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Acquisitions - Net Assets Acquired (Details) - BNC Bancorp $ in Thousands | Jun. 16, 2017 USD ($)
--- | ---
Liabilities |  |
Fair value of net assets assumed including estimated identifiable intangible assets | $ 602,689 |
Estimated uncollectible loans (as percent) | 2.60% |
Percentage of expected uncollectible loans acquired | 3.10% |
Historical Cost Basis |  |
Assets |  |
Cash and cash equivalents | $ 155,271 |
Investment securities | 643,875 |
Loans | 5,782,720 | [1]
Mortgage loans held for sale | 27,026 |
Other real estate owned | 20,143 | [2]
Core deposit intangible | 0 | [3]
Property, plant and equipment | 156,805 | [4]
Other assets | 320,988 | [5]
Total Assets | 7,106,828 |
Liabilities |  |
Interest-bearing deposits | 5,003,653 | [6]
Non-interest bearing deposits | 1,199,342 |
Borrowings | 183,389 | [7]
Other liabilities | 35,729 | [8]
Total Liabilities | 6,422,113 |
Fair value of net assets assumed including estimated identifiable intangible assets | 684,715 |
Fair Value Adjustments |  |
Assets |  |
Cash and cash equivalents | 0 | [9]
Investment securities | 1,667 | [9]
Loans | (181,430) | [1],[9]
Mortgage loans held for sale | 0 | [9]
Other real estate owned | 1,382 | [2],[9]
Core deposit intangible | 50,422 | [3],[9]
Property, plant and equipment | (3,341) | [4],[9]
Other assets | 54,057 | [5],[9]
Total Assets | (77,243) | [9]
Liabilities |  |
Interest-bearing deposits | 4,355 | [6],[9]
Non-interest bearing deposits | 0 | [9]
Borrowings | (6,412) | [7],[9]
Other liabilities | 6,840 | [8],[9]
Total Liabilities | 4,783 | [9]
Fair value of net assets assumed including estimated identifiable intangible assets | (82,026) | [9]
As Recorded by PNFP |  |
Assets |  |
Cash and cash equivalents | 155,271 |
Investment securities | 645,542 |
Loans | 5,601,290 | [1]
Mortgage loans held for sale | 27,026 |
Other real estate owned | 21,525 | [2]
Core deposit intangible | 50,422 | [3]
Property, plant and equipment | 153,464 | [4]
Other assets | 375,045 | [5]
Total Assets | 7,029,585 |
Liabilities |  |
Interest-bearing deposits | 5,008,008 | [6]
Non-interest bearing deposits | 1,199,342 |
Borrowings | 176,977 | [7]
Other liabilities | 42,569 | [8]
Total Liabilities | 6,426,896 |
Fair value of net assets assumed including estimated identifiable intangible assets | $ 602,689 |
[1] | The amount represents the adjustment of the net book value of BNC's loans to their estimated fair value based on interest rates and expected cash flows as of the date of acquisition, which includes estimates of expected credit losses inherent in the portfolio of approximately 2.6% of the 3.1% mark on the acquired loan portfolio.
[2] | This adjustment reflects the Day 1 value of OREO properties subsequently sold during the second quarter of 2018.
[3] | The amount represents the fair value of the core deposit intangible asset representing the intangible value of the deposit base acquired and the fair value of the customer relationship intangible assets representing the intangible value of customer relationships acquired.
[4] | The amount represents the adjustment of the net book value of BNC's property, plant and equipment to estimated fair value based on market values of similar assets.
[5] | The amount represents the deferred tax asset recognized on the fair value adjustment of BNC's acquired assets and assumed liabilities
[6] | The amount represents the adjustment necessary because the weighted average interest rate of BNC's deposits exceeded the cost of similar funding at the time of acquisition. The fair value adjustment will be amortized to reduce future interest expense over the life of the portfolio.
[7] | The amount represents the combined adjustment necessary because the weighted average interest rate of BNC's subordinated debt issuance exceeded the cost of similar funding at the time of acquisition and because the weighted average interest rate of BNC's trust preferred securities issuances was lower than the cost of similar funding at the time of acquisition. The combined fair value adjustments will be amortized to increase future interest expense over the lives of the instruments.
[8] | The amount represents the adjustment to accrue obligations that existed but had not been recorded as of the acquisition date and the fair value of BNC lease obligations.
[9] | The amount represents the adjustment of the book value of BNC's assets and liabilities to their estimated fair value on the date of acquisition. Fair value adjustments have been updated subsequent to the merger date based on the results of finalized valuation assessments.

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