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Subordinated Debt and Other borrowings (Tables)
 3 Months Ended
Mar. 31, 2018
Subordinated Debt [Abstract]  
Schedule of Subordinated Debt and Other Borrowings
Pinnacle Financial has twelve wholly-owned subsidiaries that are statutory business trusts created for the exclusive purpose of issuing 30-year capital trust preferred securities. Additionally, Pinnacle Financial has entered into certain other subordinated debt agreements and a revolving credit facility as outlined below and, with respect to the legacy Pinnacle Financial indebtedness, as fully described in its 2017 Form 10-K (in thousands):
Name
Date
Established
Maturity
Total Debt Outstanding
Interest Rate at
March 31, 2018
Coupon Structure
Trust preferred securities
 
 
 
 
Pinnacle Statutory Trust I
December 29, 2003
December 30, 2033
$
10,310

4.98
%
30-day LIBOR + 2.80%
Pinnacle Statutory Trust II
September 15, 2005
September 30, 2035
20,619

3.71
%
30-day LIBOR + 1.40%
Pinnacle Statutory Trust III
September 7, 2006
September 30, 2036
20,619

3.96
%
30-day LIBOR + 1.65%
Pinnacle Statutory Trust IV
October 31, 2007
September 30, 2037
30,928

4.97
%
30-day LIBOR + 2.85%
BNC Capital Trust I
April 3, 2003
April 15, 2033
5,155

4.97
%
30-day LIBOR + 3.25%
BNC Capital Trust II
March 11, 2004
April 7, 2034
6,186

4.57
%
30-day LIBOR + 2.85%
BNC Capital Trust III
September 23, 2004
September 23, 2034
5,155

4.12
%
30-day LIBOR + 2.40%
BNC Capital Trust IV
September 27, 2006
December 31, 2036
7,217

4.01
%
30-day LIBOR + 1.70%
Valley Financial Trust I
June 26, 2003
June 26, 2033
4,124

5.39
%
30-day LIBOR + 3.10%
Valley Financial Trust II
September 26, 2005
December 15, 2035
7,217

3.61
%
30-day LIBOR + 1.49%
Valley Financial Trust III
December 15, 2006
January 30, 2037
5,155

3.50
%
30-day LIBOR + 1.73%
Southcoast Capital Trust III
August 5, 2005
September 30, 2035
10,310

3.81
%
30-day LIBOR + 1.50%
 
 
 
 
 
 
Subordinated Debt
 
 

 

 
Pinnacle Bank Subordinated Notes
July 30, 2015
July 30, 2025
60,000

4.88
%
Fixed (1)
Pinnacle Bank Subordinated Notes
March 10, 2016
July 30, 2025
70,000

4.88
%
Fixed (1)
Avenue Subordinated Notes
December 29, 2014
December 29, 2024
20,000

6.75
%
Fixed (2)
Pinnacle Financial Subordinated Notes
November 16, 2016
November 16, 2026
120,000

5.25
%
Fixed (3)
BNC Subordinated Notes
September 25, 2014
October 1, 2024
60,000

5.50
%
Fixed (4)
BNC Subordinated Note
October 15, 2013
October 15, 2023
10,470

6.57
%
30-day LIBOR + 5.00% (5)
 
 
 
 
 
 
Other Borrowings
 
 
 

 

 
Revolving credit facility (6)
March 28, 2018
April 25, 2019
—

—

 
 
 
 
 
 
 
Debt issuance costs and fair value adjustments
(7,915
)
 

 
Total subordinated debt and other borrowings
$
465,550

 

 
______________________
(1) Migrates to three month LIBOR + 3.128% beginning July 30, 2020 through the end of the term.
(2) Migrates to three month LIBOR + 4.95% beginning January 1, 2020 through the end of the term.
(3) Migrates to three month LIBOR + 3.884% beginning November 16, 2021 through the end of the term.
(4) Migrates to three month LIBOR + 3.59% beginning October 1, 2019 through the end of the term if not redeemed on that date.
(5) Coupon structure includes a floor of 5.0% and a cap of 9.5%
(6) Borrowing capacity on the revolving credit facility is $75.0 million. At March 31, 2018, there was no outstanding balance under this facility. This facility was subsequently amended on April 26, 2018. The rate on the amended facility is 1.75% plus the greater of zero percent and 30-day LIBOR with a maturity date of April 25, 2019 and an unused fee of 0.35% of average daily unused amount of loan.