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Subordinated Debt and Other borrowings | 3 Months Ended
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Mar. 31, 2019
Subordinated Debt [Abstract] |
Subordinated Debt and Other borrowings | 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. These securities qualify as Tier 2 capital. Pinnacle Financial also has a $75.0 million revolving credit facility, of which it had borrowed $20.0 million as of March 31, 2019. Pinnacle Financial and the lender amended this credit facility on April 24, 2019 to, among other things, extend the maturity date to April 24, 2020, reduce the applicable margin calculation related to interest rates paid on borrowings thereunder and change the unused line fee from 0.35% to 0.30%. Additionally, Pinnacle Financial and Pinnacle Bank have entered into, or assumed in connection with acquisitions, certain other subordinated debt agreements as outlined below as of March 31, 2019 and, with respect to the legacy Pinnacle Financial indebtedness, as fully described in the 2018 Form 10-K (in thousands):
Name | Date Established | Maturity | Total Debt Outstanding | Interest Rate at March 31, 2019 | Coupon Structure
Trust preferred securities |  |  |  |
Pinnacle Statutory Trust I | December 29, 2003 | December 30, 2033 | $ | 10,310 |  | 5.41 | % | 30-day LIBOR + 2.80%
Pinnacle Statutory Trust II | September 15, 2005 | September 30, 2035 | 20,619 |  | 3.99 | % | 30-day LIBOR + 1.40%
Pinnacle Statutory Trust III | September 7, 2006 | September 30, 2036 | 20,619 |  | 4.24 | % | 30-day LIBOR + 1.65%
Pinnacle Statutory Trust IV | October 31, 2007 | September 30, 2037 | 30,928 |  | 5.46 | % | 30-day LIBOR + 2.85%
BNC Capital Trust I | April 3, 2003 | April 15, 2033 | 5,155 |  | 6.04 | % | 30-day LIBOR + 3.25%
BNC Capital Trust II | March 11, 2004 | April 7, 2034 | 6,186 |  | 5.64 | % | 30-day LIBOR + 2.85%
Name | Date Established | Maturity | Total Debt Outstanding | Interest Rate at March 31, 2019 | Coupon Structure
BNC Capital Trust III | September 23, 2004 | September 23, 2034 | 5,155 |  | 5.19 | % | 30-day LIBOR + 2.40%
BNC Capital Trust IV | September 27, 2006 | December 31, 2036 | 7,217 |  | 4.29 | % | 30-day LIBOR + 1.70%
Valley Financial Trust I | June 26, 2003 | June 26, 2033 | 4,124 |  | 5.71 | % | 30-day LIBOR + 3.10%
Valley Financial Trust II | September 26, 2005 | December 15, 2035 | 7,217 |  | 4.10 | % | 30-day LIBOR + 1.49%
Valley Financial Trust III | December 15, 2006 | January 30, 2037 | 5,155 |  | 4.48 | % | 30-day LIBOR + 1.73%
Southcoast Capital Trust III | August 5, 2005 | September 30, 2035 | 10,310 |  | 4.09 | % | 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 | 9,360 |  | 7.49 | % | 30-day LIBOR + 5.00% (5)
Other Borrowings |  |  |  |  |  |  |
Revolving credit facility (6) | April 26, 2018 | April 25, 2019 | 20,000 |  | 4.24 | % | 30-day LIBOR + 1.75%
Debt issuance costs and fair value adjustments | (7,652 | ) |  |  |
Total subordinated debt and other borrowings | $ | 484,703 |  |  |  |
(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 5.5% and a cap of 9.5%. (6) Borrowing capacity on the revolving credit facility is $75.0 million. At March 31, 2019, there was $20.0 million outstanding under this facility. During the three months ended March 31, 2019, an unused fee of 0.35% was assessed on the average daily unused amount of the loan.

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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- References No definition available. + Details
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