Investor Call SECOND QUARTER 2019 JULY 17, 2019 Time: 8:30 AM CDT - - PowerPoint PPT Presentation
Investor Call SECOND QUARTER 2019 JULY 17, 2019 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 Safe Harbor Statements Forward
SECOND QUARTER 2019
HAROLD R. CARPENTER, EVP AND CFO
JULY 17, 2019
Time: 8:30 AM CDT Webcast: www.pnfp.com (investor relations) Audio only: 877-602-7944
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 21E of the Securities Exchange Act of 1934. The words "expect," "anticipate," "intend," "may," "should," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking statements. These forward- looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to: (i) deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses; (ii) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits; (iii) the inability of Pinnacle Financial, or entities in which it has significant investments, like BHG, to maintain the historical growth rate of its, or such entities', loan portfolio; (iv) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (v) effectiveness of Pinnacle Financial's asset management activities in improving, resolving or liquidating lower-quality assets; (vi) the impact of competition with other financial institutions, including pricing pressures and the resulting impact
Financial's markets throughout Tennessee, North Carolina, South Carolina and Virginia, particularly in commercial and residential real estate markets; (viii) fluctuations or differences in interest rates on loans or deposits from those that Pinnacle Financial is modeling or anticipating or that affect the yield curve; (ix) the results of regulatory examinations; (x) a merger or acquisition; (xi) risks of expansion into new geographic or product markets; (xii) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including intangible assets; (xiii) reduced ability to attract additional financial advisors (or failure of such advisors to cause their clients to switch to Pinnacle Bank), to retain financial advisors (including as a result of the competitive environment for associates) or
contemplated; (xv) deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xvi) inability to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies, required capital maintenance levels or regulatory requests or directives, particularly if Pinnacle Financial's level of applicable commercial real estate loans were to exceed percentage levels of total capital in guidelines recommended by its regulators; (xvii) approval of the declaration of any dividend by Pinnacle Financial's board of directors; (xviii) the vulnerability of Pinnacle Bank's network and online banking portals, and the systems of parties with whom Pinnacle Financial contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xix) the possibility of increased compliance and operational costs as a result of increased regulatory
development of additional banking products for Pinnacle Bank's corporate and consumer clients; (xx) the risks associated with Pinnacle Financial and Pinnacle Bank being a minority investor in BHG, including the risk that the owners of a majority of the equity interests in BHG decide to sell the company if not prohibited from doing so by Pinnacle Financial or Pinnacle Bank; (xxi) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, like BHG, including regulatory or legislative developments; (xxii) risks associated with the possible shutdown of the United States federal government, including adverse effects on the national or local economies and adverse effects resulting from a shutdown of the U.S. Small Business Administration's SBA loan program; (xxiii) the availability of and access to capital; (xxiv) adverse results (including costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions; and (xxv) general competitive, economic, political and market conditions. Additional factors which could affect the forward looking statements can be found in Pinnacle Financial's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available
hereof, whether as a result of new information, future events or otherwise.
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Safe Harbor Statements
Non-GAAP Financial Matters
This release 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 related to other real estate owned, gains or losses on sale of investment securities, the charges associated with Pinnacle Financial's branch consolidation project, the sale of the remaining portion of Pinnacle Bank's non-prime automobile portfolio, the revaluation of Pinnacle Financial’s deferred tax assets and other matters for the accounting periods presented. This release also includes non-GAAP financial measures which exclude expenses associated with Pinnacle Bank's merger with BNC. This release may also contain certain other non-GAAP capital ratios and performance measures that exclude the impact of goodwill and core deposit intangibles associated with Pinnacle Financial's acquisitions of BNC, Avenue Bank, Magna Bank, CapitalMark Bank & Trust, Mid-America Bancshares, Inc., Cavalry Bancorp, Inc. and other acquisitions which collectively are less material to the non-GAAP measure. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Because non-GAAP financial measures presented in this release are not measurements determined in accordance with GAAP and are susceptible to varying calculations, these non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures presented by other companies. Pinnacle Financial believes that these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of its operating performance. In addition, because intangible assets such as goodwill and the core deposit intangible, and the other items excluded each vary extensively from company to company, Pinnacle Financial believes that the presentation of this information allows investors to more easily compare Pinnacle Financial's results to the results of other companies. Pinnacle Financial's management utilizes this non-GAAP financial information to compare Pinnacle Financial's operating performance for 2019 versus certain periods in 2018 and to internally prepared projections.
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2Q19 Summary Results of Key GAAP Measures
4 Total Revenues ROTCE Total Deposits
(millions)
FD EPS Book Value per Share
NPA/ Loans & OREO NCOs
Total Loans
(millions)
Classified Asset Ratio
0.66% 0.53% 0.55% 0.44% 0.53% 0.55%
NPA/ Loans & OREO
$4,316 $4,830 $7,091 $14,759 $17,042 $18,814
Total Loans
(millions) CAGR 31.4%
13.50% 15.44% 15.64% 14.19% 18.65% 19.28%
ROTCE**
CAGR 6.8%
$59,820 $71,293 $107,756 $141,684 $229,633 $259,600
Total Revenues
CAGR 31.1%
$4,246 $4,609 $6,591 $13,529 $15,400 $16,504
Total Core Deposits
(millions)
CAGR 28.9%
$0.49 $0.64 $0.75 $0.84 $1.15 $1.42
FD EPS*
CAGR 22.3%
$14.53 $16.56 $19.58 $22.58 $25.28 $30.26
Tangible Book Value per Share**
CAGR 15.1%
2Q19 Summary Results of Key Non-GAAP Measures
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*: excluding merger-related charges, gains and losses on sales of investment securities, ORE expense (income), loss on sale of non-prime automobile portfolio, branch consolidation adjustment and revaluation of deferred tax assets **: excluding goodwill, core deposit and other intangible assets Note: For a reconciliation of these Non-GAAP financial measures to the comparable GAAP measures, see slides 43-45.
0.08% 0.16% 0.35% 0.17% 0.10% 0.09%
NCOs
18.1% 19.0% 19.3% 14.2% 12.6% 13.9%
Classified Asset Ratio
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“Culture eats strategy for lunch” - Peter Drucker
Emphasis on associate engagement yields rapid, reliable growth
Engaged Associates Produce Better Outcomes
2nd Quarter Achievements
Carolinas and Virginia – Key Measures of Success YoY % Growth
construction practice 11.1%
O/O CRE loan growth 21.1%
65 26 58
Planned Planned-to-date Actual-to-date Planned Planned-to-date Actual-to-date
Plan: Continue High Growth CRE and Bolt-
Execution: Lever PNFP’s Ongoing Recruitment Competence as the Cornerstone for Success Result: Continued High Growth in CRE and accelerated C&I Growth
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PNFP’s Hiring and Engagement Model Effectively Transformed BNC
PNFP engaged BNC associates, exceeded its hiring plan and transformed the growth model
BHG has Proven to be an Outstanding Investment
PNFP / BHG partnership continues to provide meaningful shareholder value
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Bankers’ Healthcare Group reports record results in 2Q19 Strengthened business model that has performed extremely well over time
Managerial changes provide opportunities for bench to perform
PNFP Primarily Focuses on Top and Bottom Line Growth
PNFP continues to grow revenue/share at a double-digit pace and faster than peers
Note: See slide 46 for peer group utilized in the above analysis. Peer group calculated by aggregating total peer revenues by total peer weighted avg. shares for each quarter. Source: S&P Global 9
$10.20 $10.27 $10.49 $10.73 $11.10 $11.43 $11.74 $12.13 $12.42 $12.92 13.0% 7.3% 5.0% 5.3% 8.8% 11.3% 11.9% 13.0% 11.9% 13.0% 3.8% 3.8% 4.1% 3.9% 5.9% 5.2% 6.6% 5.9% 4.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% $10.00 $10.50 $11.00 $11.50 $12.00 $12.50 $13.00 $13.50 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Y/Y Revenue per Share Growth Revenue per Share
LTM Revenue Per Share vs. Peers
PNFP Revenue/Share PNFP Y/Y Growth Peer Y/Y Growth BNCN Deal Closed BNCN Deal Announced BNCN System Conversion
Loan & Deposit Growth are Keys to Top and Bottom Line Growth
Loan growth remained strong in 2Q19
$4,130 $4,251 $4,358 $4,436 $4,625 $4,737 $5,690 $6,458 $6,742 $6,998 $8,233 $8,357 $8,558 $9,817 $15,017 $15,520 $15,957 $16,730 $17,259 $17,630 $17,938 $18,611
4.30% 5.22% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000
Loan Yields Average Loans
(millions) CPMK / Magna AVNU BNCN
10 14.2% 14.6% 18.7% 13.3% 18.0% 12.5% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0%
Annual Organic Loan Growth
(excludes Day 1 merger impact)
*: Year-to-date data annualized
0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% $130.0 $140.0 $150.0 $160.0 $170.0 $180.0 $190.0 $200.0
Accretion/ Net Interest Income Net Interest Income (millions)
Net Interest Income Quarterly Trends Purchase Accounting Accretion
Purchase Accounting Accretion Net Interest Income Before Purchase Accounting Accretion Accretion Income to Net Interest income
Loan & Deposit Growth are Keys to Top and Bottom Line Growth
PNFP’s rapid, reliable loan growth outpaces peers and declining PAA
Note: See slide 46 for peer group utilized in the above analysis. Source: S&P Global 11
20.06% 11.70% 17.16% 16.29% 11.53% 9.99% 9.75% 24.34% 14.13% 9.80% 17.32% 17.70% 8.15% 5.36% 10.56% 14.11% 7.69% 10.14% 6.49% 13.72% 6.17% 8.11% 6.90% 10.85% 5.49% 7.86% 4.00% 6.58%
3.22%
7.18% 2.96% 0% 5% 10% 15% 20% 25% 30% 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2
Quarterly Loan Growth % - Annualized PNFP Annualized Loan Growth Median Annualized Loan Growth
N/A
0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000
EOP FFS Target Cost of Deposits
Loan & Deposit Growth are Keys to Top and Bottom Line Growth
Funding loan growth as efficiently as possible is the key to our growth
Deposit Rate Tranches June 30, 2019 % of Totals June 30, 2019 Rates Mar 31, 2019 Rates
2018 Rates Noninterest bearing 23.2%
13.4% 0.20% 0.20% 0.21% Negotiated 34.3% 1.66% 1.63% 1.57% Indexed 7.0% 2.43% 2.48% 2.46% CDs 22.1% 2.32% 2.21% 2.04%
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16.3% 11.8% 16.9% 14.6% 17.1% 6.4%
0.0% 4.0% 8.0% 12.0% 16.0% 20.0%
Annual Organic Deposit Growth
(excludes Day 1 merger impact)
*: Year-to-date data annualized
Net Interest Margin Influences Top and Bottom Line Growth
Loan yields continue to hold during this volatile rate environment
35.6% 17.3% 3.6% 4.7% 38.8%
All Loans
LIBOR Prime T-Bill Fixed Rate <1Y Fixed Rate >1Y
Rate Index Weighted Average Coupon New Loans Weighted Average Coupon Origination Mix
Change 3Q18 4Q18 1Q19 2Q19 2Q19 LIBOR 4.43% 4.79% 0.36% 4.33% 4.99% 4.83% 4.73% 41.0%
1 Month LIBOR 2.09% 2.40% 0.31% 2.11% 2.35% 2.50% 2.40%
Prime 5.24% 5.75% 0.51% 5.74% 5.95% 6.07% 6.03% 25.0%
Fed funds target 2.00% 2.50% 0.50% 2.25% 2.50% 2.50% 2.50%
Fixed rate 4.44% 4.60% 0.16% 4.91% 4.78% 5.07% 4.89% 31.0%
5-Year Treasury 2.73% 1.76% (0.97%) 2.81% 2.88% 2.53% 2.12%
Note: Weighted Average EOP Coupon Trends – excludes impact of purchase accounting adjustments and impact from early payoffs which result in immediate recognition of deferred fees and prepayment penalties and increase actual yields. For the 1-month LIBOR and 5-year Treasury rates, the above amounts are quarterly average rates.
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At June 30, 2019 (*)
46.3% 19.6% 1.1% 0.0% 32.3%
C&I
34.0% 4.4% 3.5% 57.7%
CRE
44.6% 29.8% 1.4% 24.1%
Construction
Net Interest Margin Influences Top and Bottom Line Growth
PNFP has taken actions to better position for declining rates
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0.0% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19* Net Interest Income 12M % Change
PNFP Peer Median
Actions taken in 2Q19 to lessen interest rate risk exposure during 2019:
compared to 60% at March 31
Peer information obtained from SNL Financial *: Thru May 31, 2019
Real Estate Portfolio Concentrations aggregated by real estate category and common borrower
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Credit Discipline Impacts Bottom Line
Concentration discipline and granularity offer great protection to bottom line
Top 10 Projects Aggregated Exposure Largest Project in Category Weighted Average of Pro Forma LTV Weighted Average of Original LTC Weighted Average of Pro Forma DSC Construction Portfolio Hotel / Motel 170,075 28,500 60.9% 68.1% 1.68 Medical 213,898 33,085 63.5% 70.7% 1.59 Multifamily 337,775 52,500 54.4% 65.2% 1.30 Professional Office 217,967 40,000 52.4% 63.3% 1.45 Retail 118,131 21,225 67.2% 73.1% 1.27 Storage / Warehouse 269,386 49,696 57.1% 66.8% 1.31 Existing NOO Properties Hotel / Motel 202,402 27,000 58.9% 64.1% 2.11 Medical 156,966 26,700 67.3% 76.5% 1.81 Multifamily 248,595 43,304 56.8% 67.9% 1.40 Professional Office 204,927 37,800 58.5% 64.4% 1.69 Retail 167,571 25,000 63.3% 64.9% 1.50 Storage / Warehouse 176,511 35,250 63.6% 65.5% 1.19 Grand Total $ 2,484,204 $ 420,060 60.3% 67.5% 1.53
1,000,000,000 1,500,000,000 2,000,000,000 2,500,000,000 3,000,000,000 Non-owner occupied CRE Other Construction and Land Development Owner-occupied CRE Residential Construction Less than $10 million Greater than $10 million but less than $15 million Greater than $15 million but less than $20 million greater than $20 million
Largest CRE Projects by Category Granularity of Real Estate Portfolio
$3,500 $4,500 $5,500 $6,500
Other Income* (BOLI, Equity Investments, etc.) Yr/Yr Decline
(6.1%)
Fee Income Growth Supports Ongoing Top and Bottom Line Growth
PNFP continues to grow strategic fee businesses
$- $10,000 $20,000 $30,000
Income from Equity Method Investment
(BHG)
Yr/Yr Growth >200%
$9,000 $10,000 $11,000 $12,000
Wealth Management Fees
(Investment, Trust, Insurance)
Yr/Yr Growth 6.8%
$12,000 $14,000 $16,000 $18,000
Deposit-Related Fees (Service Charges, Interchange)
$5,000 $5,500 $6,000 $6,500 $7,000
Lending-Related Fees (Mortgage, Swaps, SBA)
Yr/Yr Growth 27.6% 0.60% 0.70% 0.80% 0.90% 1.00% 1.10% 1.20% Fees / Avg Assets GAAP Fees / Avg Assets Adjusted* Yr/Yr Growth 16.4%
*: Excludes gains and losses on sales of investment securities and loss on sale of non-prime automobile portfolio. For a reconciliation of these Non-GAAP financial measures to the comparable GAAP measures, see slides 43-45.
BHG Continues to Outperform
Continuous improvements have resulted in increased loan originations
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BHG Annual Loan Volume Originations
Model Description Functionality Enhanced Credit Score Card / Underwriting Predicts probability
Drives the loan decision-making process and sets minimum pricing guidelines Marketing Acquisition Predicts top ROI targets within the broader marketing universe Selects target population for monthly mail plan thus increasing high quality leads Closing Behavior Predicts the funding probability of each applicant Used for lead routing post-approval and sets start rate guidelines Lead Distribution Predicts expected margin at the response level Uses lead routing to assign the most profitable leads to the top sales reps
Increased sophistication through enhanced analytics results in greater demand for BHG’s products:
Source: BHG presentation to PNFP board of directors – June 2019
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BHG Credit Segmentation Improved credit analytics resulting in healthier borrower base
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
Origination Volume by FICO score
650 651 - 700 701 - 750 751 - 800 801 - 850
BHG Continues to Outperform
Continuous improvements have enhanced loan quality
0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 2012 2013 2014 2015 2016 2017 2018 2019*
BHG Credit Experience & Recourse Accrual
Credit Losses Pre-payment Recourse Accrual as a percentage of Outstandings
Source: Internal data and BHG presentation to PNFP board of directors – June 2019
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On-Balance sheet loans Originations Placements (auction)
As originations have increased:
A. Auction placements have increased resulting in growing gain on sale (GOS) revenues B. BHG balance sheet has grown with higher yielding loans whereby:
revenue
BHG Continues to Outperform Strong demand among bank buyers on BHG’s proprietary auction platform
Source: Internal information and BHG presentation to PNFP board of directors – June 2019
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YTD 2019 2018 # of individual Bank buyers 398 460 Gross yield to borrower 14.61% 14.66% BHG realized spread 9.23% 9.34%
BHG Continues to Outperform Strong demand among bank buyers on BHG’s proprietary auction platform
Source: BHG presentation to PNFP board of directors – June 2019
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More products, leverage platform for more opportunities:
Products Description Credit Expansion Customized score cards are providing opportunities to do business with various other professions (lawyers, accountants, architects, wealth advisors, engineers, etc.) Credit Cards Continue to cross sell PNFP credit cards to expanded platform as well as exploring other opportunities to joint venture with PNFP SBA Lending One of only 14 nonbanks licensed in the US for SBA lending License acquired in January 2019 Targeting BHG client sets (licensed professionals) Patient Lending BHG partners with healthcare providers and banks to fund receivables – primarily surgery centers and hospitals for high deductible insurance plans BHG provides origination and servicing BHG offers users of healthcare a variety of repayment options
BHG Continues to Outperform
Ongoing initiatives are expected to continue to fuel growth
Source: BHG presentation to PNFP board of directors – June 2019
22 $390.8 $181.5 $393.1 $228.8 $412.8 $205.0 $419.9 $202.3 $424.9 $201.0 $427.5 $206.2 $415.9 $199.0 $441.0 $216.9 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 Annualized REV/ Associate Annualized EXP/ Associate
3Q17 to 2Q19
(increase of $50,200/ associate)
3Q17 to 2Q19
(increase of $35,400/ associate) 80% 85% 90% 95% 100%
Employee Retention^
Retention % 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Noninterest Expense / Avg Assets GAAP Noninterest Expense / Avg Assets Adjusted**
**: Excluding the impact of ORE expense and income and merger-related charges. For a reconciliation of these Non-GAAP financial measures to the comparable GAAP measures, see slide 43-45. ^: Associate retention rate is computed by dividing the number of associates employed at quarter end less the number of associates that have resigned in the last 12 months by the number of associates employed at quarter
Expenses are Leveraged to Produce Top and Bottom Line Growth
Leveraging our associate base is the key to efficiency
1.55% 1.54% 1.56% 1.35% 1.10% 1.18% 1.35% 0.89% 0.97%
0.80% 0.90% 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% 1.60%
ROAA*
PNFP Peer Median Top Quartile
1.04% 1.18% 1.41%
2Q19 1Q19 2018 2017 2016
1.35%
PNFP’s has long-targeted top quartile profitability and consistently delivered
Future targets adjusted to focus on critical return metrics
Operating range 2Q19 ACTUALS 2Q19 ACTUALS (Non GAAP)* Return on Average Assets 1.45% to 1.65% 1.55% 1.69% Return on Average Tangible Common Equity 16.5% to 19.0% 17.74% 19.28% Tangible Equity Ratio 8.75% to 9.75% 9.43% 9.43%
19.28% 17.87% 18.60% 12.83% 15.18% 14.70% 15.31% 11.02% 11.93%
0.00% 5.00% 10.00% 15.00% 20.00%
ROTCE**
PNFP Peer Median Top Quartile 1.41%
12.98% 14.83%
1.41%
2Q19 1Q19 2018 2017 2016
18.42% 15.50% *: excluding merger-related charges, gains and losses on sales of investment securities, ORE expense (income), loss on sale of non-prime automobile portfolio, branch consolidation adjustment and revaluation of deferred tax assets **: excluding goodwill, core deposit and other intangible assets Note: For a reconciliation of these Non-GAAP financial measures to the comparable GAAP measures, see slides 43-45.
$0.49 $0.64 $0.75 $0.84 $1.15 $1.42
FD EPS*
CAGR 22.3%
$14.53 $16.56 $19.58 $22.58 $25.28 $30.26
Tangible Book Value per Share**
CAGR 15.1%
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PNFP prioritizes long-term EPS and TBV creation
We hold fast to the correlation between EPS, TBV growth and long-term share price appreciation
*: excluding merger-related charges, gains and losses on sales of investment securities, ORE expense (income), loss on sale of non-prime automobile portfolio, branch consolidation adjustment and revaluation of deferred tax assets **: excluding goodwill, core deposit and other intangible assets Note: For a reconciliation of these Non-GAAP financial measures to the comparable GAAP measures, see slides 43-45.
We remain committed to long-term shareholder value creation through top and bottom line growth
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2019 Focus Items
Low double-digit annualized loan growth Heavy emphasis on core deposit growth EPS growth in top quartile of peer group
Long-term Shareholder Value Creation Thesis
Hiring revenue producers Emphasizing revenue growth over managing expenses Growing tangible book value
Supplemental Information
Chart
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46
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Balance Sheet – Loan Portfolio
Amts. 2Q19 % 2Q19 Amts. 1Q19 % 1Q19 Amts. 2Q18 % 2Q18 Amts. 2Q17 % 2Q17 C&I $5,795.1 30.8% $5,419.5 29.8% $4,821.3 28.3% $3,688.4 25.0% CRE – Owner Occ. 2,624.2 13.9% 2,617.5 14.4% 2,504.9 14.7% 2,368.7 16.0% Total C&I & O/O CRE $8,419.3 44.7% $8,037.0 44.2% $7,326.2 43.0% $6,057.1 41.0% CRE – Investment 4,252.1 22.6% 4,108.0 22.6% 3,822.2 22.4% 3,357.1 22.8% CRE – Multifamily and other 709.1 3.8% 693.7 3.8% 697.6 4.1% 661.6 4.5% C&D and Land 2,118.0 11.3% 2,097.6 11.6% 2,133.6 12.5% 1,772.8 12.0% Total CRE & Construction $7,079.2 37.6% $6,899.3 38.0% $6,653.4 39.0% $5,791.5 39.3% Consumer RE 2,949.8 15.8% 2,887.6 15.9% 2,699.4 15.9% 2,552.9 17.3% Consumer and other 366.0 1.9% 351.0 1.9% 363.9 2.1% 357.3 2.4% Total Other $3,315.8 17.7% $3,238.6 17.8% $3,063.3 18.0% $2,910.2 19.7% Total loans $18,814.3 100.0% $18,174.9 100.0% $17,042.9 100.0% $14,758.8 100.0%
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Balance Sheet – Loan Portfolio
TOTAL PINNACLE TENNESSEE LOANS CAROLINAS/ VA LOANS OTHER UNIT LOANS* Amts. 2Q19 Amts. 2Q18 Amts. 2Q19 Amts. 2Q18 Amts. 2Q19 Amts. 2Q18 Amts. 2Q19 Amts. 2Q18 C&I $5,795.1 $4,821.3 $4,407.8 $3,829.8 $881.6 $616.7 $505.7 $374.8 CRE – Owner Occ. 2,624.2 2,504.9 1,517.8 1,502.0 988.4 927.6 118.0 75.3 Total C&I & O/O CRE $8,419.3 $7,326.2 $5,925.6 $5,331.8 $1,870.0 $1,544.3 $623.7 $450.1 CRE – Investment 4,252.1 3,822.2 1,752.0 1,617.6 2,448.9 2,161.0 51.2 43.6 CRE – Multifamily and other 709.1 697.6 496.3 479.3 191.8 213.1 21.0 5.2 C&D and Land 2,118.0 2,133.6 1,222.1 1,321.4 865.0 781.7 30.9 30.5 Total CRE & Construction $7,079.2 $6,653.4 $3,470.4 $3,418.3 $3,505.7 $3,155.8 $103.1 $79.3 Consumer RE 2,949.8 2,699.4 1,414.1 1,261.5 1,199.0 1,222.5 336.7 215.4 Consumer and other 366.0 363.9 180.5 159.6 89.2 85.7 96.3 118.6 Total Other $3,315.8 $3,063.3 $1,594.6 $1,421.1 $1,288.2 $1,308.2 $433.0 $334.0 Total Loans $18,814.3 $17,042.9 $10,990.6 $10,171.2 $6,663.9 $6,008.3 $1,159.8 $863.4 Average Ticket Size (in ‘000s) $269.8 $245.4 $389.3 $386.7 $201.4 $182.5 $138.1 $84.5
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Note: Percentages noted in red text represent year-over-year growth rates. *: Represents mortgage, associate banking, automobile finance and various other business lines.
Balance Sheet – Loan Portfolio
TOTAL PINNACLE C&I & O/O CRE CRE & CONSTRUCTION OTHER LOANS* Amts. 2Q19 Amts. 2Q18 Amts. 2Q19 Amts. 2Q18 Amts. 2Q19 Amts. 2Q18 Amts. 2Q19 Amts. 2Q18 Nashville $6,130.0 $6,030.1 $3,062.6 $2,924.0 $2,139.4 $2,253.1 $928.0 $853.0 Knoxville 1,641.6 1,483.5 996.2 887.1 473.3 440.4 172.1 156.0 Music and Entertainment 374.6 243.0 258.7 143.0 18.5 23.4 97.4 75.9 Chattanooga 1,329.4 1,175.7 786.8 694.2 312.0 284.1 230.6 197.4 Memphis 1,515.1 1,238.9 821.2 682.8 527.3 417.3 166.6 138.8 Total Tennessee $10,990.7 $10,171.2 $5,925.5 $5,331.8 $3,470.5 $3,418.3 $1,594.7 $1,421.1 Greensboro/Highpoint 1,695.9 1,540.7 621.2 523.3 787.7 712.1 287.0 305.3 Charlotte 1,913.1 1,785.2 484.5 422.9 1,039.2 994.5 389.4 367.8 Raleigh 1,083.8 966.9 200.7 187.9 740.9 640.7 142.2 138.3 Charleston 891.8 796.3 173.4 146.4 433.8 334.7 284.6 315.2 Greenville 464.3 385.9 149.2 83.6 266.9 256.1 48.2 46.2 Roanoke 503.8 441.1 142.1 106.2 225.1 199.9 136.6 135.0 SBA 111.2 92.2 99.0 74.0 12.0 17.8 0.2 0.4 Total Carolina/VA $6,663.9 $6,008.3 $1,870.1 $1,544.3 $3,505.6 $3,155.8 $1,288.2 $1,308.2 Other 1,159.7 863.4 623.7 450.1 103.1 79.3 432.9 334.0 Total $18,814.3 $17,042.9 $8,419.3 $7,326.2 $7,079.2 $6,653.4 $3,315.8 $3,063.3
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Note: Percentages noted in red text represent year-over-year growth rates. *: Represents mortgage, associate banking, automobile finance and various other business lines.
Balance Sheet – Loan Portfolio
Amts. 2Q19 % 2Q19 Amts. 1Q19 % 1Q19 Amts. 2Q18 % 2Q18 Amts. 2Q17 % 2Q17 Residential – Spec $350.4 1.9% $355.2 2.0% $294.9 1.7% $243.0 1.6% Residential – Custom 129.5 0.7% 131.0 0.7% 137.6 0.8% 153.3 1.0% Residential – Condo 0.7 0.0% 0.2 0.0% 0.6 0.0% 11.8 0.1% Commercial Construct. 1,254.8 6.7% 1,207.5 6.7% 1,219.0 7.2% 894.9 6.1% Land Dev– Residential 211.7 1.1% 161.5 0.9% 161.2 0.9% 182.7 1.2% Land Dev – Commercial 113.2 0.6% 159.0 0.9% 201.1 1.2% 186.6 1.3% Land Dev – Mixed Use 4.5 0.0% 5.2 0.0% 32.4 0.2% 54.9 0.4% Land – Unimproved 53.2 0.3% 78.0 0.4% 86.8 0.5% 45.6 0.3% Total Construction and Land Dev. $2,118.0 11.3% $2,097.6 11.6% $2,133.6 12.5% $1,772.8 12.0%
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Balance Sheet – Loan Portfolio
TOTAL PINNACLE TENNESSEE LOANS CAROLINAS/VA LOANS OTHER UNIT LOANS Amts. 2Q19 Amts. 2Q18 Amts. 2Q19 Amts. 2Q18 Amts. 2Q19 Amts. 2Q18 Amts. 2Q19 Amts. 2Q18 Residential – Spec $350.4 $294.9 $247.4 $218.8 $101.1 $75.7 $1.9 $0.4 Residential – Custom 129.5 137.6 79.7 88.8 47.9 48.8 1.9
0.7 0.6 0.7
1,254.8 1,219.0 652.7 744.7 595.4 472.1 6.7 2.2 Land Dev– Residential 211.7 161.2 155.5 99.5 44.4 40.8 11.8 20.9 Land Dev – Commercial 113.2 201.1 46.7 95.4 61.2 101.7 5.3 4.0 Land Dev – Mixed Use 4.5 32.4 3.9 8.3 0.6 24.1
53.2 86.8 35.6 66.0 14.3 17.9 3.3 2.9 Total Construction and Land Dev. $2,118.0 $2,133.6 $1,222.2 $1,321.5 $864.9 $781.7 $30.9 $30.4 Average Ticket Size (in ‘000s) $516.8 $518.1 $577.0 $629.6 $456.5 $407.8 $363.2 $299.3
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Balance Sheet – Loan Portfolio
Total NOO and Multifamily Total Construction Total NOO and Construction Amts. 2Q19 Amts. 1Q19 Amts. 2Q18 Amts. 2Q19 Amts. 1Q19 Amts. 2Q18 Amts. 2Q19 Amts. 1Q19 Amts. 2Q18 Multifamily $709.1 $693.7 $738.6 $319.2 $357.8 $405.0 $1,028.3 $1,051.5 $1,143.6 Hospitality 783.0 769.5 643.9 117.3 105.5 106.3 900.3 875.0 750.2 Retail 1,284.1 1,211.9 1,295.0 115.4 148.1 174.0 1,399.5 1,360.0 1,469.0 Office 724.1 730.0 704.1 88.2 95.2 91.5 812.3 825.2 795.6 Warehouse 657.8 628.2 553.7 227.8 163.2 212.7 885.6 791.4 766.4 Medical 383.9 388.8 257.8 132.6 111.7 112.9 516.5 500.5 370.7 Other 419.2 379.7 326.7 1,117.5 1,116.1 1,031.2 1,536.7 1,495.8 1,357.9 Total $4,961.2 $4,801.8 $4,519.8 $2,118.0 $2,097.6 $2,133.6 $7,079.2 $6,899.4 $6,653.4 Average Ticket Size (in ‘000s) $1,752.5 $1,731.1 $1,588.1 $516.8 $569.2 $518.1 $1,022.7 $1,132.4 $955.4 .4
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Balance Sheet – Loan Portfolio
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Balance Sheet – Loan Portfolio
0.00% 0.10% 0.20% 0.30% CRE Construction C&I Net commercial charge
Net Commercial loan charge offs by loan type
2014 2015 2016 2017 2018 YTD 2019 Annualized
0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Consumer RE Consumer and other Net consumer charge offs
Net Consumer loan charge offs by loan type
2014 2015 2016 2017 2018 YTD 2019 Annualized
Balance Sheet – Loan Portfolio
Description 2Q19 1Q19 4Q18 3Q18 2Q18 1Q18
Loans secured by real estate: Construction, land development, and other loans: 1-4 family residential construction loans $564,339 $575,753 $541,253 $523,300 $488,893 $475,979 Other construction loans and all land development and other land loans 1,553,630 1,521,817 1,531,202 1,535,709 1,644,753 1,619,895 Loans included in the 100% test $2,117,969 $2,097,570 $2,072,455 $2,059,009 $2,133,646 $2,095,874 Secured by multifamily (5 or more) residential properties $726,744 $706,097 $671,156 $718,953 $716,781 $668,904 Loans secured by other nonfarm nonresidential properties 4,252,098 4,107,953 3,855,643 3,818,055 3,822,182 3,714,854 Financed real estate not secured by real estate 310,371 136,306 154,527 145,880 189,690 196,807 Loans included in the 300% test $7,407,182 $7,047,926 $6,753,781 $6,741,897 $6,862,299 $6,676,439
2,Total Risk-Based Capital $2,563,617 $2,495,127 $2,432,419 $2,344,597 $2,254,929 $2,180,680 % of Total Risk-Based Capital 100% Test - NOOCRE + Secured by multi-family 83% 84% 85% 88% 95% 96% 300% Test - NOOCRE + Multifamily + Construction 289% 283% 278% 288% 304% 306%
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Balance Sheet – Deposit Portfolio
TOTAL DEPOSITS CORE DEPOSITS NONCORE DEPOSITS TOTAL PINNACLE TRANSACTION AND MMDA CDs PUBLIC FUNDS and OTHER DEPOSITS 2Q19 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 2Q18 Nashville $7,203.4 $6,641.1 $6,381.4 $5,961.2 $537.4 $433.5 $284.6 $246.4 Knoxville 1,670.6 1,361.7 1,550.0 1,298.0 73.1 35.7 47.5 28.0 Music and Entertainment 282.7 216.4 279.1 212.5 1.6 1.8 2.0 2.1 Memphis 866.4 1,004.7 667.6 874.9 147.0 103.7 51.8 26.1 Chattanooga 992.9 788.4 884.3 728.4 54.7 33.9 53.9 26.1 Total Tennessee $11,016.0 $10,012.3 $9,762.4 $9,075.0 $813.8 $608.6 $439.8 $328.7 Greensboro/Highpoint 1,928.0 1,868.1 1,533.8 1,573.4 281.5 223.4 112.7 71.3 Charlotte 1,172.3 1,044.2 850.9 819.3 204.3 162.3 117.1 62.6 Charleston 914.7 877.4 702.8 684.5 176.9 159.1 35.0 33.8 Raleigh 603.5 562.4 527.8 453.6 54.5 52.9 21.2 55.9 Roanoke 586.3 527.8 437.9 416.4 128.3 95.5 20.1 15.9 Greenville 316.8 299.6 197.5 203.1 82.5 70.6 36.8 25.9 Total Carolinas / VA $5,521.6 $5,179.5 $4,250.7 $4,150.3 $928.0 $763.8 $342.9 $265.4 Other 2,911.7 2,665.6 679.4 682.0 69.4 120.5 2,162.9 1,863.1 Total $19,449.3 $17,857.4 $14,692.5 $13,907.3 $1,811.2 $1,492.9 $2,945.6 $2,457.2
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Note: Percentages noted in red text represent year-over-year growth rates.
Balance Sheet – Bond Portfolio
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10.00 15.00 20.00 25.00 30.00 35.00 40.00
1.00 1.50 2.00 2.50 3.00 3.50 4.00
% of Total Assets Bond Yields
PNFP - Bond Yields Peer Median - Bond Yields PNFP - % of Total Assets Peer Median - % of Total Assets
60% 65% 70% 40% 35% 30%
Bond Portfolio Pricing
Fixed Rate Variable Rate
Note: See slide 46 for peer group utilized in the above analysis. Source: S&P Global
Balance Sheet – Bond Portfolio
Portfolio: June 30, 2019
Total Investments $3.447 billion Net Unrealized Gain (Loss) $18.1 million
Quarter Duration
2Q19 4.1% 3.2% 1Q19 3.7% 3.4% 4Q18 3.6% 3.2% 3Q18 4.4% 3.1% 2Q18 3.9% 2.9% 1Q18 3.5% 2.9% 4Q17 3.5% 2.7% 3Q17 3.5% 2.6% 2Q17 3.3% 2.5% 1Q17 3.4% 2.4% 4Q16 3.2% 2.3% 3Q16 2.8% 2.3%
Conservative bond portfolio
2% 2% 29% 5% 10% 52% Agency/Treasury Corporates MBS Asset Backed CMOs Municipals
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Asset Quality
(*) > 30 days past due (**) Excludes past due loans rated substandard
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(000S) June 30, 2019 AS A % OF TOTAL LOANS
AS A % OF TOTAL LOANS June 30, 2018 AS A % OF TOTAL LOANS
Past Due Loans (*)
Nonaccrual loans $41,282 0.22% $48,739 0.27% $16,438 0.10% Accruing loans 40,199 0.21% 40,556 0.22% 38,382 0.23%
Total past due $81,481 0.43% $89,295 0.49% $54,820 0.33% NPLs and > 90 days
$2,395 0.01% $2,775 0.02% $2,028 0.01% Consumer RE 30,117 0.16% 32,170 0.18% 20,893 0.12% CRE – Owner Occupied 13,011 0.07% 23,553 0.13% 25,038 0.15% CRE – Investment 10,850 0.06% 12,013 0.07% 2,111 0.01% Total real estate 56,373 0.30% $73,864 0.41% 53,204 0.31% C&I 21,420 0.11% 23,311 0.13% 17,693 0.10% Other 1,017 0.01% 950 0.01% 1,561 0.01%
Total loans $78,810 0.42% $98,126 0.54% $72,458 0.43% Classified loans and ORE
Substandard commercial loans $283,259 1.51% $266,099 1.46% $226,058 1.33% Doubtful commercial loans 1 0.00%
Other impaired loans 25,273 0.13% 23,552 0.13% 19,468 0.11% 90 days past due and accruing (**) 2,644 0.01% 1,982 0.01% 1,572 0.01% Other real estate 26,657 0.14% 15,077 0.08% 19,785 0.12% Other repossessed assets 1 0.00% 61 0.00% 444 0.00%
Total $337,836 1.80% $306,771 1.69% $267,327 1.57%
Pinnacle Bank classified asset ratio 13.9 13.0% 12.6%
**: Excluding gains and losses on sales of investment securities and loss on sale of non-prime automobile portfolio. For a reconciliation of these Non-GAAP financial measures to the comparable GAAP measures, see slides 43-45.
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Operating Leverage
2Q19 1Q19 4Q18 3Q18 2Q18 1Q18 4Q17 3Q17 2Q17
Service charges $8,940 $8,542 $9,754 $9,972 $8,456 $7,905 $8,799 $8,695 $7,612 Investment services 5,803 5,404 6,135 5,423 5,074 5,245 4,828 3,758 3,196 Insurance commissions 2,147 2,928 2,038 2,126 2,048 3,119 1,961 2,124 1,461 Gain on mortgage loans sold, net 6,011 4,878 3,141 3,902 3,778 3,744 3,839 5,963 4,668 Investment gains and losses on sales, net (4,466) (1,960) (2,295) 11
(8,264)
3,461 3,295 3,375 3,087 3,563 3,118 2,645 2,636 1,677 Income from equity method investment 32,261 13,290 17,936 14,236 9,689 9,361 12,443 8,937 8,755 Other: Interchange and other consumer fees 9,091 7,507 8,133 7,112 7,030 6,471 5,778 4,891 4,140 Bank-owned life insurance 4,201 4,095 3,492 3,397 2,894 2,752 1,467 1,276 1,184 Loan swap fees 799 761 2,055 251 752 504 187 529 336 SBA loans sales 1,171 572 1,194 565 1,728 1,118 724 1,134 715 Gain (loss) on other equity investments 832 782 562 (85) 2,112 189 (499) 333 331 Other 431 969 1,750 1,481 815 627 2,318 2,975 997 Total noninterest income $70,682 $51,063 $57,270 $51,478 $47,939 $44,183 $36,226 $43,251 $35,072 Noninterest income/Average Assets 1.09% 0.83% 0.92% 0.85% 0.83% 0.81% 0.66% 0.80% 1.05% Noninterest income** $76,684 $53,023 $59,565 $51,467 $47,939 $44,153 $44,490 $43,251 $35,072 Noninterest Income**/Total Average Assets 1.19% 0.86% 0.96% 0.85% 0.83% 0.81% 0.81% 0.80% 1.05%
Operating Leverage
*: Excluding the impact of ORE expense and income, merger-related expenses and branch consolidation adjustment. **: Excluding the impact of ORE expense and income, securities gains and losses, merger-related charges, branch consolidation adjustment and loss on the sale of non-prime automobile portfolio. For a reconciliation of these Non-GAAP financial measures to the comparable GAAP measures, see slide 43-45.
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2Q19 1Q19 4Q18 3Q18 2Q18 1Q18 4Q17 3Q17 2Q17 Salaries and employee benefits: Salaries $44,625 $45,056 $41,965 $41,024 $39,136 $39,104 $39,950 $41,252 $26,312 Commissions 3,224 3,140 3,456 3,011 3,148 3,029 2,045 2,026 1,831 Cash and equity incentives 16,159 11,163 18,082 14,505 11,224 10,180 12,253 11,568 9,038 Employee benefits and other 11,612 11,017 11,222 10,577 10,604 11,406 9,098 9,442 6,495 Total salaries and benefits 75,620 70,376 74,725 69,117 64,112 63,719 63,346 64,288 43,676 Equipment and occupancy 23,844 19,331 19,073 19,252 18,208 17,743 17,114 16,590 10,713 Other real estate owned, net 2,523 246 631 67 819 (794) 252 512 63 Marketing and other business development 3,282 2,948 3,628 3,293 2,544 2,247 2,093 2,222 2,127 Postage and supplies 2,079 1,892 1,831 1,654 2,291 2,039 1,662 1,755 1,122 Amortization of intangibles 2,271 2,311 2,576 2,616 2,659 2,698 3,071 3,077 1,472 Merger-related expenses
5,353 19,103 8,847 3,221 Other noninterest expense: Deposit related expense 4,873 4,543 5,033 5,982 6,078 5,675 6,156 2,790 1,804 Lending related expense 5,401 5,299 5,181 5,664 4,695 3,908 3,964 3,850 2,801 Wealth management related expense 610 530 417 433 465 523 160 393 323 Other noninterest expense 7,183 6,575 6,314 5,912 6,131 5,469 6,052 5,410 4,477 Total other noninterest expense 18,067 16,947 16,945 17,991 17,369 15,575 16,332 12,443 9,405 Total noninterest expense $127,686 $114,051 $119,409 113,990 $110,908 $108,580 $122,973 $109,734 $71,799 Efficiency ratio 49.19% 47.9% 48.3% 47.3% 48.2% 49.7% 58.2% 50.8% 50.7% Expense/Total Average Assets 1.98% 1.85% 1.92% 1.87% 1.91% 1.98% 2.22% 2.05% 2.16% Noninterest expense * $121,974 $113,805 $118,778 $113,923 $107,183 $104,021 $103,618 $100,375 $68,515 Efficiency ratio ** 45.9% 47.4% 48.0% 47.3% 46.6% 47.6% 47.2% 46.4% 48.4% Noninterest Expense*/Total Average Assets 1.89% 1.84% 1.91% 1.87% 1.85% 1.90% 1.87% 1.88% 2.06%
$10,000 $15,000 $20,000 $25,000
Actual/Anticipated Discount Accretion Through Dec 2019 (in thousands)
$62 mm $31 mm
Income Statement – Discount Accretion and Income Tax Rate Trends
15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00%
Core Income Tax Effective Tax Rate Trends
Income tax as % of pre-tax income, excluding discrete items Blended statutory tax rate
Life to date accretion approximates original
in accretion income in future periods. Continue to pursue tax initiatives to reduce firm’s ETR.
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2Q19 1Q19 4Q18 # of shares repurchased 130,888 543,585 405,200 Value of shares $7.4mm $30.0 mm $20.7 mm
$56.31 $55.25 $51.07
Share Repurchase Program
Income Statement – Mortgage Volumes
0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% $25,000 $75,000 $125,000 $175,000 $225,000 $275,000 $325,000
Purchase Money Refinance Gross fees as a % of loans originated
42
Income Statement – Reconciliation of Non-GAAP Financial Measures
43
Income Statement – Reconciliation of Non-GAAP Financial Measures
44
Income Statement – Reconciliation of Non-GAAP Financial Measures
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2018 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 Antonio, TX F.N.B. Corporation FNB Pittsburgh, PA First Horizon National Corporation FHN Memphis, TN Fulton Financial Corporation FULT Lancaster, PA Hancock Holding Company HWC Gulfport, MS IBERIABANK Corporation IBKC Lafayette, LA MB Financial, Inc. MBFI Chicago, IL Old National Bancorp ONB Evansville, IN PacWest Bancorp PACW Beverly Hills, CA Prosperity Bancshares, Inc. PB Houston, TX Sterling Bancorp STL Montebello, NY Synovus Financial Corp. SNV Columbus, GA TCF Financial Corporation TCF Wayzata, MN Trustmark Corporation TRMK Jackson, MS UMB Financial Corporation UMBF Kansas City, MO Umpqua Holdings Corporation UMPQ Portland, OR United Bankshares, Inc. UBSI Charleston, WV Valley National Bancorp VLY Wayne, NJ Western Alliance Bancorporation WAL Phoenix, AZ Wintrust Financial Corporation WTFC Rosemont, IL
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SECOND QUARTER 2019
HAROLD R. CARPENTER, EVP AND CFO