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Subordinated Debt and Other borrowings | 3 Months Ended
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Mar. 31, 2020
Subordinated Debt [Abstract] |
Subordinated Debt and Other borrowings | Note 11. 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. Pinnacle Financial also has a $75.0 million revolving credit facility, of which it had no outstanding borrowings as of March 31, 2020. Pinnacle Financial and the lender amended this credit facility on April 22, 2020 to, among other things, extend the maturity date to July 24, 2020. Additionally, Pinnacle Financial and Pinnacle Bank have entered into certain other subordinated debt agreements as outlined below as of March 31, 2020 (in thousands):
Name | Date Established | Maturity | Total Debt Outstanding | Interest Rate at March 31, 2020 | Coupon Structure
Trust preferred securities |  |  |  |  |
Pinnacle Statutory Trust I | December 29, 2003 | December 30, 2033 | $ | 10,310 |  | 3.64 | % | 30-day LIBOR + 2.80%
Pinnacle Statutory Trust II | September 15, 2005 | September 30, 2035 | 20,619 |  | 2.77 | % | 30-day LIBOR + 1.40%
Pinnacle Statutory Trust III | September 7, 2006 | September 30, 2036 | 20,619 |  | 3.10 | % | 30-day LIBOR + 1.65%
Pinnacle Statutory Trust IV | October 31, 2007 | September 30, 2037 | 30,928 |  | 3.59 | % | 30-day LIBOR + 2.85%
BNC Capital Trust I | April 3, 2003 | April 15, 2033 | 5,155 |  | 5.25 | % | 30-day LIBOR + 3.25%
BNC Capital Trust II | March 11, 2004 | April 7, 2034 | 6,186 |  | 4.68 | % | 30-day LIBOR + 2.85%
BNC Capital Trust III | September 23, 2004 | September 23, 2034 | 5,155 |  | 4.23 | % | 30-day LIBOR + 2.40%
BNC Capital Trust IV | September 27, 2006 | December 31, 2036 | 7,217 |  | 3.07 | % | 30-day LIBOR + 1.70%
Valley Financial Trust I | June 26, 2003 | June 26, 2033 | 4,124 |  | 4.33 | % | 30-day LIBOR + 3.10%
Valley Financial Trust II | September 26, 2005 | December 15, 2035 | 7,217 |  | 2.23 | % | 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 |  | 2.87 | % | 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)
Pinnacle Financial Subordinated Notes | November 16, 2016 | November 16, 2026 | 120,000 |  | 5.25 | % | Fixed (2)
Pinnacle Financial Subordinated Notes | September 11, 2019 | September 15, 2029 | 300,000 |  | 4.13 | % | Fixed (3)
Other Borrowings |  |  |  |  |
Revolving credit facility (4) | April 25, 2019 | April 24, 2020 | — |  |  |  | 30-day LIBOR + 1.50%
Debt issuance costs and fair value adjustments |  |  | (13,337) |  |  |
Total subordinated debt and other borrowings |  |  | $ | 669,658 |  |  |
(1) Migrates to three month LIBOR + 3.128% beginning July 30, 2020 through the end of the term. (2) Migrates to three month LIBOR + 3.884% beginning November 16, 2021 through the end of the term. (3) Migrates to three month LIBOR + 2.775% beginning September 15, 2024 through the end of the term. (4) Borrowing capacity on the revolving credit facility is $75.0 million. At March 31, 2020, there were no amounts outstanding under this facility. An unused fee of 0.30% is assessed on the average daily unused amount of the loan. On April 22, 2020, the facility was amended to extend the maturity date to July 24, 2020. On September 11, 2019, Pinnacle Financial issued $300.0 aggregate principal amount of 4.125% Fixed-to-Floating Rate Subordinated Notes due 2029 (the 2029 Notes) in a public offering. The offering and sale of the 2029 Notes yielded net proceeds of approximately $296.5 million after deducting the underwriting discount and offering expenses payable by Pinnacle Financial. Pinnacle Financial used approximately $8.8 million of such proceeds to redeem the previously outstanding Subordinated Note due October 15, 2023, which Pinnacle Financial assumed in the BNC merger and which carried an interest rate of 7.23% at the time of such redemption. Pinnacle Financial also used a portion of the net proceeds of this offering to redeem the outstanding balance and accrued interest of the $20.0 million aggregate principal amount of Avenue subordinated notes and $60.0 million aggregate principal amount of BNC subordinated notes. Pinnacle Financial intends to use the remainder of the net proceeds from the offering of the 2029 Notes for general corporate purposes, including providing capital to support the growth of Pinnacle Bank's business.

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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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