Washington, D.C. 20549
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Item 2.02 Results of Operations and Financial Condition.
This Current Report on Form 8-K is being furnished to disclose the press release issued by Pinnacle Financial Partners, Inc., a Tennessee corporation (the "Company"), on January 20, 2015. The press release, which is furnished as Exhibit 99.1 hereto pursuant to Item 2.02 of Form 8-K, announced the Company's results of operations for the three and twelve months ended December 31, 2014.
The press release contains non-GAAP revenue and noninterest expense for the three months ended each of December 31, 2014, September 30, 2014 and December 31, 2013, as well as the ratio of noninterest expense to average assets for the last six quarterly periods, in each case excluding the impact of expenses related to other real estate owned.
The press release also contains certain non-GAAP capital ratios and discloses the Company's return on average tangible common equity for the three months ended December 31, 2014, September 30, 2014 and December 31, 2013. These non-GAAP financial measures exclude the impact of goodwill and core deposit intangibles associated with the Company's acquisition of Mid-America Bancshares, Inc. and Cavalry Bancorp, Inc., which the Company acquired on November 30, 2007 and March 15, 2006, respectively.
The presentation of this 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 the press 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.
The Company 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 other real estate owned expenses each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company's results to the results of other companies.
The Company's management utilizes this non-GAAP financial information to compare the Company's operating performance for 2014 versus the comparable periods in 2013 and to internally prepared projections.
Item 7.01 Regulation FD Disclosure
On January 20, 2015, the Company issued a press release announcing the declaration of a quarterly dividend of $.12 per common share. The dividend is payable on February 27, 2015, to shareholders of record as of the close of business on February 6, 2015.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release issued by Pinnacle Financial Partners, Inc. dated January 20, 2015.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.