Pinnacle Financial Partners, Inc. · NYSE:PNFP
Pinnacle Financial Partners — Q1 2020 Earnings Presentation
69 slides from Pinnacle Financial Partners's earnings presentation, Apr 21, 2020
Slide 1: Investor Call First Quarter 2020
Investor Call FIRST QUARTER 2020 April 21, 2020 Time: 8:30 AM CDT Webcast: www.pnfp.com (investor relations) Audio only: 877-602-7944 M. TERRY TURNER, PRESIDENT AND CEO HAROLD R. CARPENTER, EVP AND CFO TIM HUESTIS, EVP AND CHIEF CREDIT OFFICER
Slide 2: Safe Harbor Statements: Forward Looking Statements
Safe Harbor Statements Forward Looking Statements All statements, other than statements of historical fact, included in this presentation, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section
Slide 3: Safe Harbor Statements: Non-GAAP Financial Matters
Safe Harbor Statements Non-GAAP Financial Matters This presentation contains certain non-GAAP financial measures, including, without limitation, earnings per diluted share, efficiency ratio and the ratio of noninterest expense to average assets, excluding in certain instances the impact of expenses
Slide 4: 1Q20 Financial Information
1Q20 Financial Information Our key success measures such as asset quality, loan and core deposit growth, deposit betas and fee growth all pointed to an outstanding quarter prior to the impact of COVID-19.
Slide 5: 1Q20 Summary Results of Key GAAP Measures
1Q20 Summary Results of Key GAAP Measures Total Revenues FD EPS Net Income Total Loans Total Deposits Book Value per Share (millions) (millions) Classified Asset Ratio NPA/ Loans & OREO NCOs 5
Slide 6: 1Q20 Summary Results of Key Non-GAAP Measures
1Q20 Summary Results of Key Non-GAAP Measures Total Revenues Adjusted Pre-Tax Pre-Provision FD EPS* $1.24 Net Income* $263,466 $218,624 $240,269 $1.13 (‘000) 128,532 114,603 126,464 $119,149 $0.83 $99,758 $0.71 58,271 47,748 $0.39 Total Core Deposits Total Loans $20,397 Tangible Book Value per Share
Slide 7: Average Loans: Balance Sheet Growth was Strong
Balance Sheet Growth was Strong Core loan growth in 1Q20 was above expectations before impact of line draws $22,000 5.40% Annual Organic Loan Growth $20,000 5.20% (excludes Day 1 merger impact) $20,009 $19,600 20.0% $19,217 $18,000 5.00% $18,611 18.7% $17,938 $17,630 $17,259 $16,000 4.80% $16,730 16
Slide 8: Avg. Deposits: Balance Sheet Growth was Strong
Balance Sheet Growth was Strong Deposit growth was unseasonably strong even prior to increases associated with COVID-19 $22,000 3.00% Annual Organic Deposit Growth 2.75% (excludes Day 1 merger impact) $20,000 $20,680 $20,079 24.0% $19,778 2.50% $18,865 $18,000 22.8% $18,368 $18,358 $18,113 Avg. Depo
Slide 9: Loan yields contracted along with major indices
Margin, excluding PAA, held during the quarter Loan yields contracted along with major indices All Loans C&I CRE Construction LIBOR At March 31, 2020 (*) Prime 24.1% 24.1% 37.8% T-Bill 36.4% 38.0% 55.1% 1.5% 1.5% 47.2% 47.2% Fixed Rate <1Y Fixed Rate >1Y 27.1% 27.1% 3.8% 4.2% 16.3% 3.7% 4.5% Rate En
Slide 10: Margin, excluding PAA, held during the quarter
Margin, excluding PAA, held during the quarter PNFP recognized a 37% deposit beta since 6/30/2019 • Salesforce has been proactively positioned to respond to rate cuts since early 2019 • Recognized 52% beta on negotiated deposits and 77% on indexed deposits since 6/30/19 • In the aggregate, interest-
Slide 11: Margin held; COF reductions offset declining loan yields
Margin, excluding PAA, held during the quarter COF reductions offsets declining loan yields, increasing liquidity and purchase accounting impacts Consumer and Small Business Programs 4.50% Actual/Anticipated Discount Accretion 3.77% 3.77% 3.76% 3.75% 3.72% 3.70% 3.55% 3.55% 3.46% Through Dec 2020 (i
Slide 12: PNFP has Rapidly Grown Fee Income
PNFP has Rapidly Grown Fee Income As the margin has contracted, PNFP has grown revenue via fee growth Year-over- Year Growth 1Q20 4Q19 1Q19 • Income from equity method investment in BHG grew % Service charges $9,032 $9,094 $8,542 5.7% 17.3% year-over-year. Both originations and FICO Investment servi
Slide 13: Expenses Generally Grew In Line with Revenue
Expenses Generally Grew In Line with Revenue We now believe growth in expenses will be less than a mid-single digit range for the year Year-over-Year • Salary increase largely attributable to increased personnel. 1Q20 4Q19 1Q19 Growth % Salaries and employee benefits: Salaries $52,176 $48,795 $45,05
Slide 14: We Opted to Adopt CECL Effective January 1, 2020
We Opted to Adopt CECL Effective January 1, 2020 1Q20 Implementation Results in Meaningful Reserve Boost due to COVID-19 • Total Allowance for Credit Losses for loans = $222.5 mm or 1.09% of loans at March 31, 2020 $’s in 000’s ALL % of Loans Off-Balance Sheet Total ACL December 31, 2019 $94,777 0.4
Slide 15: We Intend to Preserve Capital
We Intend to Preserve Capital We have suspended the share buyback program and are not redeeming subordinated debt at this time • Share Buy Back Program – 1Q20 4Q19 3Q19 2Q19 1Q19 • Last transaction on March 19, 2020 # of shares 1,015,039 228,533 199,032 130,888 543,585 • Approximately $67.2 million
Slide 16: PNFP Will Focus on Defense During This Pandemic
PNFP Will Focus on Defense During This Pandemic The length and depth of the pandemic are unknown, but we remain confident in our model Consumer and Small Business Programs 2Q20 Outlook (in relation to Notes Full Year 2020 1Q20) Low to mid-single Outlook excludes impact of PPP program which will incr
Slide 17: Pinnacle and COVID-19
Pinnacle and COVID-19 COVID-19 has had a dramatic impact on our associates, our communities, our clients and our firm. Our response has been aggressive and aimed at protecting all of our constituents.
Slide 18: Pinnacle and Pandemic Timeline
Pinnacle and COVID-19 Pinnacle and Pandemic Timeline Pinnacle executed an aggressive pandemic response March 6 - Pinnacle March 12 - PNFP restricts business cancels company Jan 30 - Feb 20 - Response travel, inventories events and limits Pinnacle team meeting personal travel, Pinnacle Response meeti
Slide 19: Pinnacle and COVID-19 Associate Protection
Pinnacle and COVID-19 Pinnacle responded quickly and decisively to protect associates and clients Associate Protection • Required pandemic training for all associates on best practices to stay safe. • Broadly distributed hand sanitizer throughout the organization. • Instituted enhanced deep cleaning
Slide 20: Pinnacle responded to protect borrowers
Pinnacle and COVID-19 Pinnacle responded quickly and decisively to protect borrowers Associate Protection Amount of PPP Loan Requests 3,000,000,000 2,500,000,000 2,000,000,000 1,500,000,000 1,000,000,000 Loan deferral table as of 4/15/20 500,000,000 - $ Volume at $ Volume at % age of Loans Mar. 31,
Slide 21: Pinnacle enhanced its reputation in PPP roll-out
Pinnacle and COVID-19 Associate Pinnacle enhancedProtection its reputation for valuing long-term relationships in PPP roll-out • Conducted PPP webinars for 5,100 participants prior to PPP launch. • Distributed email package with preliminary application, loan amount calculator and program requirement
Slide 22: COVID-19 and our Borrowers
COVID-19 and our Borrowers There are likely no borrowers that are unimpacted by COVID-19. But clearly segments like hotels, restaurants, retail and entertainment will be most impacted by the loss of revenue from the national and local attempts to contain its spread.
Slide 23: Asset Quality
Asset Quality Consumer and Small Business Programs Loan Portfolio Highlights: Loan Portfolio Products Segments Disrupted by COVID-19 Restaurants • Well diversified portfolio Hotels 5% 3% • Granular portfolio emphasis on Entertainment 3% smaller ticket sizes - Approximately Consumer 95% of portfolio
Slide 24: Hotel Portfolio
Hotel Portfolio Amounts as of 3.31.20 – Comments as of 4.15.20 Hotel Portfolio Highlights: Hotel Construction Locations • Hotel exposure represents 4.6% of total loan portfolio at 3.31.20 $70 • Substantially all hotel carrying balances within our markets $60 91% in market Millions of $'s • 91% of co
Slide 25: Top 10 Hotel Borrowers
Hotel Portfolio Amounts as of 3.31.20 – Comments as of 4.15.20 10 Largest Top 10 Hotel Borrowers Hotel Loans Location Best Western, Hotel Flags ('000s) Balance at 3.31.20 Loan Type LTV Flag Deferral Starwood, Radison, Arkansas $ 32,748 Term 64.0% Marriott No Wyndham, etc., 13% Tennessee $ 28,442 Con
Slide 26: Restaurant Portfolio
Restaurant Portfolio Amounts as of 3.31.20 – Comments as of 4.15.20 Restaurant Portfolio Highlights: 10 Largest Balance at • Restaurant exposure represents 2.7% of total loan Restaurant Relationships 3.31.20 Loan Type LTV Flag Deferral C&I Franchise Customers with Exposure Greater than $10MM Tenness
Slide 27: Retail Portfolio
Retail Portfolio Amounts as of 3.31.20 – Comments as of 4.15.20 Retail Highlights Outstanding Balances Secured by Collateral Retail Types CRE - Neighborhood Strip • Includes loans to retail businesses as well as developers Centers 90% renting space to retailers, approximates 10.5% of total CRE - Anc
Slide 28: Entertainment Portfolio
Entertainment Portfolio Amounts as of 3.31.20 – Comments as of 4.15.20 Entertainment Highlights: Other - 9.9% • Entertainment portfolio is approximately 3.5% of total loans • Over 50% of entertainment book is recording industry which is heavily weighted Recording Industries - 50.1% towards music pub
Slide 29: Bankers' Healthcare Group
Bankers’ Healthcare Group Like all lenders to medical professionals, BHG will be impacted by COVID-19, but capital and reserve levels are very strong and temporarily reverting to the gain on sale model provides meaningful pre-provision net revenue to BHG and to Pinnacle.
Slide 30: BHG Credit Quality Continues to Impress
BHGCredit BHG Historical Quality Credit Continues Quality Impresses to Impress Sophisticated Sophisticated credit credit scoringscoring modelsimpressive models produce produceresults impressive results • Historical credit results indicate that 70% of losses occur Historical FICO Scores within first
Slide 31: BHG Historical Charge Offs and Reserves
BHGCredit BHG Historical Quality Credit Continues Quality Impresses to Impress Sophisticated Sophisticated credit credit scoringscoring modelsimpressive models produce produceresults impressive results Historical Charge Off’s and Reserves ($’s in millions) • Recourse obligation reserves increased to
Slide 32: BHG Portfolio Well-diversified
BHG Portfolio Well-diversified BHG’s response to COVID-19 has been quick and proactive Current Current % of Total Avg. Current Avg. Orig. Origination Term Deferral / Orig. Composition by Profession # of Loans Outstanding Balance Outstanding Loan Size Loan Size FICO Rate Remaining Avg. Income request
Slide 33: BHG Continues to Outperform
BHG Continues to Outperform Gain on sale lever fully engaged to augment reserve build • 1Q20 was the strongest origination quarter in the history of BHG, business flows remain strong into second quarter • Reduced balance sheet loan balances to build cash and provide for additional reserves as a resu
Slide 34: BHG Strong demand for originations among bank buyers
BHG Continues to Outperform Strong demand for BHG originations among bank buyers Network Strength 1Q20 2019 2018 No. of Banks in Network 1,094 980 460 • Spreads realized in 1Q20 were some of the Gross Yield to Borrower 15.72% 14.39% 14.66% strongest in BHG history BHG Realized Spread 10.27% 9.12% 9.
Slide 35: BHG Continuous improvements provide opportunity for growth
BHG Continues to Outperform Continuous improvements have provided significant opportunity for growth BHG Total Loans and Borrowings Total BHG Loan Originations At Year End $1,800,000 $1,200,000 $1,500,000 $1,442,000 $1,000,000 $662,764 Thousands Thousands $800,000 $1,200,000 $395,138 $314,982 $600,0
Slide 36: Atlanta and Looking to the Future
Atlanta and Looking to the Future Atlanta represents a “once-in-a-generation” opportunity to build a relevant franchise in the Southeast’s most attractive market. In response to the potential damage created by COVID-19, we will substantially slow our anticipated hiring pace with its associated expen
Slide 37: PNFP's Entry into Atlanta – The Southeast's Economic Center
PNFP’s Entry into Atlanta – The Southeast’s Economic Center The opportunity in Atlanta is extraordinary and warrants investment Nashville Atlanta 35% 35% Pinnacle Regional Bank B 30% 30% 25% 25% Commercial Market Share Commercial Market Share National Bank E 20% 20% National Bank A 15% 15% Regional
Slide 38: Atlanta 5 Year Build-out Targets
PNFP’s Entry into Atlanta – The Southeast’s Economic Center Pinnacle intends to invest in order to seize this “once-in-a-generation” opportunity 5 Year Build-out Targets • 50 relationship managers • 5 business focused offices • Full product offering • Treasury management • Wealth management • Mortga
Slide 39: Atlanta 1Q20 Progress
PNFP’s Entry into Atlanta – The Southeast’s Economic Center Pinnacle intends to invest in order to seize this “once-in-a-generation” opportunity 1Q20 Progress • Regulatory approval for branch location • Site selected and lease negotiated • Site build out underway. Projected complete date is mid-May.
Slide 40: Moving Forward in this Pandemic
Moving Forward in this Pandemic All the impacts of the COVID-19 pandemic are unknown as yet. Severity is likely a function of duration. But there can be little doubt that its impacts will be far reaching on our nation in general, and banks in particular. At this juncture, it is critical that we cont
Slide 41: PNFP Will Focus on Defense During This Pandemic
PNFP Will Focus on Defense During This Pandemic We have and will continue to build liquidity, reserves and capital during this crisis Consumer and Small Business Programs • Increased liquidity • Q1 was strongest core deposit growth in recent history; improving liquidity position • Completing liquidi
Slide 42: Q&A First Quarter 2020
Q&A FIRST QUARTER 2020 -~innacle FINANCIAL PARTNERS
Slide 43: Supplemental Information
Supplemental Information Chart • Balance Sheet 44 • Asset Quality 58 • Income Statement 60 • Peer Group 68 43
Slide 44: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in thousands) Amts. % Amts. % Amts. %s Amts. %s 1Q20 1Q20 4Q19 4Q19 1Q19 1Q19 1Q18 1Q18 C&I $6,752.3 33.1% $6,290.3 31.8% $5,419.5 29.8% $4,490.9 27.5% CRE – Owner Occ. 2,650.2 13.0% 2,669.8 13.5% 2,617.5 14.4% 2,427.9 14.9% Total C&I & O/O CRE $9,402.5 46.1% $8,960
Slide 45: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in thousands) TOTAL PINNACLE TENNESSEE LOANS CAROLINAS/ VA LOANS ATLANTA OTHER UNIT LOANS* Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 C&I $6,752.3 $5,419.5 $4,970.4 $4,196.3 $970.0 $781.6 $0.2 - $811
Slide 46: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in thousands) TOTAL PINNACLE C&I & O/O CRE CRE & CONSTRUCTION OTHER LOANS* Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 Nashville $6,778.8 $6,071.4 $3,231.3 $3,010.0 $2,448.7 $2,179.9 $1,098.8 $881.5 Knoxville 1,808.6 1,558
Slide 47: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in thousands) Amts. % Amts. % Amts. % Amts. % 1Q20 1Q20 4Q19 4Q19 1Q19 1Q19 1Q18 1Q18 Residential – Spec $347.7 1.7% $367.9 1.9% $355.2 2.0% $288.0 1.8% Residential – Custom 145.2 0.7% 124.1 0.6% 131.0 0.7% 123.0 0.7% Residential – Condo 1.5 0.0% 1.2 0.0% 0.2 0.0% 0
Slide 48: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in thousands) TOTAL PINNACLE TENNESSEE LOANS CAROLINAS/VA ATLANTA LOANS OTHER UNIT LOANS LOANS Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 Residential – Spec $347.7 $355.2 $249.8 $253.8 $97.5 $99.7 $0
Slide 49: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in thousands) Total NOO and Multifamily Total Construction Total NOO and Construction Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. Amts. 1Q20 4Q19 1Q19 1Q20 4Q19 1Q19 1Q20 4Q19 1Q19 Multifamily $550.3 $620.8 $693.1 $491.8 $471.3 $357.8 $1,042.1 $1,092.1 $1,063.8
Slide 50: Balance Sheet – Deposit Portfolio
Balance Sheet – Deposit Portfolio ($ in thousands) TOTAL DEPOSITS CORE DEPOSITS NONCORE DEPOSITS TOTAL PINNACLE TRANSACTION AND MMDA CDs PUBLIC FUNDS and OTHER DEPOSITS 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 Nashville $8,122.5 $7,141.5 $7,266.4 $6,381.0 $556.5 $511.1 $299.6 $249.4 Knoxville 1,748.9
Slide 51: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio Net Commercial Loan Charge Offs by Loan Type Net Consumer Loan Charge Offs by Loan Type 0.30% 8.00% 7.00% 0.20% 6.00% 0.10% 5.00% 0.00% 4.00% -0.10% 3.00% 2.00% -0.20% 1.00% -0.30% 0.00% -0.40% -1.00% CRE Construction C&I Net commercial charge Consumer RE Consumer and
Slide 52: Balance Sheet – Loan Portfolio
Balance Sheet – Loan Portfolio ($ in thousands) Description 1Q20 4Q19 3Q19 2Q19 1Q19 4Q18 Loans secured by real estate: Construction, land development, and other loans: 1-4 family residential construction loans $582,106 $578,443 $575,975 $564,339 $575,753 $541,253 Other construction loans and all la
Slide 53: Balance Sheet – Bond Portfolio
Balance Sheet – Bond Portfolio Conservative bond portfolio Portfolio: March 31, 2020 Total Investments $4.090 billion Net Unrealized Gain (Loss) $(64.3) million 2.3% 2.1% Quarter Duration Avg. Yield- TE 1Q20 4.3% 2.8% 4Q19 4.8% 2.9% 3Q19 4.4% 3.0% 35.6% 2Q19 4.1% 3.2% 51.6% 1Q19 3.7% 3.4% 4Q18 3.6%
Slide 54: Balance Sheet – Bond Portfolio
Balance Sheet – Bond Portfolio 4.00 40.0 Quarterly Avg. FFS and Cash Effective Bond Portfolio Composition 3.50 35.0 End of Period $900 3.00% $800 3.00 2.82 30.0 79% 77% 2.50% 74% Average balances ($ in millions) 70% $700 % of Total Assets 2.50 25.0 65% Average quarterly yield Bond Yields $600 2.00%
Slide 55: Balance Sheet – Loan & Deposit Growth
Balance Sheet – Loan & Deposit Growth Total Period- End Loan Growth Total Period- End Deposit Growth $351 $960 $257 $20,396 $58 $21,333 $134 $20,181 $19,788 4Q19 Wholesale Net Line Fundings Client Growth 1Q20 4Q19 Line Fundings Client Growth 1Q20 Chg Source: Internal records. 55
Slide 56: Interest Rate Sensitivity
Interest Rate Sensitivity Rate Shock Sensitivity 3.0% Interest-rate risk mitigation efforts taken over the 2.1% 2.0% past 12 months: Net Interest Income % D 1.0% 1.0% 0.6% Unwound $900mm of fixed-to-floating loan interest rate 0.3% swaps 0.0% -0.3% Purchased $2.8b interest rate floors in two tra
Slide 57: Current Expected Credit Losses
Current Expected Credit Losses 12/31/2019 January 1, 2020 March 31, 2020 Probable Incurred Losses CECL Adoption CECL % of Loans % of Loans % of Loans Allowance for Credit Losses Amount Outandstanding Amount Outandstanding Amount Outandstanding Commercial Real Estate - Mortgage $ 33,369 0.43% $ 28,89
Slide 58: Asset Quality
Asset Quality AS A % OF TOTAL AS A % OF TOTAL AS A % OF TOTAL (000S) Mar. 31, 2020 Dec. 31, 2019 MAR. 31, 2019 LOANS LOANS LOANS Past Due Loans (*) Nonaccrual loans $31,285 0.15% $25,841 0.13% $48,739 0.27% Accruing loans 33,780 0.17% 35,963 0.18% 40,556 0.22% Total past due $65,065 0.32% $61,804 0.
Slide 59: Credit Discipline Impacts Bottom Line
Credit Discipline Impacts Bottom Line Real Estate Portfolio Concentrations aggregated by real estate category and common borrower Granularity of Real Estate Portfolio Largest CRE Projects by Category at March 31, 2020 - Aggregate portfolio volumes by relationship and loan type Top 10 Weighted Projec
Slide 60: Income Statement – Net Interest Income
Income Statement – Net Interest Income • Approximately $1.2 billion in client interest rate floors became “in-the-money” in March due to down interest rate shock of 150 basis points • During 4Q19, we entered into a $1.5 billion LIBOR rate floor with a five year term. This floor now carries an unreal
Slide 61: Income Statement – Revenue per Share
Income Statement – Revenue per Share LTM Revenue Per Share Growth vs. Peers $15.00 14.5% 15.0% 13.0% 13.0% 13.0% 11.9% 11.9% 11.6% 11.6% $14.00 11.3% $13.87 12.0% $13.54 $13.44 Y/Y Revenue per Share Growth 7.3% 8.8% $12.92 $13.00 9.0% Revenue per Share 7.3% $12.42 6.5% 6.4% $12.13 $12.00 5.0% 5.3% 6
Slide 62: Income Statement – Fee Income
Income Statement – Fee Income Deposit-Related Fees 1.30% (Service Charges, Interchange) $20,000 Yr/Yr Growth Income from Equity Method Investment 18.4% (BHG) $18,000 1.20% Yr/Yr Growth $16,000 $30,000 17.3% $14,000 1.10% $20,000 $10,000 1.00% Lending-Related Fees $- (Mortgage, Swaps, SBA) $10,000 $9
Slide 63: BHG Financials
BHG Financials Strong equity to support business model • Strong performance in 1Q20 despite meaningful in increase reserves • Strong cash position to provide increased liquidity and, thus, better prepare for any potential Pandemic losses For the Three For the Three Months Ended For the Three At Marc
Slide 64: Income Statement - Expenses
Income Statement - Expenses $500.0 Employee Retention^ 94% $449.8 $441.0 $400.0 $427.5 $424.9 $419.9 $414.3 $412.8 $415.9 $404.6 1Q18 to 1Q20 $300.0 (increase of $10,600) $200.0 92% $216.9 $215.6 $214.8 $208.1 1Q18 to 1Q20 $206.2 $205.0 $199.0 $202.3 $201.0 $100.0 (increase of $1,500/ associate) $0.
Slide 65: Income Statement – Mortgage Volumes
Income Statement – Mortgage Volumes $325,000 6.00% $275,000 5.00% $225,000 4.00% $175,000 3.00% $125,000 2.00% $75,000 1.00% $25,000 0.00% Purchase Money Refinance Gross fees as a % of loans originated 65
Slide 66: Reconciliation of Non-GAAP Financial Measures
Income Statement – Reconciliation of Non-GAAP Financial Measures 66
Slide 67: Reconciliation of Non-GAAP Financial Measures
Income Statement – Reconciliation of Non-GAAP Financial Measures 67
Slide 68: Peer Group
Peer Group Institution Name Ticker City, State Pinnacle Financial Partners PNFP Nashville, TN Associated Banc-Corp ASB Green Bay, WI BancorpSouth, Inc. BXS Tupelo, MS Bank of the Ozarks, Inc. OZRK Little Rock, AR Chemical Financial Corporation CHFC Midland, MI Cullen/Frost Bankers, Inc. CFR San Anto
Slide 69: Investor Call
Investor Call FIRST QUARTER 2020 M. TERRY TURNER, PRESIDENT AND CEO HAROLD R. CARPENTER, EVP AND CFO TIM HUESTIS, EVP AND CHIEF CREDIT OFFICER
Pinnacle Financial Partners — Q1 2020 Earnings Presentation on 6ix