PNFP - Earnings call transcript Q2 2019 | Pinnacle Financial Partners, Inc.

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Operator

Good morning, everyone, and welcome to the Pinnacle Financial Partners' Second Quarter 2019 Earnings Conference Call. Hosting the call today from Pinnacle Financial Partners is Mr. Terry Turner, Chief Executive Officer; and Mr. Harold Carpenter, Chief Financial Officer.

Please note, Pinnacle's earnings release and this morning's presentation are available on the Investor Relations page of their website at www.pnfp.com. recorded for be the being on for is website Pinnacle's next call and available will replay Today's XX days. Instructions] [Operator

begin, we or Pinnacle not provide Before earnings does forecast. guidance

constitute may risks, differ to and materially Financial expressed performance other cause results we this or are may uncertainties During or that from such actual statements. forward-looking statements any forward-looking comments, presentation, forward-looking implied to All the which facts achievements make subject Pinnacle statements. may by results, of

revise ability Financials’ undue Pinnacle control beyond forward-looking are is factors such cautioned whether events of put of or and contained on of predict, XX-K. annual in to Pinnacle statements. description are risks future reliance disclaims recent to listeners and detailed as new Many Financial's or such contained other these information, Pinnacle A Form not most in more on this forward-looking a any statements update result presentation, any report or otherwise. Financial obligation to

as non-GAAP reconciliation of website In addition, directly available measures a be financial and these measures measures, the measures of A www.pnfp.com. comparable Financial remarks SEC certain on will GAAP most the at may financial G. presentation Pinnacle’s Regulation the defined GAAP comparable to include non-GAAP by

over now to am I and that, With CEO. Terry turn to the going Turner, presentation Mr. President Pinnacle's

Terry Turner

Thank you, good [JJ] morning.

believe growth, are M&A correlated earnings on do, and believed begin for have focused growth, over the highly time that growth, always growth, or revenue metrics quality. betas but a go, because returns shareholder three short-term and deposit particularly with long asset time things I’ll come like is and long-term most revenue earnings we we asset reminder, As this dashboard, for it as and a quality,

rates, position $X.X largely million the BHG, release, sale for had fee on losses GAAP consequence, $X.XX of QX million the our held In expansion, which our adjustments loss our across a has charge the strength with business, related the the better million $XX that footprint. specifically EPS securities the for the in facilities to four on an of with five we of was BNC potential after million we auto $X.X and of portfolio, highlighted million fee in income adjustments. associated that net investment exit remaining $X.X from land press balance for offices quarter declining write-down associated finalizes the on extraordinary non-cash sheet firm's of on and to in and proposed $X.X roughly income sale the non-prime consolidation firm, impairment

quarterly for the cases well all periods this firm. as measure of there's and call mentioned, is, as know for stocks, a risk stocks, loan And loan of the on say, and there strong and the but regardless thesis, and deposit of growth, data out we better of relative deposit quality. preferences prior growth noise adjustments the over EPS that, So, things: defensive risk and periods quarter, I with of say, why and been time we have the performance to we period XXXX, of to began to I strong as that care XQ wondering the many achieving need growth, preference and all that laser over reason will called the M&A concerns goes some sorts about revenue non-GAAP don't preference I in quarterly earnings back all concerns are over investment illustrates of we that, strong growth focused asset any three growth, will off, on been betas, has and I for favor.

that an of value often accelerated growth of an come reliable what the regardless will these hot shareholder And show. per at pleased and folks And really the that their go. time highest share produce buttons extended say charts value I'm book to over can rate that’s who tangible the period various

X-year on revenues, X-year look we’ve tangible slope at growth any for book quarter CAGR measures north XX% loans, a and XX% got can XX%, there, for CAGR XX% X-year for the ROPC value, a out. those for pristine a CAGR EPS, deposits, XX% asset quality XX% for and a CAGR and of in X-year of You X-year CAGR now metrics, quarter

in that One of famous that, quotes lunch”. Peter "Culture eats is more Drucker's used I've the for strategy past

empirical the data I The Great that. Work develop subsequently Place Gallup at and think that folks that To Institute proves their

that employee a most profitability. that be critical productivity results, for levels better lower higher every better of sales companies criteria bank, employee better engagement success is, which have should and Specifically, turnover, which produce frankly

looked So, the in is reliable of for shots the on my opinion, at. culture just the we our explanation obsession slope all in

On you we’ve are in of in the second received a the the months the area received during workplace XX last this slide, shaded list the we the see and ones recognitions ones quarter. green

that Going we've announced larger because of up of the truth lose that think moved the many moved country XX-best up distinctive saying number back footprint transaction actually millennials. out spread size on to our that to culture. I The BNC now rank, for the in the We’ve and is, are since the workplace we'd good in we a XXXX, time.

have North this initiative. long just know business our on South be that as markets. Tennessee plan And just familiar Callicutt's on success in being case previous I This for I looked transform with BNC leadership, acquisition, we everyone to we the at with clear; we’ve all the and is the hope CAGR are we in had flub. the is that the made Carolina franchise we that Rick we just now been in how will produce and isn't I recognized markets slide.

that to XX platform weren't exactly to of confidence plan a had we continue C&I strength them best that perspective hire to BNC which better. bankers path the that bolt-on was from order over and principal The drew our would ongoing make specifically to time, of attract transactions we that C&I/Private period retain market, up we a or happen to the the in X-year principal our like and growth the and so it in to said, The was high deliver CRE platform, recruitment firm. is of

into their a deal fact, maintaining successful and I made this my highly experience, As you transaction like The will better And in has two-fold. to high-growth me can being his surpass Virginia day gotten saying, for Callicutt since bolting by great we we're, Rick platform. see, Carolinas the get rare like the now and team better living in it it. we and CRE on In the while this our bankers there. platform, far only looks environment the hiring at to still is targeted than C&I transaction launched it thing

Before to greater the to perspective turn Harold like it to quarter over offer my I in would review detail, BHG. on I

results It this they is As already my second will expectation repeat half first the that have posted and seen, view you in record half. XXXX likely quarter. BHG results

predictable, been case, always is growth annual will fairly you always the quarterly has the be volatility. trajectory while it As likely

In sort BHG. other want clear may view one-time half of that I’m down, volumes go outcome the similar in don't and we is to I words, on my see first XXXX, this should second spy, make compared up is as for but half. I a this view sure this, logical the quarterly to

unable all staff. years. For They They’ve profitable an starters XX quant to high This on invested a sophisticated they heavily downturn, trajectory have experiment. been not feat the achieve. for last through a banks in were the many is growth were outlying

In loans. their over history, XX,XXX made they've of these

continuously about primarily each saw extensive data They’ve with a returns from the two tax they each data. an with minute. refine data credit borrower, they’ve and gathered the this in of loans, put methodologies models. talk For a of more on of all maintained manner Harold predicted your will combined years bureaus them little to that performance position the for extraordinary all

the have couple of the as sheet, that unfavorable I’ve we’ve our primarily implications desire we I guess years, increase beyond currently PNFP including and hold, last the financials on various because the been know I selling all we as XX% to speculations accounting buyer. their beginning been, said of balance would to how consolidating goodwill. BHG by be of straightforward about even their We've from the Over stake be, our that say no to abused

be in would of CEO the rather the that believe there I us with would at say is that We’ve said, the would associated event always we liquidity some the Frankly, business, him. but for that, key still believed if who's point the exit I with a we firm. Crawford, the exit, principal simply future to want Al visionary, to wanted

each As terms been of the structure in has owned each, owned that three the other founders and the XX%. Pinnacle XX% a reminder, ownership practical

been of force to view the has one event of the exit, the that liquidity likelihood one might Honestly, for was potential hands catalysts the of owners. principals other would want that which my

the bought risk. to second and that of other two put In founders. one was fact, we've by founders principals now the quarter, In the out

XX.X% Al strong now control and own company, Crawford, CEO; So, growth still view our their each, Operations the a Castro of really the XX%. expression the Eric of future of we of Head

So, my for opinion to it’s foreseeable peace. the position for continue this their and leadership growing a my this the focus belief best in puts the that in which outcome shareholder's BHG at its transaction business on judgement future, is

let in quarter me detail. turn to greater that with backdrop over So, the to it review Harold

Harold Carpenter

we of per are We’ve Thanks believe slide our Terry share the details about on It revenue revenue been the everybody. per and and winning or measurements quarters. We losing morning of shown slide. several best for talking one whether this good share is growth.

As share revenue basically last experience second since year. growth continue the you per we can see, of double-digit to quarter

the Secondly, the group's represents growth. line dotted year-over-year peer

share a yield wide integration time our bit gathering margin. internal clients. and we continue around focus been per the on strategizing mind, As significant the the quite [indiscernible] bank of outpace during on shown chart, is folks a focused the around Keep by a of time always remained of managing revenue peers inverted in in to curves, on a this

employee any our markets. likely quarter proud our very a Virginia. those and of believe hires, retention, objective deposits those results. earnings to influence growth, whether of Carolinas Obviously, have and interest outperformed into peers the measure, creation, meaningful on in BHG loans We second our book had investor new and our we expectations, by We’re value team's respect significantly tangible with efforts

franchise we're XX quarter. our than X% right backing How consistent more energy still last months on in out of per now. lot we the grew by contribution, positive a the share revenue There is with BHG's last

Our offense XX/X. firm is on

engaged, the focused Our are for and remainder about our excited of associates XXXX. opportunities

XXXX loans, our quarter growth greater second Now, comparing loans XXXX average average to was than second quarter XX%. annualized

that the XXXX similar Carolinas first amount be Virginia digits and quarter between believe XXXX, growth the XXXX and We to in continue to first loan quarter of will their XX% in a growth over and was in comparison our for low loan XXXX organic double XX%.

C&I their to Importantly C&I commercial total CRE is up XX% occupied estate owner-occupied than real than grown book XX% owner of year-over-year. loans. they’ve and more and Currently, greater

As current year loan we acquired The digits for details to of organic the the the low based double annualized to loans. adjusted graph on quarter, rates be pipelines. we blue loan on large bars look third anticipate growth growth the remove to remainder

each growth. medians organic pure green The quarter. are all it’s So, bars

our Excluding the with in fourth and growth out. XXXX, loan to respect traditionally quarter quarter outperformed firm has peers quarter

We our offer with We interest is type. details of so growth chart but the accretion sizes on granularity busy, somewhat can The ticket loan you loan right also regarding the net impact small extra-large on the of chart to over provide our are the income. appreciate discount get not it that this that information relied we information goals. better book by

the by to in impactful As our discount be to be see less second of in soon our will less you quarter, line, continues interest the can at future. entitled income the X.X% net results and gold to accretion

is our and the overcome primary revenue to much particular bars chart We for all our the blue to knew XXXX. growing shareholders. that impact and going anticipate key of is accretion remainder it to continued ability the on value to We through attention sheet the we're growth. blue this for those are blue deliver obviously bars those where of less our very was our bars increased headwind growth to GAAP balance growth discount a big Anyway, way

average deposit were X.X balances balance Year-over-year X.X Now period billion. deposit year-over-year. end to were deposits, the million up up

deposit stand of did that the in X Our of cost the slide X.XX%. XXXX. XXXX second gives currently second quarter The changes from increase right in the quarter volume and points at quarter basis first

deposit low-cost of particularly core more are deposits. We growth,

are liquidity deposits, engaged. and deposit do but will to loan deposit to our We associates in we our business relationships activity still change pricing of believe that fund markets is be that ample the sourcing strong have believe job key strong have a need and then X. slowing, are growth, We rate and developing is

believe work we but find at margins the fit a our loan also from will net interest point this We in growth. will said, to the price reasonable income margins, fund That size. at deposits right we

index. on update portfolio our an Next, by rate loan composition

rate long-term. In several rate the recent continue an rapid approximately greater optimum outlook, slowed year believe approximately unwinding maturities allocation for environment and with fixed-rate X.X loan swaps including of the mix-shift interest manage structural We in LIBOR million and than of to we one risk XXX than over credit. us loans based variable for have to fixed rate light XX% versus and interest and fixed shift of the rate with interest billion forward initiatives, acquiring approximately [indiscernible]

with pricing loans based are absolute see does continue respect [Indiscernible] we to fixed-rate loan. price. the spreads is on this rate year there this a in hold decrease in appear spread the but winner it some quarter, as rate is the same prime-based and ago, in it's LIBOR environment, spread LIBOR loans in If thing second consistent volatile with did the believe prime-based environment. loan to

If use spreads our absolute the treasury year. the the you X-year lines have bench mark, over last as

in taken we balance I steps better our fed in funds a sheet downrate have [occurs]. cycle to of some case As previously, mentioned position

funding to We the deposit interest the manager impact mentioned rate wholesale continue our the acquisition neutralize and floors. be bullet to The the of of our makes of funds will rate of fixed of the earlier I the and the slide the unwinding will last to and performance a contribution all swaps risk. book bank wholesale volume to and and loan optimize reposition salesforce cut. Fed the on key this work

plan downrate communicate with many to they met to to with how have We a the cycle. times salesforce in them get clients our will deposit position manage into rates

you with as rates that or will us year, year those were last so. clients rising. remember were bank a the last negotiated specifically of cited have as rates we target We that over Many high-beta

we believe can bank We on also do way down. high-beta the a

a of in curve the and some With has on months, invert cycle should the now weeks mind for change credit time. of investor's quite speculation yield several for place recession occur been the

idea get risk far but good. paid good times are We concerned, credit is we are recession do as the to have times bad. likely, now, both as as what to pretty times where in is Right no and remains risk

and chart provides when of insight never these comfort projects. We this the to out of have forefront at as that before. to well we we're book, not complacent hopefully our as tend minds, looking Hopefully talk into as estate charts credit. real a Credit very appeared shown our seek measures about large well I construction for further CRE provide underwriting. the the remains granularity our we

decreased. minor the our charge-offs in For second and we increases classified quarter, non-performers while relatively assets net experienced

in about stay systemic XXXX. So, seeing less bankers to as credit any in other quarter not agree the will too she credit be will We second optimistic us goes. call we issues will are with that that

quarter, of X.X loss remaining sale auto million. second nonprime a we of the During approximately our executed credit with bulk the

back generating an see was we business, ventures that to these if believe in go good you likely as we'll shareholder and would idea a we intercepts returns. a it experiment entered enhanced few discuss while time We years, have to business be If ventures. business that a

nonprime have exited. auto credit, a As we

second XX% Fees quarter fees. to turning up total of million, the more XX than more over than Now XXXX.

BHG the year, of basically XX the mentioned, had million but six XXX% half of contribution in quarter. or be that contribution strong phenomenal second quarter up first with believe a BHG replicated their currently XXXX last the Their on Terry more than As BHG would greater second. we months in year-over-year was for

having the mortgage fee with war leading our businesses way. resi XXXX are All a strong of

XXXX. the this again As with are credit long residential first number not we in business. only with all to great was know also mortgage environment of XXXX, markets half helpful in have rate with in Also, originators. They drops mortgage not rates, but the term helpful a had increases of line in correlating

half a anticipate second mortgage. strong we in So,

on spend a minutes digging let’s the Now, few BHG.

second might quarters. left question on has contributed box what The initiatives growth that have on question. in several for BHG been is the first BHG substantial the working to quarter. The many attempting several answer is the exactly

consistently the and scorecards for other their the credit refining recent and at aimed is have quarters is BHG scorecards professionals. First other in disciplines licensed

to their the they enhance done distribution has growth. marketing, have contributor However, analytics biggest work the to been and closing, their lead likely

This You databases increased significantly can has to see quarters. BHG credit the the bottom the green related analytics last bars acquires reporting within has the directly been third-party chart of vendors. better few how leap and that the targeting flow various on over

a for this of enhance has do historical this years, acquire third-party credit reporting BHG they the their at accumulated been has with also been which amassed they They XX data information, own deal data. but from started. they've since so great data agencies,

depend information. had don't person one people's in the analytics group. In they So, data totally on other XXXX, BHG

Now, professionals XX, those they closes. can of tools a with and more have multiple with individuals Ph.D.’s and Ph.D. five have These developed tools anticipate having of certifications. few are better which BHG sophisticated these

profitable Additionally, route their to to best most BHG leads the hit their sales ratios. the personnel enhance

So, now. at indicates, overall, is chart Healthcare business working right very the well top as Group Bankers model the

Another all BHG as many losing allow might volume standards increased credit have to for question this loan the with closes. is

occurred is that opinion no Our all. have of at such loosening credit

other credit substitution from losses banks line with the substitution, of have BHG. right accrual associated backs. green books the indicates of steadily on on From the quality purchased perspective, chart our time recorded recourse of improved number borrowers with details the that add the on quality the their from and of The about they've the of top the it's slide backs BHGs clause years add portion the those the bottom ordering chart And firm. prepaid and early left over has for their

at They've last columns on books X.X% with taking the the been the rates of to few volume the recourse credit total of years. actual doing the in The loss outstanding accrual over business banks are about BHG. relation all

As The associated loss, pay primarily substitution credits. you is not columns last can losses, early also credit the years. reimbursement over of decline these off the the see, include few only the of with steady losses but there prepayment

a the of potential revenue Group lot Healthcare wholesale Bankers model their identifying in being Approximately good profiles. historically had We've BHG’s have BHG of credit credit. borrower made of be believe profile about for their base credit business a up has that conversation is buy shelf to top the who We XX% clients banks been that with revenue.

However, loans BHG income on also the downstream buyers. to sale on auction primarily their million being that half for XXXX XXXX. generates are sheet of the from held approximately as compared held prior [$XXX balance sheet balance balance interest of sheet held sheet the June their are Since released on BHG's to platform been loans balance of on-balance second approximately with building in $XXX loans million] to sheet BHG currently on has being XX,

to able fund been the loan growth. to cash able have generate this required be They to

platforms. this savings. volume bars. bars loan revenues. months analytics is on sale ramped and sales. X The already sophisticated placements, bars drive The result gain more this the Meanwhile, auction X have either are with of or one-off through The has loans the potential what enhanced up represents of on-balance being have to which more blue their blue funded, bar Given money about marketing sold with ramped blue up year, sheet green bars more a

BHG, funding $XXX lend is is the million XXXX, year balance to of balance BHG half accomplish last in the their to sale their do will will to as keep choose. by This XXXX, flexibility should for anticipating revenues, $XXX various who to as steady end. they reduce more closing high so can their if BHG determine in sheet that secure warehouse represents sheet is working order pace the balance bankers, look of they have potentially to for this, fairly on increasing million the to at so To in we for a remainder loans sheet BHG incremental on As a harvest credit auction choice loan the that go option they to but gain need to so. great as

the network. BHG's Currently, in component For valuable me, a their business they most is auction more model. than thousand platform banks the now of unique have

alive acquired the materially and months. spreads loans As of you BHG's from year The deal see is last the and a the of over loans a this last management half Their platform well. price. almost better sure chart, that box competitive time these that banks rates spends raised is small great changed on platform can acquire funding making XX at have text to at on not

on offering into a product see can BHG, chart, They the and streams. initiatives. of are to is Lending. products on of see these we're you excited expanding two what in up deal new energy BHG spending Lastly, as as great SBA will its come Patient revenue And these

Additionally, that was those Pinnacle but years, call cards expansion BHG's and accounts XX% the we optimistic has are so too involved with less zero for business, as disciplines. expanded that relationship, many year, that. number of lines expand credit other looking represent last been largest on and effectively to the me Currently, in than

One investment. of now our hunters, in the employ own almost first hired before expenses, almost XXXX employs the they people does turn we head had Pinnacle. their They six to acquired last which people when people, I they thought XXX so number is double as BHG

on been culture so has to commitment in like Pinnacle a cited numerous work results. to that the place and BHG occasions, they have strong Additionally, best delivering includes

In let's release items last press the a rationalization noted little we branch expense. that, to with our So, night of bit two about network. talk related

five branches. absorbed those and the are Tennessee the in Middle we looking the three were disposition to that charge accelerate the Carolina with North expansion approximately Two in acquired of Bank secondly, to branches acquisition. And of we're of we Firstly, consolidate potential announced Carolinas. we sites

we'll be more operate that price and able a distribution these is goal efficient leaner with Our decisions systems.

compared where XXXX, costs. this to charges, in about first of X%, to with we increase the personnel these of increase the came with As thought related expenses with most quarter rate run

increase million to accrual in $X last of annual because quarter compared incentive personnel. Our up was

with important We retention pleased decline continue rates us. report to also are for to things that two

employee to shrink, our in culture. on clients initiatives Our and leaning buying into those continues newer as our and can are associates markets our in are taking count service hold engagement consistent turnover and workforce

pleased efficiency the XXXX the first ratio quarter of both for XXXX. and that operating XX.X% been to longer-term we're adjusted quarters. report talking our quarter ranges about our Finally, second measures from non-GAAP of a as was We've for few down modifying

Our in previous we've XXXX previous put measurements by provided purpose. in the metric place granularity served believe its has those and

We're opting to go retreat equity met with with annual Management the higher-level guidance ROA, and in thus at we're current and ROTCE planning strategic guidance. at Board offering our June operating ranges tangible for that an [indiscernible] as meet.

are XXX range by XXX. of new X ROA with basis points For adjusting range the we our to operating

and For quarter. the big and above contributions But We consistent in tailwind for quarter, ROA first in anticipate, I'm was of than less we're a our second XXX, be the and operating quarter that I half, that the the to quarters the BHG's be at quarter three second performance BHG's somewhat level think contribution quarter half will second year, with conservative the should range second four being in of two.

ROTCE as measures we'll highlight introducing also forward. equity We're and ratio new two going that tangible

and ratio. see, range the equity As of higher in above of the the levels you we're ROTCE tangible can

many years of time. ratios have peer of performance. is record We've to top similar look of for goal Our group our quartile track a been in long to over maintain top fortunate quartile performance these the and

these EPS before. shown book turn tangible We've over charts share. I'll talk and value per to I it Before Terry, about

focused continue of tangible and book to value we We EPS top book reliable its within growth really value. our growers and tangible that on We're believe peer group. EPS in are quartile rapid,

year, $X And more know, a around we're the Our designed tangible by in is are incentive as you share up our XX%. systems value the book almost growth. last than EPS

As value Terry and produce our and can grow shareholder EPS belief that time book over reliably tangible best mentioned, returns. will that rapidly banks

growth As is rapid this you can chart figure see and reliable. on

I'll And finish with that, Terry to back over up. it to turn

Terry Turner

you, Thank Okay. Harold.

here earnings really looking first the This I to call, to it changed. I is start the just really, close nothing slide for think expectations would you're trying saying used up, that sum to same XXXX. set I quarter at slide

deal see energy loan producing great here and we're double-digit deposit that focus growth. You of had a can We've growth. on

Our EPS fact, top is revenue growth having We're and quartile. success extraordinary core hiring producers. in

about rapid to to value pace. continue be optimistic Harold just as grow a that book landscape forward. hiring And we discussed, We continue as tangible at go we

JJ and questions. we'll stop So, take there

Operator

Turner. from [Operator Instructions] Sandler you, question Scouten first is And Stephen our Thank Mr. from O'Neill.

line now is Your open.

Stephen Scouten

Hi, morning. guys, good

Terry Turner

Good morning.

Stephen Scouten

Hi, I just appreciate that BHG, have of of lot by the concerns versus quarter. last color it sense all I if quarter curious X% maybe think makes or a guys on EPS is that now? you mean, to size forward. business around think just all bothered I of I'm moving the relative earnings this XX% I

the mean, whole? a the I that you do So, bank how about think and business relative to normalizing maybe contribution of as that

Terry Turner

that's question. Stephen know a You great

business to work of this to and slow one strong saying think grow. go and to they've model they it's with not that will We going we're got difficult to a to things that. need those that's continue continue them to you'll We You partnership. BHG going try think where down do we're to the know, enhance to to

quarter, this outgrown in us. they've Here

field hopefully close. but number level little be So, will we'll that potentially a in it pretty We XX% likely threshold. future anticipate back for be get quarters bit and it'll that don't below XX% playing that XXXX,

Stephen Scouten

some sensitivity NIM forward just, of continue kind then further target you will asset be quarter. have plans lot And of the I kind And that on commentary of to in to that the missed done to is most that any this moving you reduce have helpful. cards? putting there done? get of sensitivity out coming the Do that's Harold the reduce in your rate might obviously NIM. of a not a And quarters you've Okay, or you as new or some

Harold Carpenter

out putting any be NIM we'll more think don't I Yes, targets.

in feel ability I like our going we hold will we the to not Right to rate get decreases We to core margins to be whether that get our occur. or key can that's anticipate will think happen. we those now, sales feel force at our it about with be XX it the rates their contact have years. last they're XX that. able currently that two we We're to whether over We'll points. or aim call like it's escalating should accomplish been basis negotiated and optimistic clients those

Stephen Scouten

Yes, help sense. quarter deposit normalize assume? to moving growth C&I fair I this that growth that you of really forward. Is strong core that it some makes think had should And would

Terry Turner

the deposit I traditionally, over create our will especially such last Yes, our half comparison think year. year the in core Tennessee, to growth that first in the we of half in are deposits flows the

we'll thoughts money. get our are that that So,

Stephen Scouten

just outflow of kind noticed of year-over-year. But give have one – to loan And contributors any combined? looks anything those last of kind to have is worth perspective noticed growth deposit a kind nice. like you Memphis an strong noting been color I then numbers Chattanooga, clarifying those from Okay, seem to and really Memphis and I've as driving of what direction Is the Can there? there year-over-year. question.

Terry Turner

remember, Memphis, quarter I to we two. talked know Yes, you particular strategic depositor if last some a we don't with about made respect moves or

think off eventually Memphis was million $XXX balance depositors sheet. that too deposit was thought high our a moved we depositor, and those it a was of money I One that and

Stephen Scouten

Thanks, helpful. guys Very a quarter. and great Perfect, congrats perfect. on

Terry Turner

Steven. Thanks

Operator

you. Thank

Rabatin Brett Our next question from from is Jaffray. Piper

now is open. line Your

Brett Rabatin

morning. Good guys. Hi,

Harold Carpenter

morning Good Brett. Hi, Brett.

Brett Rabatin

are additional from they've about in developed that here? first you in could doing with guess, their that think wanted And through, go the all it's operating of products I of if and been BHG built have and numbers leverage so, terms to what just set is and about then out – to back set? they've sort product already I talk there fully

Harold Carpenter

accountants, around mailed think focus ways disciplines product are try going other disciplines think that other expand disciplines. go Yes. to the of to I all new to to what disciplines figure all to They're out after Does I make they're engineers, – into sense? those and to that first they're kind type these particular set. to disciplines go new looking at lawyers, going insurance get expand those more try to before they those guys, on But

Brett Rabatin

you're wanted to It be you update close the goal, to I does. that where might about XXXX. being and your decide thing thought you're adds curious if obviously producer getting guys other about, And how slide by from you just net curious I Was might to here? thinking update was but you revenue then

Terry Turner

platform. just producer, create is all sorts We one targets, a The and tied to specifically that. BNC general, or is to producers platform managers agents, order and talk originators so two we've brokers, over the targeted about is in forth. that relationship slide time try that about and to the be to Brett, the banking period insurance managers, transition to relationship last men private Virginia Carolinas in clarification. C&I Yes, of C&I clear mortgage of from revenue always which CRE we talk in used We revenue

number, that if technically exceed And so, the and change that and XX rather hit done. there, no our target you that out through think two-fold, think I'd what was hired say to we're slide we'll but source there's I that when now going I but don't we've intent

the think I future. the is foreseeable hire similar pace a for that at expectation to continue we'll

we the you a There Carolinas the that is, Fargo, vulnerability, number are high in lot guess, around. particularly one optimistic. Our principal of there out I us far, contributors has and people outlook thus and banks And, degree in quite to most those hiring, of Wells expect continue some very Virginia a for market moving know, of that been large is, time. there, contributor to about the we're

Brett Rabatin

and Thanks color Okay, on the congrats for the great. quarter.

Terry Turner

you. Thank

Operator

you. Thank

question is Securities. Jared next Our Shaw from Wells from Fargo

now is line Your open.

Unidentified Analyst

for morning. Good on is first guys, one This the in Jared. [indiscernible] maybe Hi, expenses. filling

numbers. incentive baked are the additional? accruals percentage or Just into Are of there is XXX% wondering now nearing what we

Harold Carpenter

Yes.

XXX%. the target. counting We of are. We're XX% we're to XX% now, around Right nearing

of so, at end the XX%. the quarter, around first And

were some the up there second quarter. catch So, in

Unidentified Analyst

that color big the any on shorter is looking time that in that, it's number, going growth or replace any deposits, at linked-quarter looking be then around pretty deposits? time growth term color And you're guess in Okay. I to the to

Terry Turner

that color. to of occur There not money Virginia. most of the Carolinas in are period kind any want a Yes, longer and obviously depositors of coming more in time. keep meaningful and And for

with move of So, what it's think, of consumer significant us, consistent not it with kind kind experiencing but others are is, a these books. for I

Unidentified Analyst

going guess mentioned that they're about Okay. growing until ask and think the all guys And charts the their on right, strategy, risk you as I of one the up be or the think that [port folioing] make more the I risk know, – if showing profile you change that balance to BHG, you all profile ongoing more part at that does are the of I can loans them they the for Does guys sheet? their originate. How institution? that just of

Harold Carpenter

out all. profile don't calls substitutions. I honoring the and risk move at Yes, have They it changes been think the

just so sheet over. on move us loss. balance And now

to change there's So, significant profile. thinking we're a respect not their credit with

Unidentified Analyst

exit? the Okay. one provide color on partner's Any can you

Harold Carpenter

I'll just say yes.

animosity Pinnacle he think partners to ready worked step that all know, It considers where next And was he and like point thing transaction was a a that. had bought of to fabulous life. Eric out he anything no to and he in was the his you came into it just, our ready the there was was and I BHG a energy Al and expended two of or go partner. the to and lot go Bobby just Bobby third where,

And perspective, think been. healthy operating I it's from an as BHG as is ever so,

Unidentified Analyst

you. Thank Great.

Operator

Thank you.

Our next question UBS. Vandervliet from from is Brocker

Your line now open. is

Brocker Vandervliet

morning. good Great,

Terry Turner

Hi Vandervliet.

Harold Carpenter

Vandervliet. Hi

Brocker Vandervliet

Hi.

that in Virginia. that deposit from half. up CD expect Carolinas growth of CDs? It of most follow Just to in on second coming better should growth we deposit, strength sounded question, core the sort Harold, remarks, your that the and prepared in with wanted just that triangulate I The

Harold Carpenter

Tennessee and I taxes second half Yes, the for should half slow primarily growth stronger either then and and and in they we've the the build deposits client the incentives laid during see this for traditional or the that kind first year-in move away second is the in of kind depositors think footprint in of footprint of year for balances half things. and That's dilute deposit be our year-out that. will on when of year those the core been we

Brocker Vandervliet

just that those institutions seems of few And some them made, one it and importantly, point? of at you're moves at the walk your repositioning Could looking this this Slide quarter. in it's sensitivity that cost asset XX done Okay. you and the more of is you whether beaten through repositioned and

Harold Carpenter

in it's wholesale the through do. I practical over terms all that of and be There all has transactions XX when early part and and book think the – loans. talking closing going third in purposes the bond life to wholesale amortized that'll quarter. that bank are The basis still gotten we the think think of fixed-to-floating much the pretty here I But of some for are cost unwinding rate points around underlying the wholesale funding. we're of swaps, I million the the off about $XXX was bond bank, speak

and around I we think I a two-and-a-half-year somewhere floors The that basis points that's acquired XX product. think were,

nitty-gritties overemphasize So, sales about all can't kind will those of to to rates. that. key client it force's be the I deposit the are our lower ability of Again, those

Brocker Vandervliet

it. Got

for color. Thanks the Okay.

Harold Carpenter

Thanks, Brock.

Operator

Thank you.

next James. from Our is question from Rose Raymond Michael

Your line is now open.

Michael Rose

Hi, just to back again. BHG wanted guys, to go

$XX kind your little income, So, of puts if Terry, a half year, first I million comments, somewhere about in second the of over BHG of that the higher. you take the the year perhaps half replicating at

is given going correct, they're get Because loans terms the the base, differences yields. sense in As for of fact to were so after? that the we different dentists memory there that mid-teens forward and into product expanded wanted somewhere to doctors or move any a speak. in XXXX the serves you've I categories in A, they've to customer if and the

differences $XX build clients? move if the B, you there if into A, XXXX? or between upon sets any see that you to can so revenues, And million think wanted Just actually of was you different

Terry Turner

that. borrowers take for into top-line disciplines. don't I'll any those but or special anything that, respect offered, and differences it. what aware with be I rate the there any to know details or they accountants the of particular different like not Michael. think totally that I'm initial don't lawyers not of kind kind I'm of any rate kind charge I of those of was may meaningful issue.

looking as into about this XXXX, year. that I'm far million As $XX for talking imagining we're

Al For million. at targeting them, $XXX least sure, I'm that's will XX% for XXXX. be

Michael Rose

move guys, this, perspective just that given terms as think of expect a relates is that Thanks. of from an projected higher in additional leverage best the we've helpful. should the your quarter, to it at but you the original that, increase mentioned, two-fold that's the how here? efficiency least to if And lending or Okay, an one ever. should to the that about ability of think by perhaps think efficiency operate we hires How – efficiency Terry, Obviously, not BHG seen quarters or to and it's I we then, from you close hires? Clearly, guidance. from expense, it we it should above

Terry Turner

is. it well, Yes,

I that think it's stop we'll you it. if leverage, not all have expectation producing operating

it our you believe will we think produce that been leverage. operating know That's I XXXX. going really to history, back as continue to

we announced and that has said those. of that comes leverage get-go, follows, would. with tail hire, since every to hiring producers. the either that model, twice producer as ran great hire There so right a people for the indirect and Our In we is positive approach we since fast that from generally hiring to round operating hiring been sort begins revenue we have profit there in XX terms, we support revenue direct leverage or people to

ratio or efficiency efficiency period. that have to continued seen have a You during we've better that rate declining

continue hires. that we'll is to operating the leverage expectation my so, And with produce

Michael Rose

one final for me. Okay. one Maybe

somewhere So, and ratio to repurchase Thanks. this bit we that, plan. out? order purchased so currently expectation million a one finishes when remaining here. stock you than current where program given higher – announced targeted little guys capital the is share is? see got that Looks your your Could be it's your to expect higher than target XX in or another the Would of of like you've use under

Harold Carpenter

not, kind idea the shelf. good I us to got I we'll and the be as shares to it make Yes, don't next or we but with for probably buy year. sure we're know think I think to keep authority one aggressive back repurchase of XXXX to on a go into likely be going the share market that if would

Michael Rose

for taking questions. Thanks Okay. my

Harold Carpenter

Mike. Thanks

Operator

Thank you.

question next Our from from is SunTrust. Jennifer Demba

is line now Your open.

Jennifer Demba

you. Good Thank morning.

Terry Turner

Jennifer. Hi,

Jennifer Demba

know guidance, you certain have Question any you preliminary if was I assets, wondering some And all? quarter, on loan updated that thought to if industry? Harold, classified CECL that's I'm just in last the at gave changed wondered increase or related any

Harold Carpenter

that there As of increase. unrelated of or industry were any assets, kind of – causing think classified group – as there's far group that's credits credits I don't not

can't can't no indication is weaken. beginning really, I a of I – to segment think there's our So, portfolio there that,

of way be the call you is CECL, points maybe it's kind for that probably is, going to basis somewhere to counting XX range. basis know, points out XX in As now it

entry and accounting loans that where we're is purchased and the that beefing hire that credit of up to for so some up beefing accrual additive ratio. Now, and that's

don't helpful not. if know that's or to I you Jennifer, So,

Jennifer Demba

basis reserves points to to just So, basis by XX increasing XX loan points? loss the clarify

Harold Carpenter

PTI transfer XXX account. to as But there's the of that the to part the reserve that loans of the that, on XX allowance number. goes into

So that does impact equity.

Jennifer Demba

thank Okay, you so much.

Harold Carpenter

right, All you. Jenny. Thank

Operator

you. Thank

from Our next Tyler from Stafford is Stephens. question

now line open. is Your

Andrew Terrell

Hi. This morning. Terrell Andrew is Good morning. Tyler actually this for on

Terry Turner

Hi, Andrew.

Andrew Terrell

XX% to just event the back remaining the go out. the two earlier, purchased what BHG, Castro's to stake just that around liquidity valuation Maybe discussion was Mr. given owners the

Terry Turner

made And for if very additional they deal interest. to that so a billion. were on the valuation revenues The was acquiring parties, to that talking you XXXX $X that believe used good would was XX% and based a think quick say that's be they I they've

Andrew Terrell

was just the $X entire for XX%? or the billion business That Great.

Terry Turner

$X That's for that's value was that franchise No. used. – the billion

Andrew Terrell

Got it.

funding going Okay. sources. And Thank to you. then BHG adding about back comments maybe just the

that BHG that balance loans. the those to them the Pinnacle Will loans be just keep funding of So can sheet? provide allow banks balance one they to sheet potential more on for

Terry Turner

No. That will not be out intent.

Andrew Terrell

maybe for lastly then Okay, me.

Fed what when? and Looking driver if in any at given by many lowering how cuts? this guidance, so, X the And the strength the now was BHG. Does assume it points, to guidance ROA basis rate

Harold Carpenter

ROA But it generally a second Yes, be here that factors involved think of in I I the quarter, back anticipating so guidance going million X had I several probably, thinking to third near quarter. into really million to a think was quarter. BHG that. or of strong And know lowered tailwind to $X replicating basis the a was second first all, that's to and $XX were We're up top-quartile million in $XX phenomenal third the or We're that's number. quarter not lowering still the – don't there number. the going points the kind top-quartile

ROA. impact will that So

Now, XX-basis still we're if another point the cut year. the one cuts a end in of the towards rate July and then anticipating, rate

we our absorb believe some with rate contacting will that of our force So, time to with depositors depositors. period take cut that it those us and sales

we'll want. trying time know, to we're to have a you ROA So, we'll it'll be pricing But back. bit. where bring over to cycle in hedge able have – to get back bets we'll to our to little We that, spend that down we think like some that a time

Andrew Terrell

for and Thanks my on taking Understood. questions congrats the quarter.

Harold Carpenter

Thanks Andrew.

Operator

Thank you.

from question Mealor KBW. is next from Our Catherine

is now Your open. line

Catherine Mealor

you feel protect your going couple quarters do on the to the all margin, you've question, the kind that sales made question in yourself Harold, you're your time fair force to deposit is point, the more Or One some lower? moves we've given Thanks. where bottom the could a if say of to go to rates reduce say like got of well, would are rates to if to that margin. here's get take cost. be it this of – cut, the could you that quarter

where we're a have directionally try downside we keep lower see lower where then you and quarter quarters things from stabilize where this couple of of here? some you maybe a so, and have And more from I Can kind level at level, this now?

Harold Carpenter

call this. which around in some counting be discount core comments limited would that Yes. But We're [XXX, many accretion it margin, XXX]. people without on are

going show we run number. that we bottom. different getting We pretty ought but it can can close and pretty that scenarios run a be to to scenarios think show we're close different So, that going we less that's up, to bottom

time said, a decrease, those over get that you rate and on as with margin rates to depending decrease Now, of could deposit significance that work the the of suffer a know, rate period lower. we

negotiated deposit depend modelling you're rate Is to and on of sheet for this a think for our decrease that our and deposit and obviously into environment above clients. you? where systems developed go down of is we'll might part true those some on in But and rates a over of do conversation. relationships there's deposits our a clients in have rate what clients those with going our lot relationships rates So, everybody. lower variety I wide a rates honor we've with to So, ability

Catherine Mealor

were to it. spread can core Got double-digit you to at I thinking higher the been core growth, about was under your moving was margin double-digit. then in Historically, incredible by core your the higher, to spread than still is able movement just bit just take when little grow rates a like go And back it yield. when spread pressure, the – out have I able And you growth even pace, today. grow feel were a

spread last spread that is quarter, The first year, in quarter. where of core or X% time? the where do time like core has you moved growth more range of a growth feel range, in period back some can this mid-single-digit Are to quarters range, couple it single-digit you to we have the business this was in model improve the X%, the double-digit at point more

Harold Carpenter

grow think intact business continue the is still the we model to and we Well, we can spread think revenue.

longer had higher with this of to back loan priced funded period will over with probably loan we a deposits, some we've we last we quarter growth. then that, strong discussions we year, time. we had was growth, a And think had fund Going

issue what mirror double-digit would come resulting can our back need margin growth should still think we think we to new the business that the kind of should the loan to – off or revenues grow that course, be. not of seeing where us. that model or revenues to point goals spread that that any would So, we our would spread that for item say forefront, We're what low in challenge think be we of

Catherine Mealor

it. Got

Okay. you. Thank That's helpful.

Operator

you. Thank

question Brian Janney Martin from Our from next Montgomery. is

open. now is line Your

Brian Martin

Hi, guys.

Harold Carpenter

Brian. Hi,

Brian Martin

Hi Harold.

Just about bottoming I – have some a potential on outlook going a of margin, the scenario where to margin talked little forward. you mean, the the or these here, currently your kind following a downside, upside maybe last what negotiated up just – the what's I it the deposits of with from even if wave to sheet I about up of index? go an are rates? it is clients here, percentage to just mean, tied opposed as it's your mean, kind modestly. negotiated but comments

Harold Carpenter

about yes, Well, are it's It's number XX%. a large negotiated. that

in kind our we'll these clients planning down that XX%. assumption our out Something scenarios I'm beta – think in trying go like is this what around somewhere rate of to target is that to for have with is

to what these and to we clients. coaching XX points that, our that's We rate So, of half negotiated out need get sales we're necessarily of need don't basis get people

Brian Martin

it obviously Okay. mean, I success. here, kind know guess of how rate indications I guess guess in but in I And XQ the guess it just as improvement won't how expect of there, that be of early success I But you've in you're in in in far potential or how how – the progressing. you'd long with I don't to is it, improvement maybe that outlook as I far, mean, third you I that here? much been see versus mean, it to seeing obviously, I so change guess all of see all I at expect quarter. XQ maybe thinking are some you about that's

Harold Carpenter

– before July optimistic we we're all all and those that a of of end of clients can managed we get the those decrease quarter. if Well, rate in Yes. down get accounts the

end averages Now, the average quarter, have that we achieved. you by of third period know, work hopefully – But take, challenge met would and won't just it'll right. the out

Brian Martin

And expenses just and efficiency. kind then the to Okay. going of back

that you how forward. about of are guys thinking kind Just going

it's it expect a kind – seems you be thinking point? this below I expenses And mean, efficiency the to efficiency be still sounds you I think outlook. this that kind expected were you like quarter. and your relative full-year of you're you then that full-year core know, as said about XXXX still about, of outlook full-year XXXX. That's fair just XXXX to year, a last thinking how to below at

Harold Carpenter

Yes.

year think to Obviously, so, to is last we year. we efficiency of that, to for ought year. helpful have think ratio Brian, but I I [indiscernible] that still beat the the this rest very improve room

Brian Martin

right. All Okay.

me. I I think guys. appreciate. from Thanks, that's it

Harold Carpenter

you, Brian. Thank

Operator

you. Thank

is question Jaffray. Rabatin, next from from Brett Our Piper

open. now line Your is

Brett Rabatin

there up. segments more different that just Hi, is guys, know and wanted something you I risk want an just hotels. seeing that view do any the out you if your don't that to you you're line in Is thinking is had looking follow in to the about today more don't markets do spectrum. ask, and I'm I anything you're at maybe there want there you've out give asset curious I to of said you class of past I'm any one pause?

Harold Carpenter

Right now. Brett. deal. a think I is guys. Talking and Harold. Yes, to shy don't said asset looked the there is This away particular Harvey at class from our that credit we've we'll and

We are cool on hotels.

it's without off. perspective, that So, can't just has weakened paying asset credit not on any from loans point – the we hotel it's our put loans not that books think we're more where class we concentrations hotel at the a

and think and the – centers. we're we're do Multifamily, interested interested suburbs maybe the in pay things. districts, in I are city in kinds that garden good out still projects those high-rise as occur. in less So centers that of we'll apartments or Those urban offs school

know, our asset really on had class administrators a credit to, and say I So, pointed Harvey there that. you that say, can't is specific we're out

Brett Rabatin

Maybe, be talked would guys maybe can works had your or past. on you expand And in you to updates have And you what the and as few one have runway other next sort one there outlook Okay. the the just, preference about think in Atlanta you've of got you I the is strong franchise? us the might for then growth you quick give any a really continue always years. things

Terry Turner

of – have we think, that geographic we I a have in. the interest sort markets Yeah, map we an Brad, published gives

retail but targets I the are X we it's that of, may deal. those I'm commercial deal, who terms earnings big it's them urban, a If to our and meet to think, and bps published brief to criterion. not with criteria it happy lapse if rural trying relates approach one M&A identify you you, walk in not small is in And the like, accretion. accretion as of

people banks get acquirer acquired in position So, out targets we will be in to those who try to in desire those transaction. a to the and those and a figure cultivate relationships be negotiated are

really is. strategy what our That's

got sell with we've who want done We're okay, get market, now. a that, marching it's so acquisition, to we're because And so, that to their we've it's really and us through difficult acquisition, forth this somebody going worked we've to ever transaction negotiated market every this to well, bank. say, plan day, through –

say, as our anyway, published so of you guidance. And sort we've

I think consistent. that all remains

I given regional great think lot market could of volatility these we some get think beyond vulnerability by I either that, appeal, in of or great we've always or markets to. novo said expansions banks want that we that novo has de do de particularly so such large to and acquisition

a vulnerability that find long way we we've Atlanta think time. has But likelihood I been so, there in has our more enhanced I to – down on list think identified Atlanta. the vein, merger created And the our for activity and therefore

you? helpful to know don't if anyway, So, I that's

Brett Rabatin

color. very I helpful. that's appreciate the Yes,

Terry Turner

Okay.

Operator

Thank you.

Research. Nancy Bush from is question from next NAB Our

now is line Your open.

Nancy Bush

gentlemen. morning, Good

Terry Turner

Nancy. Hi,

Nancy Bush

you. Two questions for

of issue to were going here? tell sales this question to are give they're talk appreciate and get have offset some in in on those first bad to this? my is going I clients fees, something kind lesser doing times. be them or get do would you've the got okay, a The dynamic of something up give I if for one out I to to going to clients, need them going renegotiating a I that be, rate, you there So, go what up about and, to guess rates. force very to But their if you're of

Terry Turner

I question can basis. me it the But has process good working. I the see let think understand and Nancy, if Yes. how a characterize envision would I

a our already XX% don't rates. guess price the In strategy and of where negotiated be, other but sheet would [indiscernible] sort Harold banks other managed percentage has and indicated things. relationship those base market of percentage you of be here. as opposed kinds that to of what And know is I as deposits measure. rates figures I are our negotiated a banks mass such So, would higher are most client those we're on of operate words, strategy price it that

rates I periods. back our history, we the – in we marked so, go down And if you at previous think and look had

as We every need you But to a the it up that going going somebody's phone and back is, nobody to them by that's saying, moved I'm hey, change say, until as high would. somebody say rate rates do. somebody sure saying here's what just belief don't think would have not be is I'm would prevailing But – up. gives discussion. to I characterized We we my name? to own for bank XX% deposits gone then the talking no to is

hey, seems I think and be, what on he's let's to this going fair. work together

get to all. that you're Harold's for so, point, looking by a XX% to not at looking And you're

going I thus rates help question pretty about a And down. just both it downrate all it cycles a you You're it be technique. the that. earlier just you and – uprate any you is it and far. our Brian looking to asked this and from those people in question was to get managing from been some earlier cycles with asked experience somebody it, people won't there'll get work have some again, effective again, how by get But you through And to Martin about think work we've

think plan? rates here? discussion what are, list effort we've hey, do movement done today. chains you of when the target begun targets sales guys you on, in Those And about kind is management begin get things, the of not right what agreement will this right put of that rates. is so everybody. We're and in a pre-determined What down negotiating have a what sort through front Well, the there's the the we about

we believe conversation to exactly certain rate? to you've illustrated, can more be the negotiation be say it'll be I'm one of I a the on anyway, preponderance here is, forth like So that'll I'm low just think what the move but and give. there'll guess how don't I I the back conversation

Nancy Bush

income will non-interest result? So, don't that as you believe impact any suffer a meaningful

Terry Turner

I do not.

Nancy Bush

Okay.

cetera, XX% lot you periods And morning. of that's the gets may mean, et cetera. successful special of will, BHG? is, investment BHG over and you've alleviate any here discussed product contribute new business et et is cetera, some new we you the of say year strategies, the an but lot that something let that a be and slowing income Secondly, BHG and pay cetera, said, this this been about out structural I community, banking talk is anything but reason? to coming XX%, BHG in with that doing Let's well, as out bottom-line there's your where BHG philosophical over there from go the got percentage is very you dividend? say, distribution et a okay, they're concerns the obviously, there we'll And, particularly a when set, or if about Would

Harold Carpenter

returns of Nancy or consider trying impacts to strategic this capital tactical opportunities is about something and to try or is core some where informed; and about we're Harold. get our component people a initiatives sure that do to excited what that we're do make that partnership Bank presents harder start about to are will BHG them. know to our A, and for excited that all about what on excited as growth it to this even opportunities information. it morning obviously understand us ancillary How we Yes. the people B, is the But I what or extension don't this this people right now, positioning all and presents going work and we're thinking go-forward, that's partnership want that it's and we how about headed. us go they're not we is that, for Pinnacle it

Nancy Bush

Thank All right. you.

Terry Turner

Thank you.

Operator

This your participation thank and for you. conference. Ladies concludes gentlemen, program. today’s in Thank the you

may disconnect. now You

Pinnacle Financial Partners (PNFP) 17 Jul 192019 Q2 Earnings call transcript