Pinnacle Financial Partners, Inc. · NYSE:PNFP
Pinnacle Financial Partners — Super-Community Bank Conference (February 2004)
20 slides from Pinnacle Financial Partners's conference presentation, Feb 2, 2004
Slide 1: Super-Community Bank Conference - Pinnacle Financial Partners
Slide 2: Safe Harbor Statement
Certain of the statements in this presentation may constitute forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended (the "Securities Act"). The words "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and similar expressi
Slide 3: Pinnacle Financial Partners Profile
Pinnacle Financial Partners Profile High growth, one-bank holding company Headquartered in Nashville, Tennessee 3 years old Total assets at 12/31/03 - $498 million NASDAQ national market - PNFP Market cap at 12/31/03 - $87 million Insider / employee ownership - 19% Institutional ownership - 28% Sour
Slide 4: Valuation Summary
Tangible stockholders' equity at December 31, 2003 $ 34,336,381 Shares outstanding 3,692,053 Fully diluted shares outstanding 4,057,444 Tangible book value / share $ 9.30 Fully diluted book value / share $ 8.46 Closing price at December 31, 2003 $23.50 Price to tangible BV / share 253% Price to 2003
Slide 5: Analyst Coverage
PRICE FIRM ANALYST RATING TARGET Howe Barnes Investments Brian Martin Buy $28 Legg Mason Bryce Rowe Hold McDonald Investments Fred Cummings Buy $30 Midwest Research Jeff Davis Buy $30 SunTrust Robinson Humphrey Gary Tenner Equal Weight Analyst Coverage
Slide 6: Background and Opportunity: The Nashville Market
Background and Opportunity The Nashville Market Large metropolitan market Fast growing market Extremely attractive competitive landscape
Slide 7: Market Share (June 2003) - Davidson County
Market Share (June 2003) - Davidson County Total Deposits Total Share Rank Institution ($000) (%) Predecessor Bank 1 AmSouth Bancorp (AL) $ 2,995,887 25.3% First American Corp. 2 SunTrust Banks (GA) 2,407,068 20.3% Third National Bank 3 Bank of America (NC) 2,351,719 19.9% Commerce Union Bank 4 Sout
Slide 8: Vulnerable Competition
Vulnerable Competition 6/30/1995 6/3/1996 6/30/1997 6/30/1998 6/30/1999 6/30/2000 6/30/2001 6/30/2002 6/1/2003 AmSouth 24.09 23.96 24.52 26.23 27.63 23.3 19.8 18.6 18.9 SunTrust 18.25 19.51 19.66 18.01 16.9 17 17.1 18.2 16.4 B of A 20.02 18.63 17.08 16.67 16.36 15.3 16.6 16.1 16.7 Community Banks 9.
Slide 9: Business Strategy
Business Strategy Focus on small businesses and consumers with significant investment and borrowing needs. Develop and retain team of experienced bankers with backgrounds in Nashville business and affluent markets. Offer a full line of financial services including traditional depository and credit p
Slide 10: What Clients Are Saying
What Clients Are Saying "I've been with three banks in the last five years. I've never left a bank for a better interest rate, but always because of a service issue. Pinnacle's different. It seems as if they've asked people exactly what they look for in a bank, and they've not only offered it, but t
Slide 11: Quarterly Financial Trends
Quarterly Financial Trends (000's) 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 66141 101187 130158 175439 192476 229795 278750 305279 348366 403229 440693 498421 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 47285 74890 100104 133259 149460 168752 212915 234017 266732 3
Slide 12: Quarterly Performance Trends
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 0.001 0.0021 0.0034 0.004 0.0046 0.0059 0.0077 0.0075 Quarterly Performance Trends 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 0.01 0.018 0.026 0.035 0.0463 0.0654 0.0959 0.1002 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 0.859 0.822 0.786 0.771 0.724 0.693 0.65 0.679
Slide 13: Quarterly Deposit Trends
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 East 0.265 0.237 0.198 0.18 0.168 0.156 0.112 0.099 Other Quarterly Deposit Trends 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 84049 95123 131188 146577 170592 204313 244817 276583 EOP Core Deposits ($000) Brokered Time Deposit to Total Deposits
Slide 14: Quarterly Asset Quality Ratios
1Q01 2Q01 3Q01 4Q01 1Q02 0.0126 0.0128 0.0125 0.0136 0.0135 Quarterly Asset Quality Ratios 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 20.4 27.4 90 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 0 0 0 0 0 0.0023 0 0 0.0019 0.0003 0.0002 -0.
Slide 15: 2003 Accomplishments
2003 Accomplishments Became the largest, locally owned financial institution in Nashville. Received recognition as the Best Place to Work in Nashville for mid- sized companies by the Nashville Business Journal. Hired 37 new associates. Opened two new branch offices. Began a mortgage origination unit
Slide 16: Performance Against Commitments: Earnings Guidance
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Plan 100 200 300 400 500 600 700 800 900 1000 Actual 175 305 498 Performance Against Commitments Guidance Actual Qtr Low High Results 4Q02 $0.07 $0.09 $0.08 1Q03 $0.08 $0.09 $0.10 2Q03 $0.12 $0.14 $0.14 3Q03 $0.16 $0.19 $0.20 4Q03 $0.20 $0.22 $0.21 1
Slide 17: Asset Growth Performance Against Commitments
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Plan 100 200 300 400 500 600 700 800 900 1000 Actual 175 305 498 Asset Growth Performance Against Commitments
Slide 18: Future Expectations
Future Expectations Continued rapid growth Continued expense growth to seize opportunity People (25 in 2004) Offices (2 in 2004; 1 in 2005) Infrastructure 1% ROA by 1H05 Continued capitalization on consolidation related turmoil
Slide 19: Why Pinnacle?
Why Pinnacle? Large, rapidly-growing, metropolitan market Extremely attractive competitive landscape Seasoned management team Significant double digit asset growth Strong asset quality "PNFP is one of the premier small-cap banking stories in the southeast." SunTrust Robinson-Humphrey
Slide 20: Slide 20
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