessary because the weighted average interest rate of BNC's deposits exceeded the cost of similar funding at the time of acquisition. The fair value adjustment will be amortized to reduce future interest expense over the life of the portfolio. | |
[7] | The amount represents the combined adjustment necessary because the weighted average interest rate of BNC's subordinated debt issuance exceeded the cost of similar funding at the time of acquisition and because the weighted average interest rate of BNC's trust preferred securities issuances was lower than the cost of similar funding at the time of acquisition. The combined fair value adjustments will be amortized to increase future interest expense over the lives of the instruments. | |
[8] | The amount represents the adjustment to accrue obligations that existed but had not been recorded as of the acquisition date and the fair value of BNC lease obligations. | |
[9] | The amount represents the adjustment of the book value of BNC's assets and liabilities to their estimated fair value on the date of acquisition. Fair value adjustments were updated subsequent to the merger date based on the results of finalized valuation assessments. |
Acquisitions Acquisitions - Nar
Acquisitions Acquisitions - Narrative (Details) - BNC Bancorp $ in Thousands | Jun. 16, 2017USD ($) | |
Business Acquisition [Line Items] | ||
Transaction Costs | $ 7,200 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 602,689 | |
Fair Value Adjustments | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ (82,026) | [1] |
[1] | The amount represents the adjustment of the book value of BNC's assets and liabilities to their estimated fair value on the date of acquisition. Fair value adjustments were updated subsequent to the merger date based on the results of finalized valuation assessments. |
Acquisitions Acquisitions - Sup
Acquisitions Acquisitions - Supplemental Pro Forma Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | ||
Business Combinations [Abstract] | ||
Revenue | $ 844,896 | [1] |
Income Before Income Taxes | $ 347,983 | |
[1] | (1) Net interest income plus noninterest income. |
Equity method investment Equity
Equity method investment Equity method investment - Financial Position and Results of Operations (Details) - Bankers Healthcare Group, LLC - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Assets | $ 459,816,000 | $ 330,030,000 | |
Liabilities | 324,211,000 | 224,837,000 | |
Equity interests | 135,605,000 | 105,193,000 | |
Total liabilities and equity interests | 459,816,000 | 330,030,000 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Revenues | 220,253,000 | 160,209,000 | $ 136,693,000 |
Net income, pre tax | $ 104,297,000 | $ 77,941,000 | $ 67,135,000 |
Equity method investment (Detai
Equity method investment (Details) | Mar. 01, 2016USD ($)shares | Feb. 01, 2015USD ($)Rate | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 01, 2016USD ($) | Mar. 01, 2016Rate |
Schedule of Equity Method Investments [Line Items] | |||||||
Core deposits and other intangible assets | $ 46,161,000 | $ 56,710,000 | |||||
Amortization of intangibles | 10,549,000 | 8,816,000 | $ 4,281,000 | ||||
Dividends received from equity method investment | $ 33,651,000 | 21,650,000 | $ 28,982,000 | ||||
Bankers Healthcare Group, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 49.00% | ||||||
Payments to Acquire Businesses, Gross | $ 74,100,000 | ||||||
Additional ownership percentage | 19.00% | 19.00% | |||||
Common stock issued in the purchase agreement (in shares) | shares | 860,470 | ||||||
Common stock issued in the purchase agreement (value) | $ 39,900,000 | ||||||
Number of board of managers designated by bank | 2 | ||||||
Number of board managers | 5 | ||||||
Period of inability of members to transfer of ownership interest | 5 years | ||||||
Core deposits and other intangible assets | $ 10,700,000 | 13,400,000 | |||||
Amortization of intangibles | 2,800,000 | 3,300,000 | |||||
Accretion income | 2,900,000 | 3,100,000 | |||||
Accretable discount | 7,400,000 | 10,300,000 | |||||
Dividends received from equity method investment | $ 33,700,000 | $ 21,700,000 | |||||
Bankers Healthcare Group, LLC | Pinnacle Financial | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Additional ownership percentage | 8.55% | ||||||
Bankers Healthcare Group, LLC | Pinnacle Bank | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | Rate | 30.00% | ||||||
Payments to Acquire Businesses, Gross | $ 75,000,000 | ||||||
Additional ownership percentage | Rate | 10.45% |
Restricted Cash Balances (Detai
Restricted Cash Balances (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | ||
Average Daily Cash Balance with Federal Reserve Bank | $ 329,600,000 | $ 229,900,000 |
Restricted cash | $ 65,491,000 | $ 20,738,000 |
Securities Securities - Availab
Securities Securities - Available for sale (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | $ 3,131,227,000 | $ 2,513,540,000 |
Gross Unrealized Gain | 7,934,000 | 19,244,000 |
Gross Unrealized Loss | 55,475,000 | 17,501,000 |
Securities available-for-sale, at fair value | 3,083,686,000 | 2,515,283,000 |
Available-for-sale, Amortized Cost | ||
Due in one year of less | 47,546,000 | |
Due in one year to five years | 45,037,000 | |
Due in five to ten years | 100,401,000 | |
Due after ten years | 1,222,667,000 | |
Mortgage-backed securities | 1,336,469,000 | |
Asset-backed securities | 379,107,000 | |
Amortized Cost | 3,131,227,000 | |
Available-for-sale, Fair Value | ||
Due in one year or less | 47,474,000 | |
Due in one year to five years | 44,925,000 | |
Due in five years to ten years | 98,424,000 | |
Due after ten years | 1,206,336,000 | |
Mortgage-backed securities | 1,310,945,000 | |
Asset-backed securities | 375,582,000 | |
Securities available-for-sale, at fair value | 3,083,686,000 | 2,515,283,000 |
State and Municipal Securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 1,244,471,000 | 774,949,000 |
Gross Unrealized Gain | 3,785,000 | 12,251,000 |
Gross Unrealized Loss | 18,602,000 | 2,588,000 |
Securities available-for-sale, at fair value | 1,229,654,000 | 784,612,000 |
Available-for-sale, Fair Value | ||
Securities available-for-sale, at fair value | 1,229,654,000 | 784,612,000 |
U.S. Government Agency Securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 71,456,000 | 182,500,000 |
Gross Unrealized Gain | 49,000 | 67,000 |
Gross Unrealized Loss | 1,346,000 | 1,766,000 |
Securities available-for-sale, at fair value | 70,159,000 | 180,801,000 |
Available-for-sale, Fair Value | ||
Securities available-for-sale, at fair value | 70,159,000 | 180,801,000 |
Mortgage-backed Agency Securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 1,336,469,000 | 1,270,625,000 |
Gross Unrealized Gain | 3,110,000 | 5,318,000 |
Gross Unrealized Loss | 28,634,000 | 12,124,000 |
Securities available-for-sale, at fair value | 1,310,945,000 | 1,263,819,000 |
Available-for-sale, Fair Value | ||
Securities available-for-sale, at fair value | 1,310,945,000 | 1,263,819,000 |
US Treasury Securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 30,325,000 | 30,505,000 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 25,000 | 60,000 |
Securities available-for-sale, at fair value | 30,300,000 | 30,445,000 |
Available-for-sale, Fair Value | ||
Securities available-for-sale, at fair value | 30,300,000 | 30,445,000 |
Asset-backed Securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 379,107,000 | 173,346,000 |
Gross Unrealized Gain | 820,000 | 262,000 |
Gross Unrealized Loss | 4,345,000 | 316,000 |
Securities available-for-sale, at fair value | 375,582,000 | 173,292,000 |
Available-for-sale, Fair Value | ||
Securities available-for-sale, at fair value | 375,582,000 | 173,292,000 |
Corporate Notes | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 69,399,000 | 81,615,000 |
Gross Unrealized Gain | 170,000 | 1,346,000 |
Gross Unrealized Loss | 2,523,000 | 647,000 |
Securities available-for-sale, at fair value | 67,046,000 | 82,314,000 |
Available-for-sale, Fair Value | ||
Securities available-for-sale, at fair value | $ 67,046,000 | $ 82,314,000 |
Securities Securities - Amortiz
Securities Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Amortized cost | $ 194,282,000 | $ 20,762,000 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 152,000 | 114,000 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 1,303,000 | 46,000 | |
Fair Value | [1] | 193,131,000 | 20,830,000 |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | |||
Due in one year or less | 325,000 | ||
Due in one year to five years | 5,710,000 | ||
Due in five to ten years | 7,980,000 | ||
Due after ten years | 180,267,000 | ||
Mortgage-backed securities | 0 | ||
Asset-backed securities | 0 | ||
Amortized cost | 194,282,000 | 20,762,000 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | |||
Due in one year or less | 326,000 | ||
Due in one year to five years | 5,700,000 | ||
Due in five to ten years | 7,935,000 | ||
Due after ten years | 179,170,000 | ||
Mortgage-backed securities | 0 | ||
Asset-backed securities | 0 | ||
Fair Value | [1] | 193,131,000 | 20,830,000 |
State And Municipal Securities | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Amortized cost | 194,282,000 | 20,762,000 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 152,000 | 114,000 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 1,303,000 | 46,000 | |
Fair Value | 193,131,000 | 20,830,000 | |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | |||
Amortized cost | 194,282,000 | 20,762,000 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | |||
Fair Value | $ 193,131,000 | $ 20,830,000 | |
[1] | 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. |
Securities (Details)
Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities transferred to Held-to-Maturity | $ 179,763,000 | $ 0 | $ 0 |
Unrealized after tax loss on available-for-sale securities transferred to the held-to-maturity portfolio | 2,200,000 | ||
Securities pledged as collateral to secure public funds and other deposits or securities sold under agreements to repurchase | 1,157,000,000 | ||
Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 104,700,000 | ||
Available-for-sale securities sold | 169,900,000 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,665,000 | $ 5,022,000 | $ (240,000) |
Securities pledged as collateral | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement | $ 104,700,000 |
Securities Securities - Unreali
Securities Securities - Unrealized Losses (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Investment Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 59,594,000 | $ 17,547,000 |
Investment securities, continuous unrealized loss position [Abstract] | ||
Investments with an Unrealized Loss of less than 12 months, Fair Value | 1,347,820,000 | 1,017,346,000 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 26,783,000 | 9,021,000 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 1,161,369,000 | 361,724,000 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 32,811,000 | 8,526,000 |
Total Investments with an Unrealized Loss, Fair Value | 2,509,189,000 | 1,379,070,000 |
US Treasury Securities | ||
Schedule of Investment Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 25,000 | 60,000 |
Investment securities, continuous unrealized loss position [Abstract] | ||
Investments with an Unrealized Loss of less than 12 months, Fair Value | 30,054,000 | 29,948,000 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 22,000 | 60,000 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 246,000 | 0 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 3,000 | 0 |
Total Investments with an Unrealized Loss, Fair Value | 30,300,000 | 29,948,000 |
U.S. Government Agency Securities | ||
Schedule of Investment Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,346,000 | 1,766,000 |
Investment securities, continuous unrealized loss position [Abstract] | ||
Investments with an Unrealized Loss of less than 12 months, Fair Value | 13,697,000 | 173,677,000 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 328,000 | 1,766,000 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 42,539,000 | 0 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 1,018,000 | 0 |
Total Investments with an Unrealized Loss, Fair Value | 56,236,000 | 173,677,000 |
Mortgage-backed Agency Securities | ||
Schedule of Investment Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 28,634,000 | 12,124,000 |
Investment securities, continuous unrealized loss position [Abstract] | ||
Investments with an Unrealized Loss of less than 12 months, Fair Value | 203,299,000 | 607,408,000 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 2,134,000 | 5,042,000 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 882,231,000 | 285,561,000 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 26,500,000 | 7,082,000 |
Total Investments with an Unrealized Loss, Fair Value | 1,085,530,000 | 892,969,000 |
State and Municipal Securities | ||
Schedule of Investment Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 22,721,000 | 2,634,000 |
Investment securities, continuous unrealized loss position [Abstract] | ||
Investments with an Unrealized Loss of less than 12 months, Fair Value | 805,821,000 | 115,403,000 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 18,643,000 | 1,408,000 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 198,610,000 | 50,083,000 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 4,078,000 | 1,226,000 |
Total Investments with an Unrealized Loss, Fair Value | 1,004,431,000 | 165,486,000 |
Asset-backed Securities | ||
Schedule of Investment Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 4,345,000 | 316,000 |
Investment securities, continuous unrealized loss position [Abstract] | ||
Investments with an Unrealized Loss of less than 12 months, Fair Value | 268,677,000 | 68,742,000 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 4,118,000 | 198,000 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 11,828,000 | 14,136,000 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 227,000 | 118,000 |
Total Investments with an Unrealized Loss, Fair Value | 280,505,000 | 82,878,000 |
Corporate Notes | ||
Schedule of Investment Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2,523,000 | 647,000 |
Investment securities, continuous unrealized loss position [Abstract] | ||
Investments with an Unrealized Loss of less than 12 months, Fair Value | 26,272,000 | 22,168,000 |
Investments with an Unrealized Loss of less than 12 months, Unrealized Losses | 1,538,000 | 547,000 |
Investments with an Unrealized Loss of 12 months or longer, Fair Value | 25,915,000 | 11,944,000 |
Investments with an Unrealized Loss of 12 months or longer, Unrealized Losses | 985,000 | 100,000 |
Total Investments with an Unrealized Loss, Fair Value | $ 52,187,000 | $ 34,112,000 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses Loan Classification by Risk Rating Category (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Receivables [Abstract] | ||||
Percentage of loan portfolio as commercial loan | 80.80% | |||
Risk rated loans | $ 1,000,000 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 17,707,549,000 | $ 15,633,116,000 | $ 8,449,925,000 | |
Nonaccrual loans | [1] | 77,248,000 | 41,519,000 | |
Average balance of impaired loans | 75,257,000 | 40,830,000 | 32,474,000 | |
Interest Lost on impaired loans | $ 4,200,000 | 2,700,000 | 2,100,000 | |
Percentage of credit exposure to risk based capital | 25.00% | |||
Loans and other extensions of credit granted to directors, executive officers, and their related entities | $ 37,900,000 | 26,400,000 | ||
Amount drawn from loans and other extensions of credit granted | 18,300,000 | 16,100,000 | ||
Commercial loans held-for-sale | 15,954,000 | 25,456,000 | ||
Mortgage loans held-for-sale | 31,800,000 | 102,700,000 | ||
Gains on mortgage loans sold, net | 14,564,000 | 18,625,000 | 15,754,000 | |
Mortgage loans held for sale sold | 1,234,551,000 | 1,090,489,000 | 803,498,000 | |
Troubled Debt Restructurings | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 5,900,000 | 6,600,000 | ||
Impaired loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 83,146,000 | 58,979,000 | ||
Pass | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 17,346,673,000 | 15,237,775,000 | ||
Special Mention | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 93,163,000 | 168,713,000 | ||
Substandard | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 179,879,000 | 169,173,000 | ||
Substandard | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 87,834,000 | 57,455,000 | ||
Doubtful | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 7,164,954,000 | 6,669,610,000 | 3,193,496,000 | |
Commercial Real Estate | Pass | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 6,998,485,000 | 6,487,368,000 | ||
Commercial Real Estate | Special Mention | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 55,932,000 | 94,134,000 | ||
Commercial Real Estate | Substandard | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 78,202,000 | 72,044,000 | ||
Commercial Real Estate | Substandard | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 32,335,000 | 16,064,000 | ||
Commercial Real Estate | Doubtful | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
Consumer Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,844,447,000 | 2,561,214,000 | 1,185,917,000 | |
Nonaccrual loans | [1] | 22,564,000 | 9,320,000 | |
Consumer Real Estate | Pass | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,787,570,000 | 2,503,688,000 | ||
Consumer Real Estate | Special Mention | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 7,902,000 | 18,356,000 | ||
Consumer Real Estate | Substandard | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 20,906,000 | 21,053,000 | ||
Consumer Real Estate | Substandard | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 28,069,000 | 18,117,000 | ||
Consumer Real Estate | Doubtful | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
Construction and Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,072,455,000 | 1,908,288,000 | ||
Construction and Land Development | Pass | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,059,376,000 | 1,880,704,000 | ||
Construction and Land Development | Special Mention | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 4,334,000 | 8,148,000 | ||
Construction and Land Development | Substandard | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 5,358,000 | 13,468,000 | ||
Construction and Land Development | Substandard | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 3,387,000 | 5,968,000 | ||
Construction and Land Development | Doubtful | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 5,271,421,000 | 4,141,341,000 | ||
Commercial and Industrial | Pass | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 5,148,726,000 | 4,014,656,000 | ||
Commercial and Industrial | Special Mention | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 24,284,000 | 46,898,000 | ||
Commercial and Industrial | Substandard | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 75,351,000 | 62,529,000 | ||
Commercial and Industrial | Substandard | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 23,060,000 | 17,258,000 | ||
Commercial and Industrial | Doubtful | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
Consumer and Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 354,272,000 | 352,663,000 | 266,129,000 | |
Nonaccrual loans | [1] | 983,000 | 0 | |
Consumer and Other | Pass | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 352,516,000 | 351,359,000 | ||
Consumer and Other | Special Mention | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 711,000 | 1,177,000 | ||
Consumer and Other | Substandard | Accruing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 62,000 | 79,000 | ||
Consumer and Other | Substandard | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 983,000 | 48,000 | ||
Consumer and Other | Doubtful | Nonaccrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 5,271,421,000 | 4,141,341,000 | 2,891,710,000 | |
Nonaccrual loans | [1] | 23,022,000 | 17,222,000 | |
Construction and Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,072,455,000 | 1,908,288,000 | $ 912,673,000 | |
Nonaccrual loans | [1] | 2,020,000 | 2,878,000 | |
Current and accruing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 17,545,113,000 | 15,488,784,000 | ||
Current and accruing | Consumer Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,794,630,000 | 2,521,748,000 | ||
Current and accruing | Consumer and Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 349,537,000 | 345,076,000 | ||
Current and accruing | Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 5,225,205,000 | 4,114,127,000 | ||
Current and accruing | Construction and Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,063,201,000 | 1,894,560,000 | ||
Financing Receivables 30 To 89 Days Past Due and Still Accruing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 58,301,000 | 56,019,000 | ||
Financing Receivables 30 To 89 Days Past Due and Still Accruing | Consumer Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 18,059,000 | 14,835,000 | ||
Financing Receivables 30 To 89 Days Past Due and Still Accruing | Consumer and Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 3,276,000 | 6,311,000 | ||
Financing Receivables 30 To 89 Days Past Due and Still Accruing | Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 21,451,000 | 7,406,000 | ||
Financing Receivables 30 To 89 Days Past Due and Still Accruing | Construction and Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 3,759,000 | 4,136,000 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,558,000 | 4,139,000 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | Consumer Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 1,265,000 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | Consumer and Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 476,000 | 1,276,000 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,082,000 | 1,348,000 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | Construction and Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 146,000 | ||
Past Due and Accruing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 59,859,000 | 60,158,000 | ||
Past Due and Accruing | Consumer Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 18,059,000 | 16,100,000 | ||
Past Due and Accruing | Consumer and Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 3,752,000 | 7,587,000 | ||
Past Due and Accruing | Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 22,533,000 | 8,754,000 | ||
Past Due and Accruing | Construction and Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 3,759,000 | 4,282,000 | ||
Commercial Real Estate Owner Occupied | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans | [1] | 16,025,000 | 11,395,000 | |
Commercial Real Estate Owner Occupied | Current and accruing | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,623,700,000 | 2,435,819,000 | ||
Commercial Real Estate Owner Occupied | Financing Receivables 30 To 89 Days Past Due and Still Accruing | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 10,170,000 | 6,772,000 | ||
Commercial Real Estate Owner Occupied | Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 104,000 | ||
Commercial Real Estate Owner Occupied | Past Due and Accruing | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 10,170,000 | 6,876,000 | ||
Commercial Real Estate All Other | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans | [1] | 12,634,000 | 704,000 | |
Commercial Real Estate All Other | Current and accruing | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 4,488,840,000 | 4,177,454,000 | ||
Commercial Real Estate All Other | Financing Receivables 30 To 89 Days Past Due and Still Accruing | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,586,000 | 16,559,000 | ||
Commercial Real Estate All Other | Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate All Other | Past Due and Accruing | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,586,000 | 16,559,000 | ||
Purchase credit impaired, nonaccruing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans | 10,586,000 | 15,936,000 | ||
Purchase credit impaired, nonaccruing | Consumer Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans | 5,505,000 | 8,797,000 | ||
Purchase credit impaired, nonaccruing | Consumer and Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans | 0 | 0 | ||
Purchase credit impaired, nonaccruing | Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans | 38,000 | 84,000 | ||
Purchase credit impaired, nonaccruing | Construction and Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans | 1,367,000 | 3,090,000 | ||
Purchase credit impaired, nonaccruing | Commercial Real Estate Owner Occupied | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans | 874,000 | 1,105,000 | ||
Purchase credit impaired, nonaccruing | Commercial Real Estate All Other | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans | 2,802,000 | 2,860,000 | ||
Purchase credit impaired, accruing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 14,743,000 | 26,719,000 | ||
Purchase credit impaired, accruing | Consumer Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 3,689,000 | 5,249,000 | ||
Purchase credit impaired, accruing | Consumer and Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
Purchase credit impaired, accruing | Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 623,000 | 1,154,000 | ||
Purchase credit impaired, accruing | Construction and Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,108,000 | 3,478,000 | ||
Purchase credit impaired, accruing | Commercial Real Estate Owner Occupied | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 2,664,000 | 4,820,000 | ||
Purchase credit impaired, accruing | Commercial Real Estate All Other | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 5,659,000 | $ 12,018,000 | ||
Construction and Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percentage of credit exposure to risk based capital | 85.20% | 89.40% | ||
Non-owner occupied commercial real estate and multifamily loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percentage of credit exposure to risk based capital | 277.70% | 297.10% | ||
[1] | (1)Approximately $52.5 million and $45.8 million of nonaccrual loans as of December 31, 2018 and December 31, 2017, respectively, were performing pursuant to their contractual terms at those dates. |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Rollforward of Purchase Credit Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Gross Carrying Value | ||
Gross carrying value, beginning balance | $ 74,324 | $ 12,468 |
Acquisitions | 0 | 80,812 |
Year-to-date settlements | 31,487 | 18,956 |
Gross carrying value, ending balance | 42,837 | 74,324 |
Accretable Yield | ||
Accretable yield, beginning balance | (132) | 0 |
Acquisitions | 0 | (196) |
Year-to-date settlements | 18 | 64 |
Accretable yield, ending balance | (114) | (132) |
Nonaccretable Yield | ||
Nonaccretable yield, beginning balance | (31,537) | (3,633) |
Acquisitions | 0 | (32,314) |
Year-to-date settlements | 14,143 | 4,410 |
Nonaccretable yield, ending balance | (17,394) | (31,537) |
Net Carrying Value | ||
Net carrying value, beginning balance | 42,655 | 8,835 |
Acquisitions | 0 | 48,302 |
Year-to-date settlements | (17,326) | (14,482) |
Net carrying value, ending balance | $ 25,329 | $ 42,655 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses, Impaired Financing Receivable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 83,146,000 | $ 58,979,000 | $ 33,750,000 |
Unpaid principal balance | 83,337,000 | 59,354,000 | 34,242,000 |
Related allowance | 3,964,000 | 2,198,000 | 1,092,000 |
Average balance of impaired loans | 75,257,000 | 40,830,000 | 32,474,000 |
Interest income recognized | 469,000 | 95,000 | 159,000 |
Impaired loans with an allowance | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 44,794,000 | 24,921,000 | 8,396,000 |
Unpaid principal balance | 44,914,000 | 25,114,000 | 8,754,000 |
Related allowance | 3,964,000 | 2,198,000 | 1,092,000 |
Average balance of impaired loans | 34,615,000 | 17,191,000 | 15,473,000 |
Interest income recognized | 0 | 0 | 0 |
Impaired loans with an allowance | Commercial Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 14,114,000 | 1,850,000 | 442,000 |
Unpaid principal balance | 14,124,000 | 1,863,000 | 452,000 |
Related allowance | 724,000 | 95,000 | 60,000 |
Average balance of impaired loans | 10,260,000 | 650,000 | 537,000 |
Interest income recognized | 0 | 0 | 0 |
Impaired loans with an allowance | Consumer Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 19,864,000 | 8,028,000 | 3,300,000 |
Unpaid principal balance | 19,991,000 | 8,079,000 | 3,303,000 |
Related allowance | 1,443,000 | 410,000 | 690,000 |
Average balance of impaired loans | 13,154,000 | 4,990,000 | 6,503,000 |
Interest income recognized | 0 | 0 | 0 |
Impaired loans with an allowance | Construction and Land Development | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 581,000 | 2,522,000 | 84,000 |
Unpaid principal balance | 579,000 | 2,528,000 | 129,000 |
Related allowance | 28,000 | 66,000 | 20,000 |
Average balance of impaired loans | 1,157,000 | 567,000 | 77,000 |
Interest income recognized | 0 | 0 | 0 |
Impaired loans with an allowance | Commercial and Industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 9,252,000 | 12,521,000 | 4,054,000 |
Unpaid principal balance | 9,215,000 | 12,644,000 | 4,051,000 |
Related allowance | 1,441,000 | 1,627,000 | 95,000 |
Average balance of impaired loans | 9,326,000 | 10,559,000 | 5,868,000 |
Interest income recognized | 0 | 0 | 0 |
Impaired loans with an allowance | Consumer and Other | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 983,000 | 0 | 516,000 |
Unpaid principal balance | 1,005,000 | 0 | 819,000 |
Related allowance | 328,000 | 0 | 227,000 |
Average balance of impaired loans | 718,000 | 425,000 | 2,488,000 |
Interest income recognized | 0 | 0 | 0 |
Impaired loans without an allowance | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 38,352,000 | 34,058,000 | 25,354,000 |
Unpaid principal balance | 38,423,000 | 34,240,000 | 25,488,000 |
Related allowance | 0 | 0 | 0 |
Average balance of impaired loans | 40,642,000 | 23,639,000 | 17,001,000 |
Interest income recognized | 469,000 | 95,000 | 159,000 |
Impaired loans without an allowance | Commercial Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 14,724,000 | 16,364,000 | 2,308,000 |
Unpaid principal balance | 14,739,000 | 16,514,000 | 2,312,000 |
Related allowance | 0 | 0 | 0 |
Average balance of impaired loans | 17,906,000 | 6,983,000 | 2,346,000 |
Interest income recognized | 469,000 | 0 | 0 |
Impaired loans without an allowance | Consumer Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 7,247,000 | 4,144,000 | 5,641,000 |
Unpaid principal balance | 7,271,000 | 4,174,000 | 5,674,000 |
Related allowance | 0 | 0 | 0 |
Average balance of impaired loans | 5,477,000 | 5,727,000 | 2,065,000 |
Interest income recognized | 0 | 0 | 0 |
Impaired loans without an allowance | Construction and Land Development | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 1,786,000 | 2,645,000 | 3,128,000 |
Unpaid principal balance | 1,786,000 | 2,650,000 | 3,135,000 |
Related allowance | 0 | 0 | 0 |
Average balance of impaired loans | 1,463,000 | 1,890,000 | 3,403,000 |
Interest income recognized | 0 | 95,000 | 159,000 |
Impaired loans without an allowance | Commercial and Industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 14,595,000 | 10,905,000 | 14,277,000 |
Unpaid principal balance | 14,627,000 | 10,902,000 | 14,367,000 |
Related allowance | 0 | 0 | 0 |
Average balance of impaired loans | 15,796,000 | 9,039,000 | 9,187,000 |
Interest income recognized | 0 | 0 | 0 |
Impaired loans without an allowance | Consumer and Other | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 |
Related allowance | 0 | 0 | 0 |
Average balance of impaired loans | 0 | 0 | 0 |
Interest income recognized | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Loans | $ 17,707,549,000 | $ 15,633,116,000 | $ 8,449,925,000 | |
Financing Receivable, Allowance for Credit Losses | $ 83,575,000 | $ 67,240,000 | $ 58,980,000 | $ 65,432,000 |
Troubled debt restructuring categorized by loan classification [Abstract] | ||||
Number of contracts | contract | 4 | 3 | 6 | |
Pre Modification Outstanding Recorded Investment | $ 2,314,000 | $ 3,782,000 | $ 11,084,000 | |
Post Modification Outstanding Recorded Investment net of related allowance | $ 2,314,000 | $ 3,756,000 | $ 11,083,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | $ 0 | |
Commercial Real Estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans | 7,164,954,000 | 6,669,610,000 | 3,193,496,000 | |
Financing Receivable, Allowance for Credit Losses | $ 26,946,000 | $ 21,188,000 | $ 13,655,000 | 15,513,000 |
Troubled debt restructuring categorized by loan classification [Abstract] | ||||
Number of contracts | contract | 0 | 0 | 0 | |
Pre Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment net of related allowance | 0 | 0 | 0 | |
Consumer Real Estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans | 2,844,447,000 | 2,561,214,000 | 1,185,917,000 | |
Financing Receivable, Allowance for Credit Losses | $ 7,670,000 | $ 5,031,000 | $ 6,564,000 | 7,220,000 |
Troubled debt restructuring categorized by loan classification [Abstract] | ||||
Number of contracts | contract | 3 | 1 | 0 | |
Pre Modification Outstanding Recorded Investment | $ 1,967,000 | $ 6,000 | $ 0 | |
Post Modification Outstanding Recorded Investment net of related allowance | 1,967,000 | 5,000 | 0 | |
Construction and Land Development | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans | 2,072,455,000 | 1,908,288,000 | 912,673,000 | |
Financing Receivable, Allowance for Credit Losses | $ 11,128,000 | $ 8,962,000 | $ 3,624,000 | 2,903,000 |
Troubled debt restructuring categorized by loan classification [Abstract] | ||||
Number of contracts | contract | 1 | 0 | 0 | |
Pre Modification Outstanding Recorded Investment | $ 347,000 | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment net of related allowance | 347,000 | 0 | 0 | |
Commercial and Industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans | 5,271,421,000 | 4,141,341,000 | 2,891,710,000 | |
Financing Receivable, Allowance for Credit Losses | $ 31,731,000 | $ 24,863,000 | $ 24,743,000 | 23,643,000 |
Troubled debt restructuring categorized by loan classification [Abstract] | ||||
Number of contracts | contract | 0 | 2 | 6 | |
Pre Modification Outstanding Recorded Investment | $ 0 | $ 3,776,000 | $ 11,084,000 | |
Post Modification Outstanding Recorded Investment net of related allowance | 0 | 3,751,000 | 11,083,000 | |
Consumer and Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans | 354,272,000 | 352,663,000 | 266,129,000 | |
Financing Receivable, Allowance for Credit Losses | $ 5,423,000 | $ 5,874,000 | $ 9,520,000 | $ 15,616,000 |
Troubled debt restructuring categorized by loan classification [Abstract] | ||||
Number of contracts | contract | 0 | 0 | 0 | |
Pre Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment net of related allowance | 0 | 0 | 0 | |
Troubled Debt Restructurings | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans | $ 5,900,000 | $ 6,600,000 | ||
Financing Receivable, Allowance for Credit Losses | $ 21,000 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Industry Classification System (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Lessors of Nonresidential Buildings | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Principal Balances | $ 3,149,948 | |
Unfunded Commitments | 782,111 | |
Total exposure | 3,932,059 | $ 3,483,597 |
Lessors of Residential Buildings and Dwellings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Principal Balances | 1,200,653 | |
Unfunded Commitments | 284,044 | |
Total exposure | 1,484,697 | 1,151,676 |
New housing for-sale builders | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Principal Balances | 511,484 | |
Unfunded Commitments | 589,505 | |
Total exposure | 1,100,989 | 780,137 |
Hotels and motels | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding Principal Balances | 779,390 | |
Unfunded Commitments | 140,611 | |
Total exposure | $ 920,001 | $ 836,320 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses, Financing Receivables Past Due (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | $ 17,707,549,000 | $ 15,633,116,000 | $ 8,449,925,000 | |
Nonaccrual loans | [1] | 77,248,000 | 41,519,000 | |
Total Loans | 17,707,549,000 | 15,633,116,000 | ||
Currently performing impaired loans | 52,500,000 | 45,800,000 | ||
Purchase credit impaired, accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 14,743,000 | 26,719,000 | ||
Purchase credit impaired, nonaccruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual loans | 10,586,000 | 15,936,000 | ||
Financing Receivables 30 To 89 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 58,301,000 | 56,019,000 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 1,558,000 | 4,139,000 | ||
Current and accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 17,545,113,000 | 15,488,784,000 | ||
Commercial Real Estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 7,164,954,000 | 6,669,610,000 | 3,193,496,000 | |
Commercial Real Estate | Commercial Real Estate Owner Occupied | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual loans | [1] | 16,025,000 | 11,395,000 | |
Total Loans | 2,653,433,000 | 2,460,015,000 | ||
Commercial Real Estate | Commercial Real Estate Owner Occupied | Purchase credit impaired, accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 2,664,000 | 4,820,000 | ||
Commercial Real Estate | Commercial Real Estate Owner Occupied | Purchase credit impaired, nonaccruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual loans | 874,000 | 1,105,000 | ||
Commercial Real Estate | Commercial Real Estate Owner Occupied | Financing Receivables 30 To 89 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 10,170,000 | 6,772,000 | ||
Commercial Real Estate | Commercial Real Estate Owner Occupied | Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 0 | 104,000 | ||
Commercial Real Estate | Commercial Real Estate Owner Occupied | Current and accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 2,623,700,000 | 2,435,819,000 | ||
Commercial Real Estate | Commercial Real Estate All Other | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual loans | [1] | 12,634,000 | 704,000 | |
Total Loans | 4,511,521,000 | 4,209,595,000 | ||
Commercial Real Estate | Commercial Real Estate All Other | Purchase credit impaired, accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 5,659,000 | 12,018,000 | ||
Commercial Real Estate | Commercial Real Estate All Other | Purchase credit impaired, nonaccruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual loans | 2,802,000 | 2,860,000 | ||
Commercial Real Estate | Commercial Real Estate All Other | Financing Receivables 30 To 89 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 1,586,000 | 16,559,000 | ||
Commercial Real Estate | Commercial Real Estate All Other | Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate | Commercial Real Estate All Other | Current and accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 4,488,840,000 | 4,177,454,000 | ||
Consumer Real Estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 2,844,447,000 | 2,561,214,000 | 1,185,917,000 | |
Nonaccrual loans | [1] | 22,564,000 | 9,320,000 | |
Total Loans | 2,844,447,000 | 2,561,214,000 | ||
Consumer Real Estate | Purchase credit impaired, accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 3,689,000 | 5,249,000 | ||
Consumer Real Estate | Purchase credit impaired, nonaccruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual loans | 5,505,000 | 8,797,000 | ||
Consumer Real Estate | Financing Receivables 30 To 89 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 18,059,000 | 14,835,000 | ||
Consumer Real Estate | Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 0 | 1,265,000 | ||
Consumer Real Estate | Current and accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 2,794,630,000 | 2,521,748,000 | ||
Construction and Land Development | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 2,072,455,000 | 1,908,288,000 | 912,673,000 | |
Nonaccrual loans | [1] | 2,020,000 | 2,878,000 | |
Total Loans | 2,072,455,000 | 1,908,288,000 | ||
Construction and Land Development | Purchase credit impaired, accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 2,108,000 | 3,478,000 | ||
Construction and Land Development | Purchase credit impaired, nonaccruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual loans | 1,367,000 | 3,090,000 | ||
Construction and Land Development | Financing Receivables 30 To 89 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 3,759,000 | 4,136,000 | ||
Construction and Land Development | Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 0 | 146,000 | ||
Construction and Land Development | Current and accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 2,063,201,000 | 1,894,560,000 | ||
Commercial and Industrial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 5,271,421,000 | 4,141,341,000 | 2,891,710,000 | |
Nonaccrual loans | [1] | 23,022,000 | 17,222,000 | |
Total Loans | 5,271,421,000 | 4,141,341,000 | ||
Commercial and Industrial | Purchase credit impaired, accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 623,000 | 1,154,000 | ||
Commercial and Industrial | Purchase credit impaired, nonaccruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual loans | 38,000 | 84,000 | ||
Commercial and Industrial | Financing Receivables 30 To 89 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 21,451,000 | 7,406,000 | ||
Commercial and Industrial | Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 1,082,000 | 1,348,000 | ||
Commercial and Industrial | Current and accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 5,225,205,000 | 4,114,127,000 | ||
Consumer and Other | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 354,272,000 | 352,663,000 | $ 266,129,000 | |
Nonaccrual loans | [1] | 983,000 | 0 | |
Total Loans | 354,272,000 | 352,663,000 | ||
Consumer and Other | Purchase credit impaired, accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 0 | 0 | ||
Consumer and Other | Purchase credit impaired, nonaccruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual loans | 0 | 0 | ||
Consumer and Other | Financing Receivables 30 To 89 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 3,276,000 | 6,311,000 | ||
Consumer and Other | Financing Receivables, Equal to Greater than 90 Days Past Due and Still Accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | 476,000 | 1,276,000 | ||
Consumer and Other | Current and accruing | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans | $ 349,537,000 | $ 345,076,000 | ||
[1] | (1)Approximately $52.5 million and $45.8 million of nonaccrual loans as of December 31, 2018 and December 31, 2017, respectively, were performing pursuant to their contractual terms at those dates. |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses Loans and Allowance for Loan Losses - Details on Allowance for Loan Losses and Recorded Investment by Loan Classification (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Beginning Balance | $ 67,240,000 | $ 58,980,000 | $ 65,432,000 | $ 67,240,000 | $ 58,980,000 | $ 65,432,000 | |||||||||
Charged-off loans | (30,400,000) | (22,046,000) | (31,112,000) | ||||||||||||
Recovery of previously charged-off loans | 12,358,000 | 6,642,000 | 6,332,000 | ||||||||||||
Provision for loan losses | $ 9,319,000 | $ 8,725,000 | $ 9,402,000 | 6,931,000 | $ 6,281,000 | $ 6,920,000 | $ 6,812,000 | 3,651,000 | $ 3,046,000 | $ 6,108,000 | $ 5,280,000 | 3,894,000 | 34,377,000 | 23,664,000 | 18,328,000 |
Ending Balance | 83,575,000 | 67,240,000 | 58,980,000 | 83,575,000 | 67,240,000 | 58,980,000 | |||||||||
Collectively Evaluated for Impairment | 78,934,000 | 63,147,000 | 57,014,000 | 78,934,000 | 63,147,000 | 57,014,000 | |||||||||
Individually Evaluated for Impairment | 3,964,000 | 2,198,000 | 1,092,000 | 3,964,000 | 2,198,000 | 1,092,000 | |||||||||
Ending Balance | 83,575,000 | 67,240,000 | 58,980,000 | 83,575,000 | 67,240,000 | 58,980,000 | |||||||||
Collectively Evaluated for Impairment | 17,599,074,000 | 15,531,482,000 | 8,407,338,000 | 17,599,074,000 | 15,531,482,000 | 8,407,338,000 | |||||||||
Individually Evaluated for Impairment | 83,146,000 | 58,979,000 | 33,750,000 | 83,146,000 | 58,979,000 | 33,750,000 | |||||||||
Loans acquired with deteriorated credit quality | 25,329,000 | 42,655,000 | 8,837,000 | 25,329,000 | 42,655,000 | 8,837,000 | |||||||||
Loans | 17,707,549,000 | 15,633,116,000 | 8,449,925,000 | 17,707,549,000 | 15,633,116,000 | 8,449,925,000 | |||||||||
Financial Asset Acquired with Credit Deterioration | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Individually Evaluated for Impairment | 0 | 573,000 | 0 | 0 | 573,000 | 0 | |||||||||
Commercial Real Estate | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Beginning Balance | 21,188,000 | 13,655,000 | 15,513,000 | 21,188,000 | 13,655,000 | 15,513,000 | |||||||||
Charged-off loans | (3,030,000) | (633,000) | (276,000) | ||||||||||||
Recovery of previously charged-off loans | 2,096,000 | 671,000 | 208,000 | ||||||||||||
Provision for loan losses | 6,692,000 | 7,495,000 | (1,790,000) | ||||||||||||
Ending Balance | 26,946,000 | 21,188,000 | 13,655,000 | 26,946,000 | 21,188,000 | 13,655,000 | |||||||||
Collectively Evaluated for Impairment | 26,222,000 | 20,753,000 | 13,595,000 | 26,222,000 | 20,753,000 | 13,595,000 | |||||||||
Individually Evaluated for Impairment | 724,000 | 95,000 | 60,000 | 724,000 | 95,000 | 60,000 | |||||||||
Ending Balance | 26,946,000 | 21,188,000 | 13,655,000 | 26,946,000 | 21,188,000 | 13,655,000 | |||||||||
Collectively Evaluated for Impairment | 7,124,117,000 | 6,630,593,000 | 3,188,361,000 | 7,124,117,000 | 6,630,593,000 | 3,188,361,000 | |||||||||
Individually Evaluated for Impairment | 28,838,000 | 18,214,000 | 2,750,000 | 28,838,000 | 18,214,000 | 2,750,000 | |||||||||
Loans acquired with deteriorated credit quality | 11,999,000 | 20,803,000 | 2,385,000 | 11,999,000 | 20,803,000 | 2,385,000 | |||||||||
Loans | 7,164,954,000 | 6,669,610,000 | 3,193,496,000 | 7,164,954,000 | 6,669,610,000 | 3,193,496,000 | |||||||||
Commercial Real Estate | Financial Asset Acquired with Credit Deterioration | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Individually Evaluated for Impairment | 0 | 340,000 | 0 | 0 | 340,000 | 0 | |||||||||
Consumer Real Estate | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Beginning Balance | 5,031,000 | 6,564,000 | 7,220,000 | 5,031,000 | 6,564,000 | 7,220,000 | |||||||||
Charged-off loans | (1,593,000) | (1,461,000) | (788,000) | ||||||||||||
Recovery of previously charged-off loans | 2,653,000 | 1,516,000 | 546,000 | ||||||||||||
Provision for loan losses | 1,579,000 | (1,588,000) | (414,000) | ||||||||||||
Ending Balance | 7,670,000 | 5,031,000 | 6,564,000 | 7,670,000 | 5,031,000 | 6,564,000 | |||||||||
Collectively Evaluated for Impairment | 6,227,000 | 4,460,000 | 5,874,000 | 6,227,000 | 4,460,000 | 5,874,000 | |||||||||
Individually Evaluated for Impairment | 1,443,000 | 410,000 | 690,000 | 1,443,000 | 410,000 | 690,000 | |||||||||
Ending Balance | 7,670,000 | 5,031,000 | 6,564,000 | 7,670,000 | 5,031,000 | 6,564,000 | |||||||||
Collectively Evaluated for Impairment | 2,808,142,000 | 2,534,996,000 | 1,174,456,000 | 2,808,142,000 | 2,534,996,000 | 1,174,456,000 | |||||||||
Individually Evaluated for Impairment | 27,111,000 | 12,172,000 | 8,941,000 | 27,111,000 | 12,172,000 | 8,941,000 | |||||||||
Loans acquired with deteriorated credit quality | 9,194,000 | 14,046,000 | 2,520,000 | 9,194,000 | 14,046,000 | 2,520,000 | |||||||||
Loans | 2,844,447,000 | 2,561,214,000 | 1,185,917,000 | 2,844,447,000 | 2,561,214,000 | 1,185,917,000 | |||||||||
Consumer Real Estate | Financial Asset Acquired with Credit Deterioration | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Individually Evaluated for Impairment | 0 | 161,000 | 0 | 0 | 161,000 | 0 | |||||||||
Construction and Land Development | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Beginning Balance | 8,962,000 | 3,624,000 | 2,903,000 | 8,962,000 | 3,624,000 | 2,903,000 | |||||||||
Charged-off loans | (74,000) | (137,000) | (231,000) | ||||||||||||
Recovery of previously charged-off loans | 1,863,000 | 1,136,000 | 545,000 | ||||||||||||
Provision for loan losses | 377,000 | 4,339,000 | 407,000 | ||||||||||||
Ending Balance | 11,128,000 | 8,962,000 | 3,624,000 | 11,128,000 | 8,962,000 | 3,624,000 | |||||||||
Collectively Evaluated for Impairment | 11,100,000 | 8,879,000 | 3,604,000 | 11,100,000 | 8,879,000 | 3,604,000 | |||||||||
Individually Evaluated for Impairment | 28,000 | 66,000 | 20,000 | 28,000 | 66,000 | 20,000 | |||||||||
Ending Balance | 11,128,000 | 8,962,000 | 3,624,000 | 11,128,000 | 8,962,000 | 3,624,000 | |||||||||
Collectively Evaluated for Impairment | 2,066,613,000 | 1,896,553,000 | 906,053,000 | 2,066,613,000 | 1,896,553,000 | 906,053,000 | |||||||||
Individually Evaluated for Impairment | 2,367,000 | 5,167,000 | 3,212,000 | 2,367,000 | 5,167,000 | 3,212,000 | |||||||||
Loans acquired with deteriorated credit quality | 3,475,000 | 6,568,000 | 3,408,000 | 3,475,000 | 6,568,000 | 3,408,000 | |||||||||
Loans | 2,072,455,000 | 1,908,288,000 | 912,673,000 | 2,072,455,000 | 1,908,288,000 | 912,673,000 | |||||||||
Construction and Land Development | Financial Asset Acquired with Credit Deterioration | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Individually Evaluated for Impairment | 0 | 17,000 | 0 | 0 | 17,000 | 0 | |||||||||
Commercial and Industrial | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Beginning Balance | 24,863,000 | 24,743,000 | 23,643,000 | 24,863,000 | 24,743,000 | 23,643,000 | |||||||||
Charged-off loans | (13,175,000) | (4,297,000) | (5,801,000) | ||||||||||||
Recovery of previously charged-off loans | 3,035,000 | 1,317,000 | 2,138,000 | ||||||||||||
Provision for loan losses | 17,008,000 | 3,100,000 | 4,763,000 | ||||||||||||
Ending Balance | 31,731,000 | 24,863,000 | 24,743,000 | 31,731,000 | 24,863,000 | 24,743,000 | |||||||||
Collectively Evaluated for Impairment | 30,290,000 | 23,181,000 | 24,648,000 | 30,290,000 | 23,181,000 | 24,648,000 | |||||||||
Individually Evaluated for Impairment | 1,441,000 | 1,627,000 | 95,000 | 1,441,000 | 1,627,000 | 95,000 | |||||||||
Ending Balance | 31,731,000 | 24,863,000 | 24,743,000 | 31,731,000 | 24,863,000 | 24,743,000 | |||||||||
Collectively Evaluated for Impairment | 5,246,913,000 | 4,116,677,000 | 2,872,855,000 | 5,246,913,000 | 4,116,677,000 | 2,872,855,000 | |||||||||
Individually Evaluated for Impairment | 23,847,000 | 23,426,000 | 18,331,000 | 23,847,000 | 23,426,000 | 18,331,000 | |||||||||
Loans acquired with deteriorated credit quality | 661,000 | 1,238,000 | 524,000 | 661,000 | 1,238,000 | 524,000 | |||||||||
Loans | 5,271,421,000 | 4,141,341,000 | 2,891,710,000 | 5,271,421,000 | 4,141,341,000 | 2,891,710,000 | |||||||||
Commercial and Industrial | Financial Asset Acquired with Credit Deterioration | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Individually Evaluated for Impairment | 0 | 55,000 | 0 | 0 | 55,000 | 0 | |||||||||
Consumer and Other | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Beginning Balance | 5,874,000 | 9,520,000 | 15,616,000 | 5,874,000 | 9,520,000 | 15,616,000 | |||||||||
Charged-off loans | (12,528,000) | (15,518,000) | (24,016,000) | ||||||||||||
Recovery of previously charged-off loans | 2,711,000 | 2,002,000 | 2,895,000 | ||||||||||||
Provision for loan losses | 9,366,000 | 9,870,000 | 15,025,000 | ||||||||||||
Ending Balance | 5,423,000 | 5,874,000 | 9,520,000 | 5,423,000 | 5,874,000 | 9,520,000 | |||||||||
Collectively Evaluated for Impairment | 5,095,000 | 5,874,000 | 9,293,000 | 5,095,000 | 5,874,000 | 9,293,000 | |||||||||
Individually Evaluated for Impairment | 328,000 | 0 | 227,000 | 328,000 | 0 | 227,000 | |||||||||
Ending Balance | 5,423,000 | 5,874,000 | 9,520,000 | 5,423,000 | 5,874,000 | 9,520,000 | |||||||||
Collectively Evaluated for Impairment | 353,289,000 | 352,663,000 | 265,613,000 | 353,289,000 | 352,663,000 | 265,613,000 | |||||||||
Individually Evaluated for Impairment | 983,000 | 0 | 516,000 | 983,000 | 0 | 516,000 | |||||||||
Loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Loans | 354,272,000 | 352,663,000 | 266,129,000 | 354,272,000 | 352,663,000 | 266,129,000 | |||||||||
Consumer and Other | Financial Asset Acquired with Credit Deterioration | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Unallocated Financing Receivables | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||||
Beginning Balance | $ 1,322,000 | $ 874,000 | $ 537,000 | 1,322,000 | 874,000 | 537,000 | |||||||||
Charged-off loans | 0 | 0 | |||||||||||||
Recovery of previously charged-off loans | 0 | 0 | |||||||||||||
Provision for loan losses | (645,000) | 448,000 | 337,000 | ||||||||||||
Ending Balance | 677,000 | 1,322,000 | 874,000 | 677,000 | 1,322,000 | 874,000 | |||||||||
Ending Balance | $ 677,000 | $ 1,322,000 | $ 874,000 | $ 677,000 | $ 1,322,000 | $ 874,000 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses Loans and Allowance for Loan Losses, Purchased Credit Impaired Loans (Details) - Financial Asset Acquired with Credit Deterioration - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and Allowance for Loan Losses - Purchase Credit Impaired [Line Items] | |||
Purchased Loans Contractually Required Principal And Interest | $ 0 | $ 94,312,000 | $ 1,359,000 |
Purchased Loans Cash Flows Expected To Be Collected | 0 | 48,498,000 | 547,000 |
Purchased Credit Impaired Loans Acquisition Date Fair Value | $ 0 | $ 48,302,000 | $ 547,000 |
Premises and Equipment and Le_3
Premises and Equipment and Lease Commitments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 380,209,000 | $ 363,151,000 | |
Accumulated depreciation and amortization | (114,649,000) | (97,137,000) | |
Property, Plant and Equipment, Net | 265,560,000 | 266,014,000 | |
Depreciation and amortization expense | 21,500,000 | 13,700,000 | $ 9,900,000 |
Rent expense | 12,400,000 | 11,900,000 | $ 8,400,000 |
Capital Leases, Income Statement, Amortization Expense | $ 225,000 | ||
Capital lease interest rate | 7.22% | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,019 | $ 12,889,000 | ||
2,020 | 11,805,000 | ||
2,021 | 11,527,000 | ||
2,022 | 9,410,000 | ||
2,023 | 8,820,000 | ||
Thereafter | 43,730,000 | ||
Total | 98,181,000 | ||
Capital Leases, Future Minimum Payments Due, Rolling Maturity [Abstract] | |||
2,019 | 470,000 | ||
2,020 | 470,000 | ||
2,021 | 470,000 | ||
2,022 | 470,000 | ||
2,023 | 479,000 | ||
Thereafter | 2,548,000 | ||
Total minimum lease payments | 4,907,000 | ||
Less: amount representing interest | (1,437,000) | ||
Present value of net minimum lease payments | 3,470,000 | ||
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 64,898,000 | 65,649,000 | |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 170,829,000 | 164,748,000 | |
Building | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Range of Useful Lives | 15 years | ||
Building | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Range of Useful Lives | 30 years | ||
Leaseholds and Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 43,536,000 | 38,913,000 | |
Leaseholds and Leasehold Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Range of Useful Lives | 15 years | ||
Leaseholds and Leasehold Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Range of Useful Lives | 20 years | ||
Furniture and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 100,946,000 | $ 93,841,000 | |
Furniture and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Range of Useful Lives | 3 years | ||
Furniture and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Range of Useful Lives | 20 years |
Deposits (Details)
Deposits (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Time Deposits, Fiscal Year Maturity [Abstract] | ||
2,019 | $ 2,458,837,000 | |
2,020 | 717,024,000 | |
2,021 | 246,827,000 | |
2,022 | 33,925,000 | |
2,023 | 9,330,000 | |
Thereafter | 2,300,000 | |
Time deposits, Total | 3,468,243,000 | $ 2,534,061,000 |
Time Deposits, $100,000 or More | 1,800,000,000 | 1,300,000,000 |
Time Deposits, $250,000 or greater | 819,300,000 | 495,600,000 |
Deposit accounts in overdraft status | $ 1,700,000 | $ 3,500,000 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 01, 2016 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Federal Home Loan Bank Advances | $ 1,443,589,000 | $ 1,319,909,000 | |
FHLB Collateral Pledged | 5,900,000,000 | ||
Remaining discount on Federal home loan bank advances | $ 13,000 | $ 167,000 | |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |||
2,019 | 356,000,000 | ||
2,020 | 297,572,000 | ||
2,021 | 398,750,000 | ||
2,022 | 41,250,000 | ||
2,023 | 0 | ||
Thereafter | 350,017,000 | ||
Federal home loan bank advances, Total | 1,443,589,000 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |||
Borrowing availability with FHLB, FRB Discount Window and other correspondent banks | $ 6,200,000,000 | ||
Weighted Average | |||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |||
2,019 | 1.64% | ||
2,020 | 1.83% | ||
2,021 | 2.44% | ||
2,022 | 2.85% | ||
2,023 | 0.00% | ||
Thereafter | 2.36% | ||
Weighted average interest rate | 2.11% |
Other borrowings (Details)
Other borrowings (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | |||
Subordinated debt and other borrowings | $ 485,130,000 | $ 465,505,000 | |
Debt issuance costs and fair value adjustments | $ (7,745,000) | ||
Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Date Established | [1] | Apr. 26, 2018 | |
Maturity | [1] | Apr. 25, 2019 | |
Subordinated debt and other borrowings | [1] | $ 20,000,000 | |
Interest Rate (as percent) | [1] | 4.10% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | ||
Pinnacle Statutory Trust I | |||
Debt Instrument [Line Items] | |||
Date Established | Dec. 29, 2003 | ||
Maturity | Dec. 30, 2033 | ||
Subordinated debt and other borrowings | $ 10,310,000 | ||
Interest Rate (as percent) | 5.59% | ||
Coupon Structure | 30-day LIBOR + 2.80% | ||
Debt Instrument, Basis Spread on Variable Rate | 2.80% | ||
Pinnacle Statutory Trust II | |||
Debt Instrument [Line Items] | |||
Date Established | Sep. 15, 2005 | ||
Maturity | Sep. 30, 2035 | ||
Subordinated debt and other borrowings | $ 20,619,000 | ||
Interest Rate (as percent) | 4.20% | ||
Coupon Structure | 30-day LIBOR + 1.40% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | ||
Pinnacle Statutory Trust III | |||
Debt Instrument [Line Items] | |||
Date Established | Sep. 7, 2006 | ||
Maturity | Sep. 30, 2036 | ||
Subordinated debt and other borrowings | $ 20,619,000 | ||
Interest Rate (as percent) | 4.45% | ||
Coupon Structure | 30-day LIBOR + 1.65% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | ||
Pinnacle Statutory Trust IV | |||
Debt Instrument [Line Items] | |||
Date Established | Oct. 31, 2007 | ||
Maturity | Sep. 30, 2037 | ||
Subordinated debt and other borrowings | $ 30,928,000 | ||
Interest Rate (as percent) | 5.64% | ||
Coupon Structure | 30-day LIBOR + 2.85% | ||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | ||
BNC Capital Trust I | |||
Debt Instrument [Line Items] | |||
Date Established | Apr. 3, 2003 | ||
Maturity | Apr. 15, 2033 | ||
Subordinated debt and other borrowings | $ 5,155,000 | ||
Interest Rate (as percent) | 5.69% | ||
Coupon Structure | 30-day LIBOR + 3.25% | ||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||
BNC Capital Trust II | |||
Debt Instrument [Line Items] | |||
Date Established | Mar. 11, 2004 | ||
Maturity | Apr. 7, 2034 | ||
Subordinated debt and other borrowings | $ 6,186,000 | ||
Interest Rate (as percent) | 5.29% | ||
Coupon Structure | 30-day LIBOR + 2.85% | ||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | ||
BNC Capital Trust III | |||
Debt Instrument [Line Items] | |||
Date Established | Sep. 23, 2004 | ||
Maturity | Sep. 23, 2034 | ||
Subordinated debt and other borrowings | $ 5,155,000 | ||
Interest Rate (as percent) | 4.84% | ||
Coupon Structure | 30-day LIBOR + 2.40% | ||
Debt Instrument, Basis Spread on Variable Rate | 2.40% | ||
BNC Capital Trust IV | |||
Debt Instrument [Line Items] | |||
Date Established | Sep. 27, 2006 | ||
Maturity | Dec. 31, 2036 | ||
Subordinated debt and other borrowings | $ 7,217,000 | ||
Interest Rate (as percent) | 4.50% | ||
Coupon Structure | 30-day LIBOR + 1.70% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | ||
Valley Financial Trust I | |||
Debt Instrument [Line Items] | |||
Date Established | Jun. 26, 2003 | ||
Maturity | Jun. 26, 2033 | ||
Subordinated debt and other borrowings | $ 4,124,000 | ||
Interest Rate (as percent) | 5.92% | ||
Coupon Structure | 30-day LIBOR + 3.10% | ||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | ||
Valley Financial Trust II | |||
Debt Instrument [Line Items] | |||
Date Established | Sep. 26, 2005 | ||
Maturity | Dec. 15, 2035 | ||
Subordinated debt and other borrowings | $ 7,217,000 | ||
Interest Rate (as percent) | 4.28% | ||
Coupon Structure | 30-day LIBOR + 1.49% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.49% | ||
Valley Financial Trust III | |||
Debt Instrument [Line Items] | |||
Date Established | Dec. 15, 2006 | ||
Maturity | Jan. 30, 2037 | ||
Subordinated debt and other borrowings | $ 5,155,000 | ||
Interest Rate (as percent) | 4.25% | ||
Coupon Structure | 30-day LIBOR + 1.73% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.73% | ||
Southcoast Capital Trust III | |||
Debt Instrument [Line Items] | |||
Date Established | Aug. 5, 2005 | ||
Maturity | Sep. 30, 2035 | ||
Subordinated debt and other borrowings | $ 10,310,000 | ||
Interest Rate (as percent) | 4.30% | ||
Coupon Structure | 30-day LIBOR + 1.50% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Pinnacle Bank Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Date Established | Jul. 30, 2015 | ||
Maturity | Jul. 30, 2025 | ||
Subordinated debt and other borrowings | [2] | $ 60,000,000 | |
Interest Rate (as percent) | [2] | 4.875% | |
Coupon Structure | LIBOR + 3.128% | ||
Debt Instrument, Basis Spread on Variable Rate | 3.128% | ||
Pinnacle Bank Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Date Established | Mar. 10, 2016 | ||
Maturity | Jul. 30, 2025 | ||
Subordinated debt and other borrowings | [2] | $ 70,000,000 | |
Interest Rate (as percent) | [2] | 4.875% | |
Coupon Structure | LIBOR + 3.128% | ||
Debt Instrument, Basis Spread on Variable Rate | 3.128% | ||
Avenue Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Date Established | Dec. 29, 2014 | ||
Maturity | Dec. 29, 2024 | ||
Subordinated debt and other borrowings | [3] | $ 20,000,000 | |
Interest Rate (as percent) | [3] | 6.75% | |
Coupon Structure | LIBOR + 4.95% | ||
Debt Instrument, Term of variable rate | 3 months | ||
Debt Instrument, Basis Spread on Variable Rate | 4.95% | ||
Pinnacle Financial Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Date Established | Nov. 16, 2016 | ||
Maturity | Nov. 16, 2026 | ||
Subordinated debt and other borrowings | [4] | $ 120,000,000 | |
Interest Rate (as percent) | [4] | 5.25% | |
Coupon Structure | LIBOR + 3.884% | ||
Debt Instrument, Term of variable rate | 3 months | ||
Debt Instrument, Basis Spread on Variable Rate | 3.884% | ||
BNC Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Date Established | Sep. 25, 2014 | ||
Maturity | Oct. 1, 2024 | ||
Subordinated debt and other borrowings | [5] | $ 60,000,000 | |
Interest Rate (as percent) | [5] | 5.50% | |
Coupon Structure | LIBOR + 3.59% | ||
Debt Instrument, Term of variable rate | 3 months | ||
Debt Instrument, Basis Spread on Variable Rate | 3.59% | ||
BNC Subordinated Note | |||
Debt Instrument [Line Items] | |||
Date Established | Oct. 15, 2013 | ||
Maturity | Oct. 15, 2023 | ||
Subordinated debt and other borrowings | [6] | $ 9,880,000 | |
Interest Rate (as percent) | [6] | 7.34% | |
Coupon Structure | 30-day LIBOR + 5.50% | ||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | ||
BNC Bancorp | Minimum | BNC Subordinated Notes Assumed Due October 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate (as percent) | 5.00% | ||
BNC Bancorp | Maximum | BNC Subordinated Notes Assumed Due October 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate (as percent) | 9.50% | ||
[1] | Borrowing capacity on the revolving credit facility is $75.0 million. An unused fee of 0.35% is assessed on the average daily unused amount of the loan. | ||
[2] | Migrates to three month LIBOR + 3.128% beginning July 30, 2020 through the end of the term. | ||
[3] | Migrates to three month LIBOR + 4.95% beginning January 1, 2020 through the end of the term. | ||
[4] | Migrates to three month LIBOR + 3.884% beginning November 16, 2021 through the end of the term. | ||
[5] | Migrates to three month LIBOR + 3.59% beginning October 1, 2019 through the end of the term if not redeemed on that date. | ||
[6] | Coupon structure includes a floor of 5.0% and a cap of 9.5%. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 | $ 0 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | 73,921,000 | 63,496,000 | 49,769,000 |
Current State and Local Tax Expense (Benefit) | 4,822,000 | 860,000 | 0 |
Total current tax expense (benefit) | 78,743,000 | 64,356,000 | 49,769,000 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | 10,162,000 | 26,339,000 | 12,776,000 |
State | 1,603,000 | 1,826,000 | 1,614,000 |
Total deferred tax expense (benefit) | 11,765,000 | 59,651,000 | 14,390,000 |
Income tax expense (benefit) | $ 90,508,000 | $ 124,007,000 | $ 64,159,000 |
Federal income tax statutory rate | 21.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax expense (benefit) at statutory rate | $ 94,489,000 | $ 104,295,000 | $ 66,984,000 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 5,076,000 | 1,746,000 | 1,049,000 |
Tax-exempt securities | 7,222,000 | 5,666,000 | 2,510,000 |
Federal tax credits | (845,000) | (434,000) | (282,000) |
Bank owned life insurance | (2,764,000) | (2,778,000) | (1,242,000) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Life Insurance, Amount | (112,000) | (283,000) | (159,000) |
Deferred tax revaluation expense | 0 | 31,486,000 | 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | (2,966,000) | (5,365,000) | 0 |
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | 0 | 0 | 0 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 4,852,000 | 1,006,000 | 319,000 |
Income tax expense (benefit) | 90,508,000 | 124,007,000 | 64,159,000 |
Deferred Tax Assets, Net [Abstract] | |||
Loan loss allowance | 20,449,000 | 16,240,000 | |
Loans | 29,453,000 | 46,567,000 | |
Insurance | 1,955,000 | 614,000 | |
Accrued liability for supplemental retirement agreements | 6,231,000 | 7,413,000 | |
Restricted stock and stock options | 9,026,000 | 8,232,000 | |
Investments | 15,974,000 | 0 | |
Cash flow hedge | 459,000 | 499,000 | |
Equity Method Investments | 602,000 | 635,000 | |
Leases | 1,460,000 | 1,738,000 | |
Other real estate owned | 1,158,000 | 2,809,000 | |
Net operating loss carryforward | 13,754,000 | 18,085,000 | |
Accrued Bonuses | 9,996,000 | 2,922,000 | |
Other deferred tax assets | 2,503,000 | 2,451,000 | |
Total deferred tax assets | 113,020,000 | 108,205,000 | |
Deferred Tax Liabilities, Net [Abstract] | |||
Depreciation and amortization | 11,769,000 | 11,504,000 | |
Core deposit intangible asset | 11,408,000 | 14,073,000 | |
Securities | 0 | 616,000 | |
REIT dividends | 1,589,000 | 3,073,000 | |
FHLB related liabilities | 925,000 | 922,000 | |
Subordinated debt | 1,134,000 | 1,077,000 | |
Other deferred tax liabilities | 1,444,000 | 1,171,000 | |
Total deferred tax liabilities | 28,269,000 | 32,436,000 | |
Net deferred tax assets | 84,751,000 | 75,769,000 | |
Unrecognized tax benefits, beginning of period | 2,838,000 | 1,274,000 | 134,000 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 2,245,000 | 1,564,000 | 1,140,000 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 0 | 0 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | 0 | 0 |
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | 0 | 0 | 0 |
Unrecognized tax benefits, end of period | $ 5,083,000 | $ 2,838,000 | $ 1,274,000 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Loss Contingencies [Line Items] | |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 2,900 |
Commitments to Extend Credit | |
Loss Contingencies [Line Items] | |
Amount of commitment | 6,922,000 |
Commitments to Extend Credit | Home equity | |
Loss Contingencies [Line Items] | |
Amount of commitment | 974,000 |
Standby Letters of Credit | |
Loss Contingencies [Line Items] | |
Amount of commitment | $ 177,500 |
Maximum | |
Loss Contingencies [Line Items] | |
Expiry period of standby letter of credit, maximum | 2 years |
Salary Deferral Plans (Details)
Salary Deferral Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangements [Abstract] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | ||
Percentage of employee self-directed contributions matched by employer | 4.00% | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Compensation expense | $ 7,600,000 | $ 5,900,000 | $ 4,000,000 |
Other liabilities | 158,951,000 | 114,890,000 | |
Supplemental Employee Retirement Plan | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Other liabilities | 28,100,000 | $ 34,400,000 | |
SERP covered by Rabbi Trust | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Other liabilities | $ 28,900,000 |
Stock Options, Stock Apprecia_3
Stock Options, Stock Appreciation Rights, Restricted Shares and Salary Stock Units (Details) - USD ($) | Jul. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,700,000 | ||||||
Vesting period | 5 years | ||||||
Exercisable period | 10 years | ||||||
Number [Roll Forward] | |||||||
Outstanding, Beginning Balance (in shares) | 274,586 | 550,490 | 1,251,601 | ||||
Granted (in shares) | 0 | 0 | 0 | ||||
Exercised (in shares) | (97,877) | (275,904) | [1] | (698,673) | |||
Forfeited (in shares) | 0 | 0 | (3) | ||||
Outstanding, Ending Balance (in shares) | 176,709 | 274,586 | 550,490 | ||||
Options exercisable (in shares) | 176,709 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Outstanding, Beginning Balance (in dollars per share) | $ 21.40 | $ 20.75 | $ 21.23 | ||||
Granted (in dollars per share) | 0 | 0 | 0 | ||||
Exercised (in dollars per share) | 18.91 | 20.09 | [1] | 21.63 | |||
Forfeited (in dollars per share) | 0 | 0 | 29.50 | ||||
Outstanding, Ending Balance (in dollars per share) | $ 22.77 | $ 21.40 | $ 20.75 | ||||
Options exercisable (in dollars per share) | $ 22.77 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||||
Outstanding | 2 years 2 months 23 days | ||||||
Options exercisable | 2 years 2 months 23 days | ||||||
Aggregate intrinsic value [Abstract] | |||||||
Outstanding | [2] | $ 4,123,000 | |||||
Options exercisable | [2] | $ 4,123,000 | |||||
Quoted closing price of common stock (in dollars per share) | $ 46.10 | ||||||
Number Of Shares Settled During Period Stock Appreciation Rights Exercised | 1,137 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2,700,000 | $ 12,700,000 | $ 21,700,000 | ||||
Share-based Compensation [Abstract] | |||||||
Restricted stock expense | 17,636,000 | 19,538,000 | 10,971,000 | ||||
Income tax benefit | 4,610,000 | 7,665,000 | 4,306,000 | ||||
Restricted stock expense, net of income tax benefit | $ 13,026,000 | $ 11,873,000 | $ 6,665,000 | ||||
Unrecognized restricted share expense | $ 32,900,000 | ||||||
Weighted average period over which unrecognized restricted share expense will be recognized | 1 year 9 months 7 days | ||||||
Number [Roll Forward] | |||||||
Unvested, beginning of period (in shares) | 936,135 | 820,539 | 866,314 | ||||
Shares awards | 180,450 | 261,942 | 177,664 | ||||
Conversion of previously awarded restricted share units to restricted share awards | 6,200 | 43,680 | 43,694 | ||||
Restrictions lapsed and shares released to associates/directors (in shares) | (400,820) | (292,896) | (245,873) | ||||
Shares forfeited (in shares) | (29,159) | (34,020) | (21,260) | ||||
Unvested, end of period (in shares) | 692,806 | 936,135 | 820,539 | ||||
Grant date weighted average cost [Roll Forward] | |||||||
Unvested, beginning of period (in dollars per share) | $ 50.08 | $ 36.47 | $ 31.39 | ||||
Shares awarded (in dollars per share) | 62.40 | 67.14 | 48.61 | ||||
Conversion of restricted share units to restricted share awards (in dollars per share) | 67.85 | 69.40 | 46.37 | ||||
Restrictions lapsed and shares released to associates/directors (in dollars per share) | 46.33 | 37.59 | 28.39 | ||||
Shares forfeited (in dollars per share) | 59.51 | 54.71 | 39.88 | ||||
Unvested, end of period (in dollars per share) | $ 55.19 | $ 50.08 | $ 36.47 | ||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | [3] | 5 years | |||||
Shares awards | 180,450 | 261,942 | 177,664 | ||||
Shares forfeited (in shares) | (29,159) | (34,020) | (21,260) | ||||
Shares Unvested (in shares) | 936,135 | 820,539 | 866,314 | 692,806 | |||
Restricted Stock Units [Abstract] | |||||||
Shares awards | 180,450 | 261,942 | 177,664 | ||||
Service period per tranche (in years) | 5 years | ||||||
Stock-based compensation expense | $ 17,636,000 | $ 19,538,000 | $ 10,971,000 | ||||
Employee Stock Option | |||||||
Number [Roll Forward] | |||||||
Outstanding, Ending Balance (in shares) | 176,709 | ||||||
Stock Swap | |||||||
Number [Roll Forward] | |||||||
Exercised (in shares) | (750) | ||||||
Aggregate intrinsic value [Abstract] | |||||||
Number of shares settled during period Stock Swap | 277 | ||||||
Stock Appreciation Rights | |||||||
Number [Roll Forward] | |||||||
Exercised (in shares) | [4] | (2,435) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Exercised (in dollars per share) | [4] | $ 15.60 | |||||
Time Based Awards 2016 | |||||||
Number [Roll Forward] | |||||||
Shares awards | [3] | 143,273 | |||||
Shares forfeited (in shares) | [3],[5] | (17,942) | |||||
Unvested, end of period (in shares) | [3] | 73,508 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [3] | 143,273 | |||||
Restrictions lapsed and shares released to participants (in shares) | [3] | 37,574 | |||||
Shares withheld for taxes by participants (in shares) | [3] | 14,249 | |||||
Shares forfeited (in shares) | [3],[5] | (17,942) | |||||
Shares Unvested (in shares) | [3] | 73,508 | 73,508 | ||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [3] | 143,273 | |||||
Time Based Awards 2017 | |||||||
Number [Roll Forward] | |||||||
Shares awards | [3] | 248,265 | |||||
Shares forfeited (in shares) | [3],[5] | (27,647) | |||||
Unvested, end of period (in shares) | [3] | 165,316 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [3] | 248,265 | |||||
Restrictions lapsed and shares released to participants (in shares) | [3] | 42,615 | |||||
Shares withheld for taxes by participants (in shares) | [3] | 12,687 | |||||
Shares forfeited (in shares) | [3],[5] | (27,647) | |||||
Shares Unvested (in shares) | [3] | 165,316 | 165,316 | ||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [3] | 248,265 | |||||
Time Based Awards 2017 | BNC Bancorp | |||||||
Number [Roll Forward] | |||||||
Shares awards | [3],[6] | 136,890 | |||||
Shares forfeited (in shares) | [3],[5],[6] | (1,292) | |||||
Unvested, end of period (in shares) | [3],[6] | 48,122 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [3],[6] | 136,890 | |||||
Restrictions lapsed and shares released to participants (in shares) | [3],[6] | 85,061 | |||||
Shares withheld for taxes by participants (in shares) | [3],[6] | 2,415 | |||||
Shares forfeited (in shares) | [3],[5],[6] | (1,292) | |||||
Shares Unvested (in shares) | [3],[6] | 48,122 | 48,122 | ||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [3],[6] | 136,890 | |||||
Time Based Awards 2017 | Associates | Minimum | |||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | 3 years | ||||||
Time Based Awards 2017 | Associates | Minimum | BNC Bancorp | |||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | 3 years | ||||||
Time Based Awards 2017 | Associates | Maximum | |||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | 5 years | ||||||
Time Based Awards 2017 | Associates | Maximum | BNC Bancorp | |||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | 5 years | ||||||
Time Based Awards 2018 | |||||||
Number [Roll Forward] | |||||||
Shares awards | [3] | 147,601 | |||||
Shares forfeited (in shares) | [3],[5] | (4,927) | |||||
Unvested, end of period (in shares) | [3] | 142,361 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [3] | 147,601 | |||||
Restrictions lapsed and shares released to participants (in shares) | [3] | 224 | |||||
Shares withheld for taxes by participants (in shares) | [3] | 89 | |||||
Shares forfeited (in shares) | [3],[5] | (4,927) | |||||
Shares Unvested (in shares) | [3] | 142,361 | 142,361 | ||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [3] | 147,601 | |||||
Time Based Awards 2018 | BNC Bancorp | |||||||
Number [Roll Forward] | |||||||
Shares awards | [3],[6] | 16,777 | |||||
Shares forfeited (in shares) | [3],[5],[6] | (500) | |||||
Unvested, end of period (in shares) | [3],[6] | 16,277 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [3],[6] | 16,777 | |||||
Restrictions lapsed and shares released to participants (in shares) | [3],[6] | 0 | |||||
Shares withheld for taxes by participants (in shares) | [3],[6] | 0 | |||||
Shares forfeited (in shares) | [3],[5],[6] | (500) | |||||
Shares Unvested (in shares) | [3],[6] | 16,277 | 16,277 | ||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [3],[6] | 16,777 | |||||
Time Based Awards 2018 | Associates | Minimum | |||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | 3 years | ||||||
Time Based Awards 2018 | Associates | Minimum | BNC Bancorp | |||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | 3 years | ||||||
Time Based Awards 2018 | Associates | Maximum | |||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | 5 years | ||||||
Time Based Awards 2018 | Associates | Maximum | BNC Bancorp | |||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | 5 years | ||||||
Performance Based Awards 2016 | Leadership Team | |||||||
Number [Roll Forward] | |||||||
Shares awards | [7] | 43,694 | |||||
Shares forfeited (in shares) | [5],[7] | 0 | |||||
Unvested, end of period (in shares) | [7] | 21,379 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | [7] | 3 years | |||||
Shares awards | [7] | 43,694 | |||||
Restrictions lapsed and shares released to participants (in shares) | [7] | 14,991 | |||||
Shares withheld for taxes by participants (in shares) | [7] | 7,324 | |||||
Shares forfeited (in shares) | [5],[7] | 0 | |||||
Shares Unvested (in shares) | [7] | 21,379 | 21,379 | ||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [7] | 43,694 | |||||
Performance Based Awards 2016 | Leadership Team | Avenue Financial Holdings, Inc. | |||||||
Number [Roll Forward] | |||||||
Shares awards | [8] | 15,468 | |||||
Shares forfeited (in shares) | [5],[8] | 0 | |||||
Unvested, end of period (in shares) | [8] | 10,314 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | [8] | 3 years | |||||
Shares awards | [8] | 15,468 | |||||
Restrictions lapsed and shares released to participants (in shares) | [8] | 3,904 | |||||
Shares withheld for taxes by participants (in shares) | [8] | 1,250 | |||||
Shares forfeited (in shares) | [5],[8] | 0 | |||||
Shares Unvested (in shares) | [8] | 10,314 | 10,314 | ||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [8] | 15,468 | |||||
Performance Based Awards 2017 | Leadership Team | |||||||
Number [Roll Forward] | |||||||
Shares awards | [7] | 43,680 | |||||
Shares forfeited (in shares) | [5],[7] | 0 | |||||
Unvested, end of period (in shares) | [7] | 21,367 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | [7] | 3 years | |||||
Shares awards | [7] | 43,680 | |||||
Restrictions lapsed and shares released to participants (in shares) | [7] | 14,649 | |||||
Shares withheld for taxes by participants (in shares) | [7] | 7,664 | |||||
Shares forfeited (in shares) | [5],[7] | 0 | |||||
Shares Unvested (in shares) | [7] | 21,367 | 21,367 | ||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [7] | 43,680 | |||||
Performance Based Awards 2018 | Leadership Team | |||||||
Number [Roll Forward] | |||||||
Shares awards | [7] | 6,200 | |||||
Shares forfeited (in shares) | [5],[7] | 0 | |||||
Unvested, end of period (in shares) | [7] | 0 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | [7] | 3 years | |||||
Shares awards | [7] | 6,200 | |||||
Restrictions lapsed and shares released to participants (in shares) | [7] | 4,340 | |||||
Shares withheld for taxes by participants (in shares) | [7] | 1,860 | |||||
Shares forfeited (in shares) | [5],[7] | 0 | |||||
Shares Unvested (in shares) | [7] | 0 | 0 | ||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [7] | 6,200 | |||||
Outside Director Awards 2016 | |||||||
Number [Roll Forward] | |||||||
Shares awards | 18,923 | ||||||
Shares forfeited (in shares) | [5] | (1,186) | |||||
Unvested, end of period (in shares) | 0 | ||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | 1 year | ||||||
Shares awards | 18,923 | ||||||
Restrictions lapsed and shares released to participants (in shares) | 15,471 | ||||||
Shares withheld for taxes by participants (in shares) | 2,266 | ||||||
Shares forfeited (in shares) | [5] | (1,186) | |||||
Shares Unvested (in shares) | 0 | 0 | |||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | 18,923 | ||||||
Outside Director Awards 2017 | |||||||
Number [Roll Forward] | |||||||
Shares awards | 13,677 | ||||||
Shares forfeited (in shares) | [5] | 0 | |||||
Unvested, end of period (in shares) | 0 | ||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | 1 year | ||||||
Shares awards | 13,677 | ||||||
Restrictions lapsed and shares released to participants (in shares) | 12,139 | ||||||
Shares withheld for taxes by participants (in shares) | 1,538 | ||||||
Shares forfeited (in shares) | [5] | 0 | |||||
Shares Unvested (in shares) | 0 | 0 | |||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | 13,677 | ||||||
Outside Director Awards 2018 | |||||||
Number [Roll Forward] | |||||||
Shares awards | 16,072 | ||||||
Shares forfeited (in shares) | [5] | 0 | |||||
Unvested, end of period (in shares) | 14,924 | ||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Vesting Period in years | 1 year | ||||||
Shares awards | 16,072 | ||||||
Restrictions lapsed and shares released to participants (in shares) | 1,148 | ||||||
Shares withheld for taxes by participants (in shares) | 0 | ||||||
Shares forfeited (in shares) | [5] | 0 | |||||
Shares Unvested (in shares) | 14,924 | 14,924 | |||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | 16,072 | ||||||
2015 Restricted Share Units | Senior Executive Officers | Minimum | |||||||
Number [Roll Forward] | |||||||
Shares awards | [9] | 58,200 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [9] | 58,200 | |||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [9] | 58,200 | |||||
2015 Restricted Share Units | Senior Executive Officers | Maximum | |||||||
Number [Roll Forward] | |||||||
Shares awards | [9] | 101,850 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [9] | 101,850 | |||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [9] | 101,850 | |||||
2015 Restricted Share Units | Leadership Team | |||||||
Number [Roll Forward] | |||||||
Shares awards | 28,378 | ||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | 28,378 | ||||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | 28,378 | ||||||
2016 Restricted Share Units | Senior Executive Officers | Minimum | |||||||
Number [Roll Forward] | |||||||
Shares awards | [9] | 73,474 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [9] | 73,474 | |||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [9] | 73,474 | |||||
2016 Restricted Share Units | Senior Executive Officers | Maximum | |||||||
Number [Roll Forward] | |||||||
Shares awards | [9] | 110,223 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [9] | 110,223 | |||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [9] | 110,223 | |||||
2016 Restricted Share Units | Leadership Team | |||||||
Number [Roll Forward] | |||||||
Shares awards | 26,683 | ||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | 26,683 | ||||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | 26,683 | ||||||
2017 Restricted Share Unit | Senior Executive Officers | Minimum | |||||||
Number [Roll Forward] | |||||||
Shares awards | [9] | 72,537 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [9] | 72,537 | |||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [9] | 72,537 | |||||
2017 Restricted Share Unit | Senior Executive Officers | Maximum | |||||||
Number [Roll Forward] | |||||||
Shares awards | [9] | 109,339 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [9] | 109,339 | |||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [9] | 109,339 | |||||
2017 Restricted Share Unit | Leadership Team | |||||||
Number [Roll Forward] | |||||||
Shares awards | 24,916 | ||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | 24,916 | ||||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | 24,916 | ||||||
2018 Restricted Share Unit | Senior Executive Officers | Minimum | |||||||
Number [Roll Forward] | |||||||
Shares awards | [9] | 96,878 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [9] | 96,878 | |||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [9] | 96,878 | |||||
2018 Restricted Share Unit | Senior Executive Officers | Maximum | |||||||
Number [Roll Forward] | |||||||
Shares awards | [9] | 145,339 | |||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | [9] | 145,339 | |||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | [9] | 145,339 | |||||
2018 Restricted Share Unit | Leadership Team | |||||||
Number [Roll Forward] | |||||||
Shares awards | 25,990 | ||||||
Restricted stock grants grouped by similar vesting criteria [Abstract] | |||||||
Shares awards | 25,990 | ||||||
Restricted Stock Units [Abstract] | |||||||
Shares awards | 25,990 | ||||||
Incentive stock option | |||||||
Number [Roll Forward] | |||||||
Options exercisable (in shares) | 106,173 | ||||||
Non qualified stock options | |||||||
Number [Roll Forward] | |||||||
Options exercisable (in shares) | 70,536 | ||||||
Tranche 2015 | 2015 Restricted Share Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 3 years | ||||||
Tranche 2016 | 2015 Restricted Share Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 2 years | ||||||
Tranche 2016 | 2016 Restricted Share Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 3 years | ||||||
Tranche 2017 | 2015 Restricted Share Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 1 year | ||||||
Tranche 2017 | 2016 Restricted Share Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 2 years | ||||||
Tranche 2017 | 2017 Restricted Share Unit | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 3 years | ||||||
Tranche 2018 | 2016 Restricted Share Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 1 year | ||||||
Tranche 2018 | 2017 Restricted Share Unit | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 2 years | ||||||
Tranche 2018 | 2018 Restricted Share Unit | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 3 years | ||||||
Tranche 2019 | 2017 Restricted Share Unit | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 1 year | ||||||
Tranche 2019 | 2018 Restricted Share Unit | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 2 years | ||||||
Tranche 2020 | 2018 Restricted Share Unit | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Restricted Stock Units [Abstract] | |||||||
Service period per tranche (in years) | 2 years | ||||||
Subsequent holding period per tranche (in years) | 1 year | ||||||
Equity Incentive Plan 2014 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 500,000 | ||||||
BNC Bancorp 2013 Omnibus Stock Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 9,000 | ||||||
Number [Roll Forward] | |||||||
Shares assumed in connection with acquisition of BNC | 136,890 | ||||||
Grant date weighted average cost [Roll Forward] | |||||||
Shares awarded (in dollars per share) | $ 67.25 | ||||||
CapitalMark Plan | |||||||
Aggregate intrinsic value [Abstract] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Acquisitions in Period | 858,000 | ||||||
[1] | Includes 750 stock options which were exercised in a stock swap transaction which settled in 277 shares of Pinnacle Financial common stock. | ||||||
[2] | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of Pinnacle Financial Common Stock of $46.10 per common share at December 31, 2018 for the 176,709 options that were in-the-money at December 31, 2018. | ||||||
[3] | The forfeiture restrictions on these restricted share awards lapse in equal annual installments on the anniversary date of the grant. | ||||||
[4] | The 2,435 stock appreciation rights exercised during 2016 settled in 1,137 shares of Pinnacle Financial Common Stock. | ||||||
[5] | These shares represent forfeitures resulting from recipients whose employment or board membership is terminated during each of the years in the three-year period ended December 31, 2018 or for which the performance criteria applicable to the award are not achieved. Any dividends paid on shares for which the forfeiture restrictions do not lapse will be recouped by Pinnacle Financial at the time of termination or will not be distributed from escrow, as applicable. | ||||||
[6] | Restricted share awards issued to associates that were former associates of BNC and to Pinnacle Financial's Chairman of the Carolina's and Virginia pursuant to legacy BNC incentive plans assumed by Pinnacle Financial. | ||||||
[7] | Reflects conversion of restricted share units issued in prior years to restricted share awards. The forfeiture restrictions on these restricted share awards lapse should Pinnacle Financial achieve certain soundness targets at the end of the fifth year following the grant date. See further details of these awards under the caption "Restricted Share Units" below. | ||||||
[8] | These shares were awarded to individuals joining the leadership team upon acquisition of Avenue. The forfeiture restrictions on these restricted share awards lapse in separate equal installments should Pinnacle Financial achieve certain earnings targets over each year of the vesting period and should the recipient thereafter remain employed by Pinnacle Financial for a subsequent vesting period. | ||||||
[9] | The named executive officers are awarded a range of awards that may be earned based on attainment of goals at a target level of performance to the maximum level of performance. |
Derivative Instruments - Non-he
Derivative Instruments - Non-hedge Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement | Other noninterest income | ||
Derivative, Gain (Loss) on Derivative, Net | $ (33) | $ 39 | $ 65 |
Notional amount | 1,377,905 | 0 | |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional amount | 2,119,448 | 1,497,250 | |
Estimated fair value | (128) | (95) | |
Not Designated as Hedging Instrument | Assets | |||
Derivative [Line Items] | |||
Notional amount | 1,059,724 | 748,625 | |
Estimated fair value | 22,273 | 13,771 | |
Not Designated as Hedging Instrument | Liabilities | |||
Derivative [Line Items] | |||
Notional amount | 1,059,724 | 748,625 | |
Estimated fair value | $ (22,401) | $ (13,866) |
Derivative Instruments - Hedge
Derivative Instruments - Hedge Derivatives (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 24, 2018 | ||
Derivative [Line Items] | |||||
Closed Portfolio and Beneficial Interest, Last-of-Layer, Amortized Cost | $ 2,700,000,000 | ||||
Weighted Average Remaining Maturity Derivative | 4 years 6 months 4 days | ||||
Pay Rate (as percent) | 2.88% | ||||
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement | Other noninterest income | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (33,000) | $ 39,000 | $ 65,000 | ||
Notional amount | 1,377,905,000 | 0 | |||
Fair Value Hedges, Net | (21,833,000) | 0 | |||
Cash flow hedge | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) in Accumulated Other Comprehensive Income | 1,000,000 | ||||
Notional amount | $ 101,000,000 | ||||
Hedging derivative | Fair value hedge | Loans | |||||
Derivative [Line Items] | |||||
Derivative Instruments and Hedges, Assets | [1] | 907,037,000 | 0 | ||
Fair Value Hedging Adjustment | [1] | 7,037,000 | 0 | ||
Hedging derivative | Fair value hedge | Securities | |||||
Derivative [Line Items] | |||||
Derivative Instruments and Hedges, Assets | 513,116,000 | 0 | |||
Fair Value Hedging Adjustment | 14,796,000 | 0 | |||
Liability derivatives | Hedging derivative | Cash flow hedge | |||||
Derivative [Line Items] | |||||
Unrealized Gain (Loss) in Accumulated Other Comprehensive Income | $ 2,660,000 | 2,487,000 | (749,000) | ||
Description of Location of Interest Rate Derivatives on Balance Sheet | Other liabilities | ||||
Weighted Average Remaining Maturity Derivative | 3 years 4 months 2 days | ||||
Pay Rate (as percent) | 3.09% | ||||
Receive Rate | 3 month LIBOR | ||||
Cash Flow Hedges Derivative Instruments at Fair Value, Net | $ (1,757,000) | (4,583,000) | |||
Notional amount | $ 99,000,000 | 200,000,000 | |||
Liability derivatives | Hedging derivative | Fair value hedge | Loans | |||||
Derivative [Line Items] | |||||
Description of Location of Interest Rate Derivatives on Balance Sheet | Other liabilities | ||||
Weighted Average Remaining Maturity Derivative | 2 years 7 months 17 days | ||||
Pay Rate (as percent) | 2.77% | ||||
Receive Rate | 3 month LIBOR | ||||
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement | Interest income on loans | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (7,037,000) | 0 | 0 | ||
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | 7,037,000 | 0 | 0 | ||
Notional amount | 900,000,000 | 0 | |||
Fair Value Hedges, Net | $ (7,037,000) | 0 | |||
Liability derivatives | Hedging derivative | Fair value hedge | Securities | |||||
Derivative [Line Items] | |||||
Description of Location of Interest Rate Derivatives on Balance Sheet | Other liabilities | ||||
Weighted Average Remaining Maturity Derivative | 8 years 15 days | ||||
Pay Rate (as percent) | 3.08% | ||||
Receive Rate | 3 month LIBOR | ||||
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement | Interest income on securities | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (14,796,000) | 0 | 0 | ||
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | 14,796,000 | 0 | $ 0 | ||
Notional amount | 477,905,000 | 0 | |||
Fair Value Hedges, Net | $ (14,796,000) | $ 0 | |||
[1] | (1)The carrying amount as shown represents the designated last-of-layer. At December 31, 2018, the total amortized cost basis of the closed portfolio of loans designated in these hedging relationships was $2.7 billion. |
Employment Contracts (Details)
Employment Contracts (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
Number of senior executives that enter into automatic renewing employment agreements | 5 |
Number of senior executive to whom entity is obligated to pay certain amount | 4 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Assets, Fair Value Disclosure [Abstract] | |||
Alternative Investment | $ 26,400 | $ 16,700 | |
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract] | |||
Valuation allowance of impaired loans | 4,000 | 2,200 | |
Other Liabilities | |||
Assets measured on recurring basis, unobservable input reconciliation, calculation [Roll Forward] | |||
Fair value, beginning of period | 0 | 0 | |
Total realized gains included in income | 0 | 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |
Purchases | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair value, December 31 | 0 | 0 | |
Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
U.S. treasury securities | 30,300 | 30,445 | |
U.S. government agency securities | 70,159 | 180,801 | |
Mortgage-backed securities | 1,310,945 | 1,263,819 | |
State and municipal securities | 1,229,654 | 784,612 | |
Asset-Backed Securities, at Carrying Value | 375,582 | 173,292 | |
Corporate notes and other | 67,046 | 82,314 | |
Total investment securities available-for-sale | 3,083,686 | 2,515,283 | |
Alternative Investment | 50,791 | 53,796 | |
Other assets | 24,524 | 11,812 | |
Total assets at fair value | 3,159,001 | 2,580,891 | |
Liabilities at fair value [Abstract] | |||
Other liabilities | 46,550 | 13,886 | |
Total liabilities at fair value | 46,550 | 13,886 | |
Fair Value, Measurements, Recurring | Quoted Market Prices in an Active Market (Level 1) | |||
Assets, Fair Value Disclosure [Abstract] | |||
U.S. treasury securities | 0 | 0 | |
U.S. government agency securities | 0 | 0 | |
Mortgage-backed securities | 0 | 0 | |
State and municipal securities | 0 | 0 | |
Asset-Backed Securities, at Carrying Value | 0 | ||
Agency backed securities, Fair Value Disclosure | 0 | ||
Corporate notes and other | 0 | 0 | |
Total investment securities available-for-sale | 0 | 0 | |
Alternative Investment | 0 | 0 | |
Other assets | 0 | 0 | |
Total assets at fair value | 0 | 0 | |
Liabilities at fair value [Abstract] | |||
Other liabilities | 0 | 0 | |
Total liabilities at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring | Models with Significant Observable Market Parameters (Level 2) | |||
Assets, Fair Value Disclosure [Abstract] | |||
U.S. treasury securities | 30,300 | 30,445 | |
U.S. government agency securities | 70,159 | 180,801 | |
Mortgage-backed securities | 1,310,945 | 1,263,819 | |
State and municipal securities | 1,215,059 | 767,583 | |
Asset-Backed Securities, at Carrying Value | 375,582 | 173,292 | |
Corporate notes and other | 67,046 | 82,314 | |
Total investment securities available-for-sale | 3,069,091 | 2,498,254 | |
Alternative Investment | 24,369 | 24,922 | |
Other assets | 24,524 | 11,812 | |
Total assets at fair value | 3,117,984 | 2,534,988 | |
Liabilities at fair value [Abstract] | |||
Other liabilities | 46,550 | 13,886 | |
Total liabilities at fair value | 46,550 | 13,886 | |
Fair Value, Measurements, Recurring | Models with Significant Unobservable Market Parameters (Level 3) | |||
Assets, Fair Value Disclosure [Abstract] | |||
U.S. treasury securities | 0 | 0 | |
U.S. government agency securities | 0 | 0 | |
Mortgage-backed securities | 0 | 0 | |
State and municipal securities | 14,595 | 17,029 | |
Asset-Backed Securities, at Carrying Value | 0 | ||
Agency backed securities, Fair Value Disclosure | 0 | ||
Corporate notes and other | 0 | 0 | |
Total investment securities available-for-sale | 14,595 | 17,029 | |
Alternative Investment | 26,422 | 28,874 | |
Other assets | 0 | 0 | |
Total assets at fair value | 41,017 | 45,903 | |
Liabilities at fair value [Abstract] | |||
Other liabilities | 0 | 0 | |
Total liabilities at fair value | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Total assets at fair value | 55,995 | 50,554 | |
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract] | |||
Other real estate owned | 15,165 | 27,831 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 40,830 | 22,723 |
Total losses on other real estate owned | 84 | (203) | |
Total losses on collateral dependent nonaccrual loans, net | [1] | (1,214) | (4) |
Total losses | (1,298) | 199 | |
Fair Value, Measurements, Nonrecurring | Quoted Market Prices in an Active Market (Level 1) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Total assets at fair value | 0 | 0 | |
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract] | |||
Other real estate owned | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Models with Significant Observable Market Parameters (Level 2) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Total assets at fair value | 0 | 0 | |
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract] | |||
Other real estate owned | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Models with Significant Unobservable Market Parameters (Level 3) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Total assets at fair value | 55,995 | 50,554 | |
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract] | |||
Other real estate owned | 15,165 | 27,831 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 40,830 | 22,723 |
Other Assets | |||
Assets measured on recurring basis, unobservable input reconciliation, calculation [Roll Forward] | |||
Fair value, beginning of period | 28,874 | 10,478 | |
Total realized gains included in income | 2,932 | 605 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Assets Acquired | 0 | 17,062 | |
Purchases | 9,013 | 2,330 | |
Issuances | 0 | 0 | |
Settlements | (2,231) | (1,601) | |
Transfers out of Level 3 | (12,166) | 0 | |
Fair value, December 31 | 26,422 | 28,874 | |
Available-for-sale Securities | |||
Assets measured on recurring basis, unobservable input reconciliation, calculation [Roll Forward] | |||
Fair value, beginning of period | 17,029 | 0 | |
Total realized gains included in income | 34 | 66 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1,300) | 709 | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Assets Acquired | 0 | 16,254 | |
Purchases | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (1,168) | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair value, December 31 | $ 14,595 | $ 17,029 | |
[1] | Amount is net of a valuation allowance of $4.0 million and $2.2 million at December 31, 2018 and 2017, respectively, as required by ASC 310-10, "Receivables." |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments, Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans valuation allowance, Fair Value Disclosure | $ 4,000,000 | $ 2,200,000 | |
Financial assets [Abstract] | |||
Securities held-to-maturity, fair value | [1] | 193,131,000 | 20,830,000 |
Loans Receivable, Fair Value Disclosure | [1] | 17,288,795,000 | 15,252,953,000 |
Mortgage loans held-for-sale | [1] | 34,929,000 | 104,986,000 |
Loans Held-for-sale, Fair Value Disclosure | [1] | 16,296,000 | 25,761,000 |
Financial liabilities [Abstract] | |||
Deposits and securities sold under agreements to repurchase | [1] | 18,337,848,000 | 16,516,342,000 |
Federal Home Loan Bank advances | [1] | 1,432,003,000 | 1,313,311,000 |
Subordinated debt and other borrowings | [1] | 464,616,000 | 445,098,000 |
Standby Letters of Credit | |||
Off-balance sheet instruments [Abstract] | |||
Standby letters of credit | [1],[2] | 1,131,000 | 800,000 |
Commitments to Extend Credit | |||
Off-balance sheet instruments [Abstract] | |||
Commitments to extend credit | [1],[3] | 1,733,000 | 2,264,000 |
Reported Value Measurement | |||
Financial assets [Abstract] | |||
Securities held-to-maturity, fair value | 194,282,000 | 20,762,000 | |
Loans Receivable, Fair Value Disclosure | 17,623,974,000 | 15,565,876,000 | |
Mortgage loans held-for-sale | 34,196,000 | 103,729,000 | |
Loans Held-for-sale, Fair Value Disclosure | 15,954,000 | 25,456,000 | |
Financial liabilities [Abstract] | |||
Deposits and securities sold under agreements to repurchase | 18,953,848,000 | 16,586,964,000 | |
Federal Home Loan Bank advances | 1,443,589,000 | 1,319,909,000 | |
Subordinated debt and other borrowings | 485,130,000 | 465,505,000 | |
Reported Value Measurement | Standby Letters of Credit | |||
Off-balance sheet instruments [Abstract] | |||
Standby letters of credit | [2] | 177,475,000 | 143,684,000 |
Reported Value Measurement | Commitments to Extend Credit | |||
Off-balance sheet instruments [Abstract] | |||
Commitments to extend credit | [3] | 6,921,689,000 | 5,788,425,000 |
Estimate of Fair Value Measurement | Quoted Market Prices in an Active Market (Level 1) | |||
Financial assets [Abstract] | |||
Securities held-to-maturity, fair value | 0 | 0 | |
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Mortgage loans held-for-sale | 0 | 0 | |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |
Financial liabilities [Abstract] | |||
Deposits and securities sold under agreements to repurchase | 0 | 0 | |
Federal Home Loan Bank advances | 0 | 0 | |
Subordinated debt and other borrowings | 0 | 0 | |
Estimate of Fair Value Measurement | Quoted Market Prices in an Active Market (Level 1) | Standby Letters of Credit | |||
Off-balance sheet instruments [Abstract] | |||
Standby letters of credit | [2] | 0 | 0 |
Estimate of Fair Value Measurement | Quoted Market Prices in an Active Market (Level 1) | Commitments to Extend Credit | |||
Off-balance sheet instruments [Abstract] | |||
Commitments to extend credit | [3] | 0 | 0 |
Estimate of Fair Value Measurement | Models with Significant Observable Market Parameters (Level 2) | |||
Financial assets [Abstract] | |||
Securities held-to-maturity, fair value | 193,131,000 | 20,830,000 | |
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Mortgage loans held-for-sale | 34,929,000 | 104,986,000 | |
Loans Held-for-sale, Fair Value Disclosure | 16,296,000 | 25,761,000 | |
Financial liabilities [Abstract] | |||
Deposits and securities sold under agreements to repurchase | 0 | 0 | |
Federal Home Loan Bank advances | 0 | 0 | |
Subordinated debt and other borrowings | 0 | 0 | |
Estimate of Fair Value Measurement | Models with Significant Observable Market Parameters (Level 2) | Standby Letters of Credit | |||
Off-balance sheet instruments [Abstract] | |||
Standby letters of credit | [2] | 0 | 0 |
Estimate of Fair Value Measurement | Models with Significant Observable Market Parameters (Level 2) | Commitments to Extend Credit | |||
Off-balance sheet instruments [Abstract] | |||
Commitments to extend credit | [3] | 0 | 0 |
Estimate of Fair Value Measurement | Models with Significant Unobservable Market Parameters (Level 3) | |||
Financial assets [Abstract] | |||
Securities held-to-maturity, fair value | 0 | 0 | |
Loans Receivable, Fair Value Disclosure | 17,288,795,000 | 15,252,953,000 | |
Mortgage loans held-for-sale | 0 | 0 | |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |
Financial liabilities [Abstract] | |||
Deposits and securities sold under agreements to repurchase | 18,337,848,000 | 16,516,342,000 | |
Federal Home Loan Bank advances | 1,432,003,000 | 1,313,311,000 | |
Subordinated debt and other borrowings | 464,616,000 | 445,098,000 | |
Estimate of Fair Value Measurement | Models with Significant Unobservable Market Parameters (Level 3) | Standby Letters of Credit | |||
Off-balance sheet instruments [Abstract] | |||
Standby letters of credit | [2] | 1,131,000 | 800,000 |
Estimate of Fair Value Measurement | Models with Significant Unobservable Market Parameters (Level 3) | Commitments to Extend Credit | |||
Off-balance sheet instruments [Abstract] | |||
Commitments to extend credit | [3] | $ 1,733,000 | $ 2,264,000 |
[1] | 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 December 31, 2018 and 2017, the fair value of Pinnacle Financial's standby letters of credit totaled $1.1 million and $800,000, respectively. This amount represents the unamortized fee associated with these standby letters of credit, which were priced at market when issued, 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. | ||
[3] | At the end of each period, 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 both December 31, 2018 and 2017, respectively, Pinnacle Financial included in other liabilities $1.7 million and $2.3 million representing the inherent risks associated with these off-balance sheet commitments. |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Classification of carrying amount of assets and liabilities of VIE [Abstract] | ||
Proceeds from Issuance of Subordinated Long-term Debt | $ 133,000 | |
Low Income Housing Partnerships | Other Assets | ||
Classification of carrying amount of assets and liabilities of VIE [Abstract] | ||
Maximum Loss Exposure | 39,582 | $ 23,912 |
Liability Recognized | 0 | 0 |
Trust Preferred Issuances | Subordinated Debt | ||
Classification of carrying amount of assets and liabilities of VIE [Abstract] | ||
Liability Recognized | 132,995 | 132,995 |
Commercial Troubled Debt Restructurings | Loans | ||
Classification of carrying amount of assets and liabilities of VIE [Abstract] | ||
Maximum Loss Exposure | 1,352 | 3,760 |
Liability Recognized | $ 0 | $ 0 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2013 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Preceding period of retained earnings used in calculation of dividend payable | 2 years | |||||
Retained earnings | $ 833,130,000 | $ 519,144,000 | ||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | $ 83,100,000 | |||||
Dividends Payable, Amount Per Share | $ 0.16 | $ 0.14 | $ 0.12 | $ 0.08 | ||
Pinnacle Bank | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Retained earnings | $ 510,200,000 | |||||
Actual Amount | ||||||
Total capital to risk weighted assets: | 2,432,419,000 | 2,134,344,000 | ||||
Tier I capital to risk weighted assets: | 2,218,003,000 | 1,936,313,000 | ||||
Common Equity Tier I Capital to risk weighted assets | 2,217,880,000 | 1,936,209,000 | ||||
Tier I capital to average assets (*): | [1] | $ 2,218,003,000 | $ 1,936,313,000 | |||
Actual Ratios | ||||||
Total capital to risk weighted assets: | 11.5414% | 11.3471% | ||||
Tier I capital to risk weighted assets: | 10.524% | 10.2943% | ||||
Common Equity Tier I Capital to Risk Weighted Assets | 10.5235% | 10.2938% | ||||
Tier I capital to average assets (*): | [1] | 9.80% | 9.7273% | |||
Minimum Capital Requirement | ||||||
Total capital to risk weighted assets: | $ 1,686,046,000 | $ 1,504,765,000 | ||||
Tier I capital to risk weighted assets: | 1,264,535,000 | 1,128,574,000 | ||||
Common Equity Tier I Risk Based Capital to risk weighted assets | 948,401,000 | 846,430,000 | ||||
Tier I capital to average assets (*): | [1] | $ 906,185,000 | $ 796,235,000 | |||
Minimum Capital Requirement - Ratios | ||||||
Total capital to risk weighted assets: | 8.00% | 8.00% | ||||
Tier I capital to risk weighted assets: | 6.00% | 6.00% | ||||
Common Equity Tier I Risk Based Capital to risk weighted assets: | 4.50% | 4.50% | ||||
Tier I capital to average assets (*): | [1] | 4.00% | 4.00% | |||
Minimum To Be Well Capitalized | ||||||
Total capital to risk weighted assets: | $ 2,107,558,000 | $ 1,880,956,000 | ||||
Tier I capital to risk weighted assets: | 1,686,046,000 | 1,504,765,000 | ||||
Common Equity Tier I capital to risk weighted assets | 1,369,912,000 | 1,222,621,000 | ||||
Tier I capital to average assets (*): | [1] | $ 1,132,731,000 | $ 995,294,000 | |||
Minimum To Be Well Capitalized - Ratios | ||||||
Total capital to risk weighted assets: | 10.00% | 10.00% | ||||
Tier I capital to risk weighted assets: | 8.00% | 8.00% | ||||
Common Equity Tier I capital to risk weighted assets: | 6.50% | 6.50% | ||||
Tier I capital to average assets (*): | [1] | 5.00% | 5.00% | |||
Pinnacle Financial | ||||||
Actual Amount | ||||||
Total capital to risk weighted assets: | $ 2,580,143,000 | $ 2,266,161,000 | ||||
Tier I capital to risk weighted assets: | 2,024,193,000 | 1,725,323,000 | ||||
Common Equity Tier I Capital to risk weighted assets | 2,024,070,000 | 1,725,219,000 | ||||
Tier I capital to average assets (*): | [1] | $ 2,024,193,000 | $ 1,725,323,000 | |||
Actual Ratios | ||||||
Total capital to risk weighted assets: | 12.2063% | 12.0102% | ||||
Tier I capital to risk weighted assets: | 9.5762% | 9.1438% | ||||
Common Equity Tier I Capital to Risk Weighted Assets | 9.5756% | 9.1433% | ||||
Tier I capital to average assets (*): | [1] | 8.90% | 8.6497% | |||
Minimum Capital Requirement | ||||||
Total capital to risk weighted assets: | $ 1,691,017,000 | $ 1,509,496,000 | ||||
Tier I capital to risk weighted assets: | 1,268,263,000 | 1,132,122,000 | ||||
Common Equity Tier I Risk Based Capital to risk weighted assets | 951,197,000 | 849,092,000 | ||||
Tier I capital to average assets (*): | [1] | $ 909,102,000 | $ 797,861,000 | |||
Minimum Capital Requirement - Ratios | ||||||
Total capital to risk weighted assets: | 8.00% | 8.00% | ||||
Tier I capital to risk weighted assets: | 6.00% | 6.00% | ||||
Common Equity Tier I Risk Based Capital to risk weighted assets: | 4.50% | 4.50% | ||||
Tier I capital to average assets (*): | [1] | 4.00% | 4.00% | |||
[1] | (*) Average assets for the above calculations were based on the most recent quarter. |
Parent Company Only Financial_3
Parent Company Only Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment in unconsolidated subsidiaries: | |||||||||||||||||||
Other assets | $ 904,359,000 | $ 757,334,000 | |||||||||||||||||
Total assets | 25,031,044,000 | 22,205,700,000 | |||||||||||||||||
Liabilities and Equity [Abstract] | |||||||||||||||||||
Subordinated debt and other borrowings | 485,130,000 | 465,505,000 | |||||||||||||||||
Other Liabilities | 158,951,000 | 114,890,000 | |||||||||||||||||
Stockholders' equity | 3,965,940,000 | 3,707,952,000 | $ 1,496,696,000 | $ 1,155,611,000 | |||||||||||||||
Total liabilities and stockholders' equity | 25,031,044,000 | 22,205,700,000 | |||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense - subordinated debentures | $ 210,375,000 | $ 92,832,000 | $ 38,615,000 | ||||||||||||||||
Personnel expense, including stock compensation | 271,673,000 | 209,662,000 | 140,819,000 | ||||||||||||||||
Income tax expense (benefit) | 90,508,000 | 124,007,000 | 64,159,000 | ||||||||||||||||
Net income | $ 95,318,000 | $ 93,747,000 | $ 86,865,000 | $ 83,510,000 | $ 26,798,000 | $ 64,442,000 | $ 43,086,000 | $ 39,653,000 | $ 36,097,000 | $ 32,377,000 | $ 30,787,000 | $ 27,964,000 | 359,440,000 | 173,979,000 | 127,225,000 | ||||
CONDENSED STATEMENTS OF CASH FLOWS [Abstract] | |||||||||||||||||||
Net income | 95,318,000 | $ 93,747,000 | $ 86,865,000 | 83,510,000 | 26,798,000 | $ 64,442,000 | $ 43,086,000 | 39,653,000 | 36,097,000 | $ 32,377,000 | $ 30,787,000 | 27,964,000 | 359,440,000 | 173,979,000 | 127,225,000 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
Depreciation, amortization and accretion | (23,604,000) | (23,618,000) | 186,000 | ||||||||||||||||
Stock-based compensation expense | 17,636,000 | 19,538,000 | 10,971,000 | ||||||||||||||||
Deferred tax (expense) benefit | 11,765,000 | 59,651,000 | 14,390,000 | ||||||||||||||||
Income from equity method investment | (51,222,000) | (37,958,000) | (31,403,000) | ||||||||||||||||
Dividends received from equity method investment | 33,651,000 | 21,650,000 | 28,982,000 | ||||||||||||||||
Excess tax benefit from stock compensation | (2,966,000) | (5,366,000) | (4,604,000) | ||||||||||||||||
(Increase) decrease in other assets | (24,471,000) | (37,022,000) | (5,275,000) | ||||||||||||||||
Increase (decrease) in other liabilities | 60,617,000 | (17,700,000) | 4,198,000 | ||||||||||||||||
Net cash provided by operating activities | 470,757,000 | 165,865,000 | 152,316,000 | ||||||||||||||||
Investing activities: | |||||||||||||||||||
Increase in equity method investment | 0 | 0 | (74,100,000) | ||||||||||||||||
Increase in other investments | (56,918,000) | (7,804,000) | (27,509,000) | ||||||||||||||||
Net cash used in investing activities | (2,969,084,000) | (2,115,528,000) | (1,279,082,000) | ||||||||||||||||
Financing activities: | |||||||||||||||||||
Proceeds from common stock issuance | 0 | 192,194,000 | 0 | ||||||||||||||||
Exercise of common stock options and stock appreciation rights, net of shares surrendered for taxes | 493,000 | 11,589,000 | |||||||||||||||||
Share repurchase | (20,694,000) | 0 | 0 | ||||||||||||||||
Excess tax benefit from stock compensation | 0 | 0 | 4,604,000 | ||||||||||||||||
Common dividends paid | 45,454,000 | 35,907,000 | 24,726,000 | ||||||||||||||||
Net cash provided by financing activities | 2,440,423,000 | 2,545,614,000 | 989,460,000 | ||||||||||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (57,904,000) | 595,951,000 | (137,306,000) | ||||||||||||||||
Investment Income, Dividend | 83,100,000 | 63,100,000 | 27,700,000 | ||||||||||||||||
Parent Company | |||||||||||||||||||
Assets [Abstract] | |||||||||||||||||||
Cash and cash equivalents | 94,043,000 | 64,851,000 | 64,851,000 | 36,984,000 | 36,984,000 | 21,740,000 | 64,851,000 | 36,984,000 | 21,740,000 | 94,043,000 | 64,851,000 | $ 36,984,000 | $ 21,740,000 | ||||||
Investment in unconsolidated subsidiaries: | |||||||||||||||||||
Unconsolidated subsidiaries | 3,995,000 | 3,995,000 | |||||||||||||||||
Other investments | 79,646,000 | 69,256,000 | |||||||||||||||||
Current income tax receivable | 19,032,000 | 20,017,000 | |||||||||||||||||
Other assets | 26,668,000 | 29,524,000 | |||||||||||||||||
Total assets | 4,326,244,000 | 4,049,151,000 | |||||||||||||||||
Liabilities and Equity [Abstract] | |||||||||||||||||||
Taxes Payable | 0 | 24,000 | |||||||||||||||||
Subordinated debt and other borrowings | 357,153,000 | 337,818,000 | |||||||||||||||||
Other Liabilities | 3,151,000 | 3,357,000 | |||||||||||||||||
Stockholders' equity | 3,965,940,000 | 3,707,952,000 | |||||||||||||||||
Total liabilities and stockholders' equity | 4,326,244,000 | 4,049,151,000 | |||||||||||||||||
CONDENSED STATEMENTS OF OPERATIONS [Abstract] | |||||||||||||||||||
Income from equity method investment | 13,731,000 | 10,126,000 | 7,663,000 | ||||||||||||||||
Other income (loss) | 266,000 | 380,000 | 21,000 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense - subordinated debentures | 11,821,000 | 9,856,000 | 1,997,000 | ||||||||||||||||
Personnel expense, including stock compensation | 17,636,000 | 16,629,000 | 10,971,000 | ||||||||||||||||
Other expense | 7,194,000 | 8,076,000 | 3,653,000 | ||||||||||||||||
Income before income taxes and equity in undistributed income of subsidiaries | 61,650,000 | 39,342,000 | 23,924,000 | ||||||||||||||||
Income tax expense (benefit) | (8,570,000) | (12,748,000) | (3,428,000) | ||||||||||||||||
Income before equity in undistributed income of subsidiaries | 70,220,000 | 52,090,000 | 27,352,000 | ||||||||||||||||
Equity in undistributed income of bank subsidiaries | 288,728,000 | 121,341,000 | 104,318,000 | ||||||||||||||||
Equity in undistributed income (loss) of nonbank subsidiaries | 492,000 | 548,000 | (4,445,000) | ||||||||||||||||
Net income | 359,440,000 | 173,979,000 | 127,225,000 | ||||||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS [Abstract] | |||||||||||||||||||
Net income | 359,440,000 | 173,979,000 | 127,225,000 | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
Depreciation, amortization and accretion | 105,000 | 48,000 | (144,000) | ||||||||||||||||
Stock-based compensation expense | 17,636,000 | 19,538,000 | 10,971,000 | ||||||||||||||||
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable | (24,000) | 24,000 | (12,000) | ||||||||||||||||
Deferred tax (expense) benefit | (549,000) | 5,919,000 | 1,025,000 | ||||||||||||||||
Income from equity method investment | (13,731,000) | (10,126,000) | (7,663,000) | ||||||||||||||||
Dividends received from equity method investment | 5,872,000 | 5,655,000 | 3,255,000 | ||||||||||||||||
Excess tax benefit from stock compensation | (2,966,000) | (5,365,000) | (4,604,000) | ||||||||||||||||
Loss (gain) on other investments | (209,000) | (350,000) | 497,000 | ||||||||||||||||
(Increase) decrease in other assets | 4,390,000 | (3,989,000) | 2,636,000 | ||||||||||||||||
Increase (decrease) in other liabilities | 2,758,000 | (9,194,000) | 3,157,000 | ||||||||||||||||
Equity in undistributed (income) loss of bank subsidiaries | (288,728,000) | (121,341,000) | (104,318,000) | ||||||||||||||||
Equity in undistributed (income) loss of nonbank subsidiaries | (492,000) | (548,000) | 4,445,000 | ||||||||||||||||
Net cash provided by operating activities | 83,502,000 | 54,250,000 | 36,470,000 | ||||||||||||||||
Investing activities: | |||||||||||||||||||
Investments in consolidated subsidiaries | 0 | (182,288,000) | (118,878,000) | ||||||||||||||||
Increase in equity method investment | 0 | 0 | (11,400,000) | ||||||||||||||||
Increase in other investments | (2,321,000) | (815,000) | (710,000) | ||||||||||||||||
Net cash used in investing activities | (2,321,000) | (183,103,000) | (130,988,000) | ||||||||||||||||
Financing activities: | |||||||||||||||||||
Net (decrease) increase in subordinated debt and other borrowings | 19,230,000 | (60,000) | 118,294,000 | ||||||||||||||||
Proceeds from common stock issuance | 0 | 192,194,000 | 0 | ||||||||||||||||
Exercise of common stock options and stock appreciation rights, net of shares surrendered for taxes | (5,071,000) | 493,000 | 11,589,000 | ||||||||||||||||
Share repurchase | (20,694,000) | 0 | 0 | ||||||||||||||||
Excess tax benefit from stock compensation | 0 | 0 | 4,604,000 | ||||||||||||||||
Common dividends paid | (45,454,000) | (35,907,000) | (24,725,000) | ||||||||||||||||
Net cash provided by financing activities | (51,989,000) | 156,720,000 | 109,762,000 | ||||||||||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 29,192,000 | 27,867,000 | 15,244,000 | ||||||||||||||||
Cash and cash equivalents, beginning of year | $ 64,851,000 | $ 36,984,000 | $ 21,740,000 | 64,851,000 | 36,984,000 | 21,740,000 | |||||||||||||
Cash and cash equivalents, end of year | $ 94,043,000 | $ 64,851,000 | $ 36,984,000 | 94,043,000 | 64,851,000 | 36,984,000 | |||||||||||||
Banking | |||||||||||||||||||
Assets [Abstract] | |||||||||||||||||||
Investments in consolidated subsidiaries | 4,096,349,000 | 3,855,483,000 | |||||||||||||||||
CONDENSED STATEMENTS OF OPERATIONS [Abstract] | |||||||||||||||||||
Income from bank subsidiaries | 83,090,000 | 63,100,000 | 27,663,000 | ||||||||||||||||
Nonbank subsidiaries | |||||||||||||||||||
Assets [Abstract] | |||||||||||||||||||
Investments in consolidated subsidiaries | $ 6,511,000 | $ 6,025,000 | |||||||||||||||||
CONDENSED STATEMENTS OF OPERATIONS [Abstract] | |||||||||||||||||||
Income from bank subsidiaries | $ 1,214,000 | $ 297,000 | $ 5,198,000 |
Quarterly Financial Results (_3
Quarterly Financial Results (unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Interest income | $ 256,095,000 | $ 248,110,000 | $ 230,984,000 | $ 211,528,000 | $ 208,085,000 | $ 202,167,000 | $ 123,743,000 | $ 102,143,000 | $ 101,493,000 | $ 97,380,000 | $ 83,762,000 | $ 80,974,000 | $ 946,717,000 | $ 636,138,000 | $ 363,609,000 |
Net interest income | 190,215,000 | 189,420,000 | 182,236,000 | 174,471,000 | 174,731,000 | 173,182,000 | 106,627,000 | 88,767,000 | 89,413,000 | 86,635,000 | 75,044,000 | 73,902,000 | 701,965,000 | 519,642,000 | 306,666,000 |
Provision for loan losses | 9,319,000 | 8,725,000 | 9,402,000 | 6,931,000 | 6,281,000 | 6,920,000 | 6,812,000 | 3,651,000 | 3,046,000 | 6,108,000 | 5,280,000 | 3,894,000 | 34,377,000 | 23,664,000 | 18,328,000 |
Net income before taxes | 118,757,000 | 118,183,000 | 109,865,000 | 103,143,000 | 81,965,000 | 99,503,000 | 63,074,000 | 53,444,000 | 54,345,000 | 48,693,000 | 46,546,000 | 41,800,000 | 449,948,000 | 297,986,000 | 191,384,000 |
Net income | $ 95,318,000 | $ 93,747,000 | $ 86,865,000 | $ 83,510,000 | $ 26,798,000 | $ 64,442,000 | $ 43,086,000 | $ 39,653,000 | $ 36,097,000 | $ 32,377,000 | $ 30,787,000 | $ 27,964,000 | $ 359,440,000 | $ 173,979,000 | $ 127,225,000 |
Basic net income per common share (in dollars per share) | $ 1.24 | $ 1.22 | $ 1.13 | $ 1.08 | $ 0.35 | $ 0.84 | $ 0.81 | $ 0.83 | $ 0.79 | $ 0.71 | $ 0.75 | $ 0.70 | $ 4.66 | $ 2.73 | $ 2.96 |
Diluted net income per common share (in dollars per share) | $ 1.23 | $ 1.21 | $ 1.12 | $ 1.08 | $ 0.35 | $ 0.83 | $ 0.80 | $ 0.82 | $ 0.78 | $ 0.71 | $ 0.73 | $ 0.68 | $ 4.64 | $ 2.70 | $ 2.91 |